Debt securities Bonds and notes Euro

bonds or other forms of securitized debt

Debt securities 2.2.1 Bonds and notes 2.2.1.1 .

Debt zero coupon bonds 3A .

Debt zero coupon bonds 3A .

Debt zero coupon bonds 3A .

Debt securities Bonds and notes Money market instruments

Debt securities Bonds and notes Money market instruments Euro

Debt securities US Dollar Bonds and notes Money market instruments

Debt securities Other currencies Bonds and notes Money market instruments

Collateralised gold transactions shall be treated as repurchase agreements .

Long term debt of which variable interest rate Average residual maturity of debt Debt zero coupon bonds

Chart B Government bond yield spreads against Germany ( in basis points

Agency debt instru ments ( 4 ) Supranational debt instruments

Chart B Yield spreads between selected sovereign bonds and German government bonds ( daily data basis points ) Ireland Greece Spain France Italy

2 ) Long term government bond yields , 10 year bonds or closest available bond maturity .

2 ) Long term government bond yields ten year bonds or closest available bond maturity .

Traditional covered bank bonds Debt instruments issued by corporate and other issuers ( 3 )

Progress also in corporate bond markets ... overnight one month maturity twelve month maturity 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 Sources EBF and ECB calculations .

1 ) Long term government bond yields refer to ten year bonds or to the closest available bond maturity .

13,14 CYPRUS ( 1 ) 1B .

The share of cross border holdings also confirms the finding that government and corporate bond markets are quite well integrated .

C h a r t 4 3 D i f f e re n c e b e t w e e n t h e s h a re i n e l i g i b l e m a r ke t a b l e a s s e t s a n d t h e s h a re i n c o l l a t e r a l p u t f o r w a rd i n 2 0 0 6 ( in percentage points ) government bonds corporate bonds credit institution uncovered bonds credit institution covered bonds asset backed securities other bonds

Local and regional government debt instruments Jumbo covered bank bonds ( 3 ) Agency debt instruments ( 4 ) Supranational debt instruments

Local and regional government debt instruments Jumbo covered bank bonds ( 2 ) Agency debt instruments ( 3 ) Supranational debt instruments

European System of Accounts 1995 ( ESA 95 ) a system of uniform statistical definitions and classifications aimed at achieving a harmonised quantitative description of the economies of the Member States .

Note Bond yields are average ten year government bond yields for the euro area .

Long term interest rates were in line with developments in the global bond markets throughout the year and the differential with the euro area widened slightly , to around 50 basis points at the end of 2002 .

Chart 12 Long term government bond yields ( percentages per annum

The rebound in bond yields which started thereafter was mainly driven by upward revisions of market participants expectations for economic growth and inflation , but may also have been related to their mounting Chart 10 Long term government bond yields ( percentages per annum

Note Benchmark government bonds with a ten year maturity .

Note Long term government bond yields refer to ten year bonds or to the closest available bond maturity .

Local and regional government debt instruments Jumbo covered bank bonds ( 3 ) Agency debt instruments ( 4 ) Supranational debt instruments

Portfolio investment Equity securities Debt securities Bonds and notes Money market instruments III .

( c ) brokerage commission may be recorded either as a transaction cost to be included in the cost of the asset , or as an expense in the profit and loss account 3 .

Traditional covered bank bonds Debt instruments issued by corporate and other issuers ( 4 )

A similar increase took place in the issuance of euro denominated international bonds and notes .

Long term MFI lending rates also increased in the same period by between 60 and 85 basis points . In the same period five year government bond yields increased by 30 basis points .

A substantial part of tier one ( which comprises debt instruments only ) is made up of general government bonds , i.e. assets issued by central , regional and local governments .

When the euro was introduced, regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital, and the ECB discounted all eurozone government bonds on equal terms.

The yield spread between BBB rated corporate bonds and comparable government bonds in the euro area remained broadly unchanged over this period .

Turning to debt instruments , cross border flows rose sharply in 2005 , with most transactions in bonds and notes .

A guarantee is deemed acceptable if the guarantor has unconditionally and irrevocably guaranteed the obligations of the issuer in relation to the payment of principal , interest and any other amounts due under the debt instruments to the holders thereof until they are discharged in full .

Financial instruments , such as government bonds and shares were denominated in national currencies .

( ii ) Long term debt securities The following instruments are illustrative and included as a minimum bearer bonds , subordinated bonds , bonds with optional maturity dates , the latest of which is more than one year away , undated or perpetual bonds , variable rate notes , convertible bonds , index linked securities where the value of the principal is linked to a price index , the price of a commodity or to an exchange rate index ,