A EUROMONEY SURVEY – MARCH 1996
INTRODUCTION
Spanish capital markets today can be characterized by rapid internationalization. This is illustrated in the interest rate markets by the growing predominance of Libor (London interbank offer rate) references over the domestic Mibor (Madrid interbank offer rate) references. However, local market characteristics remain strong.
In 1995, Spanish corporates and investors faced a high level of uncertainty both politically and economically, with strong volatilities in interest rates and the peseta. Managing these risks has become a major concern and the use of second-generation products is increasingly common.
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