Details

Covered Bonds under Unconventional Monetary Policy

Essays in Real Estate Research

von: Holger Markmann
64,19 €
Verlag:	Gabler
Format:	PDF
Veröffentl.:	01.02.2018
ISBN/EAN:	9783658209759
Sprache:	englisch

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Beschreibungen

Titelbeschreibung

<p>Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the functionality of unconventional monetary policy to a broad audience, the author analyzes the impact of these purchases. The first Covered Bond Purchase Programme (CBPP1) has lowered covered bond spreads by 3-4 basis points in the short-term, 10 basis points in the medium-term, and increased emission volumes by € 103 billion. CBPP2 and CBPP3 have not led to similar effects. However, the programs’ effectiveness relies on the market’s expectations and its prevalent health.</p><p><b>About the Author</b></p> <p></p><p><b>Holger Markmann</b> is PostDoc at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.</p>

Inhaltsverzeichnis

<p>Introduction to Covered Bonds and Unconventional Monetary Policy.- Impact on Covered Bond Emission Activity.- Medium- and Short-term Announcement Effects.- Monetary Policy Implications.</p>

Autorenportrait

<p><b>Holger Markmann</b> is PostDoc at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.</p>

Back cover copy

<div>Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the functionality of unconventional monetary policy to a broad audience, the author analyzes the impact of these purchases. The first Covered Bond Purchase Programme (CBPP1) has lowered covered bond spreads by 3-4 basis points in the short-term, 10 basis points in the medium-term, and increased emission volumes by € 103 billion. CBPP2 and CBPP3 have not led to similar effects. However, the programs’ effectiveness relies on the market’s expectations and its prevalent health.</div><div><br/></div><b>Contents</b><div><ul><li>Introduction to Covered Bonds and Unconventional Monetary Policy<br/></li><li>Impact on Covered Bond Emission Activity<br/></li><li>Medium- and Short-term Announcement Effects<br/></li><li>Monetary Policy Implications<br/></li></ul></div><div><b>Target Groups</b></div><div><ul><li>Scientists and students in the fields of monetary policy, banking, finance, and real estate<br/></li><li>Practitioners in commercial bank treasuries and central bank policy setting<br/></li></ul></div><div><b>About the Author</b></div><div><b>Holger Markmann</b> is PostDoc at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.</div><div><br/></div>