FINANCIAL MARKETS 4 4.1 Securities, other than shares, by original maturity, resi<strong>de</strong>ncy of the issuer and currency (EUR billions and period growth rates; seasonally adjusted; transactions during the month and end-of-period outstanding amounts; nominal values) Total in euro 1) By euro area resi<strong>de</strong>nts In euro In all currencies Outstanding Gross issues Net issues Outstanding Gross issues Net issues Outstanding Gross issues Net issues Annual Seasonally adjusted 2) amounts amounts amounts growth rates 6-month Net issues growth rates 1 2 3 4 5 6 7 8 9 10 11 12 Total 2008 Apr. 13,184.4 1,165.3 55.0 11,042.0 1,073.6 70.3 12,308.6 1,137.9 82.0 7.1 62.9 5.0 May 13,363.5 1,126.3 178.0 11,181.6 1,036.5 138.6 12,471.9 1,110.2 153.4 6.7 98.2 5.8 June 13,499.5 1,155.6 136.3 11,256.5 1,040.3 75.3 12,544.0 1,113.5 82.6 6.8 89.3 5.7 <strong>July</strong> 13,512.9 1,139.5 12.1 11,315.0 1,073.9 56.7 12,620.4 1,160.6 76.0 7.1 98.3 6.9 Aug. 13,640.6 880.7 124.9 11,424.8 816.0 107.1 12,752.1 889.5 112.4 7.8 163.5 8.9 Sep. 13,644.5 1,022.1 2.3 11,393.2 930.5 -32.9 12,712.9 1,001.3 -42.4 7.1 -13.7 8.3 Oct. 13,742.2 1,454.3 97.4 11,543.8 1,417.3 150.3 12,911.7 1,494.5 145.4 7.0 103.6 9.0 Nov. 13,960.3 1,422.2 218.5 11,771.0 1,369.7 227.9 13,104.7 1,436.8 213.7 8.2 199.5 10.6 Dec. 14,146.2 1,537.4 189.4 11,923.5 1,448.7 156.2 13,177.4 1,526.0 142.8 9.5 274.9 13.6 <strong>2009</strong> Jan. 14,249.2 1,503.7 98.8 12,064.2 1,451.3 137.4 13,379.4 1,529.9 146.7 10.1 104.2 13.6 Feb. 14,443.6 1,260.8 191.7 12,250.3 1,199.6 183.8 13,583.1 1,285.1 203.7 11.1 166.2 13.5 Mar. 14,623.0 1,317.7 178.0 12,393.9 1,229.5 142.0 13,692.2 1,322.8 153.0 12.0 121.9 15.8 Apr. . . . 12,489.3 1,160.8 98.1 13,798.1 1,242.8 106.1 12.1 87.4 15.4 Long-term 2008 Apr. 11,824.3 263.8 91.9 9,827.2 212.7 68.2 10,907.6 230.3 73.2 5.5 69.0 4.4 May 11,978.4 290.8 153.4 9,941.5 235.0 113.6 11,032.4 257.5 122.7 5.1 68.9 4.9 June 12,092.5 283.8 114.3 10,028.9 230.3 87.6 11,120.0 254.6 96.0 5.2 68.9 4.8 <strong>July</strong> 12,120.2 208.7 26.2 10,061.9 178.5 31.2 11,160.2 196.7 36.7 5.4 61.7 5.7 Aug. 12,211.3 160.0 89.1 10,141.8 133.8 78.0 11,260.7 149.2 78.7 6.2 134.7 7.7 Sep. 12,201.1 183.6 -9.5 10,120.6 145.6 -20.4 11,245.0 158.6 -30.8 5.7 -16.9 7.3 Oct. 12,225.3 199.0 24.8 10,156.2 182.7 36.3 11,337.8 195.4 30.9 5.3 23.1 6.3 Nov. 12,400.6 275.5 174.4 10,331.9 253.9 175.0 11,493.5 262.5 165.9 6.3 145.9 7.7 Dec. 12,579.7 362.8 180.3 10,503.6 328.3 173.1 11,588.2 340.0 153.7 7.4 182.6 9.8 <strong>2009</strong> Jan. 12,659.9 294.7 78.4 10,593.9 276.8 89.5 11,723.3 300.2 90.2 8.2 112.2 10.7 Feb. 12,831.7 302.3 170.4 10,755.7 269.3 160.6 11,896.2 296.4 173.1 9.3 149.0 10.8 Mar. 13,019.5 319.5 158.1 10,933.4 279.9 148.0 12,038.3 301.6 149.1 10.5 143.3 13.8 Apr. . . . 10,997.7 251.6 39.3 12,110.4 269.7 43.2 10.1 38.7 14.1 C16 Total outstanding amounts and gross issues of securities, other than shares, issued by euro area resi<strong>de</strong>nts (EUR billions) 16000 total gross issues (right-hand scale) total outstanding amounts (left-hand scale) outstanding amounts in euro (left-hand scale) 1600 14000 1400 12000 1200 10000 1000 8000 800 6000 600 4000 400 2000 200 0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 0 Sources: ECB and BIS (for issues by non-euro area resi<strong>de</strong>nts). 1) Total euro-<strong>de</strong>nominated securities, other than shares, issued by euro area resi<strong>de</strong>nts and non-euro area resi<strong>de</strong>nts. 2) For the calculation of the growth rates, see the Technical notes. The 6-month growth rates have been annualised. ECB <strong>Monthly</strong> <strong>Bulletin</strong> <strong>July</strong> <strong>2009</strong>S 35
