active. Different combinations of national fiscal policies and a common fiscal policy with "Eurobonds" amount to active …

We use EU sovereign bond yield and CDS spreads daily data to carry out an event study analysis on the reaction of … government yield spreads before and after announcements from rating agencies (Standard & Poor’s, Moody’s, Fitch). Our results … show: significant responses of government bond yield spreads to changes in rating notations and outlook, particularly in …

developments in sovereign spreads: (i) an aggregate regional risk factor, (ii) the country-specific credit risk and (iii) the … pricing of all euro area spreads, including those for Austria, Finland and the Netherlands. Country-specific credit ratings … have played a key role in the developments of the spreads for Greece, Ireland, Portugal and Spain. Finally, the rating …

This paper contributes new evidence on market pricing of rating changes. We examine the relation between spreads and … ratings for a very large and comprehensive sample of corporate bonds, which allows us to test for country- and industry …

We use a panel of euro area countries to assess the determinants of long-term sovereign bond yield spreads over the …. Finally, we find that sovereign credit ratings are statistically significant in explaining spreads, yet compared to macro- and …

This paper proposes a set of indicators relevant for the risk characteristics of covered bonds, as based on granular … comparability across covered bonds issued by different issuers and rated by different credit rating agencies. The availability of …