LUXEMBOURG

Nowcasting consumer price inflation using high-frequency scanner data: evidence from Germany

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Mardi, avril 23, 2024
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    Central bank asset purchases and auction cycles revisited: new evidence from the euro area

    Retrieved on: 
    Vendredi, avril 19, 2024
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    Working Paper Series

    Key Points: 
      • Working Paper Series
        Federico Maria Ferrara

        Central bank asset purchases
        and auction cycles revisited:
        new evidence from the euro area

        No 2927

        Disclaimer: This paper should not be reported as representing the views of the European Central Bank
        (ECB).

      • Abstract
        This study provides new evidence on the relationship between unconventional monetary
        policy and auction cycles in the euro area.
      • The findings indicate that Eurosystem?s asset purchase flows mitigate
        yield cycles during auction periods and counteract the amplification impact of market volatility.
      • The dampening effect of central bank asset purchases on auction cycles is more sizeable and
        precisely estimated for purchases of securities with medium-term maturities and in jurisdictions
        with relatively lower credit ratings.
      • On the other hand, central banks may influence price dynamics in these markets, most notably
        through their asset purchase programmes.
      • If so, do central bank asset purchases
        affect bond yield movements around auction dates?
      • Auction cycles are present when secondary market yields rise in
        anticipation of a debt auction and fall thereafter, generating an inverted V-shaped pattern around auction
        dates.
      • ECB Working Paper Series No 2927

        3

        1

        Introduction

        The impact of central bank asset purchases on government bond markets is a focal point of economic and
        financial research.

      • If so,
        do central bank asset purchases shape yield sensitivity around auction dates?
      • The paper provides new evidence on the effects of Eurosystem?s asset purchases on secondary market
        yields around public debt auction dates.
      • The analysis builds on previous research based on aggregate data
        on central bank asset purchases and a shorter analysis period (van Spronsen and Beetsma 2022).
      • Using
        granular data on Eurosystem?s asset purchases offers an opportunity to shed light on the mechanisms linking
        unconventional monetary policy and auction cycles.
      • Given this legal constraint, the study
        hypothesises that the effect of asset purchases on 10-year auction cycles is mostly indirect, and goes via price
        spillovers generated by purchases of securities outside the 10-year maturity space.
      • Taken together, these results provide new evidence about auction cycles in Europe and contribute to a
        larger literature on the flow effects of central bank asset purchases on bond markets.
      • Section 4 offers descriptive evidence about auction cycles in the euro area.
      • Auction cycles are defined by the presence of an inverted V-shaped pattern in secondary market yields
        around primary auctions.
      • That is, government bond yields rise in the run-up to the date of the auction and
        fall back to their original level after the auction.
      • Their limited risk-bearing capacities and inventory management operations are
        seen as key mechanisms driving auction cycles (Beetsma et al.
      • ECB Working Paper Series No 2927

        7

        Second, central bank asset purchases can alleviate the cycle by (partly) absorbing the additional supply
        of substitutable instruments in the secondary market (van Spronsen and Beetsma 2022).

      • This expectation is
        supported by several analyses on the price effects of central bank bond purchases (D?Amico and King 2013;
        Arrata and Nguyen 2017; De Santis and Holm-Hadulla 2020).
      • Empirically, previous research has provided evidence of auction cycles taking place across different jurisdictions.
      • (2016) detect auction cycles for government debt in Italy, but not in Germany, during the European
        sovereign debt crisis.
      • Research on the impact of central bank asset purchases on yield cycles around auctions is still limited.
      • Their paper provides evidence
        that Eurosystem?s asset purchases reduce the presence of auction cycles for euro area government debt.
      • Nonetheless, several questions remain open about auction cycles and unconventional monetary policy
        in the euro area.
      • Therefore, they
        provide only a partial picture of auction cycles and central bank asset purchases in Europe.
      • The use of granular data on central bank asset purchases is especially important in light of the modalities
        of monetary policy implementation of the Eurosystem.
      • Altogether, these elements motivate further investigation of the relationship between central bank asset
        purchases and auction cycles in the euro area.
      • Taken together, these results confirm that Eurosystem?s asset purchases mitigate yield cycles during auction periods and counteract the amplification impact of market volatility.
      • The findings confirm that the flow
        effects of central bank purchases on yield movements around auction dates are driven by lower-rated countries.
      • Additional analyses provide evidence for an indirect effect of purchases on auction cycles and highlight
        the presence of substantial heterogeneity across jurisdictions and purchase programmes.
      • Flow Effects of Central Bank Asset Purchases on Sovereign Bond
        Prices: Evidence from a Natural Experiment.
      • Federico Maria Ferrara
        European Central Bank, Frankfurt am Main, Germany; email: [email protected]

