《亚洲债券监测》——2026年3月（英）

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. Economics, Qatar University, Doha, Qatar; Donghyun Park (directorof Macroeconomics and Monetary Policy Management) and Nur AinShahrier (senior economist) at the South East Asian Central BanksResearch and Training Centre, Kuala Lumpur, Malaysia; and ZiangQui (PhD student) and Yang Zhang (associate professor of businesseconomics) at the Faculty of Business Administration, University ofMacau, Macau, China are gratefully acknowledged. 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 MatteoLanzafame, director of the Macroeconomics Research Division.The production of the ABM was led by Shu Tian. It was supportedby Henry Ma and theAsianBondsOnlineteam comprising AngelicaAndrea Cruz, Debbie Gundaya, Jeremy Grace Ilustrisimo, Russ JasonLo, Resi Olivares, Roselyn Regalado, and Justin Adrian Villas. Mai LinVillaruel provided operational support, Kevin Donahue providededitorial assistance, Principe Nicdao did the typesetting and layout,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 Kosintr Puongsophol (senior financial sectorspecialist) and Pitchaya Sirivunnabood (consultant) at the AsianDevelopment Bank, Manila, Philippines; Bryan Gurhy (senior financialsector expert), Arindam Roy (senior financial sector expert), PatrickSchneider (financial sector expert), and Xuege Zhang (economist) atthe Monetary and Capital Markets Department of the InternationalMonetary Fund, Washington, DC; Noureddine Benlagha (professor),Rashid Hassan Al-Derham (master’s student in finance), and FahadShafiq (master’s student in finance) at the Department of Finance and Download the ABM at http://asianbondsonline.adb.org/documents/abm_mar_2026.pdf. TheAsia Bond Monitor March 2026was prepared by ADB’s EconomicResearch and Development Impact Department and does notnecessarily reflect the views of the ADB Board of Governors or thegovernments they represent. ASIA BOND MONITORMARCH 2026 Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) © 2026 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 2026. ISBN 978-92-9277-727-2 (print); 978-92-9277-728-9 (PDF); 978-92-9277-729-6 (ebook)ISSN 2219-1518 (print), 2219-1526 (PDF)Publication Stock No. SGP260088-2DOI:http://dx.doi.org/10.22617/SGP260088-2 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. Note:ADB recognizes “China” as the People’s Republic of China; “Hanoi” as Ha Noi; “Hong Kong” and “Hongkong” asHong Kong, China; “Korea” and “South Korea” as the Republic of Korea; and “Vietnam” as Vie