| Nº Sistema |
000471518 |
| Autor |
 Gálvez, Julio |
|
Gambacorta, Leonardo |
|
Mayordomo, Sergio |
|
Serena, José María |
| Título |
Dollar borrowing, firm credit risk, and FX-hedged funding opportunities [Recurso electrónico] / Julio Gálvez, Leonardo Gambacorta, Sergio Mayordomo and José María Serena. |
| Publicado en |
Journal of Corporate Finance [Artículos], v. 68, June 2021, 101945 |
| Nota general |
Artículo de revista |
| Resumen |
We explore the link between firms’ dollar bond borrowing and their FX-hedged funding opportunities, as reflected in a positive corporate basis (the relative cost of local to synthetic currency borrowing). We first document that firms substitute domestic for dollar borrowing when the corporate basis widens. Additionally, we find that when these funding opportunities appear, the currency substitution is greater for highly rated firms. The willingness of highly rated firms to issue dollar bonds when the basis widens is stronger during periods of heightened demand for dollar-denominated safe assets. [Resumen de la editorial] [eng] |
| Restricciones |
Acceso electrónico RESTRINGIDO por IP a los usuarios de la Biblioteca del Banco de España |
| Acceso electrónico |
 Acceso al texto completo. |
| Relacionado con |
Documentos de trabajo / Banco de España; 2005 |
| Clasificación |
G61-Mercados de valores. |
|
G22-Instituciones financieras no bancarias. |
|
M2-Financiación de la empresa. |
