The Euro bond market
著者
書誌事項
The Euro bond market
（Risk executive report）
Risk Books, c1999
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注記
Published in association with the European Economics and Financial Centre
内容説明・目次
内容説明
This text provides a thorough understanding of the structure of the European Bond Market, and analyzes the main drivers for movements in these markets including their ramifications for asset management.
目次
The Eurobond Market -------------------------------------------------------------------------------- CONTENTS CHAPTER 1 Introduction 1.1 The locking of exchange rates 1.2 ERM2 1.3 The Stability and Growth Pact 1.4 Conditions at the start of EMU 1.5 Portfolio reallocation and strategy with respect to euro bonds CHAPTER 2 Structure of the European Bond Market 2.1 Size and liquidity of the euro bond market 2.1.1 Limits to the size of European government debt 2.2 Redenomination of existing debt 2.3 Structure of credit ratings by agencies 2.4 Prominent trading centres 2.5 Dominant forces in the market 2.5.1 League tables 2.5.2 Euro changeover in the London financial centre Appendix - Debt redenomination and market conventions during Stage 3 of EMU CHAPTER 3 Government Bonds 3.1 Characteristics of European government debt 3.1.1 Trading platforms 3.2 Structure of credit risks of EU governments 3.2.1 Credit risk 3.2.2 Liquidity risk 3.3 EuroMTS 3.4 Multiple yield curves 3.4.1 The German curve 3.4.2 The French curve 3.4.3 The Italian curve 3.4.4 The euro swap curve 3.4.5 Restructuring of new issues by governments 3.5 Spreads between government bond yield curves 3.6 Bond indices 3.6.1 The JP Morgan EMU Bond Index 3.7 Interest rate policy under the euro 3.7.1 The medium term 3.7.2 Macroeconomic conditions at the launch of EMU 3.7.3 Monetary policy of the European Central Bank in practice CHAPTER 4 Private Bonds 4.1 Volume and characteristics of new issues 4.1.1 Some features of the corporate sector of the euro bond market 4.1.2 Corporate preparation for the euro 4.2 Risk elements 4.2.1 Credit risk 4.2.2 Tax risk 4.2.3 Exchange rate risk 4.2.4 Pricing uncertainty 4.2.5 Absence of clear benchmarks 4.2.6 Choice of credit index 4.2.7 Concerns about the role of domestic banks 4.3 Credit yield curves 4.4 Attraction of the market to fund managers 4.4.1 Currency restrictions 4.4.2 Asset ratios 4.4.3 Positive guidelines 4.4.4 Fund managers: new skills and competition 4.5 Increased competition in underwriting bond issues CHAPTER 5 Convertible and Exchangeable Bonds 5.1 Classification of convertible bonds 5.2 The characteristics of convertibles and market terminology 5.3 Convertible bond investment opportunities 5.3.1 Disadvantages and risks for investors 5.3.2 Moral hazard risk 5.3.3 Call risk 5.3.4 Takeover risk 5.3.5 Advantages and disadvantages for issuers 5.3.6 Trends in convertible bonds 5.4 Exchangeables: some illustrative examples 5.4.1 Pre-euro issues 5.5 Euro-denominated issues 5.5.1 Teck: exchangeable debentures 5.5.2 Vivendi: exchangeable/convertible bonds 5.6 Alternatives to traditional convertible bonds
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