Bank entry, competition, and the market for corporate securities underwriting

Article Abstract:

The competitive effect of commercial bank entry into the corporate debt underwriting market is examined, evaluating net benefits of Section 20 subsidiaries' entry into investment banking. The effects on ex-ante yield spreads, which sectors are most affected, and the effect of commercial bank entry on concentration in corporate debt underwriting markets, are discussed in detail. Underwriter spreads and ex-ante yields are found to have declined significantly with bank entry, with the effects most prominent in the lower-rated and smaller debt issues.

Banking industry, Investment banks

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Should corporate debt include a rating trigger?

Article Abstract:

A study on incorporation of rating trigger in corporate debt covenant is presented.

Debt financing (Corporations), Covenants, Corporate debt

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News spillovers in the sovereign debt market

Article Abstract:

The impact of credit ratings change on sovereign debt market is examined.

Comparative analysis, Credit ratings, Sovereign debt market

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