With regard to the narrowing of credit spreads in, for example, the corporate bond market, one member said that the Bank's continuation of its low interest rate policy caused the yield curve to flatten and credit spreads to narrow, and thus investors and financial institutions might be exposed to significant interest rate and credit risks.
The current bond market targets institutional investors with the exception of a minority of corporate bonds issued for individual investors.
また、社債市場も良好な発行環境が続き、低格付社債にも改善の動きがみられています。
Issuing conditions for corporate bonds have also been favorable, and even those for low-rated corporate bonds have shown signs of improvement.
社債市場では、相応の発行が行われていますが、スプレッドが拡大するなど、調整が続いています。
Corporate bonds have been issued at a reasonable pace, but the corporate bondmarket is still undergoing adjustment as seen in increased issuance spreads.
この結果、例えば、社債市場では、格付けが高い銘柄と低い銘柄の間で流通利回りの乖離が大きくなります。
As a result, the yield spreads between bonds with high and low credit ratings have widened in the secondary market.
これらは、CPや社債市場の機能低下が企業金融全体の逼迫に繋がっているとの認識に基づいた措置です。
The Bank took these measures based on its recognition that a decline in the functioning of CP and corporate bond markets was causing a tightening of overall corporate financing conditions.
In fact, Japan's commercial paper and corporate bond markets tightened sharply in the last several months, which caused an acute squeeze in Japan's corporate finance.
In Japan, too, since the functioning of CP and corporate bond markets has recovered, the Bank wound up its outright purchases of CP and corporate bonds at the end of December 2009.
Since the financial instability during 1997-98 subsided, the Japanese corporate bond market has seen a substantial narrowing of credit spreads under the strong monetary easing by the Bank of Japan.
Fears of slowing economic growth, tighter monetary policy, and trade-related tensions all contributed to heightened equity and credit market volatility during 2018.
Conditions in credit markets generally continued to improve, as credit spreads on corporate bonds-- not only those with high ratings but also those with medium and low ratings-- narrowed moderately.
In this sense, the lack of a reliable JGS yield curve across maturities can be considered as one of the reasons why the corporate bond market is not well developed in Japan in comparison with the United States.
社債市場とECBの事業法人セクター購入プログラム。
The corporate bond market and the ECB's corporate sector purchase programme.
中国の社債市場。
Corporate bond market of China.
(3)社債市場育成の実績を整理し、問題点を洗い出し、改善に向けた課題を検討する。
(3) Summarize the outcomes of corporate bond market development, identify problems with it, and study challenges for improvement.
社債市場でもA格以下の企業の発行は事実上停止状態となりました。
In the corporate bond market, issuance by firms rated single A or below has virtually been suspended.
社債市場での銀行の役割交替により、あらゆる種類の相互に関連する非排他的な投資構造が急拡大している。
The replacement of the role of the banks in the corporate debt markets has resulted in the rapid growth of interrelated, non-mutually exclusive investment structures….
社債市場では、低格付け社債の発行量が大きく減少している。
In the corporate bond market, the amount of bonds issued by firms with low credit ratings was falling significantly.
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