1. 1 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

2. 2 Figure 1.Long-term interest rates 10-year government bonds

3. 3 Figure 2.Corporate spreads BAA minus 10-year government bond yields

4. 4 Figure 3.High-yield spreads High-yield minus BAA bond yields

5. 5 Figure 4.Net issuance of US bonds Billions of US dollars

6. 6 Figure 5.Euro-denominated bond markets Volumes issued by type of issuer

7. 7 Figure 6.Emerging market spreads Redemption yields minus 5-year US govt. bond yield