The U.S. bond market conundrum has occurred in parallel with similar developments in foreign bond markets. In major industrial countries, bond yields have trended down, in some cases reaching historical lows recently. Yields are also low in real terms, as measured by inflation-indexed bonds. Farforward short rates in recent years have also reached unusually low levels in many industrial countries.
*  *  *  Mr. Wilfrid Koon, Senior Partner Colleagues from KPMG Mauritius & South Africa Distinguished Guests Ladies and Gentlemen Good Morning. This is just a short speech to get you started on the 2-Day Seminar on Basel II organized by KPMG, Mauritius.