Two working papers published recently by the European Central Bank take a detailed look at the insights provided by data from eurozone bond markets. Both are written by Elizaveta Krylova.

One paper, Determinants of euro-denominated corporate bond spreads, calculates indicators for the relative importance of different determinants of the bonds' credit spreads. Before the financial crisis, Krylova argues, the rating assigned to the bonds was the key determinant of credit spreads. The financial