2007年-ECB欧洲央行_Bond_Markets_and_long-term_interest_rates_in_non-euro_area_Member_States_of_the_European_Union_-_updated_addendum_incorporating_2005_figures_74页_724kb

Summary of Bond Markets and Long-Term Interest Rates in Non-Euro Area Member States of the European Union (May 2007)

Core Content

This document provides an overview of bond market structures and long-term interest rate trends in non-euro area EU member states and accession countries, focusing on Bulgaria, the Czech Republic, and Denmark. It includes statistical tables and data from the European Central Bank (ECB) and national central banks (NCBs) for the year 2005, with an emphasis on the market size, primary and secondary market activities, and the currency of denomination for debt securities.

Main Points

Bulgaria

• Market Size (End of 2005):

  • Total debt securities: €4,261.2 million
  • Central government and other general government: €3,628.3 million
  • Monetary financial institutions: €387.6 million
  • Non-monetary financial corporations: €117.2 million
  • Non-financial corporations: €128.1 million

• Debt Securities by Maturity:

  • Short-term (t ≤ 1): €7.7 million
  • Long-term (1 < t < 5): €173.8 million
  • Long-term (5 ≤ t < 10): €980.5 million
  • Long-term (t ≥ 10): €2,466.3 million

• Currency of Denomination:

  • Short-term: 100% national currency
  • Long-term (1 < t < 5): 100% national currency
  • Long-term (5 ≤ t < 10): 62.6% national, 37.4% euro
  • Long-term (t ≥ 10): 8.9% national, 42.7% euro, 48.4% other

• Primary Market Activity (2003–2005):

  • Total primary market: €556.9 (2003), €510.1 (2004), €648.6 (2005)
  • Central government and other general government: €453.9 (2003), €357.3 (2004), €277.9 (2005)
  • Monetary financial institutions: €72.3 (2003), €96.6 (2004), €216.6 (2005)
  • Non-financial and non-monetary financial corporations: €30.7 (2003), €56.2 (2004), €154.1 (2005)

• Primary Market by Type:

  • Auction: 78.8% (2003), 67.8% (2004), 56.8% (2005)
  • Syndication: 0% (2003), 0% (2004), 2.4% (2005)
  • Other (e.g., private placements): 21.2% (2003), 32.2% (2004), 40.9% (2005)

• Secondary Market Activity (2003–2005):

  • Total secondary market: €19.0 (2003), €23.1 (2004), €18.5 (2005)
  • Regulated markets: 0.7% (2003), 1.0% (2004), 3.0% (2005)
  • Unregulated markets: 99.3% (2003), 99.0% (2004), 97.0% (2005)

• Secondary Market by Issuer:

  • Central government and other general government: 98.1% (2003), 97.9% (2004), 95.1% (2005)
  • Monetary financial institutions: 1.4% (2003), 1.2% (2004), 2.4% (2005)
  • Non-financial and non-monetary financial corporations: 0.5% (2003), 0.9% (2004), 2.5% (2005)

• Long-term Debt Securities:

  • Total: €463.8 (2003), €416.0 (2004), €600.0 (2005)
  • Central government and other general government: €360.8 (2003), €263.2 (2004), €229.3 (2005)
  • Monetary financial institutions: €72.3 (2003), €96.6 (2004), €216.6 (2005)
  • Non-financial and non-monetary financial corporations: €30.7 (2003), €56.2 (2004), €154.1 (2005)

• Secondary Market for Long-term Debt Securities:

  • Total: €18.1 (2003), €22.7 (2004), €18.3 (2005)
  • Regulated markets: 0.8% (2003), 1.0% (2004), 3.0% (2005)
  • Unregulated markets: 99.3% (2003), 99.0% (2004), 97.0% (2005)

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Czech Republic

• Market Size (End of 2005):

  • Total debt securities: €43,115.1 million
  • Central government and other general government: €23,861.5 million
  • Monetary financial institutions: €17,234.1 million
  • Non-monetary financial corporations: €550.2 million
  • Non-financial corporations: €1,469.3 million

• Debt Securities by Maturity:

  • Short-term (t ≤ 1): €15,268.4 million
  • Long-term (1 < t < 5): €3,006.8 million
  • Long-term (5 ≤ t < 10): €10,090.1 million
  • Long-term (t ≥ 10): €14,749.8 million

• Currency of Denomination:

  • Short-term: 100% national currency
  • Long-term (1 < t < 5): 100% national currency
  • Long-term (5 ≤ t < 10): 98.5% national, 1.5% euro
  • Long-term (t ≥ 10): 75.5% national, 24.5% euro

• Primary Market Activity (2003–2005):

  • Total primary market: €63,518.6 (2003), €84,649.3 (2004), €65,267.2 (2005)
  • Central government and other general government: €18,352.4 (2003), €17,618.0 (2004), €15,364.5 (2005)
  • Monetary financial institutions: €44,764.3 (2003), €66,632.2 (2004), €49,788.5 (2005)
  • Non-financial and non-monetary financial corporations: €402.0 (2003), €399.1 (2004), €114.2 (2005)

