As regards the sectoral breakdown, the annual growth rate of outstanding debt securities issued by nonfinancial corporations increased from 3.8% in November 2008 to 6.6% in December. For the monetary financial institutions sector (MFI sector), this growth rate was 5.5% in December 2008, compared with 5.6% in November. The annual growth rate of outstanding debt securities issued by financial corporations other than MFIs increased from 24.7% in November 2008 to 28.3% in December. For the general government, this growth rate increased from 6.5% in November 2008 to 8.0% in December.
As regards the maturity breakdown, the annual growth rate of outstanding short-term debt securities increased from 23.2% in November 2008 to 27.7% in December. The annual growth rate of outstanding short-term debt securities issued by MFIs decreased from 12.3% to 10.9% during the same period. For long-term debt securities, the annual growth rate increased from 6.3% in November 2008 to 7.2% in December. The annual growth rate of outstanding long-term
debt securities issued by MFIs increased from 4.4% to 4.5% during the same period. The annual growth rate of outstanding fixed rate long-term debt securities increased from 3.3% in November 2008 to 4.0% in December. The annual growth rate of outstanding variable rate long-term debt securities increased from 13.7% in November 2008 to 15.5% in December. Net issuance of variable rate debt securities increased to EUR 128.5 billion in December 2008, from EUR 81.0 billion in November; a large part of this increase can be attributed to gross issuance by financial corporations other than MFIs.
Concerning the currency breakdown, the annual growth rate of outstanding euro-denominated debt securities increased from 8.9% in November 2008 to 10.3% in December. Net issuance of eurodenominated debt securities totalled EUR 147.1 billion in December 2008, thus largely exceeding the average level of transactions during the year, which was EUR 92.1 billion. For debt securities in other currencies, this growth rate increased from 2.1% in November 2008 to 2.3% in December.
The seasonally adjusted three-month annualised growth rate of outstanding debt securities issued by euro area residents increased from 9.3% in November 2008 to 18.9% in December.
New issuance of quoted shares by euro area residents totalled EUR 9.3 billion in December 2008. As redemptions came to EUR 2.5 billion, net issues amounted to EUR 6.9 billion. The annual growth rate of the outstanding amount of quoted shares issued by euro area residents (excluding valuation changes) was 1.0% in December 2008, compared with 0.9% in November. The annual growth rate of quoted shares issued by non-financial corporations was 0.0% in December 2008, compared with -0.1% in November. For monetary financial institutions, it was 5.8% in December 2008, compared with 5.9% in November. For financial corporations other than MFIs, this growth rate increased from 2.3% in November 2008 to 3.0% in December.
The outstanding amount of quoted shares issued by euro area residents totalled EUR 3,474 billion at the end of December 2008. Compared with EUR 6,579 billion at the end of December 2007, this represents an annual decrease of 47.2% in the value of the stock of quoted shares in December 2008, compared with an annual decrease of 47.5% in November, mainly due to market valuation changes.
