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- Recommendations to Invigorate the High-Yield Bond Market as a Source of Corporate Financing
10/05/2010
Recommendations to Invigorate the High-Yield Bond Market as a Source of Corporate Financing
Financial Research Department Chief fixed income analyst Katsuyuki Tokushima
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Despite the overall bond market’s recovery from the financial crisis triggered by the Lehman Brothers’ collapse, Japan’s high-yield corporate bond market still remains far from normal functioning. We examine structural issues that prevent the high-yield bond market from becoming an effective source of corporate financing, and propose measures to invigorate the market—specifically, the enhancement of disclosure requirements, establishment of bond managers and financial covenants, and use of multiple credit ratings.
03-3512-1845
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