Let’s first consider financial stability. Structural vulnerabilities and the increasingly interconnected nature of the non-bank financial sector both pose a considerable risk to the wider financial system and the real economy.
•  Successful issuance of 9 Infrastructure Bonds, raising domestically $ over asix-year period, to help close the existing infrastructure gaps;  •  Benchmark building by the re-opening of benchmark tenors, which has reduced bond fragmentation;  •  A well-established and reliable yield curve that now extends to 26 years;  •  The emergence of a vibrant secondary market, largely attributed to issuance of more liquid benchmark bonds, attractive infrastructure bonds and improvement in the trading infrastructure.