Likewise, the development of bond markets has been gaining attention in a growing number of developing countries in all regions, though in many places bond markets are relatively new.

In addition to providing more stability, bond markets are expected to stimulate domestic savings and investment.

Global stock markets have, overall, reached new highs. And credit markets show low spreads, while long term bond yields have fallen in most advanced economies.

However, since the dynamics of domestic currency bond markets are linked to external bond markets, they are not immune to external volatility, and recent experience calls into question the effectiveness of local capital markets as a buffer against external volatility, particularly for a country considered as a high credit risk.

These countries have little access to bond markets and to medium to long term commercial bank lending.

For instance, even creditworthy municipal authorities could benefit from assistance in meeting the requirements of accessing bond markets.

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11 The Asian Bond Market Initiative was endorsed at the ASEAN 3 Deputies Meeting held in Chiang Mai in December 2002. Its objective is to develop efficient bond markets in Asia.

16. Encourages regional cooperation, including through the private sector and public private partnerships, to intermediate between savings and demand for long term investment in developing countries, including the development, where appropriate, of regional bond markets

Moreover, financial markets consider QE so likely that the largest part of its bond rate and exchange rate consequences have already been priced in. Should the ECB disappoint expectations, bond and foreign exchange markets would confront an abrupt and damaging unwinding of positions long term interest rates would rise, stock markets would sink, and the exchange rate would appreciate.

Yes, financial markets in troubled countries for example, Russia s currency, equity, and bond markets have been negatively affected. But the more generalized contagion to global financial markets that geopolitical tensions typically engender has failed to materialize.

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Bond. James Bond.

Bond? James Bond?

38 For example, through strengthening institutions that provide long term finance, such as development banks and, where appropriate, bond markets.

South Africa was the only country in sub Saharan Africa to issue on international bond or equity markets in 1997.

Meanwhile, the main transmission channels of monetary stimulus to the real economy the bond, credit, currency, and stock markets remain weak, if not broken. Indeed, the bond market channel is unlikely to boost growth.

Local bond markets provide alternative sources of financing for companies and Governments, which avoid exchange rate risks inherent to foreign financing.

Developing countries are increasingly financing their infrastructure through international capital markets, a trend reflected in the growth of their commercial bank borrowing and their increased use of bond and equity markets.

Public and publicly guaranteed debt rose moderately, while bond financing fell dramatically by 40 per cent.

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Many countries therefore view the development of local currency bond markets to be an important policy priority that reduces vulnerability to external shocks.

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Expanding local currency bond markets could expedite a shift from dollar denominated cross border loans to local currency loans, bringing benefits to both investors and borrowers.

Bond offering

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Bond Paper

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Mr. Bond.