Publication: Finans sisteminde tavhil getirilerinin kredi dereceleri ile ilişkisi : gelişmekte olan ülkeler açısından bir uygulama
Abstract
FİNANS SİSTEMİNDE TAHVİL GETİRİLERİNİN KREDİ DERECELERİ İLE İLİŞKİSİ: GELİŞMEKTE OLAN ÜLKELER AÇISINDAN BİR UYGULAMA AYŞE BOTAN BERKER Sabit getirili borçlanma araçları, artan bir şekilde hem bankacılık kesiminin fon ihtiyacını karşılamada kullanılmakta hem de kurumsal finansmanda banka kredilerine belirgin bir alternatif olmaktadır. Dünyada genel olarak tahvil ihraçlarında gözlenmekte olan artış, giderek küresel likidite bolluğunun etkisi ile gelişmekte olan ülkelerde de önemli bir finansman kaynağı haline gelmiştir. Yüksek getiri arayan yatırımcıların artan talebi ile son on yılda, gelişmekte olan ülkelere akan yabancı sermaye oldukça yüksek tutarlara ulaşmış olup, sabit getirili enstrüman yatırımlarının bu ülkelere gelen sermayedeki payı da giderek artmaktadır. Gelişmekte olan ülkelerde finansman ihtiyacının artması sonucunda önce hükümetler uluslararası tahvil piyasalarında ihraçlar gerçekleştirmek sureti ile finansman sağlamaya başlamışlardır. Hükümetleri takiben bu ülkelerin şirketleri, yerel tasarufların yetersizliği ve faiz seviyesi farklılıklarından fayda sağlama güdüsü ile uluslar arası tahvil piyasalarına açılmışlardır. Uluslar arası sermaye piyasalarında gelişmekte olan ülke kaynaklı tahvil ihraçları artıkça, bu tür ülke şirketlerince ihraç edilen tahvillerin fiyatlarını etkileyen faktörlerin incelenmesi gereği doğmuştur. Gelişmiş piyasalarda tahvillerin getirilerinin kredi riskinin ifadesi olarak derecelendirmeleri ile olan ilişkileri çok açık bir şekilde gözlenmektedir ve bu tür piyasalarda kredi derecelendirmeleri daha çok ihraççının spesifik riski ile ilişkilendirilmektedir. Gelişmekte olan ülkelerde ise spesifik riskten ziyade ülkenin içinde bulunduğu kırılganlığın yarattığı sistemik risk öne çıkmaktadır. Sistemik risk ise ülke derecelendirmesi kavramı içinde kapsanmaktadır. Bu çalışmada ülke riskinin, uluslar arası piyasalarda ihraç edilen, gelişmekte olan ülke şirketlerine ait döviz cinsinden tahvillerin marjları üzerindeki etkisinin önemi irdelenmiş ve şirketin yerleşik olduğu ülkenin riskinin yanı sıra benzer ülke risklerinin de, şirket tahvillerinin getiri marjlarının önemli belirleyicisi olduğu sonucuna varılmıştır.
THE RELATION BETWEEN BOND SPREADS AND CREDIT RATINGS: AN APPLICATION FROM AN EMERGING MARKET PERSPECTIVE AYŞE BOTAN BERKER Fixed income debt instruments are increasingly becoming a major alternative for bank loans in the corporate finance area as well as meeting the funding needs of the banking sector for its growth. The general increase in the volume of bond issuance is also effecting diversification in source of financing in emerging market countries in line with the abundance of global liquidity. Investors seeking for higher yields have been playing a major role in the increase of capital flowing to emerging market countries and the share of investment in fixed income instruments is on rise with respect to other types of debt capital. The sovereign governments of emerging market countries were the pioneers in issuing bonds in international capital markets due to higher financing requirements. They have been followed by the corporate sector of these countries in need of funding which could not be met in their home countries due to the inadequacy of domestic savings and the high level of local interest rates. In line with increase in recourse to fixed income funding the necessity to analyse the factors that effect bond spreads in emerging market countries has arisen. The relation between credit ratings as an indicator of credit risk and bond spreads is clearly observed in developed countries and credit ratings are more determined by idiosyncratic risks of issuers in developed countries. However in emerging market countries systemic risk which is created by the vulnerability of the economy is more effective in determining the credit risk of an issuer. On the other hand systemic risk is captured under the sovereign credit risk. The effects of sovereign credit risk in bond spreads of emerging market corporate issuers have been elaborated in this study. The effect of sovereign credit risk of domicile country and also the effect of peer group sovereign credit risks have been identified as the determinants of bond spreads in emerging market corporate issues.
THE RELATION BETWEEN BOND SPREADS AND CREDIT RATINGS: AN APPLICATION FROM AN EMERGING MARKET PERSPECTIVE AYŞE BOTAN BERKER Fixed income debt instruments are increasingly becoming a major alternative for bank loans in the corporate finance area as well as meeting the funding needs of the banking sector for its growth. The general increase in the volume of bond issuance is also effecting diversification in source of financing in emerging market countries in line with the abundance of global liquidity. Investors seeking for higher yields have been playing a major role in the increase of capital flowing to emerging market countries and the share of investment in fixed income instruments is on rise with respect to other types of debt capital. The sovereign governments of emerging market countries were the pioneers in issuing bonds in international capital markets due to higher financing requirements. They have been followed by the corporate sector of these countries in need of funding which could not be met in their home countries due to the inadequacy of domestic savings and the high level of local interest rates. In line with increase in recourse to fixed income funding the necessity to analyse the factors that effect bond spreads in emerging market countries has arisen. The relation between credit ratings as an indicator of credit risk and bond spreads is clearly observed in developed countries and credit ratings are more determined by idiosyncratic risks of issuers in developed countries. However in emerging market countries systemic risk which is created by the vulnerability of the economy is more effective in determining the credit risk of an issuer. On the other hand systemic risk is captured under the sovereign credit risk. The effects of sovereign credit risk in bond spreads of emerging market corporate issuers have been elaborated in this study. The effect of sovereign credit risk of domicile country and also the effect of peer group sovereign credit risks have been identified as the determinants of bond spreads in emerging market corporate issues.