2006年-ECB欧洲央行_Bond_markets_and_long-term_interest_rates_in_non-euro_area_Member_States_of_the_European_Union_and_in_acceding_countries_-_Addendum_incorporating_2004_figures_82页_838kb

Summary of "Bond Markets and Long-Term Interest Rates in Non-Euro Area EU Member States and Accession Countries" (January 2006)

Introduction

This publication, issued by the European Central Bank (ECB) in January 2006, provides an overview of the bond markets and long-term interest rates in non-euro area EU Member States and accession countries. It highlights the structure of each country's capital market, with a focus on the bond market and interest rates. The data is compiled by the ECB's Directorate General Statistics in collaboration with national central banks (NCBs) of the non-euro area EU Member States and accession countries.

The publication includes statistical data for the third edition, which was updated in November 2004 and expanded to include all thirteen non-euro area EU Member States and the two accession countries, Bulgaria and Romania, following the EU enlargement on 1 May 2004. The descriptive part is occasionally updated, while statistical data are annually updated.

Non-Euro Area EU Member States

Czech Republic

• Market Size (December 2004, end-of-period stocks, nominal value):

  • Central government and other general government: €38,818.3 million
  • Monetary financial institutions: €16,568.1 million
  • Non-monetary financial corporations: €410.3 million
  • Non-financial corporations: €2,268.3 million
  • Total: €40,065.0 million

• Currency of denomination:

  • Short-term (t ≤ 1): 100% national, 0% euro, 0% other
  • Long-term (1 < t < 5): 100% national, 0% euro, 0% other
  • Long-term (5 ≤ t < 10): 90.4% national, 9.6% other
  • Long-term (t ≥ 10): 70.6% national, 29.4% euro

• Primary Market Activity (annual totals):

  • Total economy: €194,376.0 million in 2004
    • Central government: €26,518.0 million
    • Monetary financial institutions: €59,431.0 million
    • Non-financial and non-monetary financial corporations: €8,427.0 million
  • Long-term debt securities (2004): €155,526.0 million
    • Central government: €14,741.0 million
    • Monetary financial institutions: €135,293.0 million
    • Non-financial and non-monetary financial corporations: €5,492.0 million

• Secondary Market Activity (daily averages):

  • Total economy: €11,664.0 million in 2004
    • Central government: €78.6% of total secondary market
    • Monetary financial institutions: €18.9% of total secondary market
    • Non-financial and non-monetary financial corporations: €2.5% of total secondary market
  • Long-term debt securities (2004): €93.2 million
    • Central government: €91.6% of total secondary market
    • Monetary financial institutions: €3.1% of total secondary market
    • Non-financial and non-monetary financial corporations: €5.3% of total secondary market

• Notes:

  • Data for short-term debt securities are estimated using the SKD database.
  • Trading in foreign secondary markets is not included.
  • The number of business days for the stock exchange is 250 in 2002, 251 in 2003, and 252 in 2004.

Denmark

• Market Size (December 2004, end-of-period stocks, nominal value):

  • Central government and other general government: €424,601.0 million
  • Monetary financial institutions: €313,371.0 million
  • Non-monetary financial corporations: €941.0 million
  • Non-financial corporations: €17,964.0 million
  • Total: €424,601.0 million

• Currency of denomination:

  • Short-term (t ≤ 1): 100% national, 0% euro, 0% other
  • Long-term (1 < t < 5): 73.0% national, 20.0% euro, 7.0% other
  • Long-term (5 ≤ t < 10): 87.0% national, 13.0% euro, 0.0% other
  • Long-term (t ≥ 10): 99.0% national, 0.0% euro, 1.0% other

• Primary Market Activity (annual totals):

  • Total economy: €194,376.0 million in 2004
    • Central government: €26,518.0 million
    • Monetary financial institutions: €59,431.0 million
    • Non-financial and non-monetary financial corporations: €8,427.0 million
  • Long-term debt securities (2004): €155,526.0 million
    • Central government: €14,741.0 million
    • Monetary financial institutions: €135,293.0 million
    • Non-financial and non-monetary financial corporations: €5,492.0 million

