Bond Market Data
The Market Maker's View
| Bond Market Reforms- (Government) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average | CN | HK | ID | JP | KR | MY | PH | SG | TH | VN | Year | |
| Increasing diversity of investors | 3.3 | 4 | 3.7 | 3 | 3 | 3 | 3 | 2.7 | 3 | 3.2 | 4 | 2008 |
| Increased availability of hedging products | 3 | 4 | 2 | 3 | 2 | 2.6 | 3.4 | 3.4 | 4 | 3.2 | 3.5 | 2008 |
| Increasing intraday price transparency | 3 | 4 | 3 | 2.9 | 1 | 3 | 3 | 2.5 | 3 | 3.3 | 3.8 | 2008 |
| Improving repo markets | 2.8 | 2 | 2.7 | 2.5 | 3.5 | 2.4 | 2.4 | 3.2 | 3 | 2.7 | 3.3 | 2008 |
| Improvements to clearing and settlement | 2.5 | 2 | 1 | 2.6 | 3.5 | 3 | 2.4 | 2.5 | 2 | 2.8 | 3 | 2008 |
| Mandatory bid-ask spreads by market makers | 2 | 2 | 2.7 | 1.9 | 2.5 | 2 | 1.6 | 1.5 | 3 | 2.2 | 2.8 | 2008 |
| Increasing tax incentives | - | - | - | - | - | - | - | - | - | - | - | 2008 |
| Bond Market Reforms- (Corporate) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average | CN | HK | ID | JP | KR | MY | PH | SG | TH | VN | Year | |
| Greater access to credit derivatives | 2.4 | 4 | 3 | 1.3 | 2.5 | 2.4 | 2 | 2.5 | 4 | 1.7 | 2.5 | 2008 |
| Increasing diversity of investors | 2.4 | 4 | 3.3 | 1.6 | 2 | 2.8 | 1.4 | 2.8 | 4 | 1.7 | 2.5 | 2008 |
| More consistent secondary market pricing | 2.3 | 3 | 3.3 | 1.9 | 1 | 2.6 | 2 | 2.7 | 3 | 1.7 | 2.5 | 2008 |
| Introducing pricing agencies | 2.2 | 2 | 2.3 | 1.6 | 3.5 | 2.4 | 1.8 | 2 | 3 | 1.7 | 2.5 | 2008 |
| Credit rating harmonization | 2 | 2 | 3 | 1.8 | 0.5 | 2 | 2.2 | 2.4 | 3 | 1.8 | 2.3 | 2008 |
| Increased availability of hedging products | 1.9 | 3 | 2.3 | 1.4 | - | 2.2 | 2 | 2.6 | 4 | 1.7 | 2.5 | 2008 |
| Greater access to guarantees | 1.8 | 3 | 2 | 1.4 | 1 | 1.8 | 1.4 | 1.7 | 2 | 1.5 | 2.5 | 2008 |
| Greater multilateral issuance | 1.7 | 2 | 2.3 | 1.6 | - | 2.4 | 1.8 | 1.6 | 3 | 1.8 | 2.5 | 2008 |
| Increasing tax incentives | 1.6 | 2 | 1 | 1.4 | - | 2.8 | 1.2 | 2.6 | 2 | 1.8 | 1.5 | 2008 |
Local Currency Bond Market Liquidity Survey - Market Maker's View
The Local Currency Bond Market Liquidity Survey asked 45 market makers from ASEAN+3 countries to make qualitative judgments on the importance of specific initiatives that could raise liquidity in local currency (lcy) bond markets.
Respondents were asked to rate each initiative as “very important”, “important”, “somewhat important”, “not important at all”, and “don’t know”. Survey results were then quantified based on a scoring system ranging from 4 (“very important”) to 0 (“don’t know”).
Responses were averaged for both individual markets and for the region. The closer the average is to 4, the higher the significance attached by respondents to a particular initiative in fostering improvements in overall liquidity. The lower the score, the less importance attached to this initiative by market makers.
Respondents were asked to rate each initiative as “very important”, “important”, “somewhat important”, “not important at all”, and “don’t know”. Survey results were then quantified based on a scoring system ranging from 4 (“very important”) to 0 (“don’t know”).
Responses were averaged for both individual markets and for the region. The closer the average is to 4, the higher the significance attached by respondents to a particular initiative in fostering improvements in overall liquidity. The lower the score, the less importance attached to this initiative by market makers.