Market liquidity for corporate bonds remains robust overall, and the healthy condition of the market is apparent in low bid-ask spreads and the large volume of corporate bond issuance in recent years. That said, liquidity conditions are clearly evolving.
8  Figure 5: Nominal New Zealand dollar trade weighted index and the evolution of RBNZ estimates (actual shown in bold)  Index 85 80 75 70 65 60 55 50 45 2000  2002  2004  2006  2008  2010  2012  2014  2016  2018  Source: RBNZ estimates.