For a better user experience please update your browser or use Chrome or Firefox browser.
Utilități
Publication detail
HomeInvestor demand in syndicated bond issuances
Stylised facts
Metadate publicare
This study analyses investor demand in syndicated EFSF and ESM bond issuances from 2014 to 2020 on an unprecedented granularity level of individual orders. In particular, we investigate three main aspects of order book dynamics: first, we determine the main factors segmenting investor demand. Second, we analyse price dynamics in the transactions and its relation to investor demand. Third, we examine whether there are any indications of order book inflation that might explain the increased volatility in order book volume. We identify issuance tranche and tenor as the main determinants of investor demand, which are to a large extent anticipated by the envisaged notional amount of the issuance. Further, we note that the pricing of ESM bond issuances is carried out in an economical manner, i.e. the new issue premium tends to be lower in a market context with large demand. Lastly, we look at the drivers of large order books and find a mixture of above average number and volume of orders. This confirms that there are no indications of order book inflation tendencies in the analysed time period.
- Publicat(ă) la:
- Teme: Economie – Finanțe
- Subiecte: instituții financiare , obligațiune , piață financiară
|
PDF
|
|||
| ISSN 2443-5503 | ISBN 978-92-95223-11-0 | DOI 10.2852/793259 | Număr de catalog DW-AB-21-003-EN-N |
- Released on EU publications website:
Vizualizator document
Note:
Publicația nu poate fi afișată în fereastra de vizualizare a documentului. Deschideți versiunea web
Puteți accesa publicația în: Descărcări și versiuni lingvistice