The Original Maturity of Corporate Bonds: The Influence of Credit Rating, Asset Maturity, Security, and Macroeconomic Conditions
University of Reading - ICMA Centre
Frank S. Skinner
Brunel University; University of Surrey - School of Management
The Financial Review, Vol. 41, No. 2, pp. 187-203, May 2006
We examine the determinants of the new issue maturity of corporate bonds. As credit rating decreases, new bond issues have longer maturities, but substantial variation in maturity within each rating class remains. We seek to explain the variation of new issue maturity within credit classes. We find that asset maturity, security covenants, and macroeconomic conditions influence the new issue maturity of bonds within rating categories.
Number of Pages in PDF File: 17Accepted Paper Series
Date posted: November 20, 2006
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