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Il mercato primario delle obbligazioni bancarie strutturate. Alcune considerazioni sui profili di trasparenza e correttezza del comportamento degli intermediari

Author

Listed:
  • Giuseppe D’Agostino

    (CONSOB, Milano)

  • Marcello Minenna

    (CONSOB, Milano)

Abstract

The study analyses the Italian market structure of banks’structured debt securities. This financial segment has experienced a tremendous growth in the last five years as to overcome the size of ordinary banking bonds. The research examines the complexity of structured bonds evaluation for non-sophisticated investors. Quality of information spread is such that investors are capable to appreciate definite bond component performance, but they have trouble in assessing the derivative component one. Banks have a complete informational set to value the two components that enables them to set an issuing price higher than the market theoretical value and to get net profits without risks.

Suggested Citation

  • Giuseppe D’Agostino & Marcello Minenna, 2001. "Il mercato primario delle obbligazioni bancarie strutturate. Alcune considerazioni sui profili di trasparenza e correttezza del comportamento degli intermediari," Rivista di Politica Economica, SIPI Spa, vol. 91(7), pages 51-94, September.
    • Handle: RePEc:rpo:ripoec:v:91:y:2001:i:7:p:51-94
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    More about this item

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • G2 - Financial Economics - - Financial Institutions and Services
    • K2 - Law and Economics - - Regulation and Business Law
    • C0 - Mathematical and Quantitative Methods - - General

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