Cover image for European fixed income markets : money, bond, and interest rate derivatives
Title:
European fixed income markets : money, bond, and interest rate derivatives
Series:
Wiley finance series
Publication Information:
Chichester : John Wiley & Sons, 2004
ISBN:
9780470850534
Subject Term:
Capital market -- Europe

Capital market -- European Union countries

Fixed-income securities -- Europe

Fixed-income securities -- European Union countries
Added Author:
Batten, Jonathan A.

Fetherston, Thomas A.

Szilagyi, Peter G, 1976-

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 30000010070007 HG5422 E87 2004 Open Access Book Book
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Summary

Summary

The introduction of the euro in 1999 cast a new focus on the financial markets of constituent euro-zone countries, which have subsequently emerged with the second largest bond market in the world. This new book offers in depth insights and advice for any practitioner in the European fixed-income and ancillary derivative markets, and includes in-depth analysis of euro and non-euro markets as well as emerging countries.


Author Notes

JONATHAN A. BATTEN is Professor of Finance at Seoul National University in Korea and co-editor of the Elsevier Journal Research in International Business and Finance. His previous books include Asia-Pacific Fixed Income Markets: An Analysis of the Region's Money, Bond and Interest Derivative Markets, co-edited with Thomas A Fetherston and published by John Wiley & Sons, Singapore.

THOMAS A. FETHERSTON is Professor of Finance at the University of Alabama Birmingham. He is editor of the journal International Review of Financial Analysis and co-editor of Research in International Business and Finance. His previous books include Asia-Pacific Fixed Income Markets: An Analysis of the Region's Money, Bond and Interest Derivative Markets, co-edited with Jonathan A. Batten and published by John Wiley & Sons, Singapore.

PETER G. SZILIAGYI has recently joined Tilburg University, the Netherlands. His main research interests include international capital market develop ment and corporate finance. He holds master s degrees from the Budapest University of Economic Sciences and Public Administration and the University of Western Sydney. He has previously worked as a freeelance broadcaster for the BBC World Service in the U.K. and Australia.


