Performance and Growth FINANCIAL MARKET ACTIVITY Active Corporate Debt Market The corporate debt market continued to grow in 2004, with total outstanding corporate debt securities rising 20% to S$123 billion at year end, as a diversified range of borrowers tapped the Singapore market. The volume of new corporate debt issuance also grew 17% to S$78.7 billion at end 2004 (See Chart 9). Last year, the number of foreign entities that entered the Singapore Dollar debt market increased by 80% to 34. Among the notable foreign entities that came in were KfW, Fannie Mae and the Asian Development Bank. As a result the volume of foreign entity Singapore Dollar (SGD) corporate bond issuance doubled in value to S$3.5 billion (See Chart 10).