That wasn’t quite how it panned out earlier this year, when there were a few very large covered bonds issued domestically. But I think that had mostly to do with the price. Local buyers found it hard to resist the yield on offer on those early covered issues.
In parallel, the globally active commodity trading houses assumed a large and expanding role. These institutions hold inventories of commodities, store them over time, move them around the world, and make markets in both physical commodities and their derivatives. As these trading houses grew, they played an increasingly important role in facilitating the trade in commodities.