• Primary Market by Type:

  • Auction: 98.2% (2003), 90.0% (2004), 93.5% (2005)
  • Syndication: 0.0% (2003), 8.5% (2004), 6.5% (2005)
  • Other: 1.8% (2003), 1.5% (2004), 0.0% (2005)

• Secondary Market Activity (2003–2005):

  • Total secondary market: €418.7 (2003), €402.6 (2004), €405.7 (2005)
  • Regulated markets: 0.0% (2003), 0.0% (2004), 0.0% (2005)
  • Unregulated markets: 100.0% (2003), 100.0% (2004), 100.0% (2005)

• Secondary Market by Issuer:

  • Central government and other general government: 38.1% (2003), 29.6% (2004), 20.5% (2005)
  • Monetary financial institutions: 60.3% (2003), 69.3% (2004), 79.0% (2005)
  • Non-financial and non-monetary financial corporations: 1.6% (2003), 1.0% (2004), 0.4% (2005)

• Long-term Debt Securities:

  • Total: €5,422.9 (2003), €6,622.5 (2004), €7,674.4 (2005)
  • Central government and other general government: €4,221.0 (2003), €5,413.6 (2004), €4,776.9 (2005)
  • Monetary financial institutions: €799.9 (2003), €809.8 (2004), €2,783.4 (2005)
  • Non-financial and non-monetary financial corporations: €402.0 (2003), €399.1 (2004), €114.2 (2005)

• Secondary Market for Long-term Debt Securities:

  • Total: €130.7 (2003), €86.5 (2004), €70.7 (2005)
  • Regulated markets: 0.0% (2003), 0.0% (2004), 0.0% (2005)
  • Unregulated markets: 100.0% (2003), 100.0% (2004), 100.0% (2005)

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Denmark

• Market Size (End of 2005):

  • Total debt securities: €472,108.0 million
  • Central government and other general government: €81,361.0 million
  • Monetary financial institutions: €370,287.0 million
  • Non-monetary financial corporations: €1,135.0 million
  • Non-financial corporations: €19,326.0 million

• Debt Securities by Maturity:

  • Short-term (t ≤ 1): €27,451.0 million
  • Long-term (1 < t < 5): €121,385.0 million
  • Long-term (5 ≤ t < 10): €90,046.0 million
  • Long-term (t ≥ 10): €233,226.0 million

• Currency of Denomination:

  • Short-term: 100% national currency
  • Long-term (1 < t < 5): 100% national currency
  • Long-term (5 ≤ t < 10): 98.5% national, 1.5% euro
  • Long-term (t ≥ 10): 75.5% national, 24.5% euro

• Primary Market Activity (2003–2005):

  • Total primary market: €63,518.6 (2003), €84,649.3 (2004), €65,267.2 (2005)
  • Central government and other general government: €18,352.4 (2003), €17,618.0 (2004), €15,364.5 (2005)
  • Monetary financial institutions: €44,764.3 (2003), €66,632.2 (2004), €49,788.5 (2005)
  • Non-financial and non-monetary financial corporations: €402.0 (2003), €399.1 (2004), €114.2 (2005)

• Primary Market by Type:

  • Auction: 98.2% (2003), 90.0% (2004), 93.5% (2005)
  • Syndication: 0.0% (2003), 8.5% (2004), 6.5% (2005)
  • Other: 1.8% (2003), 1.5% (2004), 0.0% (2005)

• Secondary Market Activity (2003–2005):

  • Total secondary market: €418.7 (2003), €402.6 (2004), €405.7 (2005)
  • Regulated markets: 0.0% (2003), 0.0% (2004), 0.0% (2005)
  • Unregulated markets: 100.0% (2003), 100.0% (2004), 100.0% (2005)

• Secondary Market by Issuer:

  • Central government and other general government: 38.1% (2003), 29.6% (2004), 20.5% (2005)
  • Monetary financial institutions: 60.3% (2003), 69.3% (2004), 79.0% (2005)
  • Non-financial and non-monetary financial corporations: 1.6% (2003), 1.0% (2004), 0.4% (2005)

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Key Information

• The ECB collaborates with NCBs to provide annual updates on bond markets and long-term interest rates.
• The third edition of the report includes all thirteen non-euro area EU member states and two accession countries (Bulgaria and Romania).
• The report includes data for 2005, with statistical tables showing market size, primary and secondary market activity, and currency denomination.
• For Bulgaria, the majority of long-term debt is denominated in national currency, with a growing share in euro.
• In the Czech Republic, monetary financial institutions dominate the primary market, and unregulated markets account for nearly all secondary market activity.
• Denmark's bond market is highly developed, with monetary financial institutions holding a large share of debt securities, and the secondary market is almost entirely unregulated.