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Corporate Pandemic Bonds (preprint)
ssrn; 2020.
Preprint
in English
| PREPRINT-SSRN | ID: ppzbmed-10.2139.ssrn.3603700
ABSTRACT
We examine corporate pandemic bonds whose proceeds are committed to COVID-19 containing activities. We find an average cumulative abnormal stock return of 1.33–1.71% during the five trading days surrounding their issuance announcement. Also, their yield spread is 8.9–18 basis points lower than that of otherwise similar non-pandemic bonds. Additional evidence suggests that these findings are due to the government’s supports for pandemic bond issuances rather than the prosocial clienteles of financial investors.
Full text:
Available
Collection:
Preprints
Database:
PREPRINT-SSRN
Main subject:
COVID-19
Language:
English
Year:
2020
Document Type:
Preprint
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