BRRD e obbligazioni bancarie: effetti sulla struttura del debito e sul costo del funding

This chapter examines the impact of the Bank Recovery and Resolution Directive (BRRD) on the cost and nature of bank bonds, offering an economic interpretation of the mechanisms through which the new crisis management framework affects banks’ funding and the pricing of debt instruments. Starting from the role of bonds in the pre-BRRD period, the chapter shows how the introduction of the bail-in tool and loss-absorbing capacity requirements has transformed bank debt from a predominantly funding instrument into a central component of banks’ resolution strategies. The analysis identifies the main transmission channels—bail-in risk, regulatory subordination, regulatory uncertainty, and changes in the investor base—and highlights how these factors interact and generate differentiated effects across banking institutions. Particular attention is devoted to the asymmetric impact of regulation depending on banks’ business models and funding structures. Overall, the chapter sheds light on the trade-offs between market discipline, funding costs, and financial stability, providing a theoretical framework that is useful both for empirical analysis and for the policy debate on the European bank crisis management regime.