High-Yield Bond Markets During the COVID-19 Crisis: The Role of Monetary Policy
نویسندگان
چکیده
espanolEste documento muestra la diferencia en emision de bonos corporativos entre el area del euro y Estados Unidos 2020, especialmente segmento alto rendimiento [high yield (HY)], analiza como las medidas politica monetaria adoptadas por Reserva Federal Banco Central Europeo (BCE) respuesta a crisis COVID-19 pueden haber contribuido explicar tal diferencia. Documentamos que HY desde febrero 2020 ha sido relativamente menor Unidos. Las dirigidas al HY, principalmente compra fondos cotizados bolsa [exchange traded funds (ETF)] compuestos podrian reducido los diferenciales crediticios mejorado liquidez mercado, lo su vez podria estimulado deuda. Alternativamente, emisores disfrutado mejores condiciones financiamiento bancario debido operaciones refinanciamiento plazo mas largo BCE otras autoridades fiscales nacionales, llevado dichos sustituir financiacion mediante credito bancario. El estas posibilidades argumenta todas ellas desempenado un papel hasta cierto punto. EnglishThis article documents the difference in corporate bond issuance between (EA) and United States (US) especially high-yield (HY) segment, discusses role that monetary policy measures undertaken by US Reserve (Fed) ECB response to Covid-19 may have played explaining such difference. We document of bonds since February has been lower historical standards EA than US. The Fed’s aimed at mainly purchase exchange (ETFs), could reduced credit spreads improved market liquidity, which turn stimulated debt issuance. Alternatively, issuers faced better bank funding conditions due ECB’s targeted longer term refinancing operations (TLTRO) other national fiscal authorities, leading substitute for finance. these possibilities argues they all certain extent.
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2021
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.3821621