By Jonathan A. Batten, Thomas A. Fetherston, Peter G. Szilagyi
This ebook bargains a transparent, insightful point of view at the post-euro fixed-income markets of Europe. The creation of the euro in 1999 forged a brand new specialise in the monetary markets of constituent euro-zone nations that have for this reason visible their family markets become the second one greatest bond industry on this planet after the US, with bonds being an important asset-class-rivalling equities. Such severe dimension and value effects from the harmonization of macro-economic ambitions, and has significantly broadened the scope of person nationwide debt markets.
the fundamental features and institutional information of the fixed-income markets of euro-zone nations in addition to their person fixed-income industry are brought and mentioned via 26 trendy foreign lecturers and marketplace practitioners. Their distinct and targeted state analyses of either the euro and non-euro eu international locations will upload measurably to an realizing of those markets.
there was a paucity of volumes with vast insurance of the fixed-income markets of the euro region because the inception of the euro, and this e-book goals to partly fill that void.
The ebook could be of curiosity to institutional traders, bankers, company treasurers, and so forth.
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Extra resources for European fixed income markets
Example text
This is in sharp contrast with some other EU Member States, most notably the United Kingdom, where the financial system is market-based. The German bond market is a long term market, where 80% of debt securities are issued with an original maturity of over 4 years. Issues of short term paper such as money market and Commercial Paper (CP) have increased in recent years and now account for roughly 5% 20 European Fixed Income Markets of overall issuance. In terms of the volume of funds allocated from savers to borrowers in Germany, the bond market ranks second behind the banking sector.
Basel: BIS. Committee on the Global Financial System (2000). Market Liquidity: Research Findings and Selected Policy Implications. Basel: BIS. , P. Marsh, and M. Staunton (2002). Triumph of the Optimists. Princeton, NJ: Princeton University Press. European Central Bank (ECB) (2002). Report on Financial Structures. Frankfurt: ECB. Homer, S. and R. Sylla (1996). A History of Interest Rates. New Brunswick, NJ: Rutgers University Press. P. (1984). A Financial History of Western Europe. London: George Allen and Unwin.
The single largest segment of the German bond market is comprised of bonds issued by commercial banks and other monetary financial institutions. As noted earlier, the Pfandbrief market is discussed in detail in Chapter 6. At the end of 2000, approximately one third of the overall outstanding German debt securities were government bonds making up a €800 billion market. Issues of corporate bonds are negligible. Federal debt financing is based on issues of securitized debt, where different security types serve the needs of different investors such as saving needs by private households or investment by institutional investors.