4.2 Securities, other than shares, issued by euro area resi<strong>de</strong>nts, by sector of the issuer and instrument type (EUR billions ; transactions during the month and end-of-period outstanding amounts; nominal values) 1. Outstanding amounts and gross issues Outstanding amounts Gross issues 1) Total MFIs Non-MFI corporations General government Total MFIs Non-MFI corporations General government (including (including Eurosystem) Financial Non-financial Central Other Eurosystem) Financial Non-financial Central Other corporations corporations government general corporations corporations government general other than government other than government MFIs MFIs 1 2 3 4 5 6 7 8 9 10 11 12 Total 2007 12,069 5,046 1,510 653 4,534 327 1,138 841 59 109 116 12 2008 13,177 5,266 1,925 696 4,950 340 1,177 817 73 100 163 24 2008 Q2 12,544 5,231 1,627 670 4,696 320 1,121 787 70 102 142 20 Q3 12,713 5,267 1,695 680 4,747 324 1,017 691 54 97 148 27 Q4 13,177 5,266 1,925 696 4,950 340 1,486 1,006 132 107 214 28 <strong>2009</strong> Q1 13,692 5,395 2,008 718 5,228 343 1,379 922 68 92 261 35 <strong>2009</strong> Jan. 13,379 5,340 1,944 710 5,048 337 1,530 1,016 75 105 278 56 Feb. 13,583 5,407 1,988 718 5,133 338 1,285 873 72 81 236 23 Mar. 13,692 5,395 2,008 718 5,228 343 1,323 878 58 90 269 27 Apr. 13,798 5,419 2,033 728 5,267 350 1,243 805 55 90 266 26 Short-term 2007 1,287 787 36 100 345 18 946 754 18 101 64 9 2008 1,589 822 61 115 566 25 962 723 26 92 101 19 2008 Q2 1,424 835 51 111 415 11 873 666 21 92 77 17 Q3 1,468 826 62 111 457 13 849 614 25 92 94 24 Q4 1,589 822 61 115 566 25 1,220 911 38 95 152 23 <strong>2009</strong> Q1 1,654 838 41 98 659 18 1,080 806 17 74 156 27 <strong>2009</strong> Jan. 1,656 862 38 108 630 19 1,230 905 18 82 178 47 Feb. 1,687 884 38 103 643 19 989 748 16 67 140 18 Mar. 1,654 838 41 98 659 18 1,021 764 17 74 149 17 Apr. 1,688 829 42 94 705 17 973 694 16 74 173 16 Long-term 2) 2007 10,782 4,259 1,473 553 4,189 309 191 86 41 8 52 3 2008 11,588 4,445 1,864 581 4,384 315 215 95 47 8 62 4 2008 Q2 11,120 4,397 1,576 558 4,280 309 247 121 48 10 65 3 Q3 11,245 4,442 1,633 570 4,290 311 168 76 29 5 54 3 Q4 11,588 4,445 1,864 581 4,384 315 266 95 93 11 62 5 <strong>2009</strong> Q1 12,038 4,556 1,967 621 4,570 324 299 116 51 18 105 8 <strong>2009</strong> Jan. 11,723 4,479 1,906 602 4,419 319 300 111 56 23 100 9 Feb. 11,896 4,523 1,949 615 4,490 319 296 125 56 15 95 6 Mar. 12,038 4,556 1,967 621 4,570 324 302 114 42 16 120 10 Apr. 12,110 4,590 1,991 634 4,562 333 270 111 40 16 93 10 Of which long-term fixed rate 2007 7,324 2,263 594 419 3,797 250 107 44 10 5 45 3 2008 7,611 2,326 625 445 3,966 250 119 48 8 6 54 3 2008 Q2 7,477 2,347 605 424 3,853 248 145 66 11 9 56 2 Q3 7,535 2,370 619 432 3,865 248 101 42 7 3 47 2 Q4 7,611 2,326 625 445 3,966 250 120 42 9 10 57 2 <strong>2009</strong> Q1 7,932 2,397 663 487 4,133 252 207 72 17 18 96 5 <strong>2009</strong> Jan. 7,712 2,349 644 467 4,002 251 214 76 18 23 92 6 Feb. 7,839 2,384 661 479 4,065 250 203 76 22 15 86 4 Mar. 7,932 