        ? European Central Bank, 2024
        Postal address 60640 Frankfurt am Main, Germany
        Telephone
        +49 69 1344 0
        Website
        www.ecb.europa.eu
        All rights reserved.

    Is home bias biased? New evidence from the investment fund sector

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    Jeudi, avril 18, 2024
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      EQS-News: Karlsberg Brauerei GmbH issues new corporate bond and plans early refinancing of the 2020/2025 bond

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      Mercredi, avril 10, 2024
      Oslo Stock Exchange, EUR, Federal Financial Supervisory Authority, Private, Deutsch, Frankfurt Stock Exchange, WKN, CSSF, Issue date, Commission, Nordic, Open Market, Security (finance)

      Exchange offer for holders of the 2020/2025 bond starts on Friday, 5 April 2024

      Key Points: 
      • Exchange offer for holders of the 2020/2025 bond starts on Friday, 5 April 2024
        Homburg, 3 April 2024 - Karlsberg Brauerei GmbH is issuing a new corporate bond and plans to apply the proceeds to refinance its existing 2020/2025 bond ahead of schedule.
      • The corresponding securities prospectus was approved today by the Luxembourg Financial Market Authority Commission de Surveillance du Secteur Financier (CSSF).
      • The new corporate bond 2024/2029 under Norwegian law (ISIN: NO0013168005, WKN: A3825C) has a target volume of EUR 50 million and a tenor of five years.
      • For each exchanged 2020/2025 bond, holders will receive a new 2024/2029 bond, a cash settlement amount of EUR 10.00 and accrued interest.

      EQS-News: PlusPlus Capital Announces that PlusPlus Capital Financial S.à r.l. Filed Reorganization Petition

      Retrieved on: 
      Mercredi, avril 10, 2024
      File, PLUSPLUS, Financial services

      PlusPlus Capital Announces that PlusPlus Capital Financial S.à r.l.

      Key Points: 
      • PlusPlus Capital Announces that PlusPlus Capital Financial S.à r.l.
      • PlusPlus Capital Announces that PlusPlus Capital Financial S.à r.l.
      • PlusPlus Capital (“PPC”), a leading pan-Baltic and Finnish technology-driven receivables management group, announces that PlusPlus Capital Financial S.à r.l.
      • PlusPlus Capital will inform about the ruling of the Luxembourg court on the reorganization process of PlusPlus Capital Financial S.à r.l.

      Aperam publishes Convening Notice for Annual General Meeting of shareholders

      Retrieved on: 
      Mercredi, avril 10, 2024
      Central European Time, Mass meeting, Aperam, Security (finance)

      Luxembourg March 29, 2024 (07:00 CET) - Aperam announces the publication of the convening notice for its Annual General Meeting of shareholders (“the General Meeting”), which will be held on Tuesday 30 April 2024 at 11:00 hours at Luxembourg time at 24-26, boulevard d'Avranches, L-1160 Luxembourg, Grand-Duchy of Luxembourg.

