市政债券发行成本

Marc D. Joffe
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引用次数: 1

摘要

我的研究团队从2012年以来发行的800多只债券的官方声明中收集了发行成本信息。我们发现,包括承销商折扣在内的发行成本平均为债券本金的1.02%。此外,我们在样本中发现了很大的差异,有六个加州学区发行人的成本超过8.5%。为了确定发行成本的构成,我们向发行者的一个子集发送了公共记录请求,收到了180个响应。占总发行成本最大的4项支出依次为:承销商折扣、法律费用、财务顾问费用和评级机构费用。我们认为,提高价格透明度和更高级别政府的干预相结合,可以大幅降低地方政府(尤其是规模较小的地方政府)面临的发行成本。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Municipal Bond Costs of Issuance
My research team collected cost of issuance information from Official Statements representing over 800 bond issuances since 2012. We found that costs of issuance including underwriter discounts averaged 1.02% of bond principal. Further, we found substantial variation in the sample, with six California school district issuers incurring costs in excess of 8.5%. To determine the composition of issuance costs we sent public records requests to a subset of issuers, receiving 180 responses. The four largest contributors to total issuance costs were underwriter discounts, legal expenses, financial advisor fees and rating agency charges – in that order. We argue that some combination of increased price transparency and intervention from higher levels of government could substantially reduce issuance costs faced by local governments, especially smaller ones.
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