We evaluate the influence of the pandemic on global bank lending and identify bank and
country characteristics that amplify or weaken the effect of the disease outbreak on bank …

We study liquidity conditions in the corporate bond market during the COVID-19 pandemic.
We document that the cost of trading immediately via risky-principal trades dramatically …

This paper studies the systemic risk contribution of a set of large publicly traded European
banks. Over a sample covering the last twenty years and three different crises, we find that …

This article provides a critical appraisal of the March 2020 crisis in fixed income markets. We
synthesize the main events, characterize what appears to be an emerging consensus on …

This paper examines the pricing of global syndicated loans during the COVID-19 pandemic.
We find that loan spreads rise by over 11 basis points in response to a one standard …

The difference between corporate bond yields at issuance and in secondary markets, the
“issuance premium”, spikes in bad times, increasing firms' costs of capital. Leveraging new …

This paper assesses the effects of monetary policy shocks on the macroeconomy and the
euro area banking sector after the global financial crisis. First, financial risk-return indicators …

According to conventional wisdom, banks play a special role in providing liquidity in bad
times, while capital markets are used to fund investment in good times. Using microdata on …

The aim of the work underpinning this paper has been to track the evolution of tail risk in
banks' NPL portfolios present under normal and worst conditions (before and during the …

We explore the information sensitivity of corporate bonds throughout the COVID-19 crisis by
examining whether there is a differential market response to firms with high operating …