Did the Dodd-Frank Act end “too big to fail”? In a pair of blog posts published in 2015, we argued that, at the time, bond and [credit default swap] CDS markets and rating agencies did not agree on the answer to that question. The updated evidence in this post suggests that there remains a difference of opinion on the effectiveness of the [single point of entry] SPOE. It’s possible that investors are still skeptical about the new resolution tool since it has not yet been tested. It’s also possible that bond markets’ perceptions of risk differences between parent and subsidiary banks are concealed by the generally strong financial condition of the four institutions that we consider. Nonetheless, the absence of a market response is notable.