In March 2022, ICMA published the second edition of 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.
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 Chinese real estate issuers
Figure 9: International bond issuance from China (deal nationality) by rating at launch
Figure 10: International bond issuance from China (deal nationality) by industry
Figure 11: International bond issuance from India (deal nationality)
Figure 12: International bond issuances from India (deal nationality) by industry
Figure 13: Percentage of sustainable bond issuance over all international issuance from India
Figure 14: International bond issuance from ASEAN (deal nationality)
Figure 15: International bond issuance from ASEAN (deal nationality) - by industry
Figure 16: International bond issuance from Japan (deal nationality) - by industry
Figure 17: International bond issuance from South Korea (deal nationality) - by industry
Figure 18: International bond issuance in Asia - by issuer incorporation
Figure 19: Debt issuance vs all international issuance in Asia (deal nationality)
Figure 20: Debut international bond issuance in Asia - by deal nationality
Figure 21: Debut international isssuance from China - issuer incorporation breakdown
Figure 22: Debut international bond issuance in Asia - by issuer incorporation
Figure 23: Debut international bond issuance in Asia (deal nationality) by main location of arrangement
Figure 24: Debut international bond issuance in Asia (deal nationality) by listing location
Figure 25: International sustainable bond issuance in Asia - by deal nationality
Figure 26: International sustainable bond issuance in Asia (deal nationality) - by main location of arrangement
Figure 27: International sustainable bond issuance in Asia (deal nationality) - by listing location
Figure 28: International sustainable bond issuance in Asia (deal nationality) - by tenor
Figure 29: International sustainable bond issuance in Asia (deal nationality) - by industry
Figure 30: International bond issuance in Asia (deal nationality) - SEC Registered, 144A & REG S
Figure 31: International bond issuance in Asia (deal nationality) - by currency
Figure 32: 2021 issuance by currency with average issue size
Figure 33: International bond issuance in Asia (deal nationality) - by tenor
Figure 34: 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 | 915,737 | 106,764 | 97,190 | 2,133,865 |
2007 | 1,210,204 | 99,747 | 80,465 | 2,185,338 |
2008 | 1,235,403 | 64,738 | 85,799 | 2,627,892 |
2009 | 1,657,560 | 111,804 | 135,648 | 2,849,631 |
2010 | 1,750,517 | 154,308 | 105,015 | 2,248,386 |
2011 | 1,508,022 | 174,479 | 83,898 | 2,280,986 |
2012 | 1,752,582 | 270,920 | 125,512 | 2,186,167 |
2013 | 1,74,041 | 307,380 | 100,157 | 1,978,860 |
2014 | 1,731,218 | 405,982 | 95,096 | 2,090,975 |
2015 | 1,946,427 | 346,963 | 98,640 | 1,719,186 |
2016 | 2,151,175 | 372,649 | 117,782 | 1,886,665 |
2017 | 2,308,103 | 552,183 | 97,108 | 2,112,768 |
2018 | 1,851,395 | 465,505 | 86,955 | 2,081,101 |
2019 | 2,140,256 | 518,230 | 70,383 | 2,062,987 |
2020 | 2,984,325 | 577,441 | 48,172 | 2,500,081 |
2021 | 2,870,073 | 615,522 | 82,596 | 2,589,986 |
