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The real economy effects of QE through the corporate bond market
We assess the real economy impact of the Bank of England’s quantitative easing (QE) operations through the corporate bond market between 2009 and 2021. Using difference-in-difference exercises on secondary market yields, and the cost of borrowing and issuance in the primary market, we document increased issuance of investment-grade bonds with long maturity resulting from the lower cost of borrowing caused by QE. Corporates directed additional funds towards share buybacks and reduced bank borrowing rather than increasing real investment. We also isolate the marginal impact of purchases under the Corporate Bond Purchase Scheme (CBPS), the direct effect, from the total effect (arising from all purchases) of QE on the corporate bond market. We find that yields of eligible bonds fell by 40？60 basis points relative to ineligible bonds. However, this fall did not translate into a lower cost of borrowing or higher issuance in the primary market.
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