Tag Archive | "danish bonds"

The Best Haven Market


See why there is currently one best haven stock market.

Our recent message “Danish Shares Now” looked at how Danish interest rates have dropped below zero and asked the question, should we invest in the Danish stock market now.  The chart below shows that the Danish stock index (dark blue) has outperformed the S&P 500 (light blue).

So is this a good place to invest?

danish etf

Based on value as the guide, the answer in that message was “No.  The Danish market is too expensive”!

In fact the Danish market, in terms of price-to-book value, is the most expensive of all developed stock markets.

While researching the Keppler Asset Management analysis of top value developed markets, it became clear that most of the small, North European stock markets were expensive.

These northern European markets are priced at premiums because they are haven markets.

Belgium, Denmark, the Netherlands, Sweden and Switzerland are deemed safe, politically stable countries and because they are small… the extra demand created by their haven status has driven share prices sky high.  Keppler Asset Management’s analysis shows all of them to be poor value (sell) markets.

All the poor value markets (other than the US) in Keppler’s analysis are rich, small, northern European countries with stable politics.

When stock markets are seen as a haven they generally do not offer good long term appreciation potential.  We are living in scary, uncertain times and fear has made these haven markets expensive.

denmark

A look at Keppler Asset Management’s April 2019 analysis shows that Denmark has the highest price per book (3.79) and the second lowest average dividend yield (2.28%) of all the stock markets of the world.  In other words, from a value point of view the Danish market is just about the poorest value.

Fortunately there is one much better have stock market bet.

There is one, small, rich, politically stable, northern European haven country with its own currency.  This market is listed in the good value developed markets below (and is in my portfolio).  See if you can spot it and let me know!

Gary

Investing Beyond the Boom

Warren Buffet once warned against the Cinderella effect.

He said “Don’t be fooled by that Cinderella feeling you get from great returns.  Nothing sedates rationality like large doses of effortless money.  After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball.  They know the party must end but nevertheless hate to miss a single minute of what is one helluva party.  Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.”

Cinderella may have lost a shoe when she fled the party to meet a midnight curfew.  We can lose much more when we rush from a crashing stock market.

Most investors face emotional dangers that build in rising markets.

Almost everyone feels good.

But the clock of economic reckoning is ticking.

No wants to see it.  Nothing rises forever and especially… not everything at the same time.

Yet no one wants to leave the party until the end.

But many edge closer to the door.

When the clock chimes there could be a stampede even though leaving in a hurry may be the worst way to go.

Here are seven steps that can help avoid this risk.

  • Choose investments based on markets instead of shares.
  • Diversify based on value.
  • Rely on financial information rather than economic news.
  • Keep investing simple.
  • Keep investing costs low.
  • Trade as little as possible.
  • Make the decision process during panics automatic.

One strategy is to invest in country ETFs that easily provide diversified, risk-controlled investments in countries with stock markets of good value.  These ETFs provide an easy, simple and effective approach to zeroing in on value.  Little management and less guesswork is required.  The expense ratios for most ETFs are lower than those of the average mutual funds.  Plus a single country ETF provides diversification equal to investing in dozens, even hundreds of shares.

A minimum of knowledge, time, management or guesswork are required.

The importance of…

easy…

transparent…

and inexpensive. 

Keeping investing simple is one of the most valuable, but least looked at, ways to avoid disaster.  Simple and easy investing saves time.  How much is your time worth?  Simple investing costs less and avoids fast decisions during stressful times in complex situations where we are most likely to get it wrong.

Fear, regret and greed are an investor’s chief problem.  Human nature causes  investors to sell winners too soon, and hold losers too long.

Easy to use, low cost, mathematically based habits and routines help protect against negative emotions and impulse investing.

Take control of your investing.  Make decisions based on data and discipline, not gut feelings.  The Purposeful investing Course (Pi) teaches math based, low cost ways to diversify in good value markets and in ETFs  that cover these markets.  This course is based on my 50 years of investing experience combined with wisdom gained from some of the world’s best investment managers and economic mathematical scientists.

