《亚洲债券监测》——2025年3月

ASIA BOND MONITORMARCH 2025 TheAsia Bond Monitor(ABM) is part of the Asian Bond MarketsInitiative, an ASEAN+3 initiative supported by the Asian DevelopmentBank (ADB). This report is part of the implementation of a technicalassistance project funded by the Japan Fund for Prosperous andResilient Asia and the Pacific of the Government of Japan. This edition of the ABM was prepared by a team from ADB’s EconomicResearch and Development Impact Department headed by Albert Park,chief economist and director general, and supervised by Abdul Abiad,director of the Macroeconomics Research Division. The production ofthe ABM was led by Shu Tian and Donghyun Park, and supported byHenry Ma and theAsianBondsOnlineteam comprising Angelica AndreaCruz, Debbie Gundaya, Jeremy Grace Ilustrisimo, Russ Jason Lo,Resi Olivares, Roselyn Regalado, and Justin Adrian Villas. Mai LinVillaruel provided operational support, Kevin Donahue providededitorial assistance, Principe Nicdao did the typesetting and layout, andGato Borrero and Carlo Monteverde provided website support. How to reach us:Asian Development BankEconomic Research and Development Impact Department6 ADB Avenue, Mandaluyong City1550 Metro Manila, PhilippinesTel +63 2 8632 6545Email: asianbonds_feedback@adb.org Contributions from Gemma Estrada (senior economics officer) at ADB,Leonardo Gambacorta (head of the Emerging Markets Unit) at theBank for International Settlements, and Imtiaz Ul Haq (economist ofthe Economics and Market Research Team) at the International FinanceCorporation are gratefully acknowledged. ASIA BOND MONITORMARCH 2025 Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) © 2025 Asian Development Bank6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, PhilippinesTel +63 2 8632 4444; Fax +63 2 8636 2444www.adb.org Some rights reserved. Published in 2025. ISBN 978-92-9277-254-3 (print); 978-92-9277-255-0 (PDF); 978-92-9277-256-7 (e-book)ISSN 2219-1518 (print), 2219-1526 (PDF)Publication Stock No. SGP250107-2DOI:http://dx.doi.org/10.22617/SGP250107-2 The views expressed in this publication are those of the authors and do not necessarily reflect the views and policiesof the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for anyconsequence of their use. The mention of specific companies or products of manufacturers does not imply that theyare endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned. By making any designation of or reference to a particular territory or geographic area in this document, ADB does notintend to make any judgments as to the legal or other status of any territory or area. This publication is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be boundby the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisionsand terms of use athttps://www.adb.org/terms-use#openaccess. This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributedto another source, please contact the copyright owner or publisher of that source for permission to reproduce it.ADB cannot be held liable for any claims that arise as a result of your use of the material. Please contactpubsmarketing@adb.orgif you have questions or comments with respect to content, or if you wishto obtain copyright permission for your intended use that does not fall within these terms, or for permission to usethe ADB logo. Corrigenda to ADB publications may be found athttp://www.adb.org/publications/corrigenda. Emerging East Asian Local CurrencyBond Markets: A Regional Update Executive Summary...............................................................................................................viDevelopments in Regional Financial Conditions............................................................1Bond Market Developments in the Fourth Quarter of 2024........................................15Recent Developments in ASEAN+3 Sustainable Bond Markets..................................25Liquidity Conditions in Emerging East Asian Local Currency Bond Market..............29Policy and Regulatory Developments................................................................................32Market SummariesPeople’s Republic of China..............................................................................................34Hong Kong, China.............................................................................................................36Indonesia............................................................................................................................38Republic of Korea..................................................