The international market in floating-rate instruments

Quarterly Bulletin 1984 Q3
Published on 01 September 1984

The international market in floating-rate notes, a financial innovation dating from 1970, has grown substantially in the last three years. This article, prepared mainly by Ms N F E Ramsden of the Bank's International Division, analyses the present structure and conditions of the markets in floating-rate instruments, and the activities of the major borrowers and investors. It assesses the implications of the growth in these instruments for international financial markets more generally, and for banks in particular. It also shows how such flows are recorded in the UK balance of payments and international banking statistics.

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