Table 3.

Alternative sample from the WHO. The dependent variables are All-in-Drawn spread in columns (1)-(2), and Facility size in columns (3)-(4), respectively. All-in-Drawn spread and borrower accounting variables are winsorized at the 1st and 99th percentiles. Loan controls, loan purpose dummies, borrower controls, borrower industry dummies, and year-month fixed effects are included but their estimates are suppressed for brevity. Robust standard errors clustered at the borrower-country level are reported in parentheses below the coefficients. ***, **, * denote significance at the 1%, 5% and 10% levels, respectively.

	All-in-Drawn spread		Facility size
	(1)	(2)	(3)	(4)
CumCases_WHO	23.769***		−0.256***
	(5.196)		(0.066)
Deaths_WHO		29.220***		−0.254**
		(6.536)		(0.096)
Constant	−550.134	−560.820	−1.246	−1.793
	(543.257)	(439.263)	(4.988)	(5.414)
Loan controls	Yes	Yes	Yes	Yes
Loan purpose dummies	Yes	Yes	Yes	Yes
Borrower controls	Yes	Yes	Yes	Yes
Industry dummies	Yes	Yes	Yes	Yes
Year-month FE	Yes	Yes	Yes	Yes
N	702	702	746	746
R-square	0.507	0.508	0.632	0.628