Gilts derivatives

The gilt market forms the cornerstone of the sterling asset markets. Therefore the exchange-traded market in gilt derivatives is an important feature of the debt capital markets as a whole. In terms of derivatives... 

Das gleiche gilt fiir die Biogenese der Thiophen-Derivate (s. S. 85). Furanderivate werden offensichtlich aus In-en-olen oder iiber Dihydro-furane gebildet (s. S. 81 und 88). 

Bei N-substituierten Iminen aromatischer Aldehyde konnen als Folgereaktionen Hy-drogenolysen der entstehenden N-Arylmethyl-amine auftreten dies gilt insbesondere fiir Palladium-Katalysatoren und Arylimine aromatischer Aldehyde12 vgLa l1,14. So erhalt man z.B. mit Palladium/Kohle bei 117—120720 bar Toluol-Derivate und Anilin15. 

Tris-[N-alkyl-arylamino]-alkane sind prinzipiell auf dieselbe Weise herstellbar516, doch existieren hierfiir einfachere Verfahren (S. 177, 182) ahnliches gilt fur Derivate mit cycloaliphatischen Amino-Komponcntcn (S. 177,182). l,l,l-Tris-[amino]-ethaneusw. sind unzuganglich. Statt ihrer erhalt man l,l-Bis-[dialkylamino]-l-alkene. 

Using the prices of index-linked bonds, it is possible to estimate a term structure of real interest rates. The estimation of such a curve provides a real interest counterpart to the nominal term structure that was discussed in the previous chapters. More important it enables us to derive a real forward rate curve. This enables the real yield curve to be used as a somce of information on the market s view of expected future inflation. In the United Kingdom market, there are two factors that present problems for the estimation of the real term structure the first is the 8-month lag between the indexation uplift and the cash flow date, and the second is the fact that there are fewer index-linked bonds in issue, compared to the number of conventional bonds. The indexation lag means that in the absence of a measure of expected inflation, real bond yields are dependent to some extent on the assumed rate of future inflatiOTi. The second factor presents practical problems in curve estimation in December 1999 there were only 11 index-linked gilts in existence, and this is not sufficient for most models. Neither of these factors presents an insurmountable problem however, and it is stiU possible to estimate a real term structure. 

The repo market in linkers coexists alongside an old-style stocklending system. Issues seldom stray far from general collateral rates. Index-linked gilts are not strippable, and there is no index-linked futures contract. There is a sterling inflation derivatives market, which... 

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