The role of the euro on the corporate bond markets in the Euro Area
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.
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Volume (Year): 19 (2007)
Issue (Month): ()
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