亚洲国际债券市场：发行趋势与动态

Sixth Edition, March 2026 Lead authors: Alex Tsang and Mushtaq Kapasi.Data analysis by: Christhoper Matthew and Alex Tsang. ICMA acknowledges Dealogic for providing the data used in this report. In the event of any inconsistency or ambiguitybetween the English and Chinese versions, the English version shall prevail. This report also draws on interviews with and review by market participants. ICMA would like to acknowledge Bloomberg,Crédit Agricole CIB, Fidelity International, HSBC and National Australia Bank Limited (listed in alphabetical order) for theircontributions to this edition, as well as all those who provided insights for previous editions of the report. 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 providedinformation used in this report do not represent or warrant that such data is accurate or complete and no data provider shall have any liability arisingfrom or relating to the use of this publication or its contents. © International Capital Market Association (“ICMA”), Zurich, 2026. All rights reserved. No part of this publication may be reproduced or transmitted inany form or by any means without permission from ICMA. Table of contents Executive summary IntroductionWhy the report?Scope and methodologyAbout ICMA The Asian international bond markets – issuance trends and dynamics Issuance trends of international bonds – by region (deal nationality)6Main location of arrangement7Issuance trends by deal nationality8Debut issuance trends14Breakdown by currency and tenor16Asian sustainable bond issuance trends18 Executive summary Asian international bond issuance grew in 2025, with total issuance rising to USD527 billion, a 14% year on year increasemarking a continued recovery from the 2022–2023 trough. While volumes remain below the 2021 peak, the region hasrecovered roughly one third of the decline experienced during the tightening cycle. Over the longer term, issuance hasexpanded steadily, growing at a compound annual rate of around 4% since 2015. Regional issuance trends Issuance in 2025 was driven primarily by Japan and China, which together accounted for 56% of regional volumes. •Japan recorded the largest absolute increase (+USD30bn), led by financial institutions.•China posted a modest rise, with a shift toward government and utilities issuance and continued subdued activity fromthe property sector.•ASEAN jurisdictions experienced a pronounced rebound (+31%), with growth broad based across Singapore, Malaysia,Indonesia, and the Philippines.•South Korea maintained stable issuance levels, with banks remaining the dominant contributors.•India saw a marked contraction, as activity narrowed to financials and materials. Debut activity Debut international issuance remained stable at USD20bn, dominated by China, Japan, and Singapore, which togetheraccounted for nearly 80% of inaugural transactions. Currency and tenor dynamics The US dollar remained the principal currency of issuance (67%), accompanied by a significant increase in eurodenominated supply, which reached its highest share in several years. Issuance in RMB, HKD, SGD, AUD, and GBPdemonstrated selective but growing diversification. Tenor profiles continued to lengthen, with meaningful increases in the 7–10 year, 10–20 year, and 30 year plus segments.Ultra long issuance (>30 years) more than doubled to USD27bn, reflecting stronger demand for duration and issuerinterest in locking in long term funding amid expected shifts in the global rate environment. Sustainable finance trends International sustainable bond issuance in Asia totalled USD94bn, down slightly year on year but maintaining its highshare of roughly one fifth of the region’s overall international bond issuances—well above the global ex Asia average (9%). Introduction Why the report? ICMA has published The Asian International Bond Markets: Issuance Trends and Dynamics annually since 2021 to providea clear, data-driven view of Asia’s international bond markets. Now in its sixth edition, the report continues to track howAsian issuers access international bond markets, examining trends in deal nationality, currency and tenor profiles, debutissuances and sustainable bonds. This edition incorporates the full-year 2025 international bond issuance dataset, offering a consistent methodology and a long-runtime series that allows readers to identify structural shifts, cyclical developments, and the evolving role of Asia within globalcross-border international bond markets. As international issuance conditions continue to be sh