European fixed income markets by Jonathan A. Batten, Thomas A. Fetherston, Peter G. Szilagyi

By Jonathan A. Batten, Thomas A. Fetherston, Peter G. Szilagyi

This booklet deals a transparent, insightful standpoint at the post-euro fixed-income markets of Europe. The creation of the euro in 1999 forged a brand new concentrate on the monetary markets of constituent euro-zone international locations that have as a consequence visible their family markets become the second one biggest bond industry on the planet after the United States, with bonds being an important asset-class-rivalling equities. Such severe dimension and value effects from the harmonization of macro-economic pursuits, 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 nations in addition to their person fixed-income marketplace are brought and mentioned by way of 26 trendy foreign teachers and industry practitioners. Their precise and designated kingdom analyses of either the euro and non-euro eu nations will upload measurably to an realizing of those markets.

there was a paucity of volumes with broad assurance of the fixed-income markets of the euro quarter because the inception of the euro, and this publication goals to partly fill that void.

The publication should be of curiosity to institutional traders, bankers, company treasurers, and so forth.

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Matif began operations in 1986 with the launch of its first product, the notional futures contract, and in 1988 merged with France’s commodities exchange. Today it specializes in interest rate and commodity derivatives. In Chapter 14 on Germany (Wagner) it is pointed out that bonds in Germany have traditionally played an important role in household savings on the one hand and in government debt and bank financing on the other. The German bond market is the third largest in the world and the largest in Europe.

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. 2 The Euro Area Bond Market: Integration and Development Under Monetary Union PETER G. 1 INTRODUCTION In its publication of 1990 “One Market, One Money” the European Commission (EC) presented its assessment of the economic gains likely to be obtained from the euro in the future member states of Economic and Monetary Union (EMU).

It is notable that since the start of EMU, 75–80% of new Portuguese government issues have been placed through foreign primary dealers each year. It is estimated that more than two thirds of tradable Portuguese government debt is now held by nonresidents, chiefly EMU-based investors, which is one of the highest percentages in the EU. However, in the nongovernment market nonresident holdings are considerably lower, reflecting the pull of more liquid Euro markets for big institutional investors as well as the deterring effect of the withholding tax levied.

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