By Jonathan A. Batten, Thomas A. Fetherston, Peter G. Szilagyi
This e-book deals a transparent, insightful viewpoint at the post-euro fixed-income markets of Europe. The creation of the euro in 1999 solid a brand new concentrate on the monetary markets of constituent euro-zone nations that have as a consequence noticeable their family markets grow to be the second one greatest bond marketplace on the planet after the USA, with bonds being crucial asset-class-rivalling equities. Such severe dimension and significance effects from the harmonization of macro-economic ambitions, and has significantly broadened the scope of person nationwide debt markets.
the basic features and institutional info of the fixed-income markets of euro-zone international locations in addition to their person fixed-income marketplace are brought and mentioned through 26 widespread overseas teachers and marketplace practitioners. Their certain and special nation analyses of either the euro and non-euro eu nations will upload measurably to an knowing of those markets.
there was a paucity of volumes with vast insurance of the fixed-income markets of the euro zone because the inception of the euro, and this publication goals to partly fill that void.
The e-book should be of curiosity to institutional traders, bankers, company treasurers, and so forth.
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Extra resources for European fixed income markets
The dominant segments of the Polish debt market are the Treasury bond and Treasury bill markets, which add up to more than nine tenths of the total outstanding amount. Such disproportions are largely due to the fact that the reestablishment of the bond market itself was initially related to facilitating the management of public debt and macroeconomic stabilization in the early 1990s. It is regrettable, however, that the recent market growth has not been underpinned by adequate qualitative changes.
Given the success of Pfandbriefe, other countries (Belgium, Finland, Ireland, Italy, Sweden, and the United Kingdom) have also taken legal steps to participate in the genre. In all the countries, the new laws aim at guaranteeing the quality of covered bond instruments with a view to reproduce the popularity and the attractiveness encountered with investors by the German Pfandbrief, also at the international level. The Pfandbrief has been assigned a capital risk weighting of 10% compared to the 20% weighting normally required for other bank bonds.
There is certainly scope within some of the new EU entrants for the development, or further development of derivative markets, but this development will almost certainly focus on equity-based products as we have seen in other European exchanges. In a number of cases derivative market development will be more effective within a grouping of countries. NOREX, the alliance of the Danish, Swedish, Norwegian, and Icelandic exchanges may be a good model for some closely linked European countries to follow.