In 1998, with the approach of the euro, issues denominated in ecus once more became substantial while the share of dollar-denominated issues declined. In Italy, in the first ten months of 1999 virtually all bond issues were denominated in euros. In France and Germany, the euro’s share of corporate bond issues remained somewhat lower, at 86% and 73% respectively.
In the same period, the volume of bonds issued in the Euromarket by German, French and Italian residents between January and October this year was considerably larger than that recorded in 1998. This reflects the interest of issuers in gaining visibility in this new segment. The tendency for companies to make very large issues was encouraged by investors’ preference for liquid assets.