We empirically study how inventory constraints of underwriters affect corporate bond offerings. Using underwriter-insurer-level transaction data, we find that a more constrained underwriter is more likely to place a bond and increases the allocation in the primary market to an insurer with a stronger preexisting relationship. The same underwriter is also more likely to buy back part of an allocation from the same insurer within 6 to 12 months after an offering. Overall, by “parking” inventory to relationship investors in the primary market, underwriters mitigate the effect of their inventory constraints on firms’ bond financing costs. (JEL G12, G32) Received May 24, 2021; editorial decision October 19, 2021 by Editor Thierry Foucault. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

中文翻译：

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库存受限的承销商和公司债券发行

我们实证研究了承销商的库存限制如何影响公司债券发行。使用承销商-保险公司层面的交易数据，我们发现，受约束程度更大的承销商更有可能发行债券，并增加在一级市场上对具有更强预先存在关系的保险公司的配置。同一承销商也更有可能在发行后 6 至 12 个月内从同一保险公司回购部分分配。总体而言，通过将库存“停放”给一级市场的关系投资者，承销商减轻了库存限制对公司债券融资成本的影响。(JEL G12, G32) 2021 年 5 月 24 日收到；编辑决定 2021 年 10 月 19 日，编辑 Thierry Foucault。作者提供了互联网附录，