Autostrade to the
Superhighway: The Future of the Global Debt Markets
This new book is a detailed
discussion of the development of the global debt markets, examining the landmark
developments affecting the internationalisation of bond markets, the key drivers of change
and their likely impact on the markets beyond 2001.
Beginning with the supply of
new debt products, the book examines the decline in government issuance and rise of
corporate issuance and the innovations developed in new debt products including
securitisation and structured bonds. It then assesses the demand for new products,
considering the pursuit of liquidity in the bond markets, the changing nature of investors
and participants, their assumption of risks, and the structural changes in the European
bond market. In the last section the book analyses the impact of changes on
intermediaries, including banks and regulators but also trading, pricing and syndication,
the advent of the e-bond, the role of financial centres, market infrastructure and trade
associations.
This important book presents
a view of the direction in which debt products and markets are pointed and the route their
development is likely to take over the next 10 years. It is essential reading for the
capital markets professional.
Published by Euromoney and
ISMA in association with Morgan Stanley and Deutsche Bank.