HOW FIRMS BORROW IN 2016 INTERNATIONAL BOND MARKETS: SECURITIES REGULATION AND MARKET SEGMENTATION Alberto Fuertes and José María Serena Documentos de Trabajo N.º 1603 HOW FIRMS BORROW IN INTERNATIONAL BOND MARKETS: SECURITIES REGULATION AND MARKET SEGMENTATION HOW FIRMS BORROW IN INTERNATIONAL BOND MARKETS: SECURITIES REGULATION AND MARKET SEGMENTATION Alberto Fuertes and José María Serena (*) BANCO DE ESPAÑA (*) The authors acknowledge Mirko Abbritti, Peter Backe, Carmen Broto, Branimir Gruic, Ángel Estrada, Ingo Fender, Ignacio Hernando, Pilar L’Hotellerie-Fallois, Philip Lane, José Manuel Marqués, Luis Molina, Pedro del Río, Carlos Serrano, Liliana Rojas-Suárez, Sergio Schmuckler and Vlad Sushko, and participants at the VIII Emerging Economics Workshop, Banco de España Research Seminar, Oxford University-IFABS Conference on Corporate Finance, and IDB- Financial Stability and Development (FSD) Group Seminar for helpful comments and suggestions; and Ana Arencibia for research assistance. The authors’ views need not coincide with those of the Banco de España or the Eurosystem. Corresponding authors:
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[email protected]. Documentos de Trabajo. N.º 1603 2016 The Working Paper Series seeks to disseminate original research in economics and fi nance. All papers have been anonymously refereed. By publishing these papers, the Banco de España aims to contribute to economic analysis and, in particular, to knowledge of the Spanish economy and its international environment. The opinions and analyses in the Working Paper Series are the responsibility of the authors and, therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem. The Banco de España disseminates its main reports and most of its publications via the Internet at the following website: http://www.bde.es.