I am advised by the National Treasury Management Agency (NTMA) that in general, and in line with other sovereign issuers, the NTMA aims to issue debt instruments which are liquid, transparent and can be readily priced and understood. These key features assist in attracting a wider pool of investors which is beneficial both in terms of volume and price. Debt instruments based on esoteric assets are illiquid and difficult to price or value and may lead to significantly higher costs of borrowing. The NTMA is open to developing new and innovative forms of debt investment, as evidenced by the recent issue of Amortising Bonds in response to demand from a particular cohort of investors, namely pension funds and annuity providers. However the agency is conscious that any non-standard bond issuance must be considered with the broader investor base in mind and must not deviate or be perceived to deviate from well-established principles and investor expectations.