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dc.contributor.authorHillebrand, Martin-
dc.contributor.authorMravlak, Marko-
dc.contributor.authorSchwendner, Peter-
dc.description.abstractThis study analyses investor demand in syndicated EFSF and ESM bond issuances from 2014 to 2020 on an unprecedented granularity level of individual orders. In particular, we investigate three main aspects of order book dynamics: first, we determine the main factors segmenting investor demand. Second, we analyse price dynamics in the transactions and its relation to investor demand. Third, we examine whether there are any indications of order book inflation that might explain the increased volatility in order book volume. We identify issuance tranche and tenor as the main determinants of investor demand, which are to a large extent anticipated by the envisaged notional amount of the issuance. Further, we note that the pricing of ESM bond issuances is carried out in an economical manner, i.e. the new issue premium tends to be lower in a market context with large demand. Lastly, we look at the drivers of large order books and find a mixture of above average number and volume of orders. This confirms that there are no indications of order book inflation tendencies in the analysed time period.de_CH
dc.publisherEuropean Stability Mechanismde_CH
dc.relation.ispartofseriesWorking Paper Seriesde_CH
dc.rightsLicence according to publishing contractde_CH
dc.subjectInvestor demandde_CH
dc.subjectBond issuancede_CH
dc.subjectBond primary marketde_CH
dc.subjectBond syndicationde_CH
dc.subject.ddc332.6: Investitionde_CH
dc.titleInvestor demand in syndicated bond issuances : stylised factsde_CH
dc.typeWorking Paper – Gutachten – Studiede_CH
zhaw.departementSchool of Management and Lawde_CH
zhaw.organisationalunitInstitut für Wealth & Asset Management (IWA)de_CH
Appears in collections:Publikationen School of Management and Law

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Hillebrand, M., Mravlak, M., & Schwendner, P. (2021). Investor demand in syndicated bond issuances : stylised facts. European Stability Mechanism. https://doi.org/10.2852/793259
Hillebrand, M., Mravlak, M. and Schwendner, P. (2021) Investor demand in syndicated bond issuances : stylised facts. European Stability Mechanism. Available at: https://doi.org/10.2852/793259.
M. Hillebrand, M. Mravlak, and P. Schwendner, “Investor demand in syndicated bond issuances : stylised facts,” European Stability Mechanism, 2021. doi: 10.2852/793259.
HILLEBRAND, Martin, Marko MRAVLAK und Peter SCHWENDNER, 2021. Investor demand in syndicated bond issuances : stylised facts [online]. European Stability Mechanism. Verfügbar unter: https://www.esm.europa.eu/sites/default/files/ESM_WP_50%20(01-22).pdf
Hillebrand, Martin, Marko Mravlak, and Peter Schwendner. 2021. “Investor Demand in Syndicated Bond Issuances : Stylised Facts.” European Stability Mechanism. https://doi.org/10.2852/793259.
Hillebrand, Martin, et al. Investor Demand in Syndicated Bond Issuances : Stylised Facts. European Stability Mechanism, 2021, https://doi.org/10.2852/793259.

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