(Länder) to a bail-out, the interest payments-to-revenue ratio. While risk premia measured in the German sub-national bond … markets' bail-out expectations. In sum, our results indicate significant investor moral hazard in the sub-national German bond …

This work describes the legal structuring of a mortgage covered bond in accordance with the regulations of paragraphs … rights of the bond holders according to the regulations of the German Statue Governing Common Rights of Owners of Debt … Securities (Schuldverschreibungsgesetz). Furthermore, the work describes how the bond creditors shall have preferences of the …

. Nonetheless, the average CDS-bond basis (i.e. the difference between both measures) is positive in the period 2004-2005. We detect …

We analyze trading opportunities that arise from differences between the bond and the CDS market. By simultaneously … entering a position in a CDS contract and the underlying bond, traders can build a default-risk free position that allows them … to repeatedly earn the difference between the bond asset swap spread and the CDS, known as the basis. We show that the …

European bond portfolios that is driven by liquidity considerations and, in particular, by the possibility of excessive bond …