Stated differently, the major economies typically have 4-6 benchmark tenor buckets only and this has not weighed against liquidity and the pricing of off-the-run issues. Recent initiatives to exchange short-for-long-term issues help to consolidate depth but a significant potential remains untapped. Second, the bond market can be a more active vehicle for raising long-term capital.
The fact that the GS market is as big as a third of GDP is itself not a binding constraint. Economies such as Hong Kong, Korea, Malaysia and Singapore all have significant corporate bond markets that complement their respective GS market.