Enjoy Repeated Wealth With Pi

Pi’s mission is to make it easy for anyone to have a strategy and tactics that continually maintain safety and turn market turmoil into extra profit.

One secret is to invest with a purpose beyond the immediate returns.  This helps create faith in a strategy that adds stickiness to the plan.

Another tactic is to invest with enough staying power so you’re never caught short.

Never have to sell depressed assets during periods of loss.

Lessons from Pi are based on the creation and management of Model Portfolios, called Pifolios.

The success of Pifolios is based on ignoring economic news (often created by someone with vested interests) and using financial math that reveals deeper economic truths.

One Pifolio covers all the good value developed markets.  Another covers the emerging good value markets.

The Pifolio analysis begins with a continual research of 46 major stock markets that compares their value based on:

#1:  Current book to price

#2:  Cash flow to price

#3:  Earnings to price

#4:  Average dividend yield

#5:  Return on equity

#6:  Cash flow return.

#7:  Market history

This is a complete and continual study of almost all the developed major and emerging stock markets.

This mathematical analysis forms the basis of a Good Value Stock Market Strategy.   The analysis is rational, mathematical and does not worry about short term ups and downs.

This strategy is easy for anyone to follow and use.  Pi reveals the best value markets and provides contacts to managers and analysts and Country Index ETFs so almost anyone can create and follow their own strategy.

Learn how to invest like a pro from the inside out.

At the beginning of 2019 my personal Pifolio is based on select ETFs in the Keppler Developed and Emerging markets.  My Pifolio is invested in Country ETFs that cover seven developed and three emerging markets:

Norway
Australia
Hong Kong
Germany
Japan
Singapore
United Kingdom
Taiwan
South Korea
China

Don’t give up profit to gain ease and safety!

Regardless of economic news, these markets represent good value and have been chosen based on four pillars of valuation.

  • Absolute Valuation
  • Relative Valuation
  • Current versus Historic Valuation
  • Current Relative versus Relative Historic Valuation

When you subscribe to Pi, you immediately receive a 120 page basic training course that teaches the Pi Strategy.   You learn all the Pi strategies, what they are, how to use them and what each can do for you, your lifestyle and investing.

You also begin receiving regular emailed Pifiolio updates and online access to all the Pifolio updates of the last two years.  Each update examines the current activity in a Pifolio, how it is changing, why and how the changes might help your investing or not.

Included in the basic training is an additional 120 page PDF value analysis of 46 stock markets (23 developed markets and 23 emerging stock markets).  This analysis looks at the price to book, price to earnings, average yield and much more.

You also receive two special reports.

In the 1980s, a remarkable set of two economic circumstances helped anyone who spotted them become remarkably rich.  Some of my readers made enough to retire.  Others picked up 50% currency gains.  Then the cycle ended.  Warren Buffett explained the importance of this ending in a 1999 Fortune magazine interview.  He said:  Let me summarize what I’ve been saying about the stock market: I think it’s very hard to come up with a persuasive case that equities will over the next 17 years perform anything like—anything like—they’ve performed in the past 17!

I did well then, but always thought, “I should have invested more!”  Now those circumstances have come together and I am investing in them again.

The circumstances that created fortunes 30 years ago were an overvalued US market (compared to global markets) and an overvalued US dollar.  The two conditions are in place again!

30 years ago, the US dollar rose along with Wall Street.  Profits came quickly over three years.  Then the dollar dropped like a stone, by 51%  in just two years.  A repeat of this pattern is growing and could create up to 50% extra profit if we start using strong dollars to accumulate good value stock market ETFs in other currencies.

