Regional: Supporting the Development of Asian Bond Markets through AsianBondsOnline
The proposed knowledge and support technical assistance (TA) will strengthen, broaden, and sustain growth of Asian bond markets by disseminating information on the region's bond markets, creating knowledge products, and engaging in capacity building activities. The activities are expected to contribute to more informed and better functioning bond markets that lead to increased regional monetary and financial cooperation and integration in the Association of Southeast Asian Nations (ASEAN)+3 . All activities will be undertaken in support of the Asian Bond Markets Initiative (ABMI), including its Medium-Term Road Map that was approved in May 2016.
Economic Research and Regional Cooperation Department
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|Project Name||Supporting the Development of Asian Bond Markets through AsianBondsOnline|
|Country / Economy||Regional
Hong Kong, China
Korea, Republic of
Lao People's Democratic Republic
China, People's Republic of
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Governance and capacity development
|Sector / Subsector||
Finance / Money and capital markets
|Gender Equity and Mainstreaming||No gender elements|
|Description||The proposed knowledge and support technical assistance (TA) will strengthen, broaden, and sustain growth of Asian bond markets by disseminating information on the region's bond markets, creating knowledge products, and engaging in capacity building activities. The activities are expected to contribute to more informed and better functioning bond markets that lead to increased regional monetary and financial cooperation and integration in the Association of Southeast Asian Nations (ASEAN)+3 . All activities will be undertaken in support of the Asian Bond Markets Initiative (ABMI), including its Medium-Term Road Map that was approved in May 2016.|
|Project Rationale and Linkage to Country/Regional Strategy||This TA's objective of strengthening regional monetary and financial cooperation and integration is in line with ADB's Strategy 2020. The Midterm Review of Strategy 2020 recognizes that regional cooperation and integration will remain an important strategic agenda for ADB. It should be noted that the TA is relevant to the Regional Cooperation and Integration (RCI) Strategy, under Pillar 3: Monetary and Financial Cooperation. The TA is aligned with the RCI Operational Plan (approved in September 2016) particularly under Operational Direction 2 on raising competitiveness in connected markets by strengthening regional monetary and financial cooperation and supporting regional capital market development. The TA is relevant to Strategy 2030, which indicates ADB's support for private sector development, including mobilizing private resources for development highlighting the importance of strengthening Asian bond markets.|
|Impact||Enhanced regional monetary and financial cooperation in the ASEAN+3, with integration more strengthened.|
|Description of Outcome||Enhanced market accessibility and lower informational barriers to global and regional investors in Asian bond markets.|
|Progress Toward Outcome||
Value of local currency bonds (LCY) outstanding in the region has increased to $12.3 trillion in 2017 or 20.6% from 2016. As of September 2019, LCY bonds outstanding in regional markets had reached $15.2 trillion.
Baseline 2016: $10.2 trillion.
|Description of Project Outputs||
ABO website and database maintained well and enhanced.
Asia Bond Monitor (ABM) and research papers on East Asian local currency bond markets published and disseminated.
Capability of government officials involved in bond market development increased.
|Status of Implementation Progress (Outputs, Activities, and Issues)||
The ABO website revamp was completed and the new ABO website was launched online on 3 July 2018. Additional improvement and refinement are ongoing to be guided by the user survey that ran until end-February 2020. Additional enhancements in the functionality includes new features to highlight event, adjust for data frequency and more granular data is currently underway.
Nine issues of Asia Bond Monitor had been published and disseminated, five of which were launched in Kuala Lumpur, Malaysia, Seoul, Republic of Korea, Singapore, Ha Noi, Viet Nam, and Phnom Penh, Cambodia. Bond market studies were completed and disseminated on the factors driving foreign and domestic investments in bond markets, the role of greenness in green bond pricing, the impact of the Asian Bond Markets Initiative on bond market development in Asia, importance of developing the housing bond market, and the effect of bond market development on banks' risk taking.
Two capacity building workshops were held, one each in 2018 and 2019. For 2018, the workshop was held in Vientiane, Lao PDR on 9-10 August and participated by more than 70 officials from public and private sectors. For 2019, the workshop was organized in Ho Chi Minh, Viet Nam on 27 September and participated by over 100 participants both from the public and private sectors. Regional bond market development experiences, thematic issues in bond market developments, economic outlook and regional bond market development were discussed.
|Geographical Location||Brunei Darussalam - Nation-wide; Cambodia - Nation-wide; China - Nation-wide; Hong Kong, China - Nation-wide; Indonesia - Nation-wide; Korea, Republic of - Nation-wide; Lao People's Democratic Republic - Nation-wide; Malaysia - Nation-wide; Myanmar - Nation-wide; Philippines - Nation-wide; Singapore - Nation-wide; Thailand - Nation-wide; Viet Nam - Nation-wide|
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design|
|During Project Implementation||Stakeholders were consulted on the topics and workshop design.|
|Consulting Services||The TA will require a total of 242 person-months of consulting services. An estimated 221 person-months of individual national consultant services (project coordinator, financial market analysts, website administrator, website developer, graphic designer, typesetter, and training coordinator) and an estimated 21 person-months of individual international consultant services (economic editor, bond market specialist, bond market economists, financial market specialists and resource persons) will be needed for TA implementation.|
|Procurement||Procurement of TA equipment and subscriptions will be purchased in accordance with ADB's Procurement Guidelines (2015, as amended from time to time) and, where applicable, in coordination with ADB's Office of Information Systems and Technology and Office of Administrative Services.|
|Responsible ADB Officer||Tian, Shu|
|Responsible ADB Department||Economic Research and Regional Cooperation Department|
|Responsible ADB Division||ERMR|
Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines
|Concept Clearance||16 Jun 2017|
|Fact Finding||30 Nov 2017 to 31 Dec 2017|
|Approval||17 Oct 2017|
|Last Review Mission||-|
|Last PDS Update||17 Dec 2019|
|Approval||Signing Date||Effectivity Date||Closing|
|17 Oct 2017||-||17 Oct 2017||31 Oct 2019||31 Dec 2020||31 Mar 2021|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|0.00||1,500,000.00||0.00||0.00||0.00||0.00||1,500,000.00||01 Apr 2022||1,303,239.11|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
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|Title||Document Type||Document Date|
|Supporting the Development of Asian Bond Markets through AsianBondsOnline: Technical Assistance Completion Report||TA Completion Reports||Jun 2021|
|Supporting the Development of Asian Bond Markets through AsianBondsOnline: Technical Assistance Report||Technical Assistance Reports||Oct 2017|
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
|Title||Document Type||Document Date|
|Asia Bond Monitor – November 2020||Reports||Nov 2020|
|Asia Bond Monitor - June 2019||Reports||Jun 2019|
|Asia Bond Monitor – March 2019||Reports||Mar 2019|
|Asia Bond Monitor – November 2018||Reports||Nov 2018|
|Asia Bond Monitor – September 2018||Reports||Sep 2018|
|Asia Bond Monitor – June 2018||Reports||Jun 2018|
|Asia Bond Monitor – March 2018||Reports||Mar 2018|
The Access to Information Policy (AIP) 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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