      Key Points: 
      • Luxembourg March 29, 2024 (07:00 CET) - Aperam announces the publication of the convening notice for its Annual General Meeting of shareholders (“the General Meeting”), which will be held on Tuesday 30 April 2024 at 11:00 hours at Luxembourg time at 24-26, boulevard d'Avranches, L-1160 Luxembourg, Grand-Duchy of Luxembourg.
      • The Aperam shareholders entitled to vote at the General Meeting will be those who are shareholders on the record date of 16 April 2024 at midnight (24:00 hours) Central European Time.

      Aperam announces the publication of its Annual Report 2023

      Retrieved on: 
      Mercredi, avril 10, 2024
      Annual, Luxembourg Stock Exchange, Report, Documentation, Annual report, The Annual Report

      Luxembourg March 26, 2024 (07:00 CET) - Aperam announces the publication of its 2023 Annual Report.

      Key Points: 
      • Luxembourg March 26, 2024 (07:00 CET) - Aperam announces the publication of its 2023 Annual Report.
      • The report has been filed with the electronic database of the Luxembourg Stock Exchange (www.bourse.lu) and is available on www.aperam.com under "Investors" > "Reports & Presentations” > “ Annual Reports ".
      • The Annual Report 2023 is part of the documentation for the upcoming annual general meeting of shareholders scheduled on April 30, 2024.

      EQS-News: hep solar projects GmbH: 8% Green Bond 2023/2028 with a volume of EUR 16.8 million tradable on “Freiverkehr” of Frankfurt Stock Exchange

      Retrieved on: 
      Mercredi, avril 10, 2024
      Grand duchy, Federal republic, Prospectus, Republic, Issuer, Gesellschaft mit beschränkter Haftung, Security (finance)

      This publication is neither an offer to sell nor a solicitation of an offer to buy securities.

      Key Points: 
      • This publication is neither an offer to sell nor a solicitation of an offer to buy securities.
      • Outside the Federal Republic of Germany, the Grand Duchy of Luxembourg and the Republic of Austria, no public offer is being made.
      • These statements are based on the current views, expectations, assumptions and information of the management of hep solar projects GmbH.
      • Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties.

      EQS-News: Mercedes-Benz Australia/Pacific Pty Ltd: Annual Financial Report 2023 of Mercedes-Benz Australia/Pacific is now available online

      Retrieved on: 
      Mercredi, avril 10, 2024
      Mercedes-Benz Group, Mercedes-Benz, Security (finance)

      The Annual Financial Report 2023 as of December 31, 2023 of Mercedes-Benz Australia/Pacific Pty.

      Key Points: 
      • The Annual Financial Report 2023 as of December 31, 2023 of Mercedes-Benz Australia/Pacific Pty.
      • This information has been issued by Mercedes-Benz Australia/Pacific Pty.
      • Mercedes-Benz Australia/Pacific Pty.
      • The company is fully owned by Mercedes-Benz Group Australia/Pacific Pty.

      Aperam BioEnergia kicks off Patch partnership by selling 15,000 metric tons of carbon removal

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      Mercredi, avril 10, 2024
      Jequitinhonha River, Heat, Partnership, Global warming potential, Sale, Stainless steel, Carbon, Oxygen, Soil, Biomass

      Luxembourg, 2 April 2024 (10:00 CET) - Aperam BioEnergia, unit of the Aperam Recycling & Renewables Division located in Brazil, has recently partnered with Patch, a global platform connecting carbon credit buyers and sellers, to sell biochar carbon credits on the voluntary carbon market.

      Key Points: 
      • Luxembourg, 2 April 2024 (10:00 CET) - Aperam BioEnergia, unit of the Aperam Recycling & Renewables Division located in Brazil, has recently partnered with Patch, a global platform connecting carbon credit buyers and sellers, to sell biochar carbon credits on the voluntary carbon market.
      • The new partnership has already resulted in the sale of 15,000 metric tons of biochar carbon removal.
      • Aperam began its first delivery via Patch in January this year, providing a certificate of 8.5 thousand tons of CO2e removed.
      • These certificates originate from biochar applied to the soil in Aperam BioEnergia planted forests, located in the Jequitinhonha Valley.