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Journal Article
Recent developments in the market for privately placed debt
Discussion Paper
The economics of the private placement market
The private placement market is an important source of long-term funds for U.S. corporations. Nonetheless, it has received relatively little attention in the financial press or the academic literature, partly because of the nature of the instrument itself. In particular, a private placement is a debt or equity security sold in the United States that is exempt from registration with the Securities and Exchange Commission by virtue of being issued in transactions "not involving any public offering." Thus, information about private transactions is often limited, and following and analyzing ...