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•The 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 stock•For United States during 2007, less than 10 percent of all new security issues were equity, including preferred as well as common stock•Exhibit 17.1 shows the size of the global 17-2Exhibit 17.117-3The Global Bond Market Structure•Participating Issuers–Sovereign bonds (e.g., the U.S. Treasury)–Quasi and foreign governments (including agency bonds)–Securitized and collateralized bonds from governments or corporations–Directly issued corporate bonds–High-yield and/or emerging market bonds17-4The Global Bond Market Structure•Participating Investors–Individual investors–Institutional investors•Life Insurance Companies•Commercial Banks•Property and Liability Insurance Companies•Pension Funds•Mutual Funds–Two factors influencing institutions •17-5...
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  • Spring '12
  • DAVIDBRAY
  • American Municipal Bond Assurance Corporation, global bond market, Municipal Bond Insurance, Alternative Bond Issues

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

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