GERMANYA EUROMONEY SURVEY – June 1996DEUTSCHMARK EUROBONDSHistorical rootsIn the last few years the Deutschmark bond market has gained increasing importance as an attractive investment alternative to the US dollar bond market for many international investors. The Euro-Deutschmark bond market has steadily increased its market share over the years. The Deutschmark is now the second most important reserve currency. This process has not been only triggered by the secular trend of Deutschmark appreciation versus the major currencies but also due to a switch of the Bundesbank’s market regulation policy to an attitude which is much more investor-oriented than in earlier years. |
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