This paper carries out an empirical investigation of the impact on bond spreads of the announcement, purchases and exit from the SNB's bond purchase program in 2009-2010. We find evidence in favor of a narrowing yield spread of covered bonds as a result of the program. The effect materialized in...

In June 2016, the Basel Committee on Banking Supervision warned that capital relief transactions “can be complex, artificial and opaque” and reduce capital requirements. In this article, we analyse the structure of synthetic ‘balance sheet' securitisations, which have, inter alia, the...