One of the factors that explain the unattractiveness of bond-financing may be the lower levels of market activity and less liquidity in the secondary market. With lower liquidity in the secondary market, investors require additional premiums, which increase the cost of issuance. In such an environment, domestic firms are more likely to rely on banks for financing.
•  •  Savings o  The number of savings clients rose from around 12,500 in 2004 to around 24,000 by the first quarter of 2009, an increase of around 93 percent. o  Total savings is around $ million.