| Publication type: | Working paper – expertise – study |
| Title: | Investor Activity in EFSF/ESM secondary bond markets |
| Authors: | Hillebrand, Martin Mravlak, Marko Breitsamter, Lorenz Schwendner, Peter |
| et. al: | No |
| Extent: | 33 |
| Issue Date: | 15-Jul-2024 |
| Series: | Working Paper Series |
| Series volume: | 62 |
| Publisher / Ed. Institution: | European Stability Mechanism |
| Publisher / Ed. Institution: | Luxembourg |
| ISSN: | 2443-5503 |
| Language: | English |
| Subject (DDC): | 332.6: Investment |
| Abstract: | This study discusses investor and dealer behaviour in the secondary market bond trade data of the EFSF and ESM, two of the largest supranational bond issuers in the euro area in the last decade. The underlying data are reported trades from the ESM primary dealers between 2014 and 2020 and comprise most of the global trading in EFSF and ESM bonds. We discuss stylised facts and trends related to investor and dealer behaviour. We illustrate the trends of increasing fund manager activity and digitalisation, and how turnover increased in the market segment of long maturities as yields decreased. We further explain the impact of small banks in the dealer network with respect to liquidity, and we illustrate the resilience of the bond markets during the COVID-19 pandemic. We use directed network graphs to visualise the net flows between the anonymised primary dealers and types and regions of investors based on aggregations of the granular data. |
| URI: | https://www.esm.europa.eu/publications/investor-activity-efsfesm-secondary-bond-markets https://digitalcollection.zhaw.ch/handle/11475/31169 |
| License (according to publishing contract): | Licence according to publishing contract |
| Departement: | School of Management and Law |
| Organisational Unit: | Institute of Wealth & Asset Management (IWA) |
| Appears in collections: | Publikationen School of Management and Law |
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Hillebrand, M., Mravlak, M., Breitsamter, L., & Schwendner, P. (2024). Investor Activity in EFSF/ESM secondary bond markets. European Stability Mechanism. https://www.esm.europa.eu/publications/investor-activity-efsfesm-secondary-bond-markets
Hillebrand, M. et al. (2024) Investor Activity in EFSF/ESM secondary bond markets. Luxembourg: European Stability Mechanism. Available at: https://www.esm.europa.eu/publications/investor-activity-efsfesm-secondary-bond-markets.
M. Hillebrand, M. Mravlak, L. Breitsamter, and P. Schwendner, “Investor Activity in EFSF/ESM secondary bond markets,” European Stability Mechanism, Luxembourg, Jul. 2024. [Online]. Available: https://www.esm.europa.eu/publications/investor-activity-efsfesm-secondary-bond-markets
HILLEBRAND, Martin, Marko MRAVLAK, Lorenz BREITSAMTER und Peter SCHWENDNER, 2024. Investor Activity in EFSF/ESM secondary bond markets [online]. Luxembourg: European Stability Mechanism. Verfügbar unter: https://www.esm.europa.eu/publications/investor-activity-efsfesm-secondary-bond-markets
Hillebrand, Martin, Marko Mravlak, Lorenz Breitsamter, and Peter Schwendner. 2024. “Investor Activity in EFSF/ESM Secondary Bond Markets.” Luxembourg: European Stability Mechanism. https://www.esm.europa.eu/publications/investor-activity-efsfesm-secondary-bond-markets.
Hillebrand, Martin, et al. Investor Activity in EFSF/ESM Secondary Bond Markets. European Stability Mechanism, 15 July 2024, https://www.esm.europa.eu/publications/investor-activity-efsfesm-secondary-bond-markets.
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