• norsk
    • English
  • English 
    • norsk
    • English
  • Login
View Item 
  •   Home
  • Norges Handelshøyskole
  • Department of Finance
  • Finans|Bergen - Master theses
  • View Item
  •   Home
  • Norges Handelshøyskole
  • Department of Finance
  • Finans|Bergen - Master theses
  • View Item
JavaScript is disabled for your browser. Some features of this site may not work without it.

Liquidity in covered bond markets : How liquid is the Norwegian secondary market?

Oddenes, Lars Kristian; Fasseland, Chris
Master thesis
Thumbnail
View/Open
Masterthesis.PDF (2.460Mb)
URI
http://hdl.handle.net/11250/276132
Date
2014
Metadata
Show full item record
Collections
  • Finans|Bergen - Master theses [16]
Abstract
In this paper, we study the liquidity in the Norwegian secondary covered bond market, in

comparison to other Scandinavian covered and government bond markets.

We have gathered

data on trades and bonds in the markets from market participants

and

Financial S

upervisory

Authorities in the relevant countries, a process that can be characterized as challenging and

time consuming.

We discuss how new regulations

,

the reversal of the Government Swap

Agreement and the introduction of the Norwegian Covered Bonds Bench

mark has affected

liquidity.

Further, we investigate any differences in liquidity

with

in the Norwegian covered

bond market.

The research is conducted by implementing different liquidity measures that

together

allow for

thorough research of liquidity in the

markets we focus on

.

Overall, we find that

the liquidity in the Norwegian secondary covered bond market is neither

higher nor lower than the liquidity in the comparable markets

, even if there

are important

differences between some markets

.

Looking at dif

ferent groups of bonds in the Norwegian

covered bond market, we conclude that the

larger

bonds included in the Covered Bond

Benchmark have the highest liquidity.

Over the last years, the liquidity in the Norwegian

covered bond market has improved considerably along with the growth of the market. From

an unstable period with few bonds in the market in 2007 and 2008, all measures point at

higher liquidity from 2010/

2011 in more stable market conditions. We have not been able to

prove what part new regul

ations and the reversal of the swap a

greement

have

played in the

development, but we have some evidence for higher liquidity due to the implementation of

the Covered B

ond Benchmark.

Contact Us | Send Feedback

Privacy policy
DSpace software copyright © 2002-2019  DuraSpace

Service from  Unit
 

 

Browse

ArchiveCommunities & CollectionsBy Issue DateAuthorsTitlesSubjectsDocument TypesJournalsThis CollectionBy Issue DateAuthorsTitlesSubjectsDocument TypesJournals

My Account

Login

Statistics

View Usage Statistics

Contact Us | Send Feedback

Privacy policy
DSpace software copyright © 2002-2019  DuraSpace

Service from  Unit