Swedish Corporate Bond Market : Challenges and Policy Recommendations / OECD.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, author, issuing body.

Language:

English

Subjects (All):

Corporate bonds.

Financial crises.

Physical Description:

1 online resource

Place of Publication:

Paris : OECD Publishing, 2024.

Summary:

This report provides an assessment of the Swedish corporate bond market and policy recommendations to improve its functioning, drawing from detailed empirical analysis and in-depth interviews with market participants. It includes two empirical chapters which provide insights into the market's evolution over the last two decades based on original data, emphasising changes since the 2008 financial crisis with respect to market size, issuer characteristics, credit quality, industry composition and investor universe. These developments are also considered in an international context, comparing the Swedish market with selected peer countries, both in Europe and elsewhere.

Contents:

Foreword 3

Acronyms and abbreviations 6

Executive summary 7

1 Assessment and recommendations 10

1.1. Information disclosure at issuance 11

1.2. Comparability of bond terms 12

1.3. Equal treatment of bondholders 13

1.4. Ongoing disclosure of price-sensitive information 13

1.5. The role of the agent 14

1.6. Credit ratings among smaller issuers 14

1.7. Price transparency and secondary market liquidity 15

2 Mapping the Swedish corporate bond market landscape 18

2.1. Introduction and universe of analysis 19

2.2. Market size 19

2.3. Credit risk profile 20

2.4. Issuer characteristics 27

2.5. Corporate bond investors 29

2.6. Covenant protection 30

2.7. Investment banks and market structure 31

2.8. Secondary market liquidity 32

2.9. The role of real estate companies in the Swedish corporate bond market 41

3 The Swedish corporate bond market in an international comparison 45

3.1. Market size and characteristics 46

3.2. Transparency and disclosure rules for corporate bond trading 51

References 55

Annex A. Methodology for data collection and classification 59

Notes 62

FIGURES

TABLES.

Notes:

Description based on publisher supplied metadata and other sources.

Includes bibliographical references.

ISBN:

92-64-85538-6