金融危機がもたらした債券市場への影響について.pptVIP

The Impact of the Financial Crisis on the Japanese Bond Market Hideaki Matsunaga General Manager Self-regulation Division 2 Japan Securities Dealers Association Influence on JGB Market Influence on Corporate Bond Market etc. JSDA Actions Primary Market 　　　　　　　?Lehman did not execute payment for their bid 　　　　　　　　　（Amount of issuance decreased） ?　Affected the settlement of JGBs 　 which Lehman had already sold 　　　　　　　　　　　　　　　　　　　 Secondary Market 　　　　　　 ?Delivery failures occurred at high level because Lehman failed to settle its transactions 　　　　　　　　?Influence on Repo Market ?　Concern over default risk and delivery failure led to greater selectivity of counterparties Low Grade Corporate Bond (BBB) Issuance Became More Difficult Corporate Bond Issuance by Industry Now Under Consideration Establishing and Reviewing Rules and Practices Regarding Failed Deliveries in Bond Transactions Shortening Settlement Period Revitalizing Corporate Bond Markets 　　 Ｔｈａｎｋ　Ｙｏｕ． * * １ Amount of Corporate Bond Issuance by Rating Corporate Bond Issuance Composition by Rating (number of issues) 0% 20% 40% 60% 80% 100% H1, FY2006 H2, FY2006 H1, FY2007 H2, FY2007 H1, FY2008 H2, FY2008 H1, FY2009 ＡＡＡ ＡＡ Ａ ＢＢＢ 業種別 (English) Sheet3 業種別 格付け別 Graph3 FY2006 FY2007 FY2008 FY2009(April～) ＡＡＡ ＡＡ Ａ ＢＢＢ Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr-06～Sep-06 Apr-07～Sep-07 Apr-08～Sep-08 Apr-09～Sep-09 Oct-06～Mar-07 Oct-07～Mar-08 Oct-08～Mar-09 製造業 電気?ガス業 運輸?情報通信業 金融?保険業 その他 銀行 （うち、劣後債） （劣後債の比率） 銀行／金融?保険業 （劣後債発行額） Manufacture Utilities Bank Other H1, FY2006 H2, FY2006 H1, FY2007 H2, FY2007 H1, FY2008 H2, FY2008 H1, FY2009 Transportation? Information Telecommunications Finance?Insurance （Suboｒdinated 　Bond Isuuance） Bank/ Finance?Insurance .53 .68 1.14 .88 .96 1.17 1.85 .76 .35 1.06 .80 1.