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 StructureThe market for fixed-income securities is substantially larger than the listed equity exchanges (NYSE, TSE, LSE) because corporations tend to issue bonds rather than common stockFor United States during 2007, less than 10 percent of all new security issues were equity, including preferred as well as common stockExhibit 17.1 shows the size of the global 17-2Exhibit 17.117-3The Global Bond Market StructureParticipating IssuersSovereign bonds (e.g., the U.S. Treasury)Quasi and foreign governments (including agency bonds)Securitized and collateralized bonds from governments or corporationsDirectly issued corporate bondsHigh-yield and/or emerging market bonds17-4The Global Bond Market StructureParticipating InvestorsIndividual investorsInstitutional investorsLife Insurance CompaniesCommercial BanksProperty and Liability Insurance CompaniesPension FundsMutual FundsTwo factors influencing institutions 17-5...
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The Global Bond Market Structure - 17-1The Global Bond...

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