In March 2021, ICMA published the report Asian International Bond Markets: Development and Trends, supported by the Hong Kong Monetary Authority (HKMA).

Below is the summarised data on international bond issuances in Asia used in the report, as of January 2021.

Figure 1: Global international bond issuance - by region (deal nationality)
Figure 2: Percentage of international bonds issuances over all issuances
Figure 3: International bond issuance in Asia (deal nationality) - by main location of arrangement
Figure 4: International bond issuances in Asia (deal nationality) - listed or not
Figure 5: International bond issuance in Asia (deal nationality) - by listing location
Figure 6: International bond issuance in Asia - by deal nationality
Figure 7: International bond issuances from China (deal nationality)
Figure 8: International bond issuances from India (deal nationality)
Figure 9: International bond issuance from ASEAN (deal nationality)
Figure 10: International bond issuance from Japan (deal nationality)
Figure 11: International bond issuance in Asia - by issuer nationality
Figure 12: Debut issuance vs all international issuance in Asia (deal nationality)
Figure 13: Debut international bond issuance in Asia - by deal nationality
Figure 14: Debut international issuances from China - issuer nationality breakdown
Figure 15: Debut international bond issuance in Asia - by issuer nationality
Figure 16: Debut international bond issuance in Asia (deal nationality) - by main location of arrangement
Figure 17: Debut international bond issuance in Asia (deal nationality) - by listing location
Figure 18: International bond issuance in Asia (deal nationality) - Reg S & 144A
Figure 19: International bond issuance in Asia (deal nationality) - by currency
Figure 20: 2020 international bond issuance in Asia - by currency, with average issue size
Figure 21: International bond issuance in Asia (deal nationality) - by tenor
Figure 22: Percentage of international bonds from China over Asia (deal nationality)



Figure 1: Global international bond issuance - by region (deal nationality)
US$ million

Year Americas Asia Oceania EMEA
2006
916,915 106,764 97,190 2,134,605
2007
1,211,163 99,747 80,465 2,186,350
2008
1,235,538 64,738 85,799 2,631,951
2009
1,658,559 111,804 135,648 2,850,791
2010
1,751,802 154,458 105,015 2,250,406
2011
1,509,187 174,414 83,898 2,282,767
2012
1,752,582 270,970 125,512 2,186,147
2013
1,674,041 307,380 100,157 1,978,860
2014
1,734,968 405,982 95,096 2,090,233
2015
1,945,131 346,971 98,640 1,720,407
2016 2,151,584 372,649 117,742 1,886,665
2017 2,308,131 552,650 97,108 2,112,768
2018 1,851,380 465,505 86,955 2,081,616
2019 2,139,505 518,630 70,383 2,063,108
2020 2,972,236 575,323 48,051 2,496,247
Source: ICMA analysis using Dealogic data (January 2021)

Figure 2: Percentage of international bonds issuances over all issuances
Year World Asia
2006 29.7% 7.2%
2007 35.0% 5.6%
2008 39.5% 3.6%
2009 36.6% 4.8%
2010
33.0% 5.4%
2011 32.9% 5.9%
2012 33.6% 8.0%
2013 33.7% 9.7%
2014 36.6% 14.2%
2015 37.8% 13.0%
2016 38.5% 12.7%
2017 43.1% 18.8%
2018 39.4% 16.3%
2019 39.1% 17.6%
2020 42.1% 23.1%
Source: ICMA analysis using Dealogic data (January 2021)

Figure 3: International bond issuance in Asia (deal nationality) - by main location of arrangement
US$ million
Year Hong Kong Japan Singapore United Kingdom United States Other - Asia Other - rest of the world consortium unknown
2006
4,179 2,725 3,213 59,648 24,792 1,397 9,082 1,681 46
2007
3,577 12,774 1,096 55,172 18,940 588 5,236 2,365 0
2008
3,891 3,619 3,758 29,421 11,003 2,963 4,010 5,200 873
2009
3,428 1,343 2,847 52,367 31,353 1,342 4,136 14,563 425
2010
12,161 4,083 9,308 59,442 44,852 3,612 7,338 13,442 220
2011
21,170 5,035 9,828 73,775 30,841 5,085 11,897 13,668 3,116
2012
47,821 4,963 23,914 79,564 60,115 3,358 17,682 29,832 3,721
2013
85,918 3,502 18,977 84,999 50,048 5,140 11,223 44,374 3,200
2014
92,952 2,643 28,571 90,794 77,756 7,963 16,744 82,074 6,485
2015
75,863 3,181 24,528 64,759 75,616 12,068 11,394 69,682 9,880
2016 94,945 4,013 17,666 65,681 76,167 14,863 7,282 86,928 5,103
2017 155,096 4,145 23,091 119,552 94,444 15,081 15,768 122,295 3,179
2018 121,013 5,570 22,453 84,075 84,751 16,226 20,107 105,874 5,436
2019 201,349 7,387 26,542 76,457 72,723 9,568 23,907 99,607 1,091
2020 196,084 3,437 26,322 99,794 105,942 8,983 18,189 116,085 487
Source: ICMA analysis using Dealogic data (January 2021)

