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 …

We assess the degree of market fragmentation in the euro-area corporate bond market by disentangling the determinants … of the risk premium paid on bonds at origination. By looking at over 2,400 bonds we are able to isolate the country … market fragmentation is coupled with a still high heterogeneity in actual bond yields, challenging the consistency of the new …

Price-based liquidity metrics are better in 2013-2014 for small trades and large high-yield bond trades, but not for … large investment grade bond trades, relative to before the crisis, and are better for all bond types and trade sizes …-crisis liquidity could be low when markets are stressed. We consider three stress events: extreme VIX increases, extreme bond yield …