This is the most exciting opportunity I have seen since we started sending our reports on international investing ideas more than three decades ago.  The trends are so clear that I have created a short, but powerful report “Three Currency Patterns for 50% Profits or More.”   This report shows how to earn an extra 50% from currency shifts with even small investments.  I kept the report short and simple, but included links to 153 pages of  Good Value Stock Market research and Asset Allocation Analysis.

The report shows 20 good value investments and a really powerful tactic that shows the most effective and least expensive way to accumulate these bargains in large or even very small amounts (less than $5,000).  There is extra profit potential of at least 50% so the report is worth a lot.

This report sells for $29.95 but in this special offer, you receive the report, “Three Currency Patterns for 50% Profits or More” FREE when you subscribe to Pi.

Plus get the $39.95 report “The Silver Dip 2019” free.

With investors watching global stock markets bounce up and down, many missed two really important profit generating events over the last two years.  The price of silver dipped below $14 an ounce as did shares of the iShares Silver ETF (SLV).   The second event is that the silver gold ratio hit 80, compared to a ratio of 230 only two years before.

In September 2015, I prepared a special report “Silver Dip 2015” about a silver speculation, leveraged with a British pound loan, that could increase the returns in a safe portfolio by as much as eight times.  The tactics described in that report generated 62.48% profit in just nine months.

I have updated this report and added how to use the Silver Dip Strategy with platinum.   The “Silver Dip 2019” report shares the latest in a series of long term lessons gained through 40 years of speculating and investing in precious metals.  I released the 2015 report, when the gold silver ratio slipped to 80.  The ratio has corrected and that profit has been taken and now a new precious metals dip has emerged.

I have prepared a new special report “Silver Dip 2019” about a leveraged speculation that can increase the returns in a safe portfolio by as much as eight times.

You also learn from the Value Investing Seminar, our premier course, that we have been conducting for over 30 years.  Tens of thousands of delegates have paid up to $999 to attend.  Now you can join the seminar online FREE in this special offer.

This three day course is available in sessions that are 10 to 20 minutes long for easy, convenient learning.   You can listen to each session any time and as often as you desire.

The sooner you hear what I have to say about current markets, the better you’ll be able to cash in on perhaps the best investing opportunity since 1982.

seminars

Tens of thousands have paid up to $999 to attend.

This year I celebrated my 51st anniversary of writing about global investing.  Our reports and seminars have helped readers have better lives, with less stress yet make fortunes during up and down markets for decades.  This information is invaluable to investors large and small because even small amounts can easily be invested in the good value shares we cover in our seminar.

Stock and currency markets are cyclical.  These cycles create extra profit for value investors who invest when everyone else has the markets wrong.  One special seminar session looks at how to spot value from cycles.  Stocks rise from the cycle of war, productivity and demographics.  Cycles create recurring profits.  Economies and stock markets cycle up and down around every 15 to 20 years as shown in this graph.

stock-Charts

The effect of war cycles on the US Stock Market since 1906.

Bull and bear cycles are based on cycles of human interaction, war, technology and productivity.  Economic downturns can create war.

The chart above shows the war – stock market cycle.  Military struggles (like the Civil War, WWI, WWII and the Cold War: WW III) super charge inventiveness that creates new forms of productivity…the steam engine, the internal combustion engine,  production line processes, jet engines, TV, farming techniques, plastics, telephone, computer and lastly during the Cold War, the internet.  The military technology shifts to domestic use.  A boom is created that leads to excess.  Excess leads to correction. Correction creates an economic downturn and again to war.

Details in the online seminar include:

* How to easily buy global currencies, shares and bonds.

* Trading down and the benefits of investing in real estate in Small Town USA.  We will share why this breakout value is special and why we have been recommending good value real estate in this area since 2009.

* What’s up with gold and silver?  One session looks at my current position on gold and silver and asset protection.  We review the state of the precious metal markets and potential problems ahead for US dollars.  Learn how low interest rates eliminate  opportunity costs of diversification in precious metals and foreign currencies.

