Download European fixed income markets : money, bond, and interest by Jonathan A. Batten, Thomas A. Fetherston, Peter G. Szilagyi PDF

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

The creation of the euro in 1999 forged a brand new specialise in the monetary markets of constituent euro-zone nations, that have hence emerged with the second one greatest bond marketplace on the planet. This new booklet bargains 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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Chapter 24 (Bakir and Brown) discusses the Turkish bond market. Turkey first sold government securities through periodic auctions in 1985. Government bonds and Treasury bills began trading on the Istanbul Stock Exchange (ISE) in 1991, and repo/reverse repo transactions began in 1993. The remainder of the decade was a period of rapid development; however, the onset of the recent financial crisis brought the market to a standstill. The Central Bank of the Republic of Turkey, along with the Treasury, is involved in Turkish debt management.

One area of common ground for issuers and investors is the Amsterdam Stock Exchange (AEX), which has now merged with exchanges in Brussels, Lisbon, and Paris into Euronext, where Dutch government bonds, corporate bonds issued by both domestic and foreign companies, and other types of bonds are all listed. Small and irregular bond trades dominate Euronext Amsterdam, suggesting that retail investors are the main participants in this part of the bond market. In contrast, large institutional investors mainly trade OTC with large investment banks, with government bonds mostly traded via an electronic trading platform that is managed by MTS Amsterdam.

Introduction to the Volume 15 note that the development of covered bonds of the Pfandbrief type has been around for more than 200 years in Europe. On the other hand, issuance of asset-backed securities (ABS) bonds is a relatively recent phenomenon, and has been brought about by innovation in the financial sector. Having described the main differences between ABS and Pfandbrief-style products, the rest of the chapter concentrates in particular on Pfandbrief products. European Pfandbrief products are typically issued by specialized credit institutions with a narrowly defined scope of business activities and subject to special banking supervision.

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