FCCBs have constituted a significant part of the ECBs raised during the last few years, except for the sudden decline in the immediate aftermath of the crisis.
Table 2 : Issuance of FCCBs (USD million)  BIS central bankers’ speeches  5  However, with focus on capital flows on a net basis, it is often not realized that portfolio flows were $ billion a year over last three years on a gross basis, far outstripping FDI flows at $ billion a year.