Pino, Javier archivos

Bank bond spreads after the Global Financial Crisis: From fragility to fundamental strength

23 julio 2025

Once seen as safer and cheaper than corporate debt thanks to its regulated profile and implicit government backing, since the 2008 financial crisis, bank-issued debt has carried a risk premium, driven by regulatory shifts, sovereign exposures, and profitability concerns. Recent improvements in capital generation, liquidity, and diversification suggest that the premium may no longer be justified on fundamental grounds.

Desaparición de la prima bancaria frente al crédito no financiero

17 julio 2025

Este trabajo aborda un fenómeno que ha transformado los mercados
desde la crisis de 2008: la pérdida de ventaja de financiación de los bancos frente a las empresas no financieras.

The reemergence of the spectre of EMU fragmentation: More debt and France in the eye of the storm

2 octubre 2024

Economic and political instability, both domestically and globally, have led to increased volatility in EU sovereign risk premiums, with France particularly affected. While the EU’s flexible fiscal rules offer temporary relief, long-term fiscal reforms are necessary to address underlying imbalances and return greater stability to EU sovereign debt markets.

El fantasma de la fragmentación en la UEM vuelve a acechar, ahora con más deuda y con Francia como protagonista

25 septiembre 2024

Este artículo explora la reciente evolución de los diferenciales de deuda soberana de Francia y algunos países de la periferia europea frente a Alemania, y analiza los riesgos a medio plazo.