Danish paper studies liquidity of covered and sovereign bonds
Danish covered bonds are as liquid as government bonds, and relatively more so in times of market stress, according to a working paper published by the National Bank of Denmark on November 22.
The authors, Jens Dick-Nielsen, Jacob Gyntelberg and Thomas Sangill, analysed the secondary market liquidity for both types of bonds before, during and after the peak of the financial crisis, focusing on wholesale trading.
During the crisis, the government bonds experienced "pronounced declines" in
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