* How to improve safety and increase profit with leverage and staying power.  The seminar reveals Warren Buffett’s value investing strategy from research published at Yale University’s website.  This research shows that the stocks Buffet chooses are safe (with low beta and low volatility), cheap (value stocks with low price-to-book ratios), and high quality (stocks of companies that are profitable, stable, growing, and with high payout ratios). His big, extra profits come from leverage and staying power.  At times Buffet’s portfolio, as all value portfolios, has fallen, but he has been willing and able to wait long periods for the value to reveal itself and prices to recover.

Use time not timing.

Time is your friend when you use a good value strategy.  The longer you can hold onto a well balanced good value portfolio, the better the odds of outstanding success.

A 45 year portfolio study shows that holding a diversified good value portfolio (based on a  good value strategy) for 13 month’s time, increases the probability of out performance to 70%.  However those who can hold the portfolio for five years gain a 88% probability of beating the bellwether in the market and after ten years the probability increases to 97.5%.

Learn how much leverage to use.  Leverage is like medicine, the key is dose.  The best ratio is normally 1.6 to 1.  We’ll sum up the strategy; how to leverage cheap, safe, quality stocks and for what period of time based on the times and each individual’s circumstances.

Learn to plan in a way so you never run out of money.  The seminar also has a session on the importance of having and sticking to a plan.  See how success is dependent on conviction, wherewithal, and skill to operate with leverage and significant risk.  Learn a three point strategy based on my 50 years of investing experience combined with wisdom gained from some of the world’s best investment managers and economic mathematical scientists.

The online seminar also reveals  the results of a $80,000 share purchase cost test that found the least expensive way to invest in good value.  The keys to this portfolio are good value, low cost, minimal fuss and bother.  Plus a great savings of time.  Trading is minimal, usually not more than one or two shares are bought or sold in a year.  I wanted to find the very least expensive way to create and hold this portfolio so I performed this test.

I have good news about the cost of the seminar as well.   For almost three decades the seminar fee has been $799 for one or $999 for a couple. Tens of thousands paid this price, but online the seminar is $297.

In this special offer, you can get this online seminar FREE when you subscribe to our Personal investing Course.

Save $468.90 If You Act Now

Subscribe to the first year of The Personal investing Course (Pi).  The annual fee is $299, but to introduce you to this online, course that is based on real time investing, I am knocking $102 off the subscription.  Plus you receive FREE the $29.95 report “Three Currency Patterns for 50% Profits or More”, the $39.95 report “Silver Dip 2019” and our latest $297 online seminar for a total savings of $468.90.

ecuador-seminar

Triple Guarantee

Enroll in Pi.  Get the basic training, the 46 market value report, access to all the updates of the past two years, the two reports and the Value Investing Seminar right away. 

#1:  I guarantee you’ll learn ideas about investing that are unique and can reduce stress as they help you enhance your profits through slow, worry free, easy diversified investing.

If you are not totally happy, simply let me know.

#2:  I guarantee you can cancel your subscription within 60 days and I’ll refund your subscription fee in full, no questions asked.

#3:  You can keep the two reports and Value Investing Seminar as my thanks for trying.

You have nothing to lose except the fear.   You gain the ultimate form of financial security as you reduce risk and increase profit potential.

Subscribe to Pi now, get the 130 page basic training, the 120 page 46 market value analysis, access to over 100 previous Pifolio updates, the “Silver Dip 2019” and “Three Currency Patterns For 50% Profits or More” reports, and value investment seminar, plus begin receiving regular Pifolio updates throughout the year.

Subscribe to a Pi annual subscription for $197 and receive all the above.

Your subscription will be charged $299 a year from now, but you can cancel at any time.

Gary

 

 

 

 

 

How to Invest in Nordic Bonds


How to Invest in the Nordic Bonds

This site has long been recommending invest north!

Ancient boulders scoured from the glacier’s past are historical gray giants that watch the fresh forests of fir and pine. Fresh sea breezes warmed by a thin, summer sun caress ripe brown fields and clean the air.

