Exploring the factors behind the 2018 widening in euro area corporate bond spreads

Lena Boneva, Gregory Kidd and Ine Van Robays

Economic Bulletin Boxes, 2019, vol. 3

Abstract: Over the course of 2018, euro area non-financial corporate (NFC) spreads widened notably. This box explores the factors underpinning this widening, including deteriorating corporate credit fundamentals, a weaker macroeconomic outlook, spillovers from abroad and a reassessment of global risk appetite. Most importantly, against the backdrop of the end of net asset purchases in December 2018, the box also focuses on the role that monetary policy has played. JEL Classification: E52, E58, G01, G12, G21, G28

Keywords: APP; bond markets; CSPP (search for similar items in EconPapers)
Date: 2019-04
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbbox:2019:0003:3

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