Euro brings cut-price bonds


A Bank for International Settlements’ working paper (no. 134) published this September reveals, perhaps unsurprisingly, that underwriting costs in corporate euro bond issuance have fallen since the introduction of the single currency. But the broader findings should make Europe’s investment banks sit up, as their North American counterparts have increasingly been stealing market share.

The Cost of Barriers to Entry: Evidence from the Market for Corporate Euro Bond Underwriting by Joao A.C. S

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