Because of the long time frame for effect on the real economy, I believe that it is important for policy to look ahead one to two years as it aims at promoting stable prices and a sustainable GDP growth path, along which the economy is at full potential.
These are not only straight bonds but more recently includes two bank issues of unsecured subordinated debt. As I have remarked at a previous occasion, the listing of these corporate issues reflect the willingness of the issuer to be eventually judged by the market on the market’s terms.