Using daily microdata, we document major outflows in corporate-bond funds during the COVID-19 crisis. Large outflows were sustained over weeks and most severe for funds with illiquid assets, vulnerable to fire sales, and exposed to sectors hurt by the crisis. By providing a liquidity backstop for their bond holdings, the Federal Reserve bond purchase program helped to reverse outflows especially for the most fragile funds. In turn, the program had spillover effects on primary market issuance and peer funds. The evidence points to a “bond-fund fragility channel” whereby the Fed liquidity backstop transmits to the real economy via funds.

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COVID-19 危机中的金融脆弱性：公司债券市场投资基金的案例

我们使用每日微观数据记录了 COVID-19 危机期间公司债券基金的主要外流。大量资金外流持续了数周，对于资产流动性不足、容易受到抛售和受危机影响的行业的基金来说最为严重。通过为其持有的债券提供流动性支持，美联储债券购买计划有助于扭转资金外流，尤其是对于最脆弱的基金。反过来，该计划对一级市场发行和同行基金产生了溢出效应。证据指向一个“债券基金脆弱通道”，即美联储的流动性支持通过基金传递给实体经济。