Staff Working Paper: [SWP4/2014] Corporate Bond Markets: A Global Perspective Volume 1 April 2014 Staff Working Paper of the IOSCO Research Department Authors: Rohini Tendulkar and Gigi Hancock1 This Staff Working Paper should not be reported as representing the views of IOSCO. The views and opinions expressed in this Staff Working Paper are those of the authors only and do not necessarily reflect the views of the International Organization of Securities Commissions or its members. For further information please contact:
[email protected] 1 Rohini Tendulkar is an Economist and Gigi Hancock is an Intern in IOSCO’s Research Department. They would like to thank Werner Bijkerk, Shane Worner and Luca Giordano for their assistance. 1 About this Document The IOSCO Research Department produces research and analysis on a range of securities markets issues, risks and developments. To support these efforts, the IOSCO Research Department undertakes a number of annual information mining exercises including extensive market intelligence in financial centers; risk roundtables with prominent members of industry and regulators; data gathering and analysis; the construction of quantitative risk indicators; a survey on emerging risks to regulators, academics and market participants; and review of the current literature on risks by experts. Developments in corporate bond markets have been flagged a number of times during these exercises. In particular, the lack of data on secondary market trading and, in general, issues in emerging market corporate bond markets, have been highlighted as an obstacle in understanding how securities markets are functioning and growing world-wide. Furthermore, the IOSCO Board has recognized, through establishment of a long-term finance project, the important contribution IOSCO and its members can and do make in ensuring capital markets play a leading role in supporting long term investment in both growth and emerging and developed economies.