Market Access and High Spread Issuances

2026

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This paper analyzes the factors influencing emerging markets' access to international capital markets and the characteristics of high-spread issuances, offering insights for policymakers and investors.

* Examines theoretical foundations of market access, including risk, net worth, and moral hazard.
* Employs a random forest model to identify key predictors of market access and non-linear relationships.
* Analyzes the features of high-spread issuances, noting the prevalence of unconventional instruments.

Market access, sovereign debt, emerging markets, credit rationing, machine learning

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