Larger bonds offer greater liquidity, which should reduce their yields. A simple way for firms to reduce financing costs is to sell bonds with large face values. We find that mega-bonds are more liquid than smaller bonds. However, offering yield spreads on mega-bonds are not lower and are higher than spreads of bonds issued by similar companies. The discount applied to large new issues is consistent with price pressure effects that are also present in the secondary market prices of the issuing firm's existing bonds. Our results suggest a hidden cost to issuing very liquid bonds.

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公司债券市场的流动性和价格压力：来自大型债券的证据

较大的债券提供更大的流动性，这应该会降低其收益率。公司降低融资成本的一个简单方法是出售大面值的债券。我们发现大型债券比小型债券更具流动性。然而，发行大型债券的收益率利差并不低于甚至高于同类公司发行的债券的利差。适用于大型新债券的折扣与发行公司现有债券的二级市场价格中也存在的价格压力效应一致。我们的结果表明，发行流动性很强的债券存在隐性成本。