Figure 4: International bond issuances in Asia (deal nationality) - listed or not 
Year listed at one exchange listed at more than 1 exchange unlisted unknown
2006
74% 2% 24% 0%
2007
65% 2% 33% 0%
2008
61% 1% 33% 0%
2009
66% 4% 25% 5%
2010
65% 2% 18% 15%
2011
61% 1% 27% 11%
2012
69% 2% 19% 10%
2013
69% 3% 18% 10%
2014
74% 2% 15% 9%
2015
69% 11% 15% 10%
2016 72% 8% 14% 6%
2017 76% 11% 10% 3%
2018 74% 12% 11% 4%
2019 74% 11% 9% 6%
2020 72% 12% 7% 9%
Source: ICMA analysis using Dealogic data (January 2021)

Figure 5: International bond issuance in Asia (deal nationality) - by listing location     
US$ million

Year Hong Kong Ireland Luxembourg Singapore United Kingdom Other - Asia Other - rest of the world unknown Unlisted
2006
1,875 2,947 15,824 41,768 12,777 1,084 4,174 501 25,813
2007
700 5,388 8,094 33,000 18,337 150 1,520 43 32,515
2008
2,000 1,603 6,049 17,050 11,110 60 2,332 179 24,356
2009
2,250 3,207 18,598 39,607 10,402 3,133 928 5,897 27,782
2010
11,206 783 13,489 61,211 10,296 2,562 4,062 22,535 28,316
2011
12,693 1,127 11,608 63,515 12,483 3,137 4,047 19,405 46,398
2012
36,582 1,878 12,538 123,343 8,083 4,887 5,495 26,107 52,058
2013
65,189 1,551 19,022 103,751 14,545 10,046 6,577 30,526 56,173
2014
123,634 5,272 18,663 131,842 12,515 9,595 9,103 36,051 59,309
2015
87,490 9,562 26,472 99,620 15,777 14,334 6,936 33,182 53,598
2016 91,246 3,464 53,868 124,329 9,436 10,761 7,154 21,390 50,999
2017 154,345 13,140 75,346 195,248 12,544 13,269 14,478 18,882 55,399
2018 122,153 6,616 67,417 164,110 13,086 13,778 10,148 16,884 51,313
2019 155,562 1,466 68,737 170,322 22,779 10,049 9,610 32,215 47,890
2020 160,877 7,276 78,756 176,658 22,665 17,229 16,945 53,324 41,593
Source: ICMA analysis using Dealogic data (January 2021)

