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GLOBAL AND LOCAL BOND MARKETS A FINANCIAL
STABILITY PERSPECTIVE Remarks by William
Witherell, Director of the Directorate for
Financial, Fiscal and Enterprise Affairs
OECD Fifth Annual OECD-World Bank Bond Market
Forum June 2-3, 2003 H Auditorium, World Bank
Headquarters, Washington, DC
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Figure 1. Long-term interest rates10-year
government bonds
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Figure 2. Corporate spreadsBAA minus 10-year
government bond yields
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Figure 3. High-yield spreadsHigh-yield minus BAA
bond yields
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Figure 4. Net issuance of US bondsBillions of US
dollars
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Figure 5. Euro-denominated bond marketsVolumes
issued by type of issuer
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Figure 6. Emerging market spreadsRedemption
yields minus 5-year US govt. bond yield