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First ASEAN+3 Bond Market Guide Published

The ASEAN+3 Bond Market Guide, aimed at encouraging more cross-border bond issuance and investment in the region’s local currency bond markets, is now available through the Asian Development Bank (ADB) and AsianBondsOnline website.

Published by the ASEAN+3 Bond Market Forum (ABMF), in collaboration with the ADB as its secretariat, the two-volume guide contains detailed information on bond market infrastructures, transaction flows - including information on matching, settlement cycles and numbering - the regulatory framework and market practices in the People’s Republic of China (PRC), Hong Kong, Indonesia, Japan, Republic of Korea, People’s Democratic Republic of Lao, Malaysia, Philippines, Singapore, Thailand and Viet Nam.

ABMF expects the guide - the first endorsed by the ASEAN+3 following consultations with regional policy makers and market participants - will increase investor understanding of regional bond markets. The guide will also assist in setting up the Asian Multi-currency Bond Issuance Program (AMBIP), which ABMF hopes to introduce by the end of 2013, including possible pilot bond issuance through the program.

In previous decades, significant developments have taken place in local currency bond markets, but intra-regional financial flows remained relatively small. A more active intra-regional bond market would help channel regional resources to regional investments, leading to sustained and balanced economic growth.

ABMF, set up in September 2010, consists of public and private sector experts, including self-regulatory organizations, depository and exchange institutions, market associations of the ASEAN+3 and international market players. It aims to foster standardization of market practices and regulations in the local currency bond markets and is part of the Asian Bond Markets Initiative (ABMI) set up by Finance Ministers of the ASEAN+3 countries in 2003 to develop the local currency bond markets.

ASEAN+3 is comprised of the 10 nations of the Association of Southeast Asian Nations, plus the PRC, Japan, and Republic of Korea.