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This study addresses the timing and the direct effect on corporate financing decisions of corporate bond purchases operated under the European Corporate Sector Purchase Program (CSPP). Consistent with the goal of reducing credit premia, more timely purchases are observed for eligible bonds characterized by higher credit risk. The choice of which bonds to purchase has material consequences: firms effectively targeted by the program increase their relative use of market debt and the maturity of newly issued bonds more than eligible but not (yet) targeted issuers. No differential impact is found instead on leverage. Not all investment grade firms have therefore equally bene ted from the program: The direct effect of the CSPP has fostered the ability to tap credit markets directly especially for corporations characterized by a relatively high level of credit risk.

When Central Banks Buy Corporate Bonds: Target Selection and Impact of the European Corporate Sector Purchase Program