Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl


2020 | vol. 64, nr 12 | 31-46

Article title

Corporate bonds issues during anti-crisis actions by the European Central Bank after 2008



Title variants

Emisje obligacji korporacyjnych w okresie działań antykryzysowych Europejskiego Banku Centralnego po 2008 roku

Languages of publication



The aim of the article is to determine whether the anti-crisis measures of the European Central Bank are conducive to increases in corporate bonds issues. This matter is important because it relates to a period when a very active monetary policy was applied, not only in the euro area countries. The internationalization of the debt markets increased the possibilities of indebtedness in the financial markets, with the excessive risk of the mass insolvency of various enterprises and even countries. The author points out that the actions of the European Central Bank have significantly changed the terms of issuing corporate bonds.The conclusions of this study are based on a comparative analysis of the volume of bond issues (with interest rates correlations), changes in ratings, and the impact of central bank intervention on the corporate bond market, mainly in the euro area and the USA. Additionally, debt sector indices (government, financial and corporate) were used. The time series mainly cover the period 2011-2019, but some figures come from earlier times. Central bank interventions in the bond markets (mainly the purchase of corporate bonds) increased corporate bond issues and shifted funding from loans to bond issues as other sectors slightly reduced the use of this type of debt.
Celem artykułu jest ustalanie, czy działania antykryzysowe Europejskiego Banku Centralnego sprzyjają wzrostom emisji obligacji korporacyjnych. Kwestia ta jest ważna, bo dotyczy okresu, w którym zastosowano bardzo aktywną politykę monetarną nie tylko w krajach strefy euro. Umiędzynarodowienie rynków długu zwiększyło możliwości zadłużania się na rynkach finansowych przy nadmiernym ryzyku masowej niewypłacalności różnych przedsiębiorstw, a nawet państw. Autor zwraca uwagę na to, że działania Europejskiego Banku Centralnego w istotny sposób zmieniły warunki emisji obligacji korporacyjnych. Podstawą wniosków z niniejszego opracowania jest analiza porównawcza wielkości emisji obligacji, zmian stóp procentowych, zmian ratingów, wpływu programu interwencji Europejskiego Banku Centralnego na rynek obligacji korporacyjnych, głównie w strefie euro i w USA. Dodatkowo wykorzystano wskaźniki proporcji zadłużenia sektorowego (rządowego, finansowego i korporacyjnego). Szeregi czasowe obejmują głównie lata 2011-2019, ale niektóre dane liczbowe dotyczą wcześniejszych okresów.


  • Wroclaw University of Economics and Business


  • Ainger, J. (2020, March). ECB’s bond-buying program is yield curve control, says Citi. Bloomberg. Retrieved May 14, 2005 from www.bloomberg.com/news/articles/2020-03-27/ecb-s-bond-buyingprogram-is-yield-curve-control-says-citi
  • Bank of Japan. (2020, May 22). Statement on monetary policy. Retrieved May 23, 2020 from www.boj.or.jp/en/announcements/release_2020/k200522b.pdf
  • Bank for International Settlements [BIS]. (2020, June). BIS Quarterly Review International banking and financial market developments. Retrieved August 1, 2020 from www.bis.org/publ/qtrpdf/r_qt2006.pdf
  • Beat, Ch., Broda, Ch., Kroszner, R., & Ito, T. (2015, November). Low for long? Causes and consequences of persistently low interest rates. Geneva Reports on the World Economy 17, International Center for Monetary and Banking Studies.
  • Board of Governors. (2020, July 28). Secondary market corporate credit facility. Retrieved August 8, 2020 from www.federalreserve.gov/newsevents/pressreleases/files/monetary20200728a1.pdf
  • Çelik, S., Demirtaş, G., & Isaksson, M. (2019). Corporate bond markets in a time of unconventional monetary policy. Paris: OECD Capital Market Series. Retrieved July 3, 2020 from www.oecd.org/corporate/Corporate-Bond-Markets-in-a-Time-of-Unconventional-Monetary-Policy.htm
  • Duca, M., Nicoletti, G., & Martinez, A. (2014, March). Global corporate bond issuance: What role for US quantitative easing? (Working Paper Series No. 1649). European Central Bank.
  • European Central Bank [ECB]. (2016). ECB announces details of the corporate sector purchase programme (CSPP) 21 April 2016. Retrieved February 14, 2018 from www.ecb.europa.eu/press/pr/date/2016/html/pr160421_1.en.html
  • European Central Bank [ECB]. (2020). Corporate sector purchase programme (CSPP). Retrieved April 8, 2020 from www.ecb.europa.eu/mopo/implement/app/html/cspp-qa.en.html
  • Global debt monitor sharp spike in global debt ratios. (2020, July). The Institute of International Finance. Retrieved August 3, 2020 from www.iif.com/Research/Capital-Flows-and-Debt/Global-Debt-Monitor
  • Grosse-Rueschkamp, B., Steffen, S., & Streitz, D. (2019). A capital structure channel of monetary policy. Journal of Financial Economics, 133, 357-378.
  • Habib, M. M. (2008, October). Foreign-currency bonds currency choice and the role of uncovered and covered interest parity (Working Paper Series, No. 947). European Central Bank.
  • Mullen, C. (2019, August 15). Negative-yielding debt hits record $16 trillion on curve fright. BMO Global Asset Management and Bloomberg. Retrieved July 10, 2020 from www.bloomberg.com/ news/articles/2019-08-15/negative-yielding-debt-hits-record-16-trillion-on-curve-fright
  • Rischen, T., & Theissen, E. (2018). Underpricing in the eurozone corporate bond market (CFR Working Paper, No. 18-03). University of Cologne.
  • Santis de, R. A., Geis, A., Juskaite, A., & Vaz Cruz, L. (2018). The impact of the corporate sector purchase programme on corporate bond markets and the financing of euro area non-financial corporations. ECB Economic Bulletin, (3).
  • Santis de, R. A., & Zaghini, A. (2019, November). Unconventional monetary policy and corporate bond issuance (ECB Working Paper Series No. 2329).
  • S&P Global Ratings. (2020, April). Default, transition, and recovery: 2019 annual global corporate default and rating transition study. Retrieved July 22, 2020 from www.maalot.co.il/Publications/TS20200504110435.pdf
  • Suganuma K., & Ueno Y. (2018). The effects of the Bank of Japan’s corporate and government bond purchases on credit spreads (Discussion Paper No. 2018-E-4). Institute for Monetary and Economic Studies, Bank of Japan.
  • Todorov, K. (2019). Quantify the quantitative easing: Impact on bonds and corporate debt issuance. Journal of Financial Economics. Retrieved from https://doi.org/10.1016/j.jÖneco.2019.08.003
  • Trading Economics. (2020). Japan Corporate Tax Rate. Retrieved August 3, 2020 from https://tradingeconomics.com/ja pan/corporate-tax-rate
  • Wansem van der, P., Jessen, L., & Rivetti, D. (2019, April). Issuing international bonds: A guidance note (Discussion Paper MTI Global Practice No. 13).

Document Type

Publication order reference


YADDA identifier

JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.