Issue: March 2010Emerging East Asia's local currency bond markets expanded 16.5% to $4.4 trillion in 2009, with corporate bond markets expanding much faster than government markets. The main driver of regional bond market growth last year was the rapid expansion of markets in Hong Kong, China; Thailand; and Indonesia. Further expansion is expected this year as the region's economic recovery continues and companies increasingly tap local currency bond markets as an alternative funding source to bank financing.