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Einflussfaktoren auf die Bondemissionsprämie im Bereich der alternativen Energien: Eine Note
Kesch, Ludwig | Maul, Daniel | Schiereck, Dirk
Credit and Capital Markets – Kredit und Kapital, Vol. 46 (2013), Iss. 4 : pp. 523–554
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Ludwig Kesch, Technische Universität Darmstadt, Fachgebiet für Unternehmensfinanzierung, Hochschulstraße 1, 64289 Darmstadt.
Dipl.-Wirtsch.-Ing. Daniel Maul, Technische Universität Darmstadt, Fachgebiet für Unternehmensfinanzierung, Hochschulstraße 1, 64289 Darmstadt.
Prof. Dr. Dirk Schiereck, Fachgebiet für Unternehmensfinanzierung, Fachbereich Rechts- und Wirtschaftswissenschaften, Technische Universität Darmstadt, Hochschulstraße 1, 64289 Darmstadt.
Abstract
Determinants of Bond Issuance Spreads for Alternative Energy Firms: A Note
The following analysis presents empirical evidence on the investor demanded risk premium at the bond issuance. The sample consists of bonds issued by alternative energy firms in Germany between 2008 and 2012. Our results show that besides the well-known influence of ratings, other factors may significantly influence bond spreads. As the size of the issue and the denomination increases, the yield spread decreases. Thus apparently, large issue sizes directed towards institutional investors are capable to benefit from favorable bond issues in the past. In addition, the economic climate and risk-free rate exhibit a significantly negative coefficient, indicating that positive economic climates as well as a high risk-free rate lead to lower issuance spreads. Thus, the currently prevailing low interest rate in conjunction with moderate economic growth results in increased spreads and therefore hampers bond placements. Enforcement measures by the BMU and BMWi could further exacerbate this unfavorable situation.