Underwriter competition and gross spreads in the eurobond market

Michael G. Kollo

No 550, Working Paper Series from European Central Bank

Abstract: We investigate the competitive landscape of underwriting services in the Eurobond market including the choice of underwriter and underwriter gross spread. We find a significant but declining association between the home market of the Eurobond's currency of denomination and that of the lead underwriter. These bonds underwritten by underwriters 'local' to the currency also carry significantly lower underwriter gross spreads vis- JEL Classification: G15, G24

Keywords: eurobond market; underwriter competition; underwriter spreads (search for similar items in EconPapers)
Date: 2005-11
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Citations: View citations in EconPapers (4)

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