In this paper, I analyze the developments in the euro-area primary bond market during the Covid-19 pandemic. The most surprising effect is the significant increase in the share of investment-grade bonds from 15% to 40%. Over the first phases of the crisis (from mid-February to mid-March), these bonds enjoyed a negative premium of 60 to 80 basis points. However, the premium disappeared when the market conditions further deteriorated. There is also evidence that the firms most exposed to the changes in the business model brought about by the pandemic experienced an increase in the cost of issuance of around 30 basis points. By contrast, there is no evidence that supports the existence of an increased cost for companies headquartered in countries with weak public finances, or evidence of a premium in favor of green bonds that were expected to be the backbone of a possible “green recovery”.

在本文中，我分析了 Covid-19 大流行期间欧元区一级债券市场的发展。最令人惊讶的效果是投资级债券的份额从 15% 显着增加到 40%。在危机的第一阶段（从 2 月中旬到 3 月中旬），这些债券享有 60 到 80 个基点的负溢价。然而，当市场状况进一步恶化时，溢价消失了。还有证据表明，受疫情带来的商业模式变化影响最大的公司发行成本增加了约 30 个基点。相比之下，没有证据表明总部位于公共财政薄弱国家的公司存在成本增加的情况，