| Publication type: | Conference paper |
| Type of review: | Peer review (abstract) |
| Title: | Investor demand in syndicated bond issuances : stylised facts |
| Authors: | Schwendner, Peter Hillebrand, Martin Mravlak, Marko |
| et. al: | No |
| Conference details: | 32nd EURO Conference, Espoo Finland 3-6 July 2022 |
| Issue Date: | Jul-2022 |
| Language: | English |
| Subject (DDC): | 332.6: Investment |
| Abstract: | This study analyses investor demand in syndicated EFSF and ESM bond issuances from 2014 to 2020 on an unprecedented granularity level of individual orders. In particular, we investigate three main aspects of order book dynamics: first, we determine the main factors segmenting investor demand. Second, we analyse price dynamics in the transactions and their relation to investor demand. Third, we examine whether there are any indications of order book inflation that might explain the increased volatility in order book volumes. We identify issuance tranche and tenor as the main determinants of investor demand, which are to a large extent anticipated by the envisaged notional amount of the issuance. Further, we note that the pricing of ESM bond issuances is carried out in an economical manner, i.e. the new issue premium tends to be lower in a market context with large demand. Lastly, we look at the drivers of large order books and find a mixture of above-average number and volume of orders. This confirms that there are no indications |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/30916 |
| Fulltext version: | Published version |
| License (according to publishing contract): | Licence according to publishing contract |
| Departement: | School of Management and Law |
| Organisational Unit: | Institute of Wealth & Asset Management (IWA) |
| Appears in collections: | Publikationen School of Management and Law |
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Schwendner, P., Hillebrand, M., & Mravlak, M. (2022, July). Investor demand in syndicated bond issuances : stylised facts. 32nd EURO Conference, Espoo Finland 3-6 July 2022.
Schwendner, P., Hillebrand, M. and Mravlak, M. (2022) ‘Investor demand in syndicated bond issuances : stylised facts’, in 32nd EURO Conference, Espoo Finland 3-6 July 2022.
P. Schwendner, M. Hillebrand, and M. Mravlak, “Investor demand in syndicated bond issuances : stylised facts,” in 32nd EURO Conference, Espoo Finland 3-6 July 2022, Jul. 2022.
SCHWENDNER, Peter, Martin HILLEBRAND und Marko MRAVLAK, 2022. Investor demand in syndicated bond issuances : stylised facts. In: 32nd EURO Conference, Espoo Finland 3-6 July 2022. Conference paper. Juli 2022
Schwendner, Peter, Martin Hillebrand, and Marko Mravlak. 2022. “Investor Demand in Syndicated Bond Issuances : Stylised Facts.” Conference paper. In 32nd EURO Conference, Espoo Finland 3-6 July 2022.
Schwendner, Peter, et al. “Investor Demand in Syndicated Bond Issuances : Stylised Facts.” 32nd EURO Conference, Espoo Finland 3-6 July 2022, 2022.
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