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UID:20260201T183054EST-68663L3wvb@132.216.98.100
DTSTAMP:20260201T233054Z
DESCRIPTION:Giovanni Bonfanti\n\nColumbia University\n\nA European Safe Ass
 et? Not Without the Investors\n\nDate: Wednesday\, February 4\, 2026\n	Time
 : 11:30 am - 1:00 pm\n	Location: Bronfman building\, Room 301\n\nAll are co
 rdially invited to attend.\n\n\nAbstract\n\nWe study bonds issued by the E
 uropean Union (EU) as joint and several liabilities of its member countrie
 s and show that they pay higher interest rates than comparably safe and la
 rge sovereign issuers. The spread reflects their greater sensitivity to ad
 verse market shocks\, which becomes particularly pronounced during periods
  of monetary tightening. Using novel data\, we document that EU bonds have
  a small investor base because they are excluded from major fixed-income i
 ndices due to their lack of formal sovereign status. This exclusion lowers
  expected prices during crises\, making EU bonds unattractive to investors
  with liquidity needs\, such as mutual funds and foreign central banks. Ex
 pectations of state-contingent purchases by the European Central Bank (ECB
 ) can substantially compress this premium even when not directed at EU bon
 ds. A demand-based asset pricing framework suggests that the spread would 
 be negligible if the EU were recognized as a fully sovereign issuer and a 
 new safe asset would arise.\n
DTSTART:20260204T163000Z
DTEND:20260204T180000Z
LOCATION:Room 301\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Finance Area Seminar: Giovanni Bonfanti
URL:/desautels/channels/event/finance-area-seminar-gio
 vanni-bonfanti-370703
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