2025亚洲国际债券市场的发展与趋势报告（第五版）

Fifth Edition, March 2025 Researched and written by: Alex Tsang and Mushtaq Kapasi.Data analysis by: Christhoper Matthew and Alex Tsang. ICMA would like to acknowledge Dealogic for providing the data used in this report. If there is any inconsistency or Supported by the Hong Kong Monetary Authority This paper is provided for information purposes only and should not be relied upon as legal, financial, or other professional advice. While the informationcontained herein is taken from sources believed to be reliable, ICMA does not represent or warrant that it is accurate or complete and neither ICMAnor its employees shall have any liability arising from or relating to the use of this publication or its contents. Likewise, data providers who provided © International Capital Market Association (“ICMA”), Zurich, 2025. All rights reserved. No part of this publication may be reproduced or transmitted in Table of contents The Asian international bond markets - issuance trends and dynamics Issuance trends of international bonds – by region (deal nationality)Main location of arrangementIssuance trends by deal nationalityDebut issuance trends Executive summary The Asian international bond markets has witnessed remarkable growth over the past two decades. This report Market growth and issuance trends The annual issuance volume of Asian international bonds grew at an average annual growth rate of 21% from 2009 to2021, which peaked at US$630 billion in 2021. In comparison, the issuance volume of global international bonds grewat an average annual growth rate of less than 4% over the same period. Issuance volume in the Asian internationalbond markets subsequently declined in 2022 and 2023, before rebounding in 2024 with a 20% year-over-year growth Regional shifts and arrangement locations The dominance of the U.S. and the U.K. as key hubs for arranging Asian international bond issuances has declinedover the years. Their combined share fell from close to 80% in 2006 to just over 40% by 2024 by issuance volume. Incontrast, Asia has emerged as another leading hub, arranging approximately 35% of total issuance volume over thepast four years. Across the same period, consortium made up a bulk of the remaining. Hong Kong has further solidified Jurisdictional highlights Several Asian jurisdictions experienced significant growth in international bond issuance in 2024. India’s issuancerebounded strongly, increasing by 53% year-over-year to US$13 billion, driven primarily by financial institutions and thematerials sector. ASEAN jurisdictions collectively saw a 37% year-over-year increase in issuance, totalling US$77 billion,with the Philippines2emerging as the largest contributor, accounting for 54% of ASEAN issuance volume. In China, Debut issuances The growth of the international bond markets in Asia has been partly driven by new issuers entering the markets, withdebut issuances accounting for 4% of total issuance volume in 2024. China has led as the primary source of debutdeals over the past decade, accounting for 68% of total debut issuance volume in 2024 with 137 new issuers. Notably, 2To note that about three-quarters of issuance volume was contributed by a multilateral development bank based in the Philippines. This jurisdictional context also applies to othermentions of the “Philippines” within this report. Currency distribution and tenor trends G3 currencies – USD, EUR, and JPY – continue to dominate Asian international bond issuance, accounting for 78% oftotal volume in 2024, though this represents a drop from a high of 90% between 2017 and 2021 amid rise of non-G3diversification. In 2024, USD-denominated bonds remain the most prevalent, comprising 67% of total issuance, Sustainable bond market Sustainable bonds have become an important segment of Asia’s international bond markets, representing 21% oftotal issuance volume in 2024. This figure is more than double than the global ex-Asia average of 9%. The Asianinternational sustainable bond markets experienced a resurgence in 2024, with issuance increasing by 17% year-over-year to nearly US$100 billion. Chinese issuers led this segment, contributing 43% of the total volume, followed Introduction Why the report? ICMA published the first edition of The Asian International Bond Markets: Development and Trends in March 2021 andreleased the second version, third version and fourth version in 2022, 2023 and 2024 respectively. This year, the fifth Scope and methodology The report covers the international bond markets in Asia, specifically bond issuances by Asian entities. This analysisexcludes domestic bonds, which are securities denominated in the issuer’s national currency, underwritten by domesticbanks, and sold within the domestic market. While numerous definitions exist for what constitutes the internationalbond market, this study adopts a broad definition. Specifically, the international bond markets are defined to include Compared to previous vers