Bond issuers are generally classified as government, quasi-government (including state entities and statutory authorities), or corporate institutions.

Please refer to the Participants—Issuers section of each market page to access links to market-specific lists.

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.

Corporate issuers consist of selected public entities and private companies, including financial institutions and international organizations.

Supranational issuers like the Asian Development Bank (ADB), International Finance Corporation (IFC), 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.