Helsinki

Helsinki

One of the places Merri and I love is just outside Helsinki,  a museum that was formerly home for three famous architects. Here we enjoyed a wonderful fresh lunch overlooking White Lake where we learned more of Finland’s history.

We are looking at Nordic bonds not Scandinavian bonds because Finland is not part of Scandinavia (it is a Nordic country) and is related to Eastern Europe with its borders just a few miles from Estonia and St. Petersburg, Russia.  Finland is geographically the seventh largest country in Europe yet has only five million plus inhabitants.   Finland is also a new nation, a Sovereign Parliamentary Republic formed in 1917 after many years of occupation by Sweden and then Russia.

Helsinki-Vantaa Airport is one of the nicest airports in the world. All chrome and glass, high ceilings with lots of light and air, everything is neat, clean (as was everything we saw in Helsinki) and well organized. Helsinki is a boater’s paradise, sitting on the sea. One sees harbors everywhere lined with boats ranging from modern fiberglass powerboats and gin palaces to ancient wooden square riggers and two and three masted sloops and schooners. The city has a wonderful downtown area with excellent, old architecture, some nice city parks and every modern facility and accommodation.

The Hotel Kamp, is very deluxe and has a first class spa that sits atop the hotel.   You can see pictures at http://www.hotelkamp.fi/

One thing I love most about Helsinki is the fact that every imaginable facility is available, yet there are no crowds. The traffic is light and with just five million people in this huge nation you have a wonderful feeling of space.

Finland appeals to my outdoor spirit with 196,000 lakes and a coastline of 24,000 miles… and most of the nation filled with forests. They have a national concept there that the land belongs to everyone so these woods are free for roaming regardless of who owns the land.

The area around Helsinki reminds me of the lower altitudes of the Cascade Mountains or mid British Columbia, brash, bold, fresh, raw, a volcanic energy set amidst perfect peace and quiet. Of course we were there in late August and the winds were warm, skies perfectly blue and the sunshine bright. I do not doubt that in February, when the days run so short they are almost non existent and the snow piles up, that I might feel differently. I am told however that March is a wonderful time in Lapland up north, sunny and perfect for cross country skiing.

Finland was named the number one country (out of 142) in a survey carried out by the World Economic Forum measuring how well countries take care of their environment. Finland did especially well in three areas, keeping air and water clean, maintaining a high institutional capacity to deal with environmental problems and having a low level of greenhouse gas omissions.

Finland is also one of the very interesting northern places for investing and has a reputation for efficiency, competitiveness and efficient taxation that keeps the government financially strong.

Add this all together, the natural beauty, space, an efficient work force tackling leading edge technology financed by plenty of venture capitalists and you have a place that might really be a great to be. Throw in one of the finest luxury hotels and all those lakes plus the beauty of Lapland! Finland is worth a visit.

However one would not want to put everything in Finland nor look at long dated Finnish debt.

In 2010 the IMF warned  that though globalization had greatly benefited Finland over the last two decades, it also left it particularly exposed to the global crisis.

Given its extensive trade linkages and export characteristics, the economy has been hit hard, although there are signs of recovery.

Finland had a decade of fiscal surpluses that gave it a buffer to absorb this shock and create sizable stimulus measures without going deeply in debt. The banking sector weathered the crisis with healthy capital ratios and a prudent approach to banking.

Current global economic turbulence due to the euro crisis adds some uncertainty to the outlook for the financial sector and the overall economy.

Aging of Finland’s population is also a concern.

The IMF has urged Finland to reform its approach to the imminent aging of the population.  In 2010, the majority of voters in Finland were over 50 years and in a democracy it becomes difficult to carry out financial decisions disadvantageous to the majority.

Here is an excerpt from a message sent to our readers in 2006 included here because the recommendations remains valid:  One northern area this site has been promoting for years is Scandinavia.

