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The role of the euro on the corporate bond markets in the Euro Area

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Abstract

The euro has played an important catalysing role for the deepening and broadening of the corporate bond markets in the euro area. The most remarkable market growth has been recorded for bonds issued by euro area non-bank financials, reflecting increasing securitisations. The euro has had a direct impact on it according to empirical estimates. The euro also has indirectly affected the euro area corporate bond market growth through a boost to mergers and acquisitions and most likely through lower financing costs and higher economic growth. As regards the broadening of the euro area corporate bond market, the most remarkable development since 1999 has been the growing issuance of lower rated corporate bonds. The economic importance of the different issuer segments of the corporate bond market differs, however, still considerably across euro area countries.

Suggested Citation

  • de Bondt, Gabe, 2007. "The role of the euro on the corporate bond markets in the Euro Area," Journal of Financial Transformation, Capco Institute, vol. 19, pages 14-19.
    • Handle: RePEc:ris:jofitr:0844
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    Cited by:

    1. Avadanei, Andreea, 2010. "Dinamica integrarii pietelor europene de obligatiuni [The dynamic of European bond markets' integration]," MPRA Paper 31300, University Library of Munich, Germany.

    More about this item

    Keywords

    corporate bond market; euro;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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