DEVELOPMENT TRENDS IN THE INTERNATIONAL DEBT SECURITIES MARKET

Abstract

With the global financial market liberalization, countries are getting increasingly dependent on the external financing realized through the infrastructure and mechanisms of the international debt market. Since over 4/5 of the total international debt market falls on various types of debt securities, the analysis of the dynamics and trends in the development of this segment of the international debt market is of particular interest. The paper focuses on the dynamics, structure and trends in the international debt securities market development for the last two decades. The international debt securities market is viewed in the context of its players, principal financial tools and currencies. Based on the performed analysis, it is concluded that the normal progressive development of the international debt securities market was upset by the global financial and economic crisis of 2007 to 2009. Among the key features of the international debt securities market for the reviewed period, the paper points out the growing role of emerging economies; an increased share of issued international debt securities denominated in euro, as well as expansion of non-bank financial institutions involved in the issuance of debt securities on the background of weakening banks’ positions in the recent years.