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Finanzinnovationen an den Euromärkten
Ribe, Halvor | Schneider, Friedrich
Credit and Capital Markets – Kredit und Kapital, Vol. 20 (1987), Iss. 1 : pp. 116–139
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Halvor Ribe, Kiel
Friedrich Schneider, Kiel
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Abstract
Financial Innovations in the Eurocurrency Market
In this paper we are trying to provide an overview about the Euromarket and the development of financial instruments. While the role and development of financial instruments, such as syndicated loans, fixed-rate eurobonds, floating-rate eurobonds, | euronotes and swaps are discussed in detail, we are trying to make clear that there is a new development in the Euromarket: securitisation. Caused by the debt crisis in the beginning of this decade, banks became reluctant to take loans on their books and shifted to a less risky business, the arrangement and issuance of bonds, euronotes and swaps. Thereby international banks mainly act as a comultant or broker earning feeincome instead of interest-income, without being exposed to the same credit risks as it was the case during the last decade. At the same time, much of the credit risk remaining, is off the balance sheets, which maybe viewed as questionable practice.