The introduction of collective action clauses in advanced economies’ sovereign bonds is an understudied phenomenon. An important concern is whether these clauses produce segmentation, pushing apart the price of those bonds issued with and without collective action clauses (CACs). This paper uses the introduction in 2013 of mandatory two-limb CACs in euro area sovereign bonds issued under domestic law to evaluate the price impact of these provisions. In the euro area, bonds with CACs trade at a small premium. On average for those bonds, yields were up to six basis points lower. This average, however, masks heterogeneity. While Germany and Netherlands have not seen a sustained reduction in borrowing costs, in Italy and Spain the effect has been large (between five and ten basis points). These findings support the argument that the introduction of euro CACs in domestic law bonds helped investors reassess the risks associated with those instruments in both countries. impact of these provisions. In the euro area, bonds with CACs trade with a small premium. On average, for those bonds yields were up to six basis points lower. This average, however, masks heterogeneity. While Germany and Netherlands have not seen a sustained reduction in borrowing costs, in Italy and Spain the effect has been large (between five and ten basis points). These findings provide support to the argument that the introduction of euro CACs in domestic law bonds helped investors reassess the risk associated with those instruments in both two countries

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降低坚持风险的好处：来自欧洲 CAC 实验的证据，2013-2018

在发达经济体的主权债券中引入集体行动条款是一个研究不足的现象。一个重要的问题是，这些条款是否会产生分割，从而推动发行有和没有集体行动条款 (CAC) 的债券的价格。本文利用 2013 年在国内法下发行的欧元区主权债券中引入的强制性两肢 CAC 来评估这些规定对价格的影响。在欧元区，带有 CAC 的债券以小幅溢价交易。平均而言，这些债券的收益率最多低 6 个基点。然而，这个平均值掩盖了异质性。虽然德国和荷兰的借贷成本并未持续下降，但在意大利和西班牙，效果却很大（5 到 10 个基点之间）。这些发现支持了以下论点，即在国内法债券中引入欧元 CAC 有助于投资者重新评估与这两个国家的这些工具相关的风险。这些规定的影响。在欧元区，带有 CAC 的债券交易的溢价很小。平均而言，这些债券的收益率最多低 6 个基点。然而，这个平均值掩盖了异质性。虽然德国和荷兰的借贷成本并未持续下降，但在意大利和西班牙，效果却很大（5 到 10 个基点之间）。这些发现支持了以下论点：在国内法债券中引入欧元 CAC 有助于投资者重新评估与这两个国家的这些工具相关的风险