Swiss paper finds SNB's 2009 bond purchase policy narrowed spreads

Zurich

Two researchers at the Swiss National Bank (SNB) have produced a paper investigating the impact on bond spreads of the announcement, purchases and exit from the SNB's bond purchase programme in 2009–10, finding evidence in favour of a narrowing yield spread of covered bonds as a result of the program.

In March 2009, the SNB announced its intention to buy bonds from private issuers, after which it bought covered and non-bank corporate bonds directly from the markets. In their paper: Portfolio

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