By Jonathan A. Batten, Thomas A. Fetherston, Peter G. Szilagyi
The creation of the euro in 1999 solid a brand new concentrate on the monetary markets of constituent euro-zone nations, that have therefore emerged with the second one biggest bond marketplace on this planet. This new e-book deals extensive insights and recommendation for any practitioner within the eu fixed-income and ancillary spinoff markets, and comprises in-depth research of euro and non-euro markets in addition to rising nations.
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Extra resources for European fixed income markets : money, bond, and interest rate derivatives
The second largest is domestic government, which is virtually all central government debt because of the United Kingdom’s unitary governmental structure and attractive central government ﬁnancing that is made available to municipalities. The foreign corporate or bulldog and the domestic corporate bond markets are much smaller representing approximately 10% of the overall sterling bond market. Liffe (discussed in detail in Chapter 4) specializes in derivative contracts, including a wide range of bond futures and options contracts.
Access to the primary market is restricted to a group of primary dealers from Greek and foreign banks. Banks outside Greece will soon have direct access to the electronic Introduction to the Volume 21 trading system – speeding transactions and deepening market liquidity. There are no private placements of government paper, while commissions on bond issues have been abolished. With steady improvement in Greece’s ﬁscal balance, securitization of government cash ﬂows and an active privatization program, Greece’s public ﬁnances have shown improvement in recent years.
The market includes federal bonds, corporate and local government bonds, Swiss and foreign convertible and “cum warrants” bonds, Swiss Exchange (SWX) Eurobonds, and foreign currency bonds. The Swiss repo market, bank debentures, and interest rate futures on federal bonds traded at EUREX are further instruments, which are highly interrelated to the bond market. In recent years the issuance of domestic bonds has somewhat declined both in terms of volume and number of issues, the latter also because of the ongoing mergers among the large issuers worldwide.