USD and other foreign currency denominated securities

In general, securities in the regional bond market must be registered in the market where the issues will be listed and sold.

Securities sold in the US, unless qualified for exemption under the Securities Act of 1993, must be registered with the US Securities and Exchange Commission (SEC).

The registration statement and prospectus become public shortly after SEC filing. The registration statement is also subject to examination for compliance with disclosure requirements.

Not all offerings must be registered with the SEC. Rule 144A enables issuers to access the US institutional capital markets without registration. For the procedures involved see the link below.

Bonds can also be issued as Global offerings. These usually include a US tranche (privately placed and issued under Rule 144A or publicly offered) and an international tranche (placed pursuant to Regulation S [Reg S] outside the US, typically in the Euromarkets). Reg S, adopted in 1990, clarifies the conditions under which securities offered or sold to investors outside the US are not subject to SEC registration requirements.

Local currency securities

In 2006, the Asian Development Bank (ADB) pioneered a multi-currency bond platform that links the domestic capital markets. Under the programme, Asian currency bonds are issued in domestic markets under a single unified framework with a common set of documents by the English law.

For market specific information on local bond issuing procedures, please refer to market home pages.

Shari'a compatible securities

For securities issued under the Shari'a principles, the International Islamic Financial Market (IIFM) will be issuing guidelines for Islamic financial instruments. IIFM is currently finalizing the guidelines and will be posting these in their website.