Figure 6: International bond issuance in Asia - by deal nationality
US$ million

Year Bangladesh Cambodia China Hong Kong India Indonesia Japan Kazakhstan Laos Macao Malaysia Maldives Mongolia Pakistan Philippines Singapore South Korea Sri Lanka Taiwan Tajikistan Thailand Uzbekistan Vietnam
2006
-
-
2,330 6,033 3,272 5,943 42,919 7,659 -
- 2,020 -
-
800 8,364 4,271 20,774 -
655 -
1,725 -
-
2007
-
-
3,354 4,449 9,261 3,958 33,174 9,679 -
- 527 -
75 750 7,151 3,834 22,082 500 -
-
765 -
188
2008
-
-
2,055 4,015 1,408 4,200 22,771 3,575 -
- 440 -
-
-
8,035 2,695 15,020 -
-
-
524 -
-
2009
-
-
2,243 11,953 2,340 8,506 31,429 2,304 -
-
5,031 -
-
-
16,193 4,020 27,284 500 -
-
-
-
-
2010
-
-
22,184 13,494 9,135 6,009 36,654 4,961 -
600 2,639 -
175 -
22,805 6,057 24,875 1,000 620 -
2,250 -
1,000
2011
-
-
49,646 9,227 9,330 6,520 33,571 1,453 -
354 4,210 -
-
-
17,546 7,199 31,265 1,000 279 -
2,724 -
90
2012
-
-
61,491 32,163 10,732 12,821 48,677 4,284 -
825 10,795 -
2,980 -
15,465 24,034 38,742 1,500 812 -
5,400 -
250
2013
-
-
104,808 19,306 15,218 12,298 68,145 6,101 144 1,600 5,457 -
311 -
14,361 14,380 35,384 1,350 2,521 -
5,170 -
827
2014
300
-
180,954 23,827 19,482 12,094 69,927 5,540 403 750 4,185 -
115 3,000 15,674 23,513 37,091 1,925 3,101 -
3,100 -
1,000
2015
-
-
147,137 12,443 9,074 15,183 74,539 4,028 539 -
9,309 -
664 500 22,246 17,340 27,495 2,150 3,479 -
848 -
-
2016 -
-
152,060 22,913 10,213 12,770 85,549 1,000 626 1,200 6,524 -
500 1,000 22,775 17,903 31,931 1,500 3,151 -
998 -
35
2017 -
-
250,330 26,348 19,250 21,118 122,958 5,569 421 1,350 5,752 250
1,400 2,500 31,569 20,909 35,043 1,500 3,598 500
2,286 -
-
2018 -
300
199,549 12,764 7,333 21,747 108,474 5,573 626 -
2,416 100
500 -
29,054 30,630 36,276 2,500 2,819 -
4,844 -
-
2019 -
-
246,008 33,921 21,966 16,350 87,095 1,500 272 2,600 6,773 -
740 - 30,959 22,507 33,434 4,575 1,413 -
6,238 1,300 979
2020 -
350
247,294 29,197 14,100 23,523 126,153 2,232 -
1,850 9,355 -
600 -
49,508 20,408 38,144 -
6,100 -
5,082 1,348 80
Source: ICMA analysis using Dealogic data (January 2021)

Figure 7: International bond issuances from China (deal nationality)
Year US$ million
2006
2,330
2007
3,354
2008
2,055
2009
2,243
2010
22,184
2011
49,646
2012
61,491
2013
104,808
2014
180,954
2015
147,137
2016 152,060
2017 250,330
2018 199,549
2019 246,008
2020 247,294
Source: ICMA analysis using Dealogic data (January 2021)

Figure 8: International bond issuances from India (deal nationality)
Year US$ million
2006
3,272
2007
9,261
2008
1,408
2009
2,340
2010
9,135
2011
9,330
2012
10,732
2013
15,218
2014
19,482
2015
9,074
2016 10,213
2017 19,250
2018 7,333
2019 21,966
2020 14,100
Source: ICMA analysis using Dealogic data (January 2021)

Figure 9: International bond issuance from ASEAN (deal nationality)
US$ million
Year Cambodia Indonesia Laos Malaysia Philippines Singapore Thailand Vietnam
2006
-
5,943 -
2,020 8,364 4,271 1,725 -
2007
-
3,958 -
527 7,151 3,834 765 188
2008
-
4,200 -
440 8,035 2,695 524 -
2009
-
8,506 -
5,031 16,193 4,020 -
-
2010
-
6,009 -
2,639 22,805 6,057 2,250 1,000
2011
-
6,520 -
4,210 17,546 7,199 2,724 90
2012
-
12,821 -
10,795 15,465 24,034 5,400 250
2013
-
12,298 144 5,457 14,361 14,380 5,170 827
2014
-
12,094 403 4,185 15,674 23,513 3,100 1,000
2015
-
15,183 539 9,309 22,246 17,340 848 -
2016 -
12,770 626 6,524 22,775 17,903 998 35
2017 -
21,118 421 5,752 31,569 20,909 2,286 -
2018 300
21,747 626 2,416 29,054 30,630 4,844 -
2019 -
16,350 272 6,773 30,959 22,507 6,238 979
2020 350
23,523 -
9,355 49,508 20,408 5,082 80
Source: ICMA analysis using Dealogic data (January 2021)

Figure 10: International bond issuance from Japan (deal nationality)
Year US$ million
2006
42,919
2007
33,174
2008
22,771
2009
31,429
2010
36,654
2011
33,571
2012
48,677
2013
68,145
2014
69,927
2015
74,539
2016 85,549
2017 122,958
2018 108,474
2019 87,095
2020 126,153
Source: ICMA analysis using Dealogic data (January 2021)

Figure 11: International bond issuance in Asia - by issuer nationality
US$ million

Year Bangladesh Cambodia China Hong Kong India Indonesia Japan Kazakhstan Laos Macao Malaysia Maldives Mongolia Pakistan Philippines Singapore South Korea Sri Lanka Taiwan Tajikistan Thailand Uzbekistan Vietnam
2006
-
-
-
2,426 2,194 2,000 12,440 1,799 -
- 1,620 -
-
1,050 7,964 5,534 17,389 -
-
-
1,055 -
-
2007
-
-
1,594 4,053 5,728 1,500 15,212 1,344 -
- 300 -
75 750 7,151 4,719 21,300
500 -
-
765 -
188
2008
-
-
1,755 1,800 158 4,200 3,996 3,040 -
- 440 -
-
-
8,035 549 13,445 -
2
-
524 -
-
2009
-
-
2,343 2,043 1,940 5,424 9,078 804 -
- 4,500 -
-
138 16,193 4,251 27,221 500 -
-
-
-
-
2010
-
-
1,952 18,165 1,050 3,774 21,065 2,311 -
742 2,739 -
175 -
22,145 8,038 22,342 1,000 -
-
350 -
1,000
2011
-
-
5,818 31,146 3,106 6,295 22,237 1,453 -
431 4,171 -
-
-
17,346 9,270 29,988 1,000 102 -
1,332 -
90
2012
-
-
8,475 42,346 2,530 11,303 31,550 2,624 -
761 8,825 -
2,380 -
15,315 26,884 35,819 1,500 -
-
2,100 -
250
2013
-
-
6,066 58,152 3,724 11,040 39,655 6,101 144 1,417 1,640 -
311 -
12,704 18,337 31,267 1,350 534 -
3,840 -
827
2014
300
-
30,267 65,877 6,429 10,463 44,289 5,140 355 941 3,637 -
115 3,000 15,599 33,570 32,419 1,925 3,656 -
1,000 -
1,000
2015
-
-
19,137 45,826 6,114 14,549 44,685 4,028 539 212 9,240 -
664 500 21,379 27,016 24,724 2,150 2,093 -
418 -
-
2016 -
-
35,888 45,830 5,860 10,899 65,040 -
626 103 6,385 -
500 1,000 22,400 27,552 27,129 1,500 2,040 -
590 -
-
2017 -
-
43,775 58,950 8,128 16,611 85,706 1,049 421 1,384 3,574 250
1,400 2,500 31,169 34,041 31,148 1,500 3,115 500
975 -
-
2018 -
-
27,919 49,223 5,426 20,177 80,526 5,173 626 2,612 2,317 100
500 -
28,654 38,414 33,409 2,500 3,305 -
2,898 -
-
2019 -
-
47,185 50,485 16,300 15,326 62,297 1,500 272 2,330 5,590 -
300 -
29,749 29,036 28,770 4,575 330 -
3,370 1,300 979
2020 -
-
59,656 52,381 9,650 20,368 83,834 376 -
1,177 9,355 -
600 -
46,448 32,935 30,170 -
1,325 -
3,832 1,348 80
Source: ICMA analysis using Dealogic data (January 2021)

Figure 12: Debut issuance vs all international issuance in Asia (deal nationality)
Year debut issuance in US$ million debut issuance in %
2006
11,673 10.9%
2007
5,560 5.6%
2008
5,560 1.5%
2009
3,650 3.3%
2010
13,838 9.0%
2011
20,836 11.9%
2012
20,611 7.6%
2013
30,653 10.0%
2014
26,205 6.5%
2015
23,739 6.8%
2016 23,376 6.3%
2017 46,350 8.4%
2018 22,336 4.8%
2019 35,825 6.9%
2020 23,561 4.1%
Source: ICMA analysis using Dealogic data (January 2021)

Figure 13: Debut international bond issuance in Asia - by deal nationality
US$ million

Year Cambodia China Hong Kong India Indonesia Japan Kazakhstan Laos Macao Malaysia Maldives Mongolia Philippines Singapore South Korea Sri Lanka Taiwan Tajikistan Thailand Uzbekistan Vietnam
2006
-
2,060 645 550 2,398 2,493 775 -
-
620 -
-
250 240 728 -
150 -
765 -
-
2007
-
1,435 870 535 1,225 -
266 -
-
-
-
75 -
500 216 -
-
-
250 -
187
2008
-
300 -
-
-
-
-
-
-
-
-
-
-
5 697 -
-
-
-
-
-
2009
-
550 -
190 315 625 100
-
-
450 -
-
-
-
1,420 -
-
-
-
-
-
2010
-
6,915 1,303 900 530 50 450 -
600
1,250 -
-
810 230 800 -
-
-
-
-
-
2011
-
14,790 1,214 1,150 1,050 -
-
-
-
-
-
-
-
768 1,536 -
239 -
-
-
90
2012
-
11,738 1,226 600 964 -
-
-
-
590 -
2,680 300 1,648 53 -
812 -
-
-
-
2013
-
11,989 4,027 3,825 1,633 2,300 1,100 50 -
-
-
20 300 2,037 449 850 1,872 -
-
-
200
2014
-
17,108 639 2,225 1,118 500 -
246 -
325 -
-
-
3,065 325 175 478 -
-
-
-
2015
-
16,356 306 607 2,486 938 -
-
-
100 -
-
300 593 500 -
1,533 -
21 -
-
2016 -
20,402 1,075 1,350 -
-
-
-
-
88 -
-
-
425 -
-
-
-
-
-
35
2017 -
36,161 615 2,380 3,096 350 -
-
-
955 200
-
400 464 1,000 -
120 300 109 -
-
2018 300
17,041 659 760 1,200 450 -
-
-
-
-
-
600 408 746 -
170 -
-
-
-
2019 -
27,896 1,394 1,661 300 1,404 -
-
-
352 -
250 -
400 523 -
45 -
-
1,300 300
2020 -
17,631 56 1,200 1,300 -
-
-
-
-
-
-
1,075 1,243 77 -
300 -
-
600
80
Source: ICMA analysis using Dealogic data (January 2021)

Figure 14: Debut international issuances from China - issuer nationality breakdown
Year China Hong Kong Offshore jurisdictions Other
2006
0% 0% 70.0% 30.0%
2007
22.2% 0% 66.7% 11.1%
2008
0% 0% 100% 0%
2009
0% 0% 100% 0%
2010
0% 11.1% 77.8% 11.1%
2011
5.9% 29.4% 60.8% 3.9%
2012
15.6% 31.3% 46.9% 6.3%
2013
6.1% 30.3% 57.6% 6.1%
2014
8.2% 34.4% 55.7% 1.6%
2015
9.3% 27.9% 62.8% 0%
2016 45.3% 9.3% 45.3% 0%
2017 32.9% 13.9% 51.9% 1.3%
2018 50.7% 13.0% 36.2% 0%
2019 60.8% 6.2% 33.0% 0%
2020 48.6% 17.6% 32.4% 1.4%
Source: ICMA analysis using Dealogic data (January 2021)

Figure 15: Debut international bond issuance in Asia - by issuer nationality
US$ million

Year China Hong Kong India Indonesia Japan Kazakhstan Laos Macao Malaysia Maldives Mongolia Philippines Singapore South Korea Sri Lanka Taiwan Tajikistan Thailand Uzbekistan Vietnam
2006
-
375 150 -
166 275 -
-
420 -
-
150 1,300 728 -
-
-
465 -
-
2007
275 -
300 -
-
141 -
-
-
-
75 -
325 120 -
-
-
250 -
187
2008
-
-
-
-
-
-
-
-
-
-
-
-
5
697 -
-
-
-
-
-
2009
-
-
190 315 625 100 -
-
-
-
-
-
-
1,420 -
-
-
-
-
-
2010
-
924 500 530 282 -
-
600
1,250 -
-
650 601 800 -
-
-
-
-
-
2011
565 4,795 450 1,050 -
-
-
-
- -
-
-
892 1,450 -
102
-
-
-
90
2012
1,032 3,259 500 789 -
-
-
-
500 -
2,080 300 2,118 -
-
-
-
-
-
-
2013
637 6,518 1,500 740 2,000 1,100 50 -
- - 20
-
2,148 449 850 210 -
-
-
200
2014
960 7,375 1,500 638 500 -
198 -
244 -
-
-
2,782 200 175 478 -
-
-
-
2015
1,638 4,816 489 1,686 938 -
-
-
100 -
-
300 900 500 -
510 -
21
-
-
2016 10,581 1,468 550 - -
-
-
-
88
-
-
-
632 -
-
-
-
-
-
-
2017 19,975 3,170 1,205 896 350 -
-
-
455
200
-
-
964 1,000 -
120 500
-
-
-
2018 7,312 2,720 760 405 450 -
-
-
-
-
-
600 1,203 746 -
170 -
-
-
-
2019 17,235 2,476 1,661 300 850 -
-
-
300
-
250 -
352 223 -
-
-
-
1,300 300
2020 7,100 2,699 1,200 1,300 -
-
-
-
-
-
-
75 2,331 77 -
-
-
-
600 80
Source: ICMA analysis using Dealogic data (January 2021)

Figure 16: Debut international bond issuance in Asia (deal nationality) - by main location of arrangement
US$ million

Year Hong Kong Singapore United Kingdom United States Other - Asia Other - rest of the world consortium unknown
2006
920 135 6,981 3,045 43 350 200 -
2007
200 -
3,956 596 -
508 300 -
2008
300 5
-
300 97 -
-
300
2009
30 315 705 750 100 -
1,560 190
2010
2,707 505 5,426 1,630 1,250 650 1,670 -
2011
5,218 490 6,732 2,121 317 1,892 4,065 -
2012
7,842 3,526 2,091 1,973 650 1,225 3,304 -
2013
10,137 3,043 8,588 2,474 261 545 5,605 -
2014
10,925 3,522 4,946 125 477 632 5,277 300
2015
9,489 1,515 3,784 -
1,552 1,337 6,062 -
2016 15,028 1,557 1,135 700 2,306 316 2,334 -
2017 31,494 1,706 4,784 -
1,495 1,000 5,871 -
2018 16,225 1,169 1,900 -
816 200 2,000 25
2019 24,828 1,114 2,431 1,504 730 1,181 3,911 128
2020 17,586 2,081 1,250 -
395 150 2,100 -
Source: ICMA analysis using Dealogic data (January 2021)

Figure 17: Debut international bond issuance in Asia (deal nationality) - by listing location
US$ million

Year Hong Kong Ireland Luxembourg Singapore United Kingdom Other - Asia Other - rest of the world unknown Unlisted
2006
325 -
200 8,761 275 210 200 -
1,702
2007
-
96 141 4,220 125 -
-
-
977
2008
-
-
-
300 -
-
-
-
702
2009
-
-
105 1,135 -
100 -
640 1,670
2010
3,750 -
450 8,790 -
-
-
71 777
2011
2,310 -
-
13,228 -
-
125 2,350 2,823
2012
7,686 -
-
11,081 -
53 -
934 857
2013
14,186 333 333 12,954 50 644 300 1,418 434
2014
14,858 -
750 8,311 -
783 112 664 727
2015
12,246 1,783 -
8,523 -
554 -
282 350
2016 13,190 434 -
7,043 -
88 -
994 1,627
2017 27,345 -
500 15,378 528 429 709 536 925
2018 13,799 -
350 5,384 557 370 -
1,316 560
2019 19,572 -
-
5,530 4,406 466 600 4,872 380
2020 13,896 -
-
6,523 600 330 150 1,698 364
Source: ICMA analysis using Dealogic data (January 2021)

Figure 18: International bond issuance in Asia (deal nationality) - Reg S & 144A
Year 144A (US$ million)
REG S only (US$ million) % of 144A % of REG S only
2005 32,805 26,829 37% 30%
2006
26,802 49,899 25% 47%
2007
24,568 39,235 25% 39%
2008
17,454 25,867 27% 40%
2009
41,573 34,436 37% 31%
2010
57,296 40,539 37% 26%
2011
48,937 50,410 28% 29%
2012
83,204 103,772 31% 38%
2013
87,423 122,993 28% 40%
2014
118,481 172,770 29% 43%
2015
84,485 143,265 24% 41%
2016 72,299 183,388 19% 49%
2017 101,130 305,984 18% 55%
2018 92,981 237,349 20% 51%
2019 90,303 313,732 17% 60%
2020 119,844 289,305 21% 50%
Source: ICMA analysis using Dealogic data (January 2021)

