The 2008 Global financial crisis and the subsequent European sovereign debt crisis deteriorated banks funding conditions and lead to a substitution effect among bond instruments. We examine the pricing of straight, covered and securitization bonds issued by European banks in the 2000-2016...

We examine the impact of the ECB’s asset purchase programmes on euro area non-financial firms’ cost of borrowing and choice between corporate bonds and syndicated loans. We find that the corporate sector purchase programme (CSPP) reduced corporate bond spreads, and that the ECB’s purchases...