Regional: Broadening Investor Base for Local Currency Bonds in ASEAN+3

Sovereign Project | 44189-012


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Project Name Broadening Investor Base for Local Currency Bonds in ASEAN+3
Project Number 44189-012
Country Regional
Project Status Approved
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 7690-REG: Broadening Investor Base for Local Currency Bonds in ASEAN+3
Investment Climate Facilitation Fund under RCIFPF US$ 1.10 million
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change Private sector development
Sector / Subsector

Finance - Money and capital markets

Gender Equity and Mainstreaming No gender elements
Project Rationale and Linkage to Country/Regional Strategy
Impact The TA is expected by broadening investor base, the TA will help strengthen the regional financial system by helping to deepen the bond markets in the region and make them less vulnerable to sudden withdrawal of capital from by a group of investors.
Project Outcome
Description of Outcome The TA is expected to help address policies, regulations, and standards that have impeded the broadening of investor base-both for domestic and foreign investors.
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

1. Comprehensive analysis of domestic and foreign investor base of local currency bonds within ASEAN+3. Identification and assessment of factors impeding their investment in local currency bonds.

2. Recommendation on how these factors, could be addressed and harmonized to broaden investor base to include both domestic and foreign investors.

3. Comprehensive analysis of mutual funds in ASEAN, the PRC, and Korea, including the market size, policy and practices to promote retailed investors in local currency bonds. Identification and assessment of factors Singapore, the Philippines, and Thailand have adopted to broaden investor base to retailed investors.

4. Recommendations on how the policies and practices could be further improved to further broaden investor base and steps to achieve this objective.

5. Recommendations on measures for the Governments to undertake to minimize vulnerability of member countries to sudden reversal of foreign investment in local currency bonds.

6. Dissemination of the recommendations on the broadening of investor base to policy makers and market participants through workshops per member countries' request.

7. Identification of issues of priorities for discussion at the Asian Bond Market Forum (ABMF) to encourage the adoptions of the recommendations, both by the policy makers/regulators and market participants.

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. International Consultants:

1. Senior Bond market specialist (8 person-months).

2. Bond Market Specialist (5 person-months)

3. Capital market specialist (8 person-months).

B. National Consultants:

Bond market specialist (11 person-months) and capital market specialist (11 person-months). The specialists will provide support for the international consultants.

Responsible ADB Officer Avonechith Siackhachanh
Responsible ADB Department SDCC
Responsible ADB Division SDOD
Executing Agencies
Asian Development Bank
6 ADB Avenue, Mandaluyong
Metro Manila, Philippines
P.O. Box 789, 1099 Manila,
Concept Clearance 09 Feb 2010
Fact Finding 28 Feb 2010 to 13 Mar 2010
Approval 07 Dec 2010
Last Review Mission -
Last PDS Update 15 Apr 2010

TA 7690-REG

Approval Signing Date Effectivity Date Closing
Original Revised Actual
07 Dec 2010 - 07 Dec 2010 30 Sep 2012 31 Dec 2015 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
0.00 1,100,000.00 0.00 0.00 0.00 0.00 1,100,000.00 07 Dec 2010 440,529.15
Title Document Type Document Date
Broadening Investor Base for Local Currency Bonds in ASEAN+3 Technical Assistance Reports Dec 2010

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