摘要：The paper examines the effects of the government guarantee schemes for bank bonds adopted in the aftermath of the Lehman Brothers demise to help banks retain access to wholesale funding. It describes the evolution and the pattern of bond issuance across countries to assess the effect of the schemes. Then the authors propose an econometric analysis of one striking feature of this new market,namely the significant "tiering” of the spreads paid by banks at issuance,finding that they mainly reflect the characteristics of the guarantor and not those of the issuing bank or of the bond itself.
