코로나19 전후의 공모회사채 발행가격 형성에 관한 연구 = On the Pricing of Corporate Bond Issues Before and After the COVID-19 Pandemic

다국어 초록 (Multilingual Abstract)

Publicly offered non-guaranteed corporate bonds, which account for the majority of corporate bonds in Korea, are issued through a variety of processes, such as filing a registration statement, bookbuilding, and determining a coupon interest rate based on a determined interest rate. This study analyzes various factors that affect bookbuilding process, which is divided into the formation of desired interest rate range and afterwards. Since the analytic period ranges from the beginning of 2019 to the end of 2020, it is natural that the study includes the impact of the COVID-19 pandemic on the corporate bond issuance market. Empirical analysis shows the statistically significant results that the COVID-19 pandemic widens the desired interest rate range which is the base of coupon rate of new issues, which is mainly caused by the upward pressure of maximum rate. And it also shows that the high-credit corporate bonds enjoyed a relative price premium due to the increase in scarcity. The comparative study (before and after the COVID-19) suggests that the COVID-19 pandemic not only makes the investor more sensitive to the credit ratings resulting the market polarization but also makes it more difficult to form reasonable expectations for future returns in the market.

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