Source: ICMA analysis using Dealogic data (February 2022)
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 | 43.0% | 18.8% |
2018 | 39.4% | 16.3% |
2019 | 39.0% | 17.4% |
2020 | 39.7% | 17.6% |
2021 | 38.6% | 17.5% |
Source: ICMA analysis using Dealogic data (February 2022)
Figure 3: International bond issuance in Asia (deal nationality) - by main location of arrangement
US$ million
Year | France | Hong Kong (China) | Japan | Singapore | Taiwan (China) | United Kingdom | United States | Other - Asia | Other - rest of the world | consortium | unknown |
2006 | 2,838 | 4,179 | 2,979 | 3,213 | - | 60,661 | 23,780 | 1,397 | 5,990 | 1,681 | 46 |
2007 | 1,541 | 3,577 | 12,774 | 1,096 | - | 55,172 | 18,940 | 588 | 3,696 | 2,365 | - |
2008 | 951 | 3,891 | 3,619 | 3,758 | - | 29,421 | 11,003 | 2,963 | 3,059 | 5,200 | 873 |
2009 | 910 | 3,428 | 1,343 | 2,847 | - | 52,367 | 31,353 | 1,342 | 3,226 | 14,563 | 425 |
2010 | 1,186 | 12,161 | 4,083 | 9,308 | 270 | 59,442 | 44,852 | 3,342 | 6,152 | 13,442 | 220 |
2011 | 2,509 | 21,170 | 5,035 | 9,828 | - | 73,775 | 30,841 | 5,085 | 9,388 | 13,668 | 3,116 |
2012 | 4,324 | 47,821 | 4,963 | 23,914 | - | 77,999 | 60,115 | 3,358 | 13,359 | 31,398 | 3,721 |
2013 | 3,749 | 85,142 | 4,323 | 18,977 | 1,592 | 85,673 | 50,073 | 3,547 | 7,474 | 43,629 | 3,200 |
2014 | 4,313 | 98,784 | 2,643 | 28,670 | 4,924 | 91,171 | 77,756 | 3,039 | 12,223 | 75,974 | 6,485 |
2015 | 5,549 | 75,554 | 3,181 | 24,538 | 7,491 | 65,750 | 75,616 | 5,068 | 6,145 | 68,191 | 9,880 |
2016 | 2,322 | 99,533 | 4,013 | 17,666 | 5,340 | 65,681 | 76,167 | 8,724 | 4,960 | 83,141 | 5,103 |
2017 | 5,359 | 158,902 | 4,145 | 23,471 | 9,116 | 118,952 | 93,976 | 5,489 | 10,290 | 119,253 | 3,228 |
2018 | 9,535 | 125,064 | 5,617 | 22,527 | 7,767 | 84,434 | 84,751 | 8,177 | 10,573 | 101,626 | 5,436 |
2019 | 12,385 | 202,684 | 7,452 | 26,542 | 3,838 | 78,769 | 74,358 | 5,755 | 11,521 | 93,836 | 1,091 |
2020 | 10,541 | 200,228 | 3,597 | 26,367 | 4,138 | 101,614 | 108,742 | 6,671 | 7,848 | 106,904 | 791 |
2021 | 14,037 | 206,814 | 3,925 | 32,120 | 4,108 | 103,981 | 133,965 | 2,547 | 8,396 | 103,033 | 775 |
Source: ICMA analysis using Dealogic data (January 2022)
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% | 38% | 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% | 6% | 15% | 10% |
2016 | 72% | 8% | 14% | 6% |
2017 | 76% | 11% | 10% | 3% |
2018 | 74% | 11% | 11% | 4% |
2019 | 74% | 11% | 9% | 6% |
2020 | 71% | 12% | 7% | 9% |
2021 | 71% | 14% | 9% | 6% |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 5: International bond issuance in Asia (deal nationality) - by listing location
US$ million
Year | Hong Kong (China) | Luxembourg | Singapore | United Kingdom | Other - Asia | Other - rest of the world | unknown | Unlisted |
2006 | 1,875 | 15,824 | 41,768 | 12,777 | 1,084 | 7,121 | 501 | 25,813 |
2007 | 700 | 8,094 | 33,000 | 18,337 | 150 | 6,908 | 43 | 32,515 |
2008 | 2,000 | 6,049 | 17,050 | 11,110 | 60 | 3,935 | 179 | 24,356 |
2009 | 2,250 | 18,598 | 39,607 | 10,402 | 3,133 | 4,135 | 5,897 | 27,782 |
2010 | 11,206 | 13,489 | 61,211 | 10,296 | 2,562 | 4,845 | 22,535 | 28,316 |
