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Asia Bond Monitor – September 2019

Publication | September 2019
Asia Bond Monitor – September 2019

Local currency bond markets in emerging East Asia expanded steadily during the second quarter of 2019 despite ongoing trade conflicts, an economic slowdown in the People’s Republic of China, and moderating global growth.

At the end of June, there was $15.3 trillion in local currency bonds outstanding in the region, 3.5% more than at the end of March and 14.2% more than in June 2018. Bond issuance in emerging East Asia amounted to $1.6 trillion in the second quarter, 12.2% higher than in the first quarter.

In addition to market reports, this issue of the Asia Bond Monitor discusses the impact of US monetary policy uncertainty on emerging market currency rates as well as the growing importance of domestic capital markets. It also looks at the progress of global efforts to transition away from the use of the London Interbank Offered Rate, the widely used benchmark rate in global financial markets.

About the publication

The quarterly Asia Bond Monitor reviews developments in emerging East Asian local currency bond markets. The report discusses key trends in the region’s bond markets, and the outlook, risks, and policy options. It covers the 10 members of the Association of Southeast Asian Nations and the People’s Republic of China; Hong Kong, China; and the Republic of Korea.

Contents 

  • Highlights
  • Executive Summary
  • Introduction: Bond Yields Trend Downward amid Growth Moderation and Risk-Off Sentiment
  • Bond Market Developments in the Second Quarter of 2019
  • Policy and Regulatory Developments
  • Market Summaries
    • China, People’s Republic of
    • Hong Kong, China
    • Indonesia
    • Korea, Republic of
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Viet Nam