A EUROMONEY SURVEY – MARCH 1996
MARKET DEVELOPMENTS
The Spanish bond market, currently among the so-called European high-yielders, has developed at an amazing rate over the last six years. Spain still wore the “emerging market” label as late as 1988; the public debt markets did not offer any satisfactory liquidity in periods beyond three years when the withholding tax for non-residents was abolished in 1991. In the following three years, the Spanish bond market was able to offer a wide range of liquid instruments in all maturities from six months to 15 years and also developed a series of reliable hedging instruments (futures and derivatives).
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