2011 | 12,693 | 11,608 | 63,515 | 12,483 | 3,137 | 5,174 | 19,405 | 46,398 |
2012 | 36,582 | 12,538 | 123,343 | 8,083 | 4,887 | 7,373 | 26,107 | 52,058 |
2013 | 65,189 | 19,022 | 103,751 | 14,545 | 10,046 | 8,128 | 30,526 | 56,173 |
2014 | 123,634 | 18,663 | 131,842 | 12,515 | 9,595 | 14,375 | 36,051 | 59,309 |
2015 | 87,490 | 26,472 | 99,620 | 15,777 | 14,334 | 16,498 | 33,182 | 53,589 |
2016 | 91,246 | 53,868 | 124,329 | 9,436 | 10,761 | 10,618 | 21,390 | 50,999 |
2017 | 154,345 | 75,346 | 195,248 | 12,544 | 13,269 | 27,618 | 18,414 | 55,399 |
2018 | 122,396 | 67,417 | 164,110 | 13,086 | 13,535 | 16,764 | 16,884 | 51,313 |
2019 | 155,312 | 68,737 | 169,992 | 22,779 | 10,299 | 11,076 | 32,215 | 47,890 |
2020 | 161,167 | 78,756 | 176,788 | 22,679 | 17,645 | 24,221 | 53,883 | 42,303 |
2021 | 156,111 | 75,095 | 216,942 | 30,441 | 21,646 | 18,565 | 39,635 | 55,264 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 6: International bond issuance in Asia - by deal nationality
US$ million
Year | Bangladesh | Cambodia | China | Hong Kong (China) | India | Indonesia | Japan | Kazakhstan | Laos | Macao (China) | Malaysia | Maldives | Mongolia | Pakistan | Philippines | Singapore | South Korea | Sri Lanka | Taiwan (China) | 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 | - | - | 147,129 | 12,443 | 9,074 | 15,183 | 74,539 | 4,028 | 539 | 0 | 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 |
02017 | - | - | 249,130 | 27,080 | 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 | 199,644 | 12,764 | 7,333 | 21,747 | 108,474 | 5,573 | 626 | - | 2,416 | 100 | 500 | - | 29,054 | 30,534 | 36,276 | 2,500 | 2,819 | - | 4,844 | - | - |
2019 | - | - | 246,008 | 33,921 | 22,075 | 16,350 | 87,095 | 1,500 | 272 | 2,600 | 6,773 | - | 740 | - | 30,959 | 22,398 | 33,034 | 4,575 | 1,413 | - | 6,238 | 1,300 | 979 |
2020 | - | 350 | 247,512 | 29,497 | 14,476 | 23,523 | 126,925 | 2,232 | - | 1,850 | 9,355 | - | 600 | - | 50,033 | 20,334 | 38,144 | - | 6,100 | - | 5,082 | 1,348 | 80 |
2021 | 200 | 224,176 | 39,754 | 21,223 | 21,549 | 148,546 | 2,292 | 106 | 2,548 | 10,430 | 500 | 1,250 | 4,000 | 40,113 | 29,293 | 51,255 | - | 9,769 | - | 4,711 | 1,635 | 350 |
Source: ICMA analysis using Dealogic data (January 2022)
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 | 147,129 |
2016 | 152,060 |
2017 | 249,130 |
2018 | 199,644 |
2019 | 246,008 |
2020 | 247,512 |
2021 | 224,176 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 8: International bond issuances from Chinese real estate issuers
US$ million
2020 | 2021 | |
Jan | 18,587 | 16,595 |
Feb | 6,910 | 2,957 |
Marc | 2,383 | 3,974 |
Apr | 627 | 2,707 |
May | 1,617 | 7,215 |
Jun | 6,508 | 6,485 |
Jul | 7,641 | 4,609 |
Aug | 3,443 | 2,895 |
Sep | 3,660 | 4,151 |
Oct | 5,962 | 2,097 |
Nov | 5,734 | 1,154 |
Dec | 2,814 | 2,642 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 9: International bond issuance from China (deal nationality) by rating at launch
Year | IG | HY | Not rated/not available |
2006 | 43% | 53% | 5% |
2007 | 35% | 47% | 18% |
2008 | 79% | 0% | 21% |
2009 | 20% | 41% | 39% |
2010 | 44% | 36% | 21% |
2011 | 50% | 21% | 29% |
