2008年-ECB欧洲央行_Bond_markets_and_long-term_interest_rates_in_non-euro_area_Member_States_of_the_European_Union_74页_1mb

报告摘要

Summary of "Bond Markets and Long-Term Interest Rates in Non-Euro Area Member States of the European Union" (January 2008)

Introduction

This document provides an overview of the bond markets and long-term interest rates in non-euro area EU member states. It is a collaborative effort between the ECB and the national central banks (NCBs) of these countries. The statistical data are updated annually, while the descriptive content is occasionally revised. The document includes data for 2006, with an update on the previous data from 2004 and 2005.

Key Information

Coverage: Includes all non-euro area EU member states and accession countries (Bulgaria and Romania) as of May 2004.
Data Types: Contains both primary and secondary market activity data, along with market size statistics.
Currency: Data are presented in euros (€), with exchange rates applied for conversion from local currencies.
Sources: Data from national central banks and central depositories.
Notes:
- "–" indicates data not available or not applicable.
- "..." means nil or negligible.
- "(e)" denotes an estimate.
- The document includes details on repos and reverse repos in the secondary market, as well as repurchase transactions with corporate debt securities.

Core Content and Main Points

Bulgaria

Market Size (End-of-Period Stocks)

Total outstanding debt securities: €4,807.0 million
Breakdown by issuer sector:
- Central government and other general government: €3,578.3 million
- Monetary financial institutions: €450.6 million
- Non-monetary financial corporations: €428.5 million
- Non-financial corporations: €349.6 million

Breakdown by Maturity

Short-term (t ≤ 1): €194.0 million
Long-term (1 < t < 5): €816.6 million
Long-term (5 ≤ t < 10): €1,377.4 million
Long-term (t ≥ 10): €2,419.1 million

Currency of Denomination

Short-term: 100% in national currency, 0% in euro or other
Long-term (1 < t < 5): 61.9% in national currency, 38.1% in euro
Long-term (5 ≤ t < 10): 16.8% in national currency, 83.2% in euro
Long-term (t ≥ 10): 12.7% in national currency, 43.4% in euro, 44.0% in other currencies

Primary Market Activity (Annual Totals)

Total primary market: €939.1 million in 2006
Breakdown by type:
- Auction: 28.2% of total
- Syndication: 0.0% of total
- Other: 71.8% of total
Central government and other general government: €269.9 million in 2006
- Auction: 98.1% of total
- Syndication: 0.0% of total
- Other: 1.9% of total
Monetary financial institutions: €125.4 million in 2006
- Auction: 0.0% of total
- Syndication: 0.0% of total
- Other: 100.0% of total
Non-financial and non-monetary financial corporations: €543.8 million in 2006
- Auction: 0.0% of total
- Syndication: 0.0% of total
- Other: 100.0% of total

Secondary Market Activity (Daily Averages)

Total secondary market: €17.2 million in 2006
Breakdown by market type:
- Regulated markets: 3.7% of total
- Non-regulated markets: 96.3% of total
Central government and other general government: €90.8 million in 2006
- Regulated markets: 1.9% of total
- Non-regulated markets: 98.4% of total
Monetary financial institutions: €2.7 million in 2006
- Regulated markets: 2.7% of total
- Non-regulated markets: 97.3% of total
Non-financial and non-monetary financial corporations: €6.6 million in 2006
- Regulated markets: 6.6% of total
- Non-regulated markets: 93.4% of total

Czech Republic

Market Size (End-of-Period Stocks)

Total outstanding debt securities: €50,072.4 million
Breakdown by issuer sector:
- Central government and other general government: €28,974.8 million
- Monetary financial institutions: €17,995.5 million
- Non-monetary financial corporations: €797.5 million
- Non-financial corporations: €2,304.6 million

Breakdown by Maturity

Short-term (t ≤ 1): €14,306.9 million
Long-term (1 < t < 5): €4,467.1 million
Long-term (5 ≤ t < 10): €11,687.1 million
Long-term (t ≥ 10): €19,611.3 million

Currency of Denomination

Short-term: 100% in national currency
Long-term (1 < t < 5): 98.7% in national currency, 1.3% in euro
Long-term (5 ≤ t < 10): 88.6% in national currency, 0.8% in euro, 10.6% in other
Long-term (t ≥ 10): 79.6% in national currency, 19.2% in euro, 1.2% in other

Primary Market Activity (Annual Totals)

Total primary market: €67,023.8 million in 2006
Breakdown by type:
- Auction: 59.0% of total
- Syndication: 0.0% of total
- Other: 41.0% of total
Central government and other general government: €15,368.5 million in 2006
- Auction: 98.2% of total
- Syndication: 0.0% of total
- Other: 1.8% of total
Monetary financial institutions: €50,625.8 million in 2006
- Auction: 32.0% of total
- Syndication: 0.0% of total
- Other: 68.0% of total
Non-financial and non-monetary financial corporations: €1,029.6 million in 2006
- Auction: 18.0% of total
- Syndication: 0.0% of total
- Other: 82.0% of total

Secondary Market Activity (Daily Averages)

Total secondary market: €597.5 million in 2006
Breakdown by market type:
- Regulated markets: 0.0% of total
- Non-regulated markets: 100.0% of total
Central government and other general government: €15.4 million in 2006
- Regulated markets: 0.0% of total
- Non-regulated markets: 100.0% of total
Monetary financial institutions: €84.3 million in 2006
- Regulated markets: 6.8% of total
- Non-regulated markets: 93.2% of total
Non-financial and non-monetary financial corporations: €0.3 million in 2006
- Regulated markets: 0.3% of total
- Non-regulated markets: 99.7% of total

Conventions and Abbreviations

"–": Data not available or not applicable
"...": Nil or negligible
"(e)": Estimate
CSD: Central securities depository
ESA 95: European System of Accounts 1995

Notes

The document highlights the dominance of non-regulated markets in both Bulgaria and the Czech Republic.
In Bulgaria, the majority of long-term debt securities are denominated in national currency, while in the Czech Republic, a significant portion is in euros.
The secondary market activity is largely driven by monetary financial institutions in the Czech Republic.

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