TY  - UNPD
A1  - Zaghini, Andrea
T1  - Bank bonds: size, systemic relevance and the sovereign : [Version April 2014]
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 454
N2  - We analyze the risk premium on bank bonds at origination with a special focus on the role of implicit and explicit public guarantees and the systemic relevance of the issuing institutions. By looking at the asset swap spread on 5,500 bonds, we find that explicit guarantees and sovereign creditworthiness have a substantial effect on the risk premium. In addition, while large institutions still enjoy lower issuance costs linked to the TBTF framework, we find evidence of enhanced market disciple for systemically important banks which face, since the onset of the financial crisis, an increased premium on bond placements.
T3  - CFS working paper series - 454 
KW  - Too-big-to-fail
KW  - Market discipline
KW  - Sovereign guarantees
KW  - G-SIFIs
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/33831
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-338318
UR  - https://www.ifk-cfs.de/2409.html
IS  - Version April 2014
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -