(As of July/August 2020)
APAC (ex- Japan and China)
As of July 2020, ICMA estimates the notional value of the outstanding APAC SSA market (excluding Japan and China) to be approximately $5.9tn, of which $4.3tn are government bonds. It estimates the APAC corporate bond market (excluding Japan and China) – defined as bonds issued by corporations incorporated in an APAC country (excluding Japan and China and issued in an APAC local currency (excluding JPY and CNY) – to be approximately $1.8tn.
APAC SSA bond market (ex- Japan & China)
Source: ICMA analysis using Bloomberg Data (July 2020)
APAC sovereign bond market (ex- Japan & China)
Source: ICMA analysis using Bloomberg Data (July 2020)
APAC corporate bond market (ex- Japan & China)
Source: ICMA analysis using Bloomberg Data (July 2020)
China
As of July 2020, ICMA estimates the notional value of the outstanding onshore China SSA market to be approximately $19.4tn, of which $7.1tn are sovereign bonds. It estimates the onshore China corporate bond market– defined as bonds issued by corporations incorporated in China and issued in CNY – to be approximately $6.95tn.
China SSA bond market
Source: ICMA analysis using Bloomberg Data (July 2020)
China SSA bond market by maturity
Source: ICMA analysis using Bloomberg Data (July 2020)
China onshore corporate bond market
Source: ICMA analysis using Bloomberg Data (July 2020)
Japan
As of July 2020, ICMA estimates the notional value of the outstanding onshore Japan SSA market to be approximately $12.3tn, of which $11.0tn are sovereign bonds. It estimates the domestic Japan corporate bond market– defined as bonds issued by corporations incorporated in Japan and issued in JPY – to be approximately $826bn.
Japan SSA bond market
Source: ICMA analysis using Bloomberg Data (July 2020)
Japan SSA bond market by maturity
Source: ICMA analysis using Bloomberg Data (July 2020)
Japan domestic corporate bond market
Source: ICMA analysis using Bloomberg Data (July 2020)
APAC G3 Corporate Bonds
As of August 2020, ICMA estimates the notional value of the outstanding APAC G3 corporate bond market – defined as bonds issued by corporations incorporated in an APAC country and issued in USD, EUR, or GBP – as approximately $2.8tn, consisting of 9,708 ISINs. China, Australia, and Japan dominate in terms of country of risk, making up 71% of total outstandings. China alone ($1.0tn) makes up 38% of APAC G3 outstandings. USD is the predominant currency of issuance (88%).
APAC G3 corporate bond market by country of incorporation
Source: ICMA analysis using Bloomberg Data (August 2020)
APAC G3 corporate bond market by sector
Source: ICMA analysis using Bloomberg Data (August 2020)
APAC G3 corporate bond market cumulative issuance since Q1 2010
Source: ICMA analysis using Bloomberg Data (August 2020)