The structure of the market has changed noticeably after the events of recent years. Some of the dynamics that have emerged from the crisis may continue to shape the bond market in the future. I have highlighted three here today:   First, the relative growth of deposits and credit may be quite different from that observed over the previous fifteen years.
This, together with regulatory and other pressures, will have a material effect on the composition of bank liabilities.   Second, while asset-backed issuance was most disrupted by the crisis, there are signs of a re-emergence.   Third, investors have a much stronger preference for high-quality assets than they did in the pre-crisis period. 10  BIS central bankers’ speeches