Many recent computer models show that Scandinavia seems to be most resilient to the ecological and human impacts of climate change. Indeed in the mid-term, numerous cold places, like Britain, Canada and Scandinavia will likely benefit from climate change, with longer, warmer summers, safer climate and increasing crop yields. The same goes for parts of the northern American continent.

Take England as an example. A Friday July 28, 2006 Guardian article entitled “Climate change could bring tourists to UK” says: “Climate change could ‘dramatically’ change the face of British tourism in the next 20 years, with European tourists flocking to the UK to escape unbearably hot continental summers, experts say. Research shows that European tourists may choose to holiday in Britain as resorts nearer to home become too hot. Weather changes may provide revival opportunities for northern seaside towns such as Blackpool and put new strains on roads and development in southern coastal resorts, a study in the Journal of Sustainable Tourism said. You can read this entire message at The Guardian Unlimited.

Scandinavia may benefit as well. Copenhagen is Merri’s and my favorite European city. English is spoken. The people are friendly and happy. In fact according to one survey, they are the happiest people in the Western world. 

Recent messages at our sites have also shown that some of the strongest currencies in the world are all in the north…Norway, Sweden, Denmark and Canada.

Here we are nearly a decade later and northern climes look even safer.

In 2008 during the last global economic crisis, I moved 15% of my portfolio into Swedish and Danish bonds funds.  They offered lousy returns but great stability and safety.

An excerpts from an November 10, 2011 email Jyske Global Asset Managers sent me last week shows why Nordic bonds may again be one of the safest places to invest now.

An analysis from the American National Bureau of Economic Research points that Denmark, Sweden, Finland and Norway are the safest countries in Europe to lend to. The analysis shows that Denmark since its establishment as an independent state in year 980 has always met its debt obligations and has never let down its creditors. At the other end of the scale is Greece, which since 1829 has defaulted on 50.6% of the debt which the country has established.

There are numerous ways to invest in Nordic bonds.

Non American investors can invest in the JyskeInvest Danish Bond fund and JyskeInvest  Swedish Bond Fund.  See more at www.Jyske invest.com

Jyske Invest Swedish Bond Fund statistics as of November 2011:

swedish-portfolio

swedish-portfolio

swedish-portfolio

Jyske Invest Danish Bond Fund statistics as of November 2011:

danish-bonds

danish-bonds

danish-bonds 

Non US investors can get details on how to buy these funds from Rene Mathys at Jyske Bank Private Bank mathys@jbpb.dk

Jyske Global Investment Advisers (JGAM) can buy Nordic bonds for US advisory clients (accounts over $1,000,000).

As of November 14, 2011 JGAM is currently looking at increasing the bond exposure in its managed accounts but because government bond yields are low they may buy corporate issued bonds in US dollars  for a positive carry with increased US dollar loans.

JGAM just selected three new multi currency plays for its managed Forex accounts and advisory clients.

These ideas include adding (via currency sets) the  Singapore dollar.  JGAM’s research partner believes, that China will make a soft-landing. Food inflation has peaked and China has also managed to cool down the real estate market.With Europe, China´s biggest export market, heading into a recession the Chinese authorities may ease measures to spur growth and the Singapore dollar (SGD) will lead an Asian recovery.

See more about this Singapore position and the three multi currency portfolio sets.  Subscribers can access these ideas at their password protected site. Click here.

Learn how to get a Multi Currency password here.

Learn more about JGAM portfolios from Thomas Fischer at fischer@jgam.com

One way for US investors with smaller amounts to diversify is to invest in Nordic bonds is though NASDAQ OMX.

The OMX Nordic Exchange offers investors access to the key financial markets based in Northern Europe’s Scandinavian and Baltic nations. In 2007, this exchange was purchased by NASDAQ to make it easier for American investors to gain access to its securities.

Americans can invest in the Nordic Stock Exchange by opening a trading account with a financial institution or brokerage firm access to global markets.  Your broker will then forward your request to a licensed member of the OMX Nordic Exchange.

