Therefore, alternative channels have to be quickly put into place. The corporate bond market is perhaps the most important of these. For several years, one committee after another has been making recommendations for actions to develop this market.
These cut across regulatory domains and this is perhaps one reason why, despite the several steps taken, a critical threshold that would make the market viable was not reached. However, in recent months this is on high priority with both the regulators and the government addressing the remaining binding constraints.