We investigate pricing factors for corporate bonds in the six largest international markets. Our econometric analysis shows that small sample sizes severely compromise pricing tests of bond portfolios. Using Barillas and Shanken (2017) tests and global portfolios, we reject standard corporate bond factor models in favor of a model featuring the global corporate bond market, a global maturity spread factor, and a global liquidity spread factor. This model prices various cross-sections well, except for Japanese Yen bonds, where including a local market factor improves fit. All returns are hedged in US dollars, as hedged portfolios outperform unhedged ones.