bis working papers no 159 the term structure of credit spreads in project finance by marco sorge and blaise gadanecz monetary economic department august 2004 bank for international settlements are written members from time to other economists published views expressed them those their authors not necessarily copies publications available press & communications ch 4002 basel switzerland e mail org fax 41 61 280 9100 8100 this publication is on website www all rights reserved brief excerpts may be reproduced or translated provided source cited issn 1020 0959 print 1682 7678 online abstract paper analyses peculiar nature risk means a comparative econometric analysis ex ante large cross section loans bonds between 1993 2001 both industrialised emerging countries our main contribution relates
