By all accounts, Asian investors have helped support longer-term Australian dollar issuance of late.8 It does not yet seem to be the case that resident investors are able to provide the demand needed for a large volume of longer-term issuance, although that could evolve over time. 10 / 15  BIS central bankers' speeches  Where to now?
These developments I’ve summarised have generally been positive. To recap, accommodative monetary policies and greater confidence in the outlook for global growth have contributed to low spreads on a range of non-government debt. Australian issuers have benefited, with greater issuance, across a more diverse range of issuers and at longer average tenors. But the outlook is not without risks.