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Title:SPREMEMBE NA TRGU DRŽAVNIH OBVEZNIC PO VSTOPU SLOVENIJE V EMU
Authors:ID Juteršek, Gregor (Author)
ID Markovič Hribernik, Tanja (Mentor) More about this mentor... New window
Files:.pdf MAG_Jutersek_Gregor_2011.pdf (1,35 MB)
MD5: 8CDA51FE4C2EE2A059A873B94603B738
PID: 20.500.12556/dkum/6e9935be-4fb4-43f0-b661-cc89470cd568
 
Language:Slovenian
Work type:Master's thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Republika Slovenija je pred prevzemom evra izdajala državne obveznice predvsem na domačem trgu na avkcijski način. Na primarnem in sekundarnem trgu državnih vrednostnih papirjev so do vključno leta 2006, kot udeleženci primarnega trga oziroma primarni vpisniki ter kot uradni vzdrževalci sekundarnega trga državnih vrednostnih papirjev, neposredno sodelovale le domače finančne institucije. Trgovanje na sekundarnem trgu je sprva potekalo preko organiziranega trga Ljubljanke borze, kasneje pa preko posebnega segmenta TUVL. Likvidnost na sekundarnem trgu je bila slaba. Po vstopu Slovenije v EMU je bil med strateškimi cilji njenega zadolževanja vključen tudi cilj širjenja investitorske baze na integriranem trgu državnih obveznic v evroobmočju, gradnje krivulje donosnosti ter pospeševanja sekundarne likvidnosti državnih obveznic. Za dosego teh ciljev je sindicirani način izdajanja obveznic nadomestil avkcijskega, v skupino primarnih vpisnikov so bile vključene tudi tuje finančne institucije in ustanovljena je bila nova elektronska trgovalna platforma MTS Slovenija.
Keywords:EMU, trg državnih obveznic, avkcije, sindicirana izdaja, TUVL, MTS Slovenija, krivulja donosnosti.
Place of publishing:Celje
Publisher:[G. Juteršek]
Year of publishing:2011
PID:20.500.12556/DKUM-18830 New window
UDC:336.76
COBISS.SI-ID:10781724 New window
NUK URN:URN:SI:UM:DK:ACOUMYIY
Publication date in DKUM:14.10.2011
Views:2885
Downloads:318
Metadata:XML DC-XML DC-RDF
Categories:EPF
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Secondary language

Language:English
Title:Changes on the Government Bond Market after entering Slovenia into EMU
Abstract:Before entering the EMU, Republic of Slovenia issued government bonds mainly in the domestic market via auctions. Up to and including 2006, only domestic financial institutions had directly participated in the primary and secondary government securities market as primary market participants or primary dealers and as official market makers on the secondary market of government securities. Trading in the secondary market was initially carried out through a regulated market Ljubljanke Stock Exchange, but later, through a specific segment called TUVL. Liquidity in the secondary market was weak. After Slovenia entered into EMU, one of the strategic goals was broadening the investors' base on the common government bond market in the eurozone, building the yield curve and enhancing the secondary liquidity of Slovenian government bonds. To achieve this goal auction method of bond issuance was replaced by a sindicated one, into primary dealers group non-resident financial institutions have been included and a special designated electronic trading platform MTS Slovenia was introduced.
Keywords:EMU, government bond market, auctions, syndicated issue, TUVL, MTS Slovenia, yield curve.


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