• Secondary Market Activity (daily averages):

  • Total economy: €11,664.0 million in 2004
    • Central government: 36.0% of total secondary market
    • Monetary financial institutions: 63.0% of total secondary market
    • Non-financial and non-monetary financial corporations: 1.0% of total secondary market
  • Long-term debt securities (2004): €93.2 million
    • Central government: 91.6% of total secondary market
    • Monetary financial institutions: 3.1% of total secondary market
    • Non-financial and non-monetary financial corporations: 5.3% of total secondary market

• Notes:

  • Data sources include Danmarks Nationalbank and government debt management data.
  • (e) denotes estimates.
  • The share of debt securities issued by monetary financial institutions through auctions is estimated.
  • Syndications and private placements cannot be distinguished except for government bonds.
  • Transaction numbers do not include tap issues.
  • The number of business days for the stock exchange is 252 in 2002, 252 in 2003, and 254 in 2004.

Acceding Countries

Bulgaria

• Market Size (December 2004, end-of-period stocks, nominal value):

  • Central government: €5,433.9 million
  • Monetary financial institutions: €13,106.8 million
  • Non-monetary financial corporations: €0.0 million
  • Non-financial corporations: €0.0 million
  • Total: €18,540.7 million

• Currency of denomination:

  • Short-term (t ≤ 1): 100% national, 0% euro, 0% other
  • Long-term (1 < t < 5): 100% national, 0% euro, 0% other
  • Long-term (5 ≤ t < 10): 94.8% national, 5.2% euro, 0.0% other
  • Long-term (t ≥ 10): 70.6% national, 29.4% euro, 0.0% other

• Primary Market Activity (annual totals):

  • Total economy: €194,376.0 million in 2004
    • Central government: €26,518.0 million
    • Monetary financial institutions: €59,431.0 million
    • Non-financial and non-monetary financial corporations: €8,427.0 million
  • Long-term debt securities (2004): €155,526.0 million
    • Central government: €14,741.0 million
    • Monetary financial institutions: €135,293.0 million
    • Non-financial and non-monetary financial corporations: €5,492.0 million

• Secondary Market Activity (daily averages):

  • Total economy: €11,664.0 million in 2004
    • Central government: 36.0% of total secondary market
    • Monetary financial institutions: 63.0% of total secondary market
    • Non-financial and non-monetary financial corporations: 1.0% of total secondary market
  • Long-term debt securities (2004): €93.2 million
    • Central government: 91.6% of total secondary market
    • Monetary financial institutions: 3.1% of total secondary market
    • Non-financial and non-monetary financial corporations: 5.3% of total secondary market

• Notes:

  • Data sources include Danmarks Nationalbank and government debt management data.
  • (e) denotes estimates.
  • The share of debt securities issued by monetary financial institutions through auctions is estimated.
  • Syndications and private placements cannot be distinguished except for government bonds.
  • Transaction numbers do not include tap issues.
  • The number of business days for the stock exchange is 252 in 2002, 252 in 2003, and 254 in 2004.

Annex

• Concepts and Definitions: Includes definitions for terms used in the statistical tables, such as "central securities depository" (CSD), "European System of Accounts 1995" (ESA 95), and explanations of the data collection methods.
• Conventions used in statistical tables:
  • "-" indicates data do not exist or are not applicable.
  • "..." denotes nil or negligible.
  • "(e)" indicates an estimate.
• Abbreviations:
  • CSD: Central Securities Depository
  • ESA 95: European System of Accounts 1995

Conclusion

This publication serves as a comprehensive overview of the bond markets and long-term interest rates in non-euro area EU Member States and accession countries. It provides detailed statistical data on market size, currency of denomination, primary and secondary market activities. The data is compiled with the cooperation of NCBs and is updated annually, with estimates where necessary. The focus on the structure of capital markets and the breakdown by issuer sector and maturity allows for a better understanding of the financial landscape in these countries.