In view of this, the underlying tone of private banks’ lending remains sluggish. Issuance of corporate bonds and CP has been steady. Money stock (M2 + CDs) grew slower in May compared with the previous month on a year-on-year basis. In this financial environment, corporate financing conditions are easing, and the lending attitude of financial institutions is perceived by firms as less severe.
It continues to warrant careful monitoring how these favorable developments in corporate financing environment will affect economic activities. BIS Review 49/2000  2