With a sample of 4,065 bonds issued by 63 banks from 12 euro area countries during 2013–2017, this study investigates how introducing bail-in regulation has influenced bond yields in secondary markets, by distinguishing between non-bail-inable and different classes of bail-inable bonds. The bail-in risk premium does not follow the hierarchy of risk; it is stronger for less risky bonds. The effect on the spread between senior unsecured and non-bail-inable bonds is much higher than for subordinated bonds. Regarding subordinated bonds, the impact is higher for securities excluded from regulatory capital than for those included.

中文翻译：

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BRRD 后债券收益率是否遵循风险等级？

本研究以 2013 年至 2017 年间来自 12 个欧元区国家的 63 家银行发行的 4,065 份债券为样本，通过区分不可保释保释金和不同保释类别，调查了引入自救监管如何影响二级市场的债券收益率-无能的债券。自救风险溢价不遵循风险等级；对于风险较小的债券，它更强大。对高级无担保债券和不可保释债券之间利差的影响远高于次级债券。对于次级债券，从监管资本中排除的证券的影响要高于纳入的证券。