[Autom. eng. transl.] We verify the effectiveness of the protection of savers who purchase unstructured bank bonds through the observation (in periods characterized by different regulations) of an elementary indicator of convenience: the spread declared by the issuing bank with respect to a government bond of equal duration. The results are surprising: although exposing savers to a higher risk, bank bonds offered a lower return of 22 basis points. This anomaly was initially much more severe (66 basis points); after the introduction of the prospectus obligation the spread - always negative - undergoes a first erosion, up to 40 basis points; the differential is lower for bonds issued after the transposition of the MIFID Directive (9 basis points), but even in recent times there are still areas of shadow. The journey has not ended, as evidenced by the persistence of negative spreads and the widening of the differential between classes of banks, above all with reference to certain types of bonds (especially step ups). The moral is not new: better rules are useful, their enforcement would be even more useful.
|Translated title of the contribution||[Autom. eng. transl.] The silence of the lambs. Savers and bank bonds in Italy|
|Number of pages||24|
|Journal||MERCATO CONCORRENZA REGOLE|
|Publication status||Published - 2011|
- Direttiva Mifid
- obbligazioni bancarie
- tutela del risparmio