Corporate governance

Corporate Bond Markets in a Time of Unconventional Monetary Policy


Date of publication
25 February 2019


See also: Corporate Bond Market Trends, Emerging Risks and Monetary Policy, 2020


This paper is a contribution to the OECD Capital Market Series


25 February 2019 - Corporate bond markets have become an increasingly important source of financing for non-financial companies since the global financial crisis. The total outstanding debt in the form of corporate bonds reached USD 13 trillion as of end-2018. In real terms, this is twice as much as in 2008.

Built on a dataset of almost 85 000 unique corporate bond issues by non-financial companies from 114 countries between 2000 and 2018, this paper documents a number of elevated risks and vulnerabilities associated with this development and looks at how the quality of today’s outstanding stock of corporate bonds differs from earlier credit cycles. Bond ratings, bondholder rights and repayment requirements are areas of particular focus.

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News release: Risks rising in corporate debt market


Annonce presse : LÓCDE met en garde contre la montée des risques sur le marché de la dette des entreprises




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