We investigate the relationship between the transactional activity of asset management companies (AMCs) in the non-performing loan (NPL) market and their corresponding debt issuances in a niche bond market in Borsa Istanbul. We analyze the determinants of the trading volume of AMC bonds to determine whether an issue's volume can reflect bond-specific factors after controlling for firm-specific information. We employ pooled ordinary least squares and random effects panel data regressions on a monthly data set of 26 bonds traded between 2012 and 2019. We find that higher trading volume is associated with larger issues, older bonds, and issuers of long-term debt only. These results suggest that the trading volumes of such bonds decrease when NPL transactions become rare due to worsening economic and financial conditions, at which point the investor demand for new issuances declines and the AMCs are forced to issue short-term debt instead to raise funds.

我们调查了资产管理公司 (AMC) 在不良贷款 (NPL) 市场中的交易活动与其在伊斯坦布尔证券交易所的利基债券市场中相应的债务发行之间的关系。我们分析了 AMC 债券交易量的决定因素，以确定在控制公司特定信息后，发行量是否能够反映债券特定因素。我们对 2012 年至 2019 年间交易的 26 只债券的月度数据集采用汇总普通最小二乘法和随机效应面板数据回归。我们发现，较高的交易量仅与较大的发行、较旧的债券和长期债务的发行人相关。这些结果表明，当由于经济和金融状况恶化导致不良交易变得罕见时，此类债券的交易量会减少，