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Michael G. Kollo

11 November 2005
WORKING PAPER SERIES - No. 550
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Abstract
We investigate the competitive landscape of underwriting services in the Eurobond market including the choice of underwriter and underwriter gross spread. We find a significant but declining association between the home market of the Eurobond's currency of denomination and that of the lead underwriter. These bonds underwritten by underwriters 'local' to the currency also carry significantly lower underwriter gross spreads vis-
JEL Code
G15 : Financial Economics→General Financial Markets→International Financial Markets
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies
Network
ECB-CFS Research Network on "Capital Markets and Financial Integration in Europe"