The abrupt liquidity needs of investment funds, triggered by the outbreak of the Covid-19 pandemic, prompted a retrenchment from bond purchases of firms and a withdrawal of short term funds from banks, impacting firm financing costs directly via bond markets, and indirectly via banks…
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2917~448d567a5f.en.pdf
