亚洲债券监测——2026年6月

ASIA BOND MONITORJUNE 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 2444 Some rights reserved. Published in 2026. ISBN 978-92-9277-843-9 (print); 978-92-9277-844-6 (PDF); 978-92-9277-845-3 (e-book)ISSN 2219-1518 (print), 2219-1526 (PDF)Publication Stock No. SGP260261-2DOI:http://dx.doi.org/10.22617/SGP260261-2 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 they 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 provisions 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. 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 use Corrigenda to ADB publications may be found athttp://www.adb.org/publications/corrigenda. Note:ADB recognizes “China” as the People’s Republic of China; “Hong Kong” as Hong Kong, China; “Korea” as the Contents Emerging East Asian Local Currency Bond Markets:A Regional Update Executive Summary...............................................................................................................Developments in Regional Financial Conditions.............................................................Bond Market Developments in the First Quarter of 2026Recent Developments in ASEAN+3 Sustainable Bond Markets..................................27Market Summaries................................................................................................................32People’s Republic of China..............................................................................................32Hong Kong, China.............................................................................................................35Indonesia............................................................................................................................37Republic of Korea..............................................................................................................40Lao People’s Democratic Republic Emerging East AsianLocal CurrencyBond Markets: Executive Summary Recent Developments in EmergingEast Asian Financial Conditions investor sentiment. LCY bonds outstanding in membereconomies of the Association of Southeast Asian Nations Financial conditions in emerging East Asia tightenedbetween 2 February and 29 May 2026 as the MiddleEast conflict raised global risk aversion, weighed oneconomic activity, and drove expectations of tightermonetary policy over rising inflation.1Regional centralbanks halted easing cycles, with some starting to hikerates. This pushed up local currency (LCY) bond yieldsin most regional markets. The exceptions were thePeople’s Republic of China (PRC), where monetaryconditions remained accommodative, and Singapore, Snapshot of ASEAN+3Sustainable Bond Markets Despite global uncertainties, ASEAN+3’s sustainablebond market, excluding the PRC, posted an expansion of0.9% q-o-q in Q1 2026 as issuance rose by 11.1% q-o-q.2 However, total ASEAN+3 sustainable bonds outstandingcontracted by 0.1% q-o-q to USD1.0 trillion. Quarterlyissuance declined by 31.1% q-o-q to USD46.9 billion on anissuance contraction in the PRC that was driven by a dip Local Currency Bond MarketDevelopments in EmergingEast Asia The LCY bond market in emerging East Asia expandedto USD31.5 trillion at the end of the first quarter (Q1) of2026, on a 2.4% quarter-on-quarter (q-o-q) increase,compared with 2.1% q-o-q in the previous quarter.The expansion was mainly driven by government bondissuances, which led to a 2.8% q-o-q rise in government Developments in RegionalFinancial Conditions Financial conditions in emerging East Asia tightenedbetween 2 February and 29 May, as the escalation of theMiddle East conflict at the end of February disrupte