Figure 19: International bond issuance in Asia (deal nationality) - by currency
US$ million

Year Australian Dollar British Pound Sterling Chinese Renminbi Yuan Euro Hong Kong Dollar Japanese Yen Singapore Dollar US Dollar Other
2006
3,005 10,018 -
17,448 1,717 8,605 1,171 60,528 4,272
2007
4,430 5,445 1,319 14,671 1,790 14,130 1,246 49,948 6,767
2008
3,260 1,359 1,755 6,355 1,705 5,159 3,155 32,720 9,269
2009
3,153 155 2,050 14,082 1,505 4,081 1,405 79,130 6,242
2010
7,523 1,858 6,014 3,896 2,377 6,001 2,796 114,353 9,639
2011
8,119 2,270 24,217 622 4,465 8,009 7,252 108,185 11,275
2012
9,932 842 24,453 3,220 8,508 6,998 16,420 190,079 10,519
2013
5,340 3,094 32,552 17,631 9,651 4,052 11,559 214,934 8,567
2014
5,873 5,032 56,030 17,824 11,194 3,785 14,774 284,323 7,147
2015
3,249 2,678 25,357 27,313 8,932 2,662 13,109 260,640 3,030
2016 3,961 1,508 17,846 21,609 11,623 2,732 9,895 299,311 4,164
2017 7,029 4,538 6,606 36,516 7,728 2,776 12,882 466,622 7,953
2018 4,628 7,955 14,740 50,257 8,919 5,789 13,960 348,816 10,440
2019 4,873 7,272 7,132 42,363 7,753 6,598 13,196 422,471 6,972
2020 4,347 7,687 7,661 46,313 8,494 2,622 10,239 480,983 6,977
Source: ICMA analysis using Dealogic data (January 2021)

Figure 20: 2020 international bond issuance in Asia - by currency, with average issue size
US$ million equivalent

Currency USD EUR SGD HKD GBP CNH AUD JPY Other
Total issuance in 2020 480,983 46,313 10,239 8,494 7,687 7,661 4,347 2,622 6,977
% of issuance in 2020 83.6% 8.0% 1.8% 1.5% 1.3% 1.3% 0.8% 0.5% 1.2%
Average issue size 460 493 197 63 384 130 114 85 80
Source: ICMA analysis using Dealogic data (January 2021)

Figure 21: International bond issuance in Asia (deal nationality) - by tenor
US$ million

Year 1 year or less 1-3 years 3-5 years 5-7 years 7-10 years 10-20 years 20-30 years more than 30 years
2006
2,229 10,770 25,890 9,618 25,582 10,179 6,368 16,129
2007
3,490 21,841 26,299 5,871 23,951 6,578 4,157 7,558
2008
3,526 18,797 19,658 3,352 8,150 838 3,294 7,122
2009
3,201 24,530 33,434 18,005 20,998 6,786 2,744 2,106
2010
3,828 24,004 48,913 25,969 32,328 12,146 3,160 4,110
2011
14,880 36,909 52,054 23,474 31,329 6,467 4,866 4,435
2012
19,934 43,484 87,032 27,864 55,273 14,365 15,097 7,923
2013
35,439 53,551 105,021 32,083 51,054 9,888 8,658 11,686
2014
41,864 99,148 113,767 35,673 67,559 12,062 13,921 21,988
2015
31,425 79,054 95,326 25,178 68,591 11,151 19,827 16,420
2016 22,735 102,463 114,585 19,021 67,648 11,963 12,006 22,229
2017 20,146 140,608 169,284 47,882 86,099 13,083 18,396 57,151
2018 18,947 164,197 137,975 33,223 62,216 13,747 13,421 21,777
2019 12,343 173,063 166,819 28,008 78,960 20,352 9,545 29,542
2020 15,552 151,867 165,664 42,926 102,121 27,739 21,796 47,658
Source: ICMA analysis using Dealogic data (January 2021)

Figure 22: Percentage of international bonds from China over Asia (deal nationality)  
Year 1 year or less All tenors
2010
41% 14%
2011
65% 28%
2012
82% 23%
2013
78% 34%
2014
74% 45%
2015
81% 42%
2016 83% 41%
2017 76% 45%
2018 72% 43%
2019 64% 47%
2020 74% 43%
Source: ICMA analysis using Dealogic data (January 2021)


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