This paper proposes a set of indicators relevant for the risk characteristics of covered bonds, as based on granular … cover pool and the payment structure. They offer unified risk metrics for the European covered bond universe, which ensures … comparability across covered bonds issued by different issuers and rated by different credit rating agencies. The availability of …

the presence of institutional investors affects volatility and liquidity in secondary bank bond markets. We find that non …-bank financial intermediaries, in particular money market funds (MMFs), have a positive impact on secondary bank bond markets …% of the notional amount in the secondary market of a representative euro area bank bond. The effect is relative to the …

issuers. Nevertheless, the bond investors' sell-off after March 2020 was largely directed at bonds of larger, safer issuers …The rise of bond financing in EuropeUsing 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 …

returns in a sample of US mutual funds. We find evidence of active rebalancing towards government bonds that offer relatively … conditions like uncovered and covered interest parity for sovereign bonds affect capital flows from the United States towards …

bonds issued by the European Union (EU) are widely considered to be of high credit quality, and that their yield spread over … and NGEU initiatives helped improve EU bonds' market liquidity from previously low levels, also reducing liquidity risk … premia. Eurosystem purchases and holdings of EU bonds did not impair market liquidity. Currently, one obstacle to EU bonds …

Does leverage drive investor ows in bond mutual funds? Leverage can increase fund returns in good times, but it can … also magnify investors' losses and their response to bad performance. We study bond fund ows to provide new evidence for … findings suggest that leverage amplifies fragility in the bond mutual fund sector. …