The Czech Bond Market − Still an Emerging One?
|Year:||2005 - summer|
|Leaders:|| † prof. Ing. Michal Mejstřík CSc.
|Work type:|| Bachelors
|Awards and prizes:|
|Abstract:||The paper deals with the Czech bond market. It attempts to give the reader an insight into various market components and segments. The author starts with a brief description of the history, which started soon after the Velvet Revolution. The paper continues with a description of the involved institutions that set the rules, regulate and oversee the bond market. The market is also examined in order to give the reader a prospective on the issue of new securities and the mechanism of trading. Subsequently an up-to-date overview of available debt instruments is given. Lastly the market figures are analyzed and where possible compared with data from other countries. The market size is evaluated as well as the liquidity of trading on the stock exchange. The author also
observes the structure of the issuers and the duration of issued debt securities. The paper further focuses on the spread analysis. It is found out that the yield is almost identical as in other developed European markets. At the end the author summarizes the findings and tries to answer the question whether the Czech bond market belongs to the developed or emerging markets. After confronting the facts, the author concludes that the Czech bond market is becoming a vital part of the European market and can be considered as a developed one.
|Downloadable:|| Tomáš Honěk