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Confidence among investors and issuers appeared to recover quickly in the second quarter after the turbulent conditions earlier in the year, and risk premia fell on a range of higher-risk assets. Nevertheless, trading and issuing activity remained muted compared with early 1994.
Activity in derivatives markets was subdued, in part reflecting the more stable conditions in underlying cash markets and in part end-users’ continuing reaction to a number of highly visible losses in derivatives markets in recent quarters.
Issue levels in both bond and equity markets remained low compared with early 1994; but early indications suggest that volumes have been rising—and maturities lengthening—since the start of the year.
Financial market developments