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The Global Bond Market Structure

The Global Bond Market Structure - The Global Bond Market...

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17-1 The 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’s Fitch Investors Service
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17-2 Alternative 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 Eurozone Government bonds
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17-3 Alternative 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 Eurozone
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  • Spring '12
  • DAVIDBRAY
  • Bond market, American Municipal Bond Assurance Corporation, Municipal Bond Insurance, Alternative Bond Issues

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