We assess the effect and timing of corporate arm ECB quantitative easing (CSPP) on bond issuance. Because several contemporaneous measures, to isolate programme effects we rely one key eligibility feature: euro denomination newly issued bonds. find that significant increase in bonds issuance by eligible firms is due CSPP this took at least six months unfold. This result holds even when comparin...

Using regulatory data on CDS holdings and corporate bond transactions, I provide evidence for a liquidity spillover effect from to markets. Bond trading volumes are 70% larger investors with positions written the debt issuer. Moreover, higher activity substantially improves of underlying bonds, particularly around rating downgrades. Additional analyses reveal that is partly driven by naked posi...

The Determinants of Liquidity in the Corporate Bond Markets: An Application of Latent Liquidity We present a new measure of liquidity known as “latent liquidity” and apply it to a unique corporate bond database to discern the characteristics of bonds that lead to higher liquidity. Unlike conventional measures of liquidity, such as trading volume and bid-ask spreads, our measure of liquidity doe...