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Analys av den svenska företagsobligationsmarknaden
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2018 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Analysis of Swedish corporate bond market (English)
Abstract [sv]

Efter finanskrisen 2008 blev bankerna mer restriktiva i sin utlåning till företag, vilket har resulterat i att företag söker alternativ finansiering via kapitalmarknaden. Utvecklingen kan härledas till implementeringen av den nya finansiella regleringen (Basel III). I den här uppsatsen analyserar jag den svenska marknaden för företagsobligationer. Jag undersöker vad som ligger bakom den kraftiga tillväxten samt hur marknaden kan komma att utvecklas framöver. Examensarbetet baseras på intervjuer med personer inom finanssektorn och tidigare forskning.På senare år har marknadsplatser såsom First North Bond Market och Räntetorget upprättats med syftet att göra marknaden mer tillgänglig för mindre företag. Till följd av detta har emissionsvolymen av företag med lägre kreditvärdighet eller utan officiellt kreditbetyg ökat. Dessutom har företagsobligationsmarknaden gynnats av historiskt låg realränta och en stark konjunktur.

Abstract [en]

Since the financial crisis 2008 banks have been more restrictive in their lendings to companies, leading to companies seeking alternatives funding through the capital markets.The development can be derived from the implementation of the new financial regulation (Basel III). In this paper, I analyze the Swedish corporate bond market. I investigate what is behind the strong growth and how the market may develop in the future. The thesis is based on interviews with people in the financial sector as well as previous reserach.In recent year, markets such as First North Bond Market and Räntetorget have been created with the aim of making the market more accessible to smaller companies. As a result, the volume of emissions of companies with lower credit ratings or without official credit ratings has increased. In addition, the corporate bond market has benefited from historically low real interest rates and a strong business cycle.

Place, publisher, year, edition, pages
2018. , p. 42
Series
TRITA-ABE-MBT ; 18286
Keywords [en]
Corporate bonds, Capital structure, Bond market, Financing
Keywords [sv]
Företagsobligationer, Kapitalstruktur, Obligationsmarknad, Finansiering
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-231979OAI: oai:DiVA.org:kth-231979DiVA, id: diva2:1231332
Supervisors
Examiners
Available from: 2018-07-06 Created: 2018-07-06 Last updated: 2018-07-06Bibliographically approved

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