Regional: Asian Bonds Online Website Project, Phase IV

Sovereign Project | 42348-013

Summary

The Asian Bonds Online (ABO) website was started under the ABMI in May 2004 with the support of ADB. This TA aims to continue ADB support in disseminating and improving the information flow for the region's bond markets. The TA's objective supports the expansion and creation of regional cooperation and integration (RCI) knowledge products--in line with ADB's Strategy 2020--by expanding coverage for the region's corporate and government bond markets. The TA will also facilitate monetary financial cooperation and integration by developing robust local currency bond markets in the region, and thus support key result areas of the Office of Regional Economic Integration (OREI) based on the RCI strategy.

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Project Name Asian Bonds Online Website Project, Phase IV
Project Number 42348-013
Country Regional
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 7878-REG: Asian Bonds Online Website Project, Phase IV
Technical Assistance Special Fund US$ 1.50 million
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change
Sector / Subsector Finance - Money and capital markets
Gender Equity and Mainstreaming No gender elements
Description

The Asian Bonds Online (ABO) website was started under the ABMI in May 2004 with the support of ADB. This TA aims to continue ADB support in disseminating and improving the information flow for the region's bond markets. The TA's objective supports the expansion and creation of regional cooperation and integration (RCI) knowledge products--in line with ADB's Strategy 2020--by expanding coverage for the region's corporate and government bond markets. The TA will also facilitate monetary financial cooperation and integration by developing robust local currency bond markets in the region, and thus support key result areas of the Office of Regional Economic Integration (OREI) based on the RCI strategy.

The information, data, and analysis provided through the ABO website and the quarterly publication, Asia Bond Monitor, are increasingly being used by institutional investors active in local currency bond markets. This valuable information source is also helping ADB to support ASEAN and ASEAN+3 activities in capital markets development.

The TA is a continuation of TA 9041 (Asian Bonds Online Website), TA 6464 (Asian Bonds Online Website Project, Phase II), and TA 7539 (Asian Bonds Online Website Project, Phase III). These earlier TAs were conceptualized to promote RCI through various information dissemination activities and RCI knowledge products.

Project Rationale and Linkage to Country/Regional Strategy

The AsianBondsOnline (ABO) website is the only one-stop clearinghouse providing data and analysis on local currency (LCY)-denominated government and corporate bond markets in the region, as well as information on their respective economic and legal environments, to key stakeholders such as investors (institutional and retail), issuers, brokers, underwriting houses, policymakers, market regulators, and academics. It aims to increase transparency by providing (i) timely and relevant data and information to investors, and (ii) unbiased analysis of LCY bond markets to facilitate cross-border investment in and demand for LCY-denominated bonds.

Thus, having more developed and mature bond markets would enable the private and public sectors of individual Asian countries to raise and invest long-term capital while effectively managing credit, maturity, and currency risks, thereby reducing economic and financial vulnerabilities.

Impact Monetary and financial cooperation and regional integration promoted by developing robust local currency (LCY) bond markets in the region
Project Outcome
Description of Outcome Improved information flows related to bond markets, which will help make bond markets more transparent, liquid, efficient, credible, and deep
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

ABO website provides investors and other users with updated data and analyses; The enhanced ABO website regional bond market content will feature the following: (i) improved database on corporate bonds and (ii) performance indicators for bond market development (iii) data on relevant banking statistics for bond markets (iv) data on investor holdings

Publications that deepen knowledge of emerging East Asian LCY bond markets

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
Consulting Services

A total of 50 person-months of international consulting and 225 person-months of national consulting services are required for the TA, which will cost a total of $1,150,000 including remuneration, travel, and per diem. Individual consultants and resource persons will be hired according to ADB's Guidelines on the Use of Consultants (2010, as amended from time to time). For this TA, hiring a team of consultants will provide more benefits for ADB than engaging a firm due to the following reasons: (i) faster mobilization of consultants, (ii) greater control by ADB staff in selecting and managing individual consultants; (iii) greater flexibility in engaging experts specializing in a broad spectrum of finance-related topics. The project team leader will be an OREI staff, assisted by a contract administration team also OREI staff. One international consultant, a bond market specialist, will assist OREI in supervising and coordinating the activities of each expert, and consolidating individual outputs. The other international consultants will comprise one economics editor, who will review and edit the contents of the ABO website and related publications; bond market economists, who will conduct an in-depth evaluation of the development of various bond markets; and financial market specialists who will conduct an in-depth evaluation of financial markets. About eight resource persons, for an equivalent of two person months, will be invited to participate in seminars as speakers and discussants.

The TA requires the following national consultants to operate and develop the ABO website: one project coordinator/researcher to coordinate outputs and conduct research work with financial analysts; a senior analyst to provide in-depth analyses, draft working papers, and contribute to publications; and six financial market analysts, each with country-specific assignments, who will monitor and analyze capital markets and policy issues in the participating countries and will assist in the supervision of the ABO website's operation. One website administrator and two web specialists are also needed to for system/database development and maintenance. One national consultant will be engaged for graphics and design, and another consultant for typesetting and publications layout.

Procurement

ADB will be the executing agency for the TA. The Office of Regional Economic Integration (OREI) will implement the TA, in close consultation with ASEAN+3 ABMI officials, and supervise the work of TA consultants. The TA is expected to be completed over a period of 18 months from October 2011 to March 2013.

Disbursements under the TA will be in accordance with the ADB's Technical Assistance Disbursement Handbook (May 2010, as amended from time to time). Purchases of equipment (e.g., computer hardware and software) and statistical databases will be undertaken in accordance with ADB's Procurement Guidelines (2010, as amended from time to time) and in coordination with ADB's Office of Information Systems and Technology and Office of Administrative Services, where applicable. After the TA, any procured equipment will be disposed of in compliance with Project Administration Instructions 5.11. The estimated cost of new equipment, computer software, and databases is $40,000.

Responsible ADB Officer Thiam Hee Ng
Responsible ADB Department Economic Research and Regional Cooperation Department
Responsible ADB Division ERMR
Executing Agencies
Asian Development Bank6 ADB Avenue, Mandaluyong
Metro Manila, Philippines
P.O. Box 789, 1099 Manila,
Philippines
Timetable
Concept Clearance 24 Mar 2011
Fact Finding -
MRM -
Approval 03 Oct 2011
Last Review Mission -
Last PDS Update 14 Oct 2011

TA 7878-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
03 Oct 2011 - 03 Oct 2011 31 Mar 2013 31 Jul 2014 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
1,500,000.00 0.00 0.00 0.00 0.00 0.00 1,500,000.00 03 Oct 2011 1,414,520.95

Safeguard Documents

See also: Safeguards

No documents found.

Evaluation Documents

See also: Independent Evaluation

No documents found.


The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

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