We investigate the relation between sovereign and corporate bond issuance. Sovereign bond issues that increase a country’s maximum maturity are followed by increases in the maximum maturity of corporate issues. Our results point to issuance complementarities based on the benchmarking of corporate bonds to sovereign bonds. Sovereign and corporate bond issues are also substitutes, but substitutability requires the availability of a high-quality sovereign bond benchmark. By adding to existing theories focusing on substitutability, our findings highlight the role that the maturity of sovereign debt plays in capital market development.

中文翻译：

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主权债务和公司债务发行的互补性：注意差距

我们研究主权债券和公司债券发行之间的关系。主权债券发行增加一国最大期限后，公司发行的最大期限也随之增加。我们的结果表明，基于公司债券与主权债券的基准，发行具有互补性。主权债券和公司债券发行也具有替代性，但可替代性需要有高质量的主权债券基准。通过补充关注可替代性的现有理论，我们的研究结果强调了主权债务到期日在资本市场发展中的作用。