Cifuentes, Rodrigo., Jorge Desormeaux and Claudio Gonzalez, 2002. “Capital Markets in Chile: From Financial Repression to Financial Deepening,” BIS Papers No. 11.
Gravelle, Toni., 1999. “Liquidity of the Government of Canada Securities Market: Stylized Facts and Some Market Microstructure Comparisons to the United States Treasury,” Bank of Canada Working Paper 99–11.
Jeanneau, Serge and Carlos Verdia, 2005. “Reducing Financial Vulnerability: The Development of the Domestic Government Bond Market in Mexico,” BIS Quarterly Review.
Zervos, Sara., 2004. “The Transactions Costs of Primary Market Issuance: The Case of Brazil, Mexico, and Chile,” World Bank Policy Research Working Paper 342.
Prepared by Allison Holland, based on the findings of an MFD Technical Assistance mission comprising Julian Alworth, Brian Bell, Ana Carvajal, Hervé Ferhani, and Allison Holland.
Note bonds issued by financial institutions are excluded from the data on corporate bonds.
Relative to GDP, it is of a similar size.
The turnover ratio is 1.6 if activity on the OTC Tasas market is included. Based on data from the Oslo Stock Exchange and Battellino and Chambers (2006).
Combining activity on the BCS and on the OTC Tasas market. Based on data from the Oslo Stock Exchange, the Reserve Bank of New Zealand, Battellino and Chambers (2006) and Canada (2005).
This excludes two outstanding bonds issued by the state-owned copper company CODELCO in the domestic market.
Previously, the central bank only published its issuance calendar on a monthly basis.
The computations assume that the stamp tax is financed out of the proceeds of the borrowing.
FOGAPE is a government fund that provides guarantees on bank loans to SMEs.
They may not invest in any corporate issue that is not rated at least BBB.
For public sector debt, the two markets, BCS and OTC Tasas, appear to be well linked with prices and activity in the BCU 5- and 10-year benchmarks broadly equal on both.
A specific project is underway in conjunction with FIRST to address this issue.
An example of such a committee would be the Securities Lending and Repo Market committee in the U.K. The committee meets on a quarterly basis and consists of representatives of international securities lending and repo practitioners and bodies such as the Financial Services Authority, the Debt Management Office, the Inland Revenue, CREST, the London Stock Exchange, and the London Clearing House. The Bank of England chairs the meetings and provides the secretariat.