Financial Market Trends 36 [antikvár]

HIGHLIGHTSINTERNATIONAL FINANCIAL MARKETSIn 1986, activity on the international capital market advanced vigorously for the third consecutive year, supported by a large volume of debt refinancing and by the intensification of the worldwide process of financial integration. At $376 billion, the overall volume of borrowing facilities arranged internationally recorded a new all-time high, with a 34 per cent rise above the corresponding figure for 1985. This further advance of activity was accompanied by major changes in the relative importance of the instruments used in international financing: the shares in total financing of straight bond offerings, equity-related securities and euro-commercial paper programmes rose to their highest level in the present decade while the markets for floating-rate notes and for note issuance facilities posted significant declines in absolute as well as relative terms. Another major feature was the unprecedented concentration of lendingBORROWING ON THE INTERNATIONAL CAPITAL MARKETS$ billionINSTRUMENTS1983198419851986Bonds77.1111.5167.7226.4Syndicated Loans67.257.042.047.8Note Issuance Facilities3.517.436.321.4Other Back-up Facilities6.011.410.55.6TOTAL153.8197.3256.5301.2Euro-commercial PaperProgrammes Other Non-underwrittenFacilities Equities11.210.6 2.355.68.0 11.3GRAND TOTAL153.8197.3280.6376.1N.B.: Excluding merger-related standbys and renegotiations.5