纽约联储-全球信贷周期中的公司债务结构（英）-2024_63页_866kb

The study examines how firms worldwide manage their corporate debt structure through active prepayment decisions, using granular, instrument-level data. Firms prepay bonds and loans for both interest cost reductions and maturity extension motives, with significant differences by security type. Bonds show higher sensitivity to interest cost incentives, while loans, particularly fixed coupon and variable rate, are more responsive to maturity extension. Firms accessing both bond and loan markets exhibit varied behaviors, often with higher activity. Debt management is generally effective in extending maturities and lowering interest costs, but emerging market firms face greater rollover risk. Tight global credit conditions reduce prepayment rates and effectiveness, impairing firms' ability to optimize debt structures and increasing financial fragility. The research underscores the importance of global credit cycles in debt management and highlights that effective debt strategies mitigate risks for advanced economies but not as for emerging ones.

This summary captures the core findings, including differential prepayment incentives, heterogeneity across firms and countries, and the impact of global credit cycles, without additional markdown or formatting.