This section allows cross-market comparisons.
Bond Market Data
Bonds Turnover Ratio
Data vary across markets. For details download spreadsheet.
Bonds Turnover Ratio

Bonds turnover ratio = Value of bonds traded

Average amount of bonds outstanding

The Bonds Turnover Ratio is a measure of bond market liquidity. The ratio shows the extent of trading in the secondary market relative to the amount of bonds outstanding. The average amount of bonds outstanding is computed by determining the average amount of bonds outstanding at the end of the previous and current quarters. This ratio is computed separately for government and corporates, and excludes repurchase transactions.

The higher the turnover ratio, the more active the secondary market.
Note on the Data:

1. Where the reported value of bonds traded is the sum of sales and purchases (JP, KR, SG), the figure is divided by two to bring the volume in line with other markets.

2. Where the value of bonds traded is reported as a daily average for the month (SG), the daily average is multiplied by 21 (approximate number of trading days in a month). The trading volume for the past three months is then totaled to obtain a quarterly estimate.

3. Specific data sources for each market are as follows:

CN: ChinaBond. Government and corporate bonds include those traded on the interbank market, Shenzhen Stock Exchange and Shanghai Stock Exchange.

HK: Hong Kong Monetary Authority. Government bonds include Exchange Fund Bills and Notes.

ID: Indonesia Stock Exchange (IDX). Government and corporate bonds include all bonds listed on the IDX. Sertifikat Bank Indonesia are excluded because of lack of data.

JP: Japan Securities Dealers Association. Government bonds include short & long term Public Offerings Municipal bonds, Government-guaranteed, FILP-Agency bonds, and Transportation and NHK bonds. Corporate bonds include Straight bonds, Asset Backed bonds, Convertible bonds, Bank debentures, and Yen-denominated bonds issued by nonresidents.

KR: Bank of Korea (BOK) and Korea Bond Web (KBW). Outstanding Government bonds are from BOK and include Government bonds, Municipal bonds, and short & long term Monetary Stabilization Bonds. Outstanding Corporate bonds are from KBW and include Special public bonds, Financial debenture, and Corporate bonds.

MY: Bank Negara Malaysia. Government bonds include Malaysia Government Securities, Malaysia Treasury Bills, Bank Negara Bills and Government Investment Instruments, Khazanah bonds, and Cagamas bonds. Corporate bonds include asset-backed securities, commercial papers, medium term notes, and other corporate bonds.

SG: Monetary Authority of Singapore. Government bonds include Singapore Government securities, bills and bonds.

TH: Bank of Thailand and Thai Bond Market Association (Thai BMA). Only Thai BMA registered bonds are included. Government bonds include government and central bank issuance, treasury bills, state-enterprise and specialized organization bonds. The value of bonds traded is reported at market prices.

4. Corporate sector turnover is not available for Singapore.