coincide with issuance of UK government bonds. Analysing granular transaction-level data surrounding bond issuance, we find … risk-bearing capacity. Interestingly, we find significant changes in the composition of liquidity providers: hedge funds … buy a large share of the new issue outside pre-MPC windows, but refrain from liquidity provision in pre-MPC windows, and …

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 … bonds issued by the European Union (EU) are widely considered to be of high credit quality, and that their yield spread over …

central bank. Focusing on government bonds, we develop clean identification of variation in such convertibility by exploiting … differential treatment of same-country government bonds in the euro area. Combining difference-in-differences analysis with yield …

We consider the effects of quantitative easing on liquidity and prices of bonds in a search- and matching model. The …-off. Initially, liquidity improves in reaction to central bank demand. As the central bank buys and holds bonds, supply becomes … a decline in yields, while they have opposite effects on market liquidity. This results in a price-liquidity trade …

This paper investigates the relationship between central bank (reverse) auctions and bill market liquidity. The …

yield curve pricing; (iii) yield curve implications …