9  In the sterling corporate bond market yields fell by even more, with spreads to gilt yields narrowing by around 20 basis points. Little comparable movement was observed in equivalent US dollar or euro-area markets (Chart 5), suggesting this was largely attributable to the Bank’s actions. And while only investment grade bonds are eligible for purchase in the APF, spreads on sterling non-investment grade bonds fell by a similar amount (Chart 6). Turning to the corporate bond auctions themselves, participation has been widespread, with nearly 90% of eligible counterparties typically participating and making multiple offers in each auction. This depth of participation has helped ensure competitive allocations, with the Bank accepting only the most attractive offers received. More tentatively, we think there is evidence that our auctions have provided a boost to secondary market liquidity for sterling corporate bonds more generally. Our contacts, as well as some proprietary data, suggest that the operations provide a liquidity point for the market that can catalyse trading activity. And there is some evidence that the scheme has dampened the volatility of corporate spreads relative to comparable equity and government bonds markets, with corporate bond spreads having remained stable during broader market volatility toward the end of last year. Turning to the primary market, there was a sharp increase in sterling issuance after the scheme was launched, with total issuance by investment grade UK corporates of almost £ billion between August and November – considerably higher than the same period in previous years (Charts 7 & 8).
(2021) estimates that $ of the $ of economic damage caused by Hurricane Sandy (New York, 2012) was attributable to climate change driven rises in sea-levels 7 See Chapter 6 of IMF Global Financial Stability Report 2020Opens in a new window 8 The Stern Review on the Economics of Climate ChangeOpens in a new window (2006) 9 4/5  BIS central bankers' speeches  9 See Government announcement of climate considerations being embedded across UK principal financial  regulatorsOpens in a new window 10 Dietrich, Müller, and Schoenle (2021) – ‘The Expectations Channel of Climate Change: Implications for Monetary  Policy’ 11 Monetary policy in the intangible economy - speech by Jonathan Haskel, University of Nottingham, February  2020 12 See ‘It’s not easy being green – but that shouldn’t stop us: how central banks can use their monetary policy  portfolios to support orderly transition to net zero’ speech by Andrew Hauser and Options for greening the Bank of England’s Corporate Bond Purchase Scheme discussion paper  5/5  BIS central bankers' speeches