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February 19, 2016

Did Third Avenue’s Liquidation Reduce Corporate Bond Market Liquidity?

Tobias Adrian, Michael J. Fleming, Erik Vogt, and Zachary Wojtowicz

Tobias Adrian, Michael J. Fleming, Erik Vogt, and Zachary Wojtowicz The announced liquidation of Third Avenue’s high-yield Focused Credit Fund (FCF) on December 9, 2015, drew widespread attention and reportedly sent ripples through asset markets. Events of this kind have the potential to increase the demand for market liquidity, as investors revise expectations, reassess risk […]

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Posted at 7:05 am in Economic History, Financial Institutions, Financial Markets | Permalink

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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