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The role of bank lending tightening on corporate bond issuance in the eurozone

机译：紧缩银行贷款在欧元区公司债券发行中的作用

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摘要

The availability of bank lending and corporate bond markets underwent a drastic change in the eurozone with the break out of the financial crisis. To quantify the relation between the two, this paper empirically tests the role of bank lending tightening on non-financial corporate (NFC) bond issuance in the eurozone. By utilizing a unique data set provided by the ECB Bank Lending Survey, we capture the "pure" credit supply effect on corporate external financing in a sample period of 2003-2013. We find that tightened credit standards positively affect the NFC bond issuance: a 1pp increase in banks reporting considerable tightening on loans leads to around a 7% increase in firms' bond issuance in the eurozone. The substitution effect is net of the demand for bank lending and robust to factors such as price differentials. The impact of bank credit tightening on firms' bond issuance is particularly observable in core eurozone countries. This is partially due to the underdeveloped debt capital markets in some countries.
机译：随着金融危机的爆发，欧元区的银行贷款和公司债券市场的可用性发生了急剧变化。为了量化两者之间的关系，本文以实证检验了欧元区紧缩银行贷款对非金融公司（NFC）债券发行的作用。通过利用欧洲央行银行借贷调查提供的独特数据集，我们可以在2003-2013年的样本期内获得对企业外部融资的“纯”信贷供给效应。我们发现，严格的信贷标准对NFC债券的发行产生了积极影响：银行的贷款增加了1个百分点，表明贷款大幅收紧，导致欧元区公司债券的发行量增加了约7％。替代效应不包括对银行贷款的需求，并且对价格差异等因素具有较强的吸引力。在核心欧元区国家，银行信贷紧缩对公司债券发行的影响尤其明显。部分原因是某些国家的债务资本市场不发达。

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