The 1997 Guide to Germany: Bonds

Introduction

The German bond market has undergone dramatic changes over the last few years. Not only has liquidity increased sharply owing to higher borrowing in the wake of German reunification, but at the same time important new instruments have been established across the government yield curve ahead of Emu and in the context of the competition for becoming the European benchmark issuer. Moreover, the Pfandbrief segment experienced significant reforms in the last two years in the light of global competition in international capital markets.