Other countries

Article Abstract:

The effect of turmoil in the Exchange Rate Mechanism spread out into short-term rates for currencies. Nordic countries which had severed their links to the ERM saw their money market rates fall. The bond yields for these currencies also fell. On the other hand, the Spanish peseta and the Portuguese escudo continued to experience increased money market rates, resulting in devalued central rates. Meanwhile, low interest rates in Germany allowed discount rate cuts in the Netherlands.

Prices and rates, Foreign exchange, Foreign exchange rates

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International bond markets

Article Abstract:

International bond markets have recorded a 60% increase in issues from $467.3 billion in 1995 to $710.6 billion in 1996. This record-high climb has been attributed to a drop in long-term domestic reference interest rates. Other market developments that favorably affected issuing activity on international bond markets are wider swap spreads and increased investor interest in several higher-yielding 'smaller currencies.'

Statistics

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International and foreign bond markets

Article Abstract:

The performance of the international bond markets in 1995 has been mediocre as the initial momentum easily dissipated in March as a result of the decrease in bond issuance in US dollar-denominated bonds. However, one noteworthy development was the sharp rise in Deutschemark-denominated bond offerings.

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