Circulation of the various GBP Dawes bond tranches in European bond markets

These panels show the share of outstanding German GBP Dawes bonds of each tranche of issue held in each foreign European creditor market in 1924 (issue date), 1934, and 1936. For each tranche and year, the blue, red, orange, green, dark-purple, and light-purple bars correspond to the share of bonds of each tranche held in London, Paris, Amsterdam, Zurich, Brussels, and Rome/Stockholm, respectively. The total volume of Dawes bonds circulating on foreign European markets decreased significantly between 1924 and 1934 as the German government progressively redeemed parts of the tranches and encouraged the repatriation of foreign bonds to Germany (see Klug 1993; Papadia and Schioppa 2023). Shares of redeemed and repatriated bonds are not shown in the figure. Data for 1934 and 1936 were computed from the Bank of England archives: OV34/281 (interest payments), OA-26-2 (amounts outstanding). See Internet Appendix A.1.5 for more details on the calculation.