2,397 663 487 4,133 252 205 65 11 15 108 6 Apr. 7,983 2,421 673 500 4,131 258 185 63 15 15 85 7 Of which long-term variable rate 2007 3,004 1,621 861 123 342 58 69 31 30 3 4 0 2008 3,489 1,724 1,209 126 365 64 81 36 38 1 5 1 2008 Q2 3,186 1,683 945 124 373 60 90 47 36 1 6 1 Q3 3,238 1,698 987 129 362 61 53 24 21 2 4 1 Q4 3,489 1,724 1,209 126 365 64 129 39 83 1 3 2 <strong>2009</strong> Q1 3,603 1,759 1,279 123 371 70 75 32 34 0 5 3 <strong>2009</strong> Jan. 3,508 1,724 1,234 125 359 66 63 19 37 0 3 3 Feb. 3,549 1,731 1,261 125 365 68 80 38 34 0 6 2 Mar. 3,603 1,759 1,279 123 371 70 81 40 30 1 7 4 Apr. 3,613 1,762 1,292 124 362 73 66 35 23 1 5 3 Source: ECB. 1) <strong>Monthly</strong> averages of/monthly data for the transactions during this period. 2) The residual difference between total long-term <strong>de</strong>bt securities and fixed and variable rate long-term <strong>de</strong>bt securities consists of zero coupon bonds and revaluation effects. S 36 ECB <strong>Monthly</strong> <strong>Bulletin</strong> <strong>July</strong> <strong>2009</strong>
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EN 0712009 EUROPEAN CENTRAL BANK MO
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© European Central Bank 2009 Addre
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ABBREVIATIONS COUNTRIES LU Luxembou
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Risks to the outlook for inflation
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ECONOMIC AND MONETARY DEVELOPMENTS
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ECONOMIC AND MONETARY DEVELOPMENTS
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ECONOMIC AND MONETARY DEVELOPMENTS
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ARTICLES THE IMPACT OF GOVERNMENT S
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others also take into account the r
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exceeds the market price, a capital
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4 THE IMPACT ON GOVERNMENT BOND YIE
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yield differential to Germany despi
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5 IMPLICATIONS FOR FISCAL SUSTAINAB
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THE IMPLEMENTATION OF MONETARY POLI
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to loans with shorter maturities to
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Chart 2 Average daily reserve surpl
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Chart 5 US dollars provided by the
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EURO AREA STATISTICS General notes
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EURO AREA STATISTICS General notes
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DOCUMENTS PUBLISHED BY THE EUROPEAN
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DOCUMENTS PUBLISHED 89 “An analys
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DOCUMENTS PUBLISHED “Euro area ba
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GLOSSARY This glossary contains sel
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GLOSSARY ERM II (exchange rate mech
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GLOSSARY Investment funds (except m
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GLOSSARY is determined on the basis