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ADB: Emerging East Asia’s local currency bond issuance strongly surges
Emerging East Asia’s total local currency bond issuance rose 7.1 percent to an all-time high of 9 trillion USD in 2021, according to the latest issue of the Asia Bond Monitor recently released by the Asian Development Bank (ADB).
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| ADB: Emerging East Asia’s local currency bond issuance strongly surges (Photo: Reuters) |
For the last three months of 2021, emerging East Asia’s local currency bond stock grew 3.6 percent from the previous quarter to 22.8 trillion USD.
The report highlights discussions of foreign participation in the Asian local currency bond market and associated financial stability risks, as well as determinants of sovereign local currency bond issuance in emerging markets. It also presents the results of the 2021 Annual Bond Market Liquidity Survey “AsianBondsOnline”.
According to ADB Chief Economist Albert Park, financial conditions in emerging East Asia remain robust, backed by ample liquidity.
Most central banks in the region have maintained accommodative monetary stances, even as advanced economies tightened policies. However, continued inflationary pressure may cause more central banks around the world to tighten, which could reduce liquidity and weaken financial conditions, he said.
Member economies of the Association of Southeast Asian Nations (ASEAN) saw record-high local currency bond issuance of 1.5 trillion USD last year. That accounted for 17 percent of the total issuance in emerging East Asia, which comprises China, Hong Kong (China), Indonesia, the Republic of Korea (RoK), Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
Government bonds outstanding in the region totaled 14.3 trillion USD at the end of 2021, while corporate bonds increased to 8.5 trillion USD.
Faster growth in both the government and corporate bond segments pushed Vietnam’s local currency bond market up by 9.8 percent from the previous quarter to 91.5 billion USD at the end of December 2021. Annual growth also quickened, to 25.5 percent.
Sustainable bond stock in the ASEAN region plus China, Hong Kong (China), Japan, and the RoK rose to 430.7 billion USD at the end of 2021 from 274.1 billion USD a year earlier. Green bonds continue to dominate the region’s sustainable bond market, accounting for 68.2 percent of the total, although interest in social and sustainability bonds is also growing./.
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