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

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 advent of the euro in 1999 solid a brand new specialise in the monetary markets of constituent euro-zone nations that have as a consequence visible their family markets turn out to be the second one biggest bond industry on the planet after the US, with bonds being an important asset-class-rivalling equities. Such serious dimension and significance effects from the harmonization of macro-economic pursuits, 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 international locations in addition to their person fixed-income marketplace are brought and mentioned through 26 well known overseas teachers and marketplace practitioners. Their targeted and certain nation 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 vast assurance of the fixed-income markets of the euro zone because the inception of the euro, and this e-book goals to partly fill that void.

The e-book could be of curiosity to institutional traders, bankers, company treasurers, and so on.

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Sample text

Government debt is predominantly purchased by domestic banks, while the main investors in corporate bonds are investment management funds and individuals; foreign investors have lost all interest in the market for the time being. The issuers of corporate bonds are generally banks, leasing companies, and manufacturing companies. There is no withholding tax on primary market security issues, but secondary market transactions are hit with a Banking and Insurance Transaction tax, which obstructs liquidity in the market.

Government bonds, which comprise the single largest segment of the market, are issued through an auction procedure. Austrian bonds are bearer bonds. The bonds are also in bullet form, where early redemption or redemption in installments is not foreseen. The fixed-rate bonds pay an annual coupon. The majority of government bond trading is conducted OTC through the interbank market structure or directly between ¨ institutional investors. Osterreichische Kontrollbank AG and various Austrian banks regularly compute a number of Austrian bond market indices, which serve as benchmarks.

Bond derivatives such as the well-known Bund future are now mostly traded via EUREX. In December 2000, the Euro Bund future accounted for 30% of all contracts traded on EUREX. With the inclusion of bonds on the trading platform in late 2000, it became possible to trade bonds and futures simultaneously in a unified trading platform, which eases arbitrage and hedging strategies. In Chapter 15 on Greece (Fetherston) evidence of a relatively small but flourishing bond market exists since administered interest rates were replaced by regular auctions of government paper.

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