Table of Contents

Section I Perspective On European Fixed Income And Derivative Markets
1 Introduction to the VolumeJonathan A. Batten and Thomas A. Fetherston and Peter G. Szilagyi
1.1 Overview
1.2 Chapter overview
References
2 The Euro Area Bond Market: Integration and Development Under Monetary UnionPeter G. Szilagyi
2.1 Introduction
2.2 Theoretical underpinnings of financial integration
2.3 Bond market development under monetary union
2.4 Proposals and initiatives for reducing market fragmentation
2.5 Conclusion
References
3 Perspective on the Emerging European Financial MarketsPeter G. Szilagyi and Thomas A. Fetherston and Jonathan A. Batten
3.1 Introduction
3.2 Financial structures in emerging Europe
3.3 International bank borrowing
3.4 International debt issues
3.5 Domestic debt issues
3.6 Conclusion
References
4 Perspectives on European Derivative MarketsMartin Young
4.1 Introduction and a brief history of the European derivative markets
4.2 Europe's major derivative markets
4.3 An overview of the contracts traded on EUREX and Euronext.Liffe
4.4 Europe's other derivative markets
4.5 What the future holds
5 Benchmark Yield Curves in the Euro MarketPhilip D. Wooldridge
5.1 Introduction
5.2 Characteristics of benchmark yield curves
5.3 Benchmark tipping in European bond markets
5.4 Government securities as benchmarks
5.5 Interest rate swaps compete for benchmark status
5.6 Prospects for other nongovernment benchmarks
References
6 Some Facts on Pfandbrief Products in EuropeOrazio Mastroeni
6.1 Introduction
6.2 Covered bonds, Pfandbrief products, and securitization
6.3 The German traditional and jumbo Pfandbrief markets
6.4 The French "Obligations Foncii?eres"
6.5 The Spanish "Cedulas Hipotecarias"
6.6 The Luxembourg "Lettres de Gage"
6.7 Common aspects of Pfandbriefe products
6.8 Aspects characterizing the "quality" of Pfandbrief products
6.9 Conclusions and prospects
References
Section II Country Studies
7 AustriaVanessa Seconnino and Alham Yusuf
7.1 Introduction
7.2 Regulation
7.3 Credit ratings
7.4 Taxation
7.5 Austrian Stock ExchangeWiener Börse
7.6 The Austrian bond market
7.7 Conclusion
References
8 BelgiumJan Annaert and Marc J.K. De Ceuster
8.1 Introduction
8.2 History and structure of the Belgian public debt
8.3 Government bonds
8.4 Corporate bonds
8.5 Derivative products
References
9 Czech RepublicGuan-Chye Ooi and Jonathan A. Batten
9.1 Introduction
9.2 Financial market regulation
9.3 Financial market participants
9.4 Money and fixed income instruments
9.5 Conclusion
References
10 DenmarkCharlotte Christiansen and Tom Engsted and Svend Jakobsen and Carsten Tanggaard
10.1 Introduction
10.2 History and structure of the Danish bond market
10.3 The Danish government bond market
10.4 The market for Danish mortgage-backed securities
10.5 Other fixed income instruments
10.6 Market participants, regulation, and trading
References
11 An Empirical Study of the Term Structure of Interest Rates in Denmark (1993-2002)Charlotte Christiansen and Tom Engsted and Svend Jakobsen and Carsten Tanggaard
11.1 Introduction
11.2 The EHTS and its testable implications
11.3 Empirical results for Denmark (1993-2002
11.4 Concluding remarks
References
12 Finland, Iceland, Norway, and SwedenSeppo Pynnönen
12.1 Introduction
12.2 Structure of the markets
12.3 Finland
12.4 Iceland
12.5 Norway
12.6 Sweden
12.7 Norex alliance
Additional reading
13 FranceDavid Edwards and Cameron Makepeace
13.1 Introduction
13.2 Financial system regulation
13.3 The French government bond market
13.4 The French nongovernment bond market
References
14 GermanyNiklas Wagner
14.1 Introduction
14.2 Structure of the German bond market
14.3 Participants of the German bond market
14.4 The market for government bonds
14.5 Conclusion
References
15 GreeceThomas A. Fetherston
15.1 Introduction
15.2 The Greek bond market
15.3 Market participants and structure
15.4 The Greek government bond market
15.5 The nongovernment bond market
References
16 Hungary (Nóra Németh and László Szilágyi
16.1 Introduction
16.2 History and structure of the Hungarian financial market
16.3 Participants and structure of the Hungarian bond market
16.4 The Hungarian government bond market
16.5 Semigovernment and corporate bond markets
16.6 Conclusions
References
17 ItalyWalter Vecchiato
17.1 Introduction
17.2 The Italian government bond market
17.3 Italian Stock ExchangeBorsa Italiana
17.4 Conclusion
References
18 The NetherlandsAlbert Mentink
18.1 Introduction
18.2 The Netherlands
18.3 Dutch government bonds
18.4 Credit bonds
18.5 Categories of investors
18.6 Euronext Amsterdam and OTC market
18.7 Regulators
18.8 Conclusions
Appendix: Useful websites
References
19 PolandPeter G. Szilagyi
19.1 Introduction
19.2 History and structure of the Polish bond market
19.3 Market participants and structure
19.4 The Polish Treasury market
19.5 The nongovernment bond market
19.6 Conclusion
References
20 PortugalPeter G. Szilagyi
20.1 Introduction
20.2 Recent history and structure of the Portuguese bond market
20.3 Market participants and structure
20.4 The Portuguese government bond market
20.5 Nongovernment bond market
References
21 RussiaLeonid V. Philosophov and Vladimir L. Philosophov
21.1 History of the Russian bond market
21.2 The Russian economy in the postcrisis period
21.3 Regulation of the Russian bond market and its participants
21.4 Market for Russian state bonds
21.5 Corporate bonds
21.6 The market for Russian eurobonds
21.7 Conclusion
22 SpainPetra Pénzes
22.1 Introduction
22.2 History and structure of the Spanish bond market
22.3 Participants and structure of the Spanish bond market
22.4 The Spanish government bond market
22.5 Semigovernment and corporate bond markets
22.6 Conclusions
References
23 SwitzerlandHeinz R. Kubli
23.1 Introduction
23.2 Size and ratings of the Swiss bond market
23.3 Market participants and structure
23.4 Market conventions
23.5 Benchmarks
23.6 The Swiss federal bond market
23.7 Other bonds
23.8 Swiss and foreign convertible and "cum warrants" bonds
23.9 Foreign currency bonds
23.10 SWX Eurobonds
23.11 The Swiss repo market
23.12 Bank debenturescash bonds or kassenobligationen
23.13 Interest rate futures on the European Exchange (EUREX
23.14 Conclusions
References
24 TurkeyCaner Bakir and Kym Brown
24.1 Introduction
24.2 Recent history and structure of the Turkish bond market
24.3 Market participants and structure
24.4 The Turkish government bond market
24.5 Nongovernment bond market
References
25 United KingdomFrank S. Skinner
25.1 Introduction
25.2 History and structure of the UK bond market
25.3 Market participants and structure
25.4 The United Kingdom government bond market
25.5 Corporate and semigovernment bond markets
25.6 Conclusions
References
Index.