We analyze the effect of the US Federal Reserve's monetary policy on EME sovereign and corporate bond markets by … focusing on two dimensions: the evolution of the structure (size and currency composition) of the bond markets and their … allocations within the bond portfolios of US investors. Global factors, particularly the level of long-term US Treasury yields …

This paper uses the factor augmented regression framework to analyze the relation between bond excess returns and the … statistically significant predictive power for excess bond returns. We show how a bias correction to the parameter estimates of … real activity for excess bond returns is robust even after accounting for finite sample inference problems. Forecasts of …

In contrast to bonds, levered loans do not require SEC registration. We show that this distinction plays an important … role in firms' choice between funding through loans and bonds and helps understand why the market share of cov-lite loans … has increased so much. Compared to cov-heavy loans, cov-lite loans are close substitutes for bonds in that they have …

We examine whether there is a flight-to-liquidity premium in Treasury bond prices by comparing them with prices of … bonds issued by Refcorp, a U.S. Government agency, which are guaranteed by the Treasury. We find a large liquidity premium … in Treasury bonds, which can be more than fifteen percent of the value of some Treasury bonds. This liquidity premium is …