BIS: access to CDS markets reduces debt financing in Asia
A Bank for International Settlements paper published on 30 November finds activity in credit default swap markets reduces the cost of issuing bonds in Asian countries.
Ilhyock Shim and Haibin Zhu, the paper's authors, investigate the impact of credit default swap trading on the development of the bond market in Asia.
Shim and Haibin show that credit default swap trading lowers the cost of issuing bonds and enhances liquidity in Asian bond markets, with the impact strongest for smaller firms, non
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