NASDAQ OMX has a large and well functioning Fixed Income market in Copenhagen which is among the largest in Europe measured both by turnover, volume and number of bonds.

copenhagen

A photo I shot on my last Copenhagen trip.

Large turnover – high transparency.

The bond market in Copenhagen is among the top five in Europe measured by turnover. In 2010 the total turnover was EUR 918 billion (market value, excl. repo), which corresponds to approximately EUR 76.5 billion in monthly turnover. This turnover was distributed over roughly 2,200 listed bonds that by the end of 2010 had a circulating amount on EUR 541 billion.

The Bond market in Copenhagen is characterized by being one of the most transparent in Europe. Thus, the bond members are, with only a few exceptions, required to report and publish all trades within a few minutes. The result is a market with a high level of price transparency to the benefit of both issuers and investors. Both price and trading data is published on NASDAQOMXNordic.com.

Mortgage Bonds, Government Bonds, Structured Bonds, Corporate and Other Bonds

At NASDAQ OMX – Copenhagen it is possible to list and invest in a wide variety of fixed income products.

Mortgage Bonds

The Danish Mortgage Bonds are unique due to the special way in which property/real estate investments are funded in Denmark. The strengths of these products are:

* The Danish law for issuance of Mortgage Bonds is stringent
* Issuance is very cost-efficient
* The distribution network is extensive
* A global “balance principal” applies
* The principle of low investor risk has been maintained since the 19th century
* So far no investors have lost their invested capital and no mortgage credit institution/mortgage credit bank has ever gone bankrupt.
* A clear majority of the Danish Mortgage Bonds have been rated by internationally recognized rating agencies.

With a circulating amount on EUR 437 billion and 1,877 bonds listed by the end of 2010, the mortgage bond segment accounts for the greater part of the Danish fixed income market. The total turnover of mortgage bonds in 2010, measured by market value (excl. repo), was EUR 779 billion.

Government Bonds

All Danish government bonds and notes can be traded at NASDAQ OMX Copenhagen. These bonds are characterized as being “low risk securities” that have attracted a significant interest from foreign investors.

The circulating amount of the Danish Government Bonds was EUR 88 billion by the end of 2010, distributed over 18 bonds. The value has been decreasing during the last couple of years due to lower need for government borrowing in Denmark. The total turnover in 2010 was EUR 131 billion (market value, excl. repo).

Structured Bonds

Throughout the last couple of years NASDAQ OMX Copenhagen has seen an increasing interest for both issuing and investing in structured bonds. We have therefore created a special market for the issuing and trading of these bonds. The investors can now choose between more than 170 different bonds with a total market value of approximately EUR 1 billion.

By creating a special market for Structured bonds NASDAQ OMX Copenhagen hopes to increase the transparency for these bonds. Based on the latest years development we furthermore expect this market to grow, with higher turnovers, increasing circulating amount and a higher degree of diversification among the bonds.

Corporate and Other Bonds

NASDAQ OMX Copenhagen has a special market for corporate bonds, convertible bonds, covered bonds (issued by banks) and other bonds. This market is called Corporate and Other Bonds. By having a separate market for these bonds we intend to increase focus on the many different bonds that can be traded at NASDAQ OMX Copenhagen. The number of listed bonds was 127 with a circulating amount of EUR 11 billion by the end of 2010. The total turnover in 2010 was EUR 7 billion (market value, excl. repo).

Read more about the Danish bond index here.

Fixed Interest bond index family on OMX Nordic Exchange Stockholm

OMRX – Fixed Interest bond index family – is a family of indexes. Its purpose is show the value trend of certain type of passively managed portfolio of Swedish interest bearing securities.

One of the OMTX’s tasks is to measure the performance of Swedish fixed interest portfolio fund managers.

Read More about Swedish bonds index here.

Gary

Learn more about multi currency portfolios here