Each measure satisfies the key properties identified above to differing degrees. They all display less volatility than total inflation (Chart 6). And all but one track long-run movements in total CPI very closely. While the various measures are correlated with the output gap to differing degrees, they all have some predictive power for total inflation (Chart 7).
In theory, or in a less risk-averse environment than the current one, pricing should equalise the incentives to issue and purchase the various forms of funding. Investors should be compensated for their risk of being further down the creditor queue with a higher risk premium.