Singapore is the gateway to Asia’s bond market 1/4  BIS central bankers' speeches  7 . Singapore is well-positioned to serve Asia’s growing financing needs. We are a developed pan-Asian asset management centre with more than 600 asset managers and over SGD 2.7 trillion of assets under management, of which 20% is invested in fixed income strategies such as Asian or Emerging market debt. These include global fund managers such as Schroders, PIMCO, BlackRock as well as our local fund managers such as Fullerton and UOB Asset Management. Let me share a few highlights of our bond market: a. Issuances volumes grew at a compound annual growth rate of around 9% over the last five years to reach SGD 186 billion (USD 129 billion) in 2016. b. 60% of corporate bonds issued in Singapore are in foreign currencies including G-3 and Asian currencies, which encompass the RMB. c. 70% of issuers are repeat issuers, returning to tap Singapore’s bond market, after the favourable experience with their maiden issue. Let me zoom in on three pillars of strength:  I. International capital for Asian companies Singapore offers an excellent ecosystem for Asian companies to raise international capital. Asian corporates, including Chinese and Indian companies, looking to regionalise and 8.  globalise are increasingly looking to international bond markets to raise capital and to diversify funding sources. a. Over 50 international and regional banks locate their debt capital markets teams here in Singapore.
They have a lot of stories and messages to tell, waiting for us to look up close and decipher their meanings and symbolism. Therefore, I urge all of you to take your time to marvel at the wonders of banknotes on exhibit today. I hope this exhibition will open our eyes to view banknotes from a different perspective, to have a greater understanding why banknotes have always exuded a strong sense of pride, prestige and sovereignty of the issuing country. Thank you. 2  BIS central bankers’ speeches