Summaries of domestic and international debt securities outstanding, which are provided by the Bank for International Settlements (BIS), are accessible through the link below. A guide on BIS methodology is also available.
The Asia Bond Monitor (ABM), a quarterly publication of the Asian Development Bank (ADB), reviews the size and composition of the East Asian local currency bond markets. Historical data is provided in the Asia Bond Indicators section of this website.
Please refer to the Description of Market Data—Size and Composition sections of each market home page to access links to market specific data.
The ABM reviews the trading volume and turnover of East Asian local currency bond markets. Historical data are provided in the Asia Bond Indicators section of this website.
Please refer to the Description of Market Data—Market Liquidity sections of individual market home pages to access links to market specific data.
Data on yields and prices of bonds traded in the markets are provided by government regulators, bond pricing agencies, and private market participants. Please refer to the Description of Market Data—Prices and Yields sections of individual market home pages to access links to market specific data.
The Bank for International Settlements’ (BIS) semi-annual, over-the-counter (OTC) derivatives statistics provide information on the size and structure of derivatives markets in the G10 countries and Switzerland. The BIS survey contains data on forwards, swaps and options of foreign exchange, interest rates, equities, and commodity derivatives. This survey becomes part of a global survey every 3 years. The Triennial Survey, last conducted in June 2004, provides information on turnover and amounts of contracts outstanding in global markets.
The International Swaps and Derivatives Association (ISDA) conducts surveys and provides market data on the global derivatives market.
Among East Asian countries, Hong Kong, China; Japan; Malaysia; Republic of Korea; and Singapore host active futures markets.
Policy Rates
East Asian central banks and monetary authorities use policy rates as a monetary tool for controlling inflation, determining day-to-day liquidity operations, and for determining other market rates. Singapore and Hong Kong, China focus on exchange rates as their prime monetary tool.
Long-Term Yields
The yield of long-term local currency bonds is used as the risk-free benchmark for each market.
Short-Term Interest Rates
Short-term reference rates are the average rates at which selected commercial banks lend to other banks. Other short-term interest rates are commonly calculated by bankers associations.
Other Market Rates
Several reference rates are used by markets to facilitate bank lending and deposits, and repurchase market transactions.
USD-Denominated Securities
A reference rate is the average interest rate of a common market group, published for use by all market participants. The most common use of reference rates is to fix floating-rate agreements.
The most widely used reference rate is the London Interbank Offered Rate (LIBOR), calculated by the British Banker's Association. This is the rate of interest at which banks borrow USD funds from other banks, in marketable size, in the London interbank market.
The Singapore Interbank Offered Rate (SIBOR) is the equivalent of LIBOR for USD loans among interbank participants in Asian time zones. It is collated by the Association of Banks in Singapore.
For more specific information on reference rates used by monetary authorities and banks in each of the East Asian markets, please refer to the individual market home pages.
USD-Denominated Securities
The increasing need to monitor Asian USD bond portfolios led Asian financial services and institutions to create their own performance indices. One such index is HSBC's Asian US Dollar Bond Index (ADBI), which comprises 76 USD-denominated issues spread over eight markets, exclusive of Japanese debt securities.
Daily ADBI reports and a more comprehensive description of the index methodology are available at the website linked below.
Local Currency Securities
For local currency-denominated bonds, the International Index Company launched a family of Asian bond indexes, the iBoxx ABF, which comprises eight local currency bond indexes and one aggregate Pan Asia index denominated in US dollars. The indexes were launched in conjunction with the implementation of the second phase of the Executives Meeting of East Asia-Pacific Central Banks’ (EMEAP) Asian Bond Fund Initiative (ABF2), and used as benchmark indexes that the nine ABF funds will closely track. Historical data is provided at the Asia Bond Indicators section of this website.
Another regional index is HSBC’s Asian Local Bond Index (ALBI), which measures the total return of a bond portfolio comprising high-quality, liquid, local currency-denominated bonds in Asia (excluding Japan). The HSBC ALBI sub-indexes calculate performance in their respective local currencies, while the overall regional ALBI index is measured in US dollars.
JP Morgan also publishes a local emerging market index for bonds, the Government Bond Index—Emerging Markets. It tracks the performance of local currency government bonds issued by 19 emerging markets. ASEAN+3 markets in the index include: Hong Kong, China; Indonesia; Malaysia; People’s Republic of China (PRC); Republic of Korea; Singapore; and Thailand.
A number of markets have also developed their own bond indexes. The links below provide a summary. Index levels may be accessed through the individual market home pages.