The valuation of debentures: factors evidenced in the literature

Abstract

In view of the growth of the debentures market verified in recent years and the expectation of knowing which aspects influence the valuation of debentures, the present research carried out a mapping of what are the factors discussed in the national literature that influence the valuation of this security, for both carried out a bibliographic analysis on scientific articles published in events and journals, as well as doctoral and master's theses. This made it possible to identify 18 previous studies whose aspects identified as relevant to the valuation of debentures are divided into two groups: those that allow a better assessment of the company as a rating, sector, infrastructure and mainly the financial performance of the issuing companies and a group of factors that transmit more information regarding the aspects of the issue and that contribute to the debenture holder having more guarantees of receiving the interest and the principal according to the spectrum of the issue, the following stand out: maturity of the issue, volume of the issue, coordinating bank and guarantees.