How the Investors' Protection Rights Affect the use of Covenants While Issuing Eurobonds

Student: Kotova Irina

Supervisor: Elena V. Chirkova

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2017

This work examines the covenants as a mechanism that can mitigate the imperfection of the legislative system of the issuing country for a non-resident creditor that expects to receive all the benefits from investments. The analysis of 675 bond issues of Eurobonds from 43 countries found out that companies from countries with low levels of creditor protection often use more restrictions in their prospectuses.

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