PT - JOURNAL ARTICLE AU - Owain AP Gwilym AU - Lourdes Trevino AU - Stephen H Thomas TI - Bid-Ask Spreads and the Liquidity of International Bonds AID - 10.3905/jfi.2002.319327 DP - 2002 Sep 30 TA - The Journal of Fixed Income PG - 82--91 VI - 12 IP - 2 4099 - https://pm-research.com/content/12/2/82.short 4100 - https://pm-research.com/content/12/2/82.full AB - This study contributes to the literature on bond market liquidity by investigating the level and variability of bid-ask spreads for a sample of international bonds issued by sovereigns, corporates, banks, and supranational issuers. A model of the spread indicates that credit rating, price volatility, and issue size are important determinants. Pound sterling-denominated bonds have wider spreads than U.S. dollar-denominated bonds, and corporate bonds have wider spreads than sovereign bonds.