Il mercato primario delle obbligazioni bancarie strutturate. Alcune considerazioni sui profili di trasparenza e correttezza del comportamento degli intermediari

Giuseppe D’Agostino and Marcello Minenna
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Giuseppe D’Agostino: CONSOB, Milano
Marcello Minenna: CONSOB, Milano

Rivista di Politica Economica, 2001, vol. 91, issue 7, 51-94

Abstract: The study analyses the Italian market structure of banks’structured debt securities. This financial segment has experienced a tremendous growth in the last five years as to overcome the size of ordinary banking bonds. The research examines the complexity of structured bonds evaluation for non-sophisticated investors. Quality of information spread is such that investors are capable to appreciate definite bond component performance, but they have trouble in assessing the derivative component one. Banks have a complete informational set to value the two components that enables them to set an issuing price higher than the market theoretical value and to get net profits without risks.

JEL-codes: C0 D4 G2 K2 (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:rpo:ripoec:v:91:y:2001:i:7:p:51-94

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