TY - JOUR T1 - Global Debt Market Growth, Security Structure, and Bond Pricing JF - The Journal of Investing SP - 79 LP - 90 DO - 10.3905/joi.2004.391045 VL - 13 IS - 1 AU - Khaled Amira AU - William C. Handorf Y1 - 2004/02/29 UR - https://pm-research.com/content/13/1/79.abstract N2 - A global bond is a security simultaneously offered and sold in two or more geographic markets. Since the first issue of US$1.5 billion in 1989 by the World Bank, the market has expanded quickly to absorb more than 500 annual issues, and raise more than US $500 billion in one year. International investors, financiers, and managers should understand the global bond market if they are to effect better financial decisions to enhance economic and financial performance. The yield spread paid by debtors for fixed-rate, U.S. dollar-denominated global bonds is shown to be statistically related to the size of the bond (negative); the term to maturity (positive), the credit rating of the borrower (negative); the gross fees paid by the borrower (positive); and to whether the bond is issued in registered (positive) versus bearer form. These variables account for approximately 60% of the yield spread for global bonds issued between 1989 and 2001. ER -