The Global Bond Market Structure

The Global Bond Market Structure - 17-1The Global Bond...

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Unformatted text preview: 17-1The Global Bond Market Structure•Bond Ratings–Most corporate and municipal bonds are rated by one or more of the rating agencies–The exceptions are very small issues and bonds from certain industries, such as bank issues. These are known as non-rated bonds–The three major rating agencies (Exhibit 17.3)•Moody’s•Standard and Poor’s17-2Alternative Bond Issues•Domestic Government Bonds–United States•T-bills, notes, bonds•TIPS–Japan•Medium term, long term, super long term–United Kingdom•Short gilts, medium gilts, long gilts–Eurozone17-3Alternative Bond Issues•Government Agency Issues–United States•Not direct issues, but backed by “full faith and credit” of the U.S. government•GNMA pass-through certificates–Japan•Account for about 7 percent of the total Japanese yen bond market–United Kingdom•about 13 percent of the pound sterling market is agency and foreign government debt–17-4Alternative Bond Issues•Municipal Bonds–General obligation (GO) bonds...
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This note was uploaded on 01/19/2012 for the course FIN 4360 taught by Professor Davidbray during the Spring '12 term at Kennesaw.

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The Global Bond Market Structure - 17-1The Global Bond...

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