We assess the value of frequent issuers to investors in securitization markets by examining the initial yield spread of 6132 European mortgage-backed securities (MBS), covering a 20-year period between 1999 and 2018. We find that frequent issuers have certification value, and it increases as the credit cycle approaches its peak, as lending standards loosen, and information asymmetries in securitization markets increase. Investors value frequent issuers more favourably on riskier, difficult to evaluate MBS. We find that after the great financial crisis (GFC), investors began to attribute more value to frequent issuers, regardless of MBS credit quality. We also find that in the pre-crisis period, investors required higher yields to compensate for perceived rating shopping, which is not observed after the GFC. Finally, we show that investors expect higher yields on deals closed by subsidiaries of foreign banks.

我们通过检查6132份欧洲抵押贷款支持证券（MBS）的初始收益率差（涵盖1999年至2018年的20年期间），评估了频繁发行人对证券化市场投资者的价值。我们发现，频繁发行人具有证明价值，并且随着信贷周期接近顶峰，放宽贷款标准，以及证券化市场中的信息不对称性增加，金融危机加剧。投资者对风险较高，难以评估的MBS更看重频繁发行人。我们发现，在巨大的金融危机（GFC）之后，无论MBS信贷质量如何，投资者都开始将更多的价值归因于频繁发行者。我们还发现，在危机前时期，投资者需要更高的收益率来补偿人们认为的评级购物，这在全球金融危机之后是无法观察到的。最后，