CHAPTER 3
GOVERNMENT BONDS AROUND THE WORLD
Having covered the main characteristics of government bonds in the last chapter we now briefly describe a few other significant national markets. There is also an overview of developing country bonds. Finally, this chapter covers bonds issued by local authorities, such as in the US municipal bond market, and by organisations that while not strictly government owned have a close relationship with the central government.
Sovereign bond risk and return
Most countries issue government bonds which are similar in format to UK gilts and each country and their bonds are given a credit rating by one of the credit rating agencies. The three biggest and best-known agencies are Moody’s, Standard & Poor’s ...
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