RBA's Ryan on the kangaroo bond market

In the speech 'Some general observations on the kangaroo bond market' given on 29 March Chris Ryan of the Reserve Bank of Australia said there are some clearly identifiable factors behind the particular strength in the Kangaroo bond market in recent years.

"One of these is the relative decline in the CGS market. But this is unlikely to have been the main factor.

"Another, and probably more important, factor has been the diversification and globalisation of bond markets. This has reflected the

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