Subject. The yield on the first trading day after the initial placement of corporate bonds. Objectives. To develop a methodological and empirical approach to assessing the efficiency of the primary market for corporate bonds by constructing a factor model that explains the yield premium on bonds on the first trading day. Methods. Methods of classification, comparative assessment of bonds, and econometric analysis were applied. The Shapiro–Wilk test, tests for normal distribution, and an OLS regression model were used. Infographic analysis was applied; the results were processed using Gretl and MS Excel visualization tools. Results. With respect to the Russian market, it is demonstrated that out of 1,539 analyzed bonds, 173 bonds exhibit a premium yield within trading on the secondary market. It is shown that this may be a characteristic feature of the primary bond market during a period of expectations of monetary policy easing (MP). It is found that the yield spread, credit rating, and placement volume – considered as factors of bond price/yield – are the most sensitive in identifying bonds where the price rises above the nominal value on the first trading day after placement. Conclusions and Relevance. A number of issuers of corporate bonds in the primary market follow a strategy of providing a premium to mitigate the risk of insufficient investor demand. The yield premium allows investors to generate profit after the first day of placement. The results can be used in the development and optimization of investment strategies employing factor models. They also contribute to the theory of pricing in the primary market for corporate bonds and can be applied in the field of corporate finance and in examining the impact of MP on the bond market.
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