abroad, including inflow of capital to local sovereign bond markets and an increase in international comovement of term …

Using large panel data of public and private firms, this paper dissects the growth of bond financing in the Euro Area … through the lens of the cross-section of issuers. In recent years, the composition of bond issuers has shifted, with the entry …, holdings of ‘buy-and-hold’ bond investors are large in aggregate but small for weaker issuers. Nevertheless, the bond investors …

loan supply infavour of firms that do not have access to bond-based financing. Identification comes frommatching bank …

investment-grade bonds, a segment in which the share of bonds eligible to the ECB corporate programmes strikingly increased from …

investors' over-investment in non-stressed euro area countries ceased after the announcement of the ECB's OMT programme …

large-scale sovereign bond purchases. The ECB's Public Sector Purchase Programme (PSPP) was eventually announced on 22 …Starting in summer 2014, markets began to build up expectations that the European Central Bank (ECB) would embark on …, German government bond yields declined significantly. Using an affine term structure model, we evidence that the yield …

We assess the effect and the timing of the corporate arm of the ECB quantitative easing (CSPP) on corporate bond …

The paper investigates the impact of US quantitative easing (QE) on global non-financial corporate bond issuance. It … QE to global bond markets, namely flow effects (purchases) and stock effects (holdings). We control for a number of … bond issuance, especially in emerging markets, and that flow effects (i.e. portfolio rebalancing) were the main …

timed the bond market by shifting their issuance toward bonds eligible for the program. However, issuers of eligible bonds … bond market and in the default swap market, whereas the valuation of eligible bonds did not change relative to comparable … ineligible bonds. Firms took advantage of reduced risk premia by issuing riskier bond types. Using a novel and comprehensive …