Supranational bodies, such as the G20, have recently highlighted the valuable role of securities markets, including corporate bondmarkets, interms of providing long-term financing. The International Monetary Fund (IMF), European Bank for Reconstruction and Development (EBRD) and Organization for Economic Co-Operation and Development (OECD) also released a joint ‘diagnostic frame work’ in July 2013 encouraging and guiding the development of local currency bond markets. However, developing bond markets is more complicated than developing equity markets. Bond markets need supporting infrastructure. They operate best when they have stable money market and longer-term benchmarks. Bond markets simply cannot grow as quickly as equity markets, because investors need to be sure that issuers have the cash flow to make interest payments and redeem principal. Furthermore, bond markets need more sophisticated market participants.