under the liquidity coverage ratio ( lcr ), banks are required to hold sufficient high - quality liquid assets ( hqla ) to be able to cover their net cash outflows in a 30 - day stress scenario. in this scenario, bank bills maturing within the next 30 days are treated as a cash outflow, so the bank issuing them would be required to hold an equivalent amount in hqla. to improve the stability of 1 - month bbsw, the asx has announced a change to the methodology that is expected to result in a significant reduction in the proportion of days when 1 - month bbsw can be directly calculated using transactions. see asx ( 2019 ), “ consultation on changes to 1 month bbsw vwap methodology ”, available at : < https : / / www. asxonline. com / content / asxonline / public / notices / 2019 / mar / 0160. 19. 03. html >. the rba has highlighted this issue in previous speeches : kent c ( 2018 ), ‘ securitisation and the housing market ’, address to the australian securitisation forum conference, 26 november ; debelle g ( 2018 ), ‘ interest rate benchmark reform ’, keynote at isda forum, hong kong, 15 may bulletin bulletin © reserve bank of australia, 2001 – 2019. all rights reserved. https : / / www. rba. gov. au / speeches / 2019 / sp - ag - 2019 - 03 - 19. html 19 / 19

local buyers, who are more familiar with rmbs, and offshore buyers, most obviously in europe, who are more familiar with covered issuance. corporate issuers in many respects, the corporate segment has been the quiet achiever of the australian debt market over the past few decades. the stock of bonds on issue from australian entities grew solidly from the mid 1990s until the financial crisis. although the significance of market - based funding as a share of total debt funding for australian corporates has fluctuated somewhat, over the long run, debt market funding has grown in line with the funding needs of the corporate sector ( graph 6 ). as i just noted, the investment - intensive composition of growth over the next few years is likely to see continued strong corporate issuance by australian names, particularly resources companies. for more details see debelle ( 2010 ), “ the state of play in the securitisation market ”, address to the australian securitisation conference 2010, sydney, 30 november. bis central bankers ’ speeches graph 6 non - resident issuers – kangaroos and australian dollar eurobonds the fastest growing segment of the australian capital market over much of the past decade, and certainly in recent months, has been australian - dollar issuance by non - residents – the market of most interest to the audience here today. initially, much of this issuance was offshore in the eurobond market, but increasingly issuance has moved to the onshore “ kangaroo ” market ( graph 7 ). graph 7 in addition to the shift in the location of market activity, an important compositional shift is occurring with new issuance increasingly dominated by aaa - rated names ( graph 8 ). this probably reflects the increased risk aversion of investors in the post - crisis environment. bis central bankers ’ speeches graph 8 growth in the aaa - segment of the market has been underpinned by rapid growth in issuance among the supranational and sovereign agencies ( ssa ) group. ssa issuance in all currencies has grown rapidly in recent years, as these borrowers have responded to the large fiscal demands stemming from the impact of the global recession on public budgets in a range of jurisdictions. in addition, ssa issuers have displayed a growing tendency to issue in australian dollars over recent years. last year, australian dollar issuance accounted for more than 8 per cent of ssa issuance in all currencies ( graph 9 ). graph 9 this greater tendency to issue