Government and quasi-government authorities are the most important issuers of Asian local currency debt. Increasingly active local bond markets mean better access and better financing alternatives for a broad range of issuers.

Supranational issuers like the Asian Development Bank, International Finance Corporation, and Nordic Investment Bank now issue in local currencies. This gives the investor a wider choice, as investment grade credit and non-investment grade issuers operate in the same markets. Purchasers of local debt can now exercise risk preferences that were not available a decade ago.

The increased depth of local debt markets has led to a less pronounced credit premium for non-investment grade corporations, effectively lowering their borrowing costs. Naturally, market development varies across the region.

Please refer to the Key Market Participants > Issuers pages of each market to access links to market-specific lists.