Showing 1 - 10 of 162
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 … bond issuers has shifted, with the entry of many smaller and riskier issuers. New issuers invest and grow, instead of …
Persistent link: https://www.econbiz.de/10013198743
We build a novel macro-finance model that combines a semi-structural macroeconomic module with arbitrage-free yield-curve dynamics. We estimate it for the United States and the euro area using a Bayesian approach and jointly infer the real equilibrium interest rate (r*), trend inflation (π*),...
Persistent link: https://www.econbiz.de/10012705391
banks had a large impact on exposed bonds' liquidity. Moreover, based on these ties, we show that bond mutual fund panic …
Persistent link: https://www.econbiz.de/10012622810
The purpose of this paper is to study the compensation for in ation risks priced in sovereign bond yields. And we do so … expected and unexpected in ation shocks embedded in sovereign bond yields; and provides estimates of the real risk-free rate …. We show that nominal sovereign bond yields for Germany, France, Japan and the United States, reflect, over the more …
Persistent link: https://www.econbiz.de/10012241109
subordinated bond yield spreads over senior unsecured bonds, and links the bond yields developments with the characteristics of the … play a key role in explaining bond spreads. Interestingly, after the introduction of the new bail-in framework, there is a … convergence between the bond yields of the GSIBs and the non-GSIBs, which could point out to a reduction in the market perception …
Persistent link: https://www.econbiz.de/10012104463
cover pool and the payment structure. They offer unified risk metrics for the European covered bond universe, which ensures …
Persistent link: https://www.econbiz.de/10012206219
A safe asset is of high credit quality, retains its value in bad times, and is traded in liquid markets. We show that bonds issued by the European Union (EU) are widely considered to be of high credit quality, and that their yield spread over German Bunds remained contained during the 2020...
Persistent link: https://www.econbiz.de/10013342231
This paper investigates the sensitivity of the demand for safe government debt to currency unhedged and hedged excess returns in a sample of US mutual funds. We find evidence of active rebalancing towards government bonds that offer relatively higher returns on an unhedged basis, in particular...
Persistent link: https://www.econbiz.de/10014527087
studies global bonds to examine the effects of multimarket trading on corporate bond liquidity, prices, and the cost of debt … advantage of global bonds does not fully explain the yield differential. The findings imply that international corporate bond … markets are not fully integrated, and global bond offerings can reduce the cost of debt. …
Persistent link: https://www.econbiz.de/10009640328
studies global bonds to examine the effects of multimarket trading on corporate bond liquidity, prices, and the cost of debt … advantage of global bonds does not fully explain the yield differential. The findings imply that international corporate bond … markets are not fully integrated, and global bond offerings can reduce the cost of debt. - Cost of debt ; corporate bonds …
Persistent link: https://www.econbiz.de/10003973581