DOMESTIC BONDS

GERMANY

A EUROMONEY SURVEY – June 1996

Prepared by Helmut Kaiser, Head of Fixed-Income Research, Frankfurt, and Werner Krämer, Senior Analyst,

Deutsche Morgan Grenfell
Measured in terms of the nominal amount of bonds outstanding, the German bond market ranks third in the world after the US and Japanese markets (see Chart 1: year-end 1994 data). In terms of net sales of fixed-interest securities, it has been the second largest market since 1992 by international standards. In Europe, the German bond market, with a turnover of Dm2.870