AbstractThis paper investigates determinants of pricing of new high yield bond offerings of shipping companies. New high yield bond offerings issued by shipping companies in the US market, during the period 1993–1998, are used in the investigation. The empirical results suggest that credit rating is the major determinant of the price spread of the bond offerings. Financial leverage and shipping market conditions also account for a significant part of the price variability.
Determinants of spreads on new high yield bonds of shipping companies
Transportation Research Part E: Logistics and Transportation Review ; 39 , 6 ; 459-471
2002-05-20
13 pages
Article (Journal)
Electronic Resource
English
Determinants of spreads on new high yield bonds of shipping companies
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