The recent distress in corporate bond markets: cues from ETFs

Sirio Aramonte and Fernando Avalos

No 6, BIS Bulletins from Bank for International Settlements

Abstract: Amid widespread sell-offs in risky asset classes, corporate bond exchange-traded funds (ETFs) traded at steep discounts to underlying asset values in March. Contributing factors were high market volatility, reduced risk-taking by dealers and investors' reaction to policy decisions. Policy interventions that improve market functioning in a given sector can have temporary yet important spillovers to other segments through portfolio rebalancing by investors.

Pages: 9 pages
Date: 2020-04-14
New Economics Papers: this item is included in nep-rmg
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