, , , . 50-70% , . 30-50% : (debt) (equities). , .
:
- (no tes and commercial paper, CP) - , . . . , , 1700 . (Euro commercial paper ) , , . , , , . (note issuance facility NIF), - , , , . , , , , , (Euronotes).
- (bank loans) , . , (syndicated loan). , . - , , , .
- (bonds) , 3-10 , . , . (cou pon bonds) (zero - coupon bonds). . , , , , .
, , , . , , . . . , , , - (yankee bonds), - (samurai bonds), - (bulldog bonds), (mata dors). . (Euro debt market) (dra gon debt market). , . , - , .
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, : , , - , , , (over - the - counter, ). , , . , , , .
1 . . (. 5.3).
* 90- . . . , , . 43% , 15 , 12% . (. 5.2).
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5.3
1991 . | 1996 . | 1996 . | ||||
. . | % | . . | % | . . | % | |
: International Banking and Financial Market Developments. Basle: BIS, 1997. P. 3.
, -, : , , . , . - (un der - writer), , . -, . , , , , , , . , . 65% . , , , . (Internattional Secu - ruties Market Association ISMA)
, Moody Investor Service Standard and Poor ' s , . 1000 . Stan dard and Poor ' s AAA. , . (+) (). , , , D, , (junk bonds). , , . 90% , , . , (investment gra - de) n (below in vestment grade) ( 5.1).