A unique but mostly unexplored feature of banks in debt markets is that they can either self-issue or use third-party underwriters. We analyze the importance of information sharing concerns, the need for certification and the value of underwriter distribution networks in two debt underwriting frameworks: the bank choice of self-underwriting versus third-party underwriting, and whether the bond is underwritten by a reputable bank. Exploring some specific structural features of European bank bond deals, we find that information sharing concerns are significantly related to the probability of self-issuance. The results also show that the need for certification, previous underwriting experience, issuer relationships with reputable underwriters and underwriter distribution capacity are particularly relevant for bank bonds underwritten by reputable banks.

银行在债务市场上的一个独特但大部分未被探索的特征是它们可以自行发行或使用第三方承销商。我们分析了两个债务承销框架中信息共享问题的重要性、认证的必要性和承销商分销网络的价值：银行选择自行承销还是第三方承销，以及债券是否由信誉良好的银行承销。探索欧洲银行债券交易的一些具体结构特征，我们发现信息共享问题与自发概率显着相关。结果还表明，需要认证，以前的承保经验，