12th International Conference on Sovereign Bonds Market
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12th International Conference on Sovereign Bond Markets
Programme
Tuesday, 2 June 2026
12:00 – 12:30
Registration
12:30 – 13:30
Welcome and Lunch
13:30 – 13:45
Opening Remarks
Pierre Gramegna, Managing Director, European Stability Mechanism
Patrick Augustin, McGill University
13:45 – 16:00
Session 1: GLOBAL FINANCIAL TRENDS
Session Chair: Paolo Pasquariello, Ross School of Business, University of Michigan
A Model of U.S. Monetary Policy and the Global Financial Cycle
by Moritz Lenel, Princeton University & NBER (joint with Rohan Kekre)
Discussant: Wenhao Li, USC & NBER
The US Treasury’s Biggest Short: Duration in the Shadows
by Stefano Pegoraro, University of Notre Dame (joint with Ljubica Georgievska, and Anthony Saunders)
Discussant: Emanuel Mönch, Frankfurt School of Finance & Management
Unconventional Monetary Policy Spillovers and the (In)convenience of Treasuries
by Karlye Dilts Stedman, Federal Reserve Bank of Kansas City (joint with Andrew Hanson)
Discussant: Matthias Gnewuch, European Stability Mechanism
16:00 – 16:15
Coffee Break
16:15– 18:30
Session 2: THE PLUMBING OF GLOBAL DEBT MARKETS
Session Chair: Loriana Pelizzon, Leibniz Institute for Financial Research SAFE
Repo and FX Swap: A Tale of Two Markets
by Georg Strasser, European Central Bank (joint with Wenxin Du, and Adrien Verdelhan)
Discussant: Karen Lewis, University of Pennsylvania
Collateral Demand in Wholesale Funding Markets
by Patrick Coen, Warwick Business School (joint with Jamie Coen, and Anne-Caroline Hüser)
Discussant: Hannah Winterberg, University of Cologne
Overpriced Treasury Auctions
by José Afonso Faias, Universidade Católica Portuguesa (joint with José Miguel Cardoso-Costa, Patrick M. Herb, and Mark Wu)
Discussant: Sven Klingler, Frankfurt School of Finance & Management
Wednesday, 3 June 2026
08:15– 08:45
Welcome Coffee
08:45 – 11:00
Session 3: THE POLITICS OF SOVEREIGN BOND MARKETS
Session Chair: Patrick Augustin, McGill University
Autocracies, Infrastructure Financing, and Credit Spreads
by Ron Giammarino, University of British Columbia (joint with Isha Agarwal, Alberto Teguia, and Emmanuel Yimfor)
Discussant: Mariano Massimiliano Croce, Bocconi University
A European Safe Asset? Not Without the Investors
by Giovanni Bonfanti, Columbia University (joint with Juri Marcucci)
Discussant: Davide Tomio, Texas A&M University
Capital Inflow Shocks and Convenience Yields
by Noam Ben-Ze’ev, Bank of Israel and Ben-Gurion University of the Negev (joint with Nadav Ben Zeev, and Daniel Nathan)
Discussant: Stefano Corradin, European Central Bank
11:00– 11:15
Coffee Break
11:15– 12:45
Panel Discussion: SOVEREIGN BOND MARKETS IN GEOPOLITICAL STORMS
Moderator: Marti Subrahmanyam, NYU Stern School of Business
Panellists:
- Arnaud Delestienne, Chief Commercial Officer, Luxembourg Stock Exchange
- Rolf Strauch, Chief Economist European Stability Mechanism
- Paul Canty, Managing Director, Financing Strategy at the UK Debt Management Office
- Tammo Diemer, Member of the Executive Board of the German Finance Agency
12:45– 13:45
Lunch
13:45– 14:45
Keynote Address
Darrell Duffie, Stanford Graduate School of Business & Stanford University
14:45– 15:00
Closing Remarks
Venue: European Stability Mechanism (ESM), Luxembourg
For more information, please visit www.esm.europa.eu
For more information, please visit www.esm.europa.eu