We introduce a novel sustainable capital instrument, with features inspired by CoCos: the skin-in-the-game bond. A skin …-in-the-game bond is linked to the performance of a benchmark that relates to the broad concept of sustainability in at least one of its … pillars: the environment, society or corporate governance. When the benchmark hits a preset trigger level, (part of) the bond …

We examine the relationship between lax monetary policy, access to high-yield bond markets and productivity in the US … around FOMC announcements, we isolate the increased access to high-yield bond markets relative to investment-grade bond … investors’ appetite for high-yield US corporate bonds, thereby increasing access to high-yield bond markets for firms with a …