Segnalazione dalla BCE/ECB: yhe latest issue (No. 66) of the ECB Research Bulletin, entitled “How ECB purchases of corporate bonds helped reduce firms’ borrowing costs”

The latest issue (No. 66) of the ECB Research Bulletin, entitled “How ECB purchases of corporate bonds helped reduce firms’ borrowing costs” (In che modo gli acquisti da parte della BCE di obbligazioni societarie hanno contribuito a ridurre i costi di finanziamento delle imprese).

Andrea Zaghini, Principal Economist in the Financial Research Division of the ECB, explores the effects of the ECB corporate sector purchase programme (CSPP) on firms’ borrowing costs. 

The main finding is that, by increasing prices and reducing yields in the targeted bond market segment, the programme encouraged investors to shift their investments towards similar but somewhat riskier bonds. This reduced borrowing costs for many firms, including those whose bonds were not eligible for direct purchase by the ECB.

The ECB Research Bulletin features a selection of recent work on policy-relevant topics by ECB economists. Published on a monthly basis, the articles in the Research Bulletin are intended for a general audience. The views expressed in each article are those of the authors and do not necessarily represent the views of the European Central Bank and the Eurosystem. (...)