A wide range of entities have increased their bond issuance.
More importantly, the share of local-currency denominated bonds saw a remarkable increase – for example, from 88 percent in 2000 to 94 percent in 2011, and from about 1 trillion U.S. dollars to 7 trillion U.S. dollars over the same period.11 The amount of issuance continued to grow even after the global financial crisis (with the exception of the turbulence experienced in 2008–09), helping to offset a slowdown in the growth of bank loans.