offshore issuance is attractive for a number of reasons. the deep, liquid markets that exist in the united states, for example, offer attractive issuance opportunities for those seeking large amounts of funding ( graph 4 ). as a result, most of the issuance by australian residents is offshore. the exception is for asset - backed securities, most of which are now issued domestically ( although those can still be purchased by non - residents ). https : / / www. rba. gov. au / speeches / 2017 / sp - ag - 2017 - 08 - 09. html 4 / 16 8 / 9 / 2017 fixed income markets and the economy | speeches | rba graph 4 interestingly, the international dimension of the australian fixed income market is not limited to australian residents issuing overseas. non - residents also issue in australia, and issue australian dollar debt overseas. these types of issuance have been increasing steadily since the financial crisis ( graph 2 ). it may surprise some that non - resident issuers account for just as much bond issuance as domestic non - financial corporations. ( of non - resident issuance, supranational, sovereign or quasisovereign agency entities account for a large share of the market. [ 2 ] ) so far, my discussion has been based on volumes. by itself, it might give the impression that finance from fixed income markets has been a bit harder to come by than before the financial crisis ( at least for a range of non - government issuers ). while there may be an element of truth to this, in large part the slower growth of funding from this source reflects low demand ( by issuers to raise funds ) and the availability of other sources of funds. to understand that point, it's also important to have a look at prices. they suggest that funding is readily available. starting with the australian government market, we see what should be a familiar story to many people here : a downward trend in yields since the global financial crisis ( graph 5 ). we have seen a slight uptick since the latter part of 2016. that uptick has been part of a global shift in yields. in many respects it is welcome because it reflects better prospects for global growth and inflation. even so, that pick - up in rates is quite modest and only takes yields back to levels of a year or so ago. hence, rates remain close to historical lows. as i mentioned, funding is available at favourable rates. https : / / www

13. 12. 2019 welcome address conference “ financial integration and inclusive development : a view from the mediterranean countries ” / banco de espana e instituto del mediterraneo ( iemed ) pablo hernandez de cos governor good morning ladies and gentlemen, it is a great pleasure for me to welcome you all to this conference on financial integration and inclusive development : a view from the mediterranean countries, hosted by banco de espana and jointly organised with the european institute of the mediterranean ( iemed ) and the support of the organization for economic co - operation and development ( oecd ). let me start by thanking our colleagues from the european institute of the mediterranean and from the oecd for their cooperation in organising this conference. the european institute of the mediterranean ( iemed ), created in 1989 with the participation of the spanish ministry of foreign affairs and cooperation, the government of the autonomous community of cataluna, and the barcelona city council, incorporates a broad representation of civil society and is a leading institution in the analysis of euro - mediterranean relations. in accordance with the principles of the euro - mediterranean partnership's barcelona process, and with the objectives of the union for the mediterranean, the aim of the iemed is to contribute to mutual understanding, exchange and cooperation between the different mediterranean countries. and banco de espana is delighted to collaborate to this objective in the field of economic and financial relationships. our second partner today, the oecd, is playing an invaluable role in the international arena to shape policies that are decisively contributing to the well - being for all. it is no exaggeration to say that the world count on the leadership of the oecd in many fronts such as those that we are going to discuss today : financial inclusion, capital flows, migration, among others. this is the fifth edition of this conference organised by iemed, with the support of the banco de espana, to discuss economic and financial matters in the mediterranean region. the first and third editions took place in barcelona, in 2014 and 2017, the second in rabat in 2015 and the fourth in tunisia in 2018, on those occasions with the support and hospitality of bank al - maghrib and the central bank of tunisia. past editions of this conference had provided useful exchanges of ideas between different actors with interests in the economic and financial developments in this region. i firmly believe that forums like this are particularly relevant to shape public policy in times of change as those we are witnessing today. the deep - rooted