'AsianBondsOnline' Web Site Launched at Asean+3 Finance Ministers Meeting

JEJU, REPUBLIC OF KOREA (15 May 2004) - Asian Development Bank (ADB) President Tadao Chino joined the 13 ASEAN+3 finance ministers and the ASEAN Deputy Secretary General today in launching AsianBondsOnline, a one-stop clearing house of information on the rapidly growing sovereign and corporate bond markets in the region.

The launch was held following the ASEAN+3 Finance Ministers Meeting, which took place in parallel with ADB's 37th Annual Meeting in Jeju.

Supported by ADB and financed by the Government of Japan, AsianBondsOnline is part of the ASEAN+3 Asian Bond Markets Initiative (ABMI), a cooperative effort to help develop mature bond markets in the region.

ASEAN+3 comprises the 10 members of the Association of Southeast Asian Nations - Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam - plus People's Republic of China, Japan, and Republic of Korea.

The web site provides a common format for accessing information on market infrastructure, rules and regulations, market activities, market data, and new policies and initiatives for each market as well as the region as a whole. It also provides news and commentary on regional bond markets, and recent economic releases, research, and analysis.

The site "offers investors easy and centralized access to information about a segment of the global financial market that is growing in size and importance," Mr. Chino said at the launch.

"For the first time, concrete steps are being taken at the regional level, by the ASEAN+3 and other groups, to complement individual country efforts in developing bond markets," he added.

The ABMI aims to enable private as well as public sectors to raise and invest long-term capital while effectively managing maturity and currency risks. Deep, liquid bond markets mitigate over-reliance on bank lending for corporate financing requirements, a situation that exacerbated the Asian financial crisis in 1997. They also help governments and businesses manage their own debt portfolios and reserves.

In its first phase of development, AsianBondsOnline will focus on providing links to publicly available information on the Internet. As the site develops, it will expand coverage with more in-depth information, commentary, and analysis.

"We expect the site to be very useful to both existing market participants and to those potential users who may be unfamiliar with the region," says Yoshihiro Iwasaki, Head of ADB's Regional Economic Monitoring Unit, which developed and maintains AsianBondsOnline. "Importantly, it is a part of a growing effort among the region's governments to share information and integrate with each other."

AsianBondsOnline can be accessed at http://asianbondsonline.adb.org.

ADB is dedicated to reducing poverty in the Asia and Pacific region through pro-poor sustainable economic growth, social development, and good governance. Established in 1966, it is owned by 63 members - 45 from the region. In 2003, it approved loans and technical assistance amounting to $6.1 billion and $177 million, respectively.

Contact Person:

Graham Dwyer
Tel. No. (82-64) 767-8672
E-mail: gdwyer@adb.org