2012 | 51% | 14% | 36% |
2013 | 53% | 15% | 32% |
2014 | 51% | 16% | 32% |
2015 | 62% | 10% | 29% |
2016 | 66% | 12% | 22% |
2017 | 62% | 25% | 12% |
2018 | 66% | 21% | 13% |
2019 | 55% | 32% | 13% |
2020 | 64% | 25% | 11% |
2021 | 66% | 21% | 13% |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 10: International bond issuance from China (deal nationality) by industry
US$ million
Year | Communication services | Consumer discretionary | Consumer Staples | Energy | Financials | Government | Healthcare | Holding Companies | Industrials | IT | Materials | Professional Services | Real estate | Utilities |
2006 | - | - | 225 | - | 250 | - | - | - | 50 | - | - | - | 1,805 | - |
2007- | - | 380 | - | - | 1,569 | - | - | - | - | - | 40 | - | 1,365 | - |
2008 | - | - | - | - | 1,755 | - | - | - | - | - | 300 | - | - | - |
2009 | - | - | - | - | 439 | 879 | - | - | - | - | 250 | - | 675 | - |
2010 | - | 404 | - | - | 8,482 | 1,202 | 105 | - | - | 3,700 | - | 7,370 | 921 | |
2011 | - | 830 | 667 | 4,722 | 17,925 | 3,104 | - | 2,611 | 1,456 | 1,259 | 4,866 | - | 10,052 | 2,153 |
2012 | - | 345 | 800 | 7,650 | 26,084 | 3,642 | - | 1,058 | 3,711 | 2,258 | 4,361 | - | 9,538 | 2,045 |
2013 | - | 1,285 | 2,600 | 16,171 | 43,875 | 3,246 | - | 4,456 | 1,459 | 4,278 | - | 22,695 | 4,743 | |
2014 | 1,217 | 2,742 | 292 | 13,700 | 92,400 | 4,549 | - | 1,795 | 8,440 | 15,223 | 7,302 | - | 26,535 | 6,758 |
2015 | - | 1,982 | 387 | 11,823 | 74,174 | 1,099 | - | 800 | 11,567 | 14,521 | 6,025 | - | 15,588 | 9,161 |
2016 | 434 | 3,271 | 1,007 | 7,065 | 88,446 | 4,594 | 200 | 5,002 | 12,904 | 3,220 | 5,436 | 250 | 12,918 | 7,313 |
2017 | 500 | 6,234 | 3,812 | 7,331 | 117,146 | 4,085 | 50 | 7,190 | 12,361 | 12,457 | 16,016 | 190 | 46,825 | 14,934 |
2018 | - | 3,984 | 700 | 4,052 | 66,364 | 6,569 | - | 4,373 | 15,482 | 12,000 | 18,020 | 50 | 57,724 | 10,325 |
2019 | - | 3,445 | 1,766 | 7,248 | 81,597 | 10,752 | 700 | 2,984 | 23,527 | 9,138 | 10,702 | 1,580 | 85,119 | 7,450 |
2020 | 1,400 | 4,861 | 5,107 | 5,800 | 94,110 | 10,746 | 4,244 | 19,228 | 14,885 | 8,814 | 1,200 | 65,885 | 11,232 | |
2021 | 1,200 | 5,345 | 1,360 | 3,979 | 87,800 | 9,074 | 300 | 5,186 | 23,170 | 10,800 | 10,717 | 450 | 57,498 | 7,296 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 11: International bond issuance from India (deal nationality)
US$ million
Year | issuance volume | number of deals |
2006 | 3,272 | 18 |
2007 | 9,261 | 28 |
2008 | 1,408 | 3 |
2009 | 2,340 | 6 |
2010 | 9,135 | 20 |
2011 | 9,330 | 26 |
2012 | 10,732 | 40 |
2013 | 15,218 | 50 |
2014 | 19,482 | 53 |
2015 | 9,074 | 37 |
2016 | 10,213 | 41 |
2017 | 19,250 | 68 |
2018 | 7,333 | 24 |
2019 | 22,075 | 62 |
2020 | 14,476 | 31 |
2021 | 21,223 | 40 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 12: International bond issuances from India (deal nationality) by industry
US$ million
Year | Communication services | Consumer discretionary | Consumer staples | Energy | Financials | Healthcare | Industrials | IT | Materials | Real estate | Utilities |
2006 | - | - | - | 449 | 2,372 | - | - | - | - | - | 450 |
2007 | - | - | - | 235 | 8,926 | - | - | - | 100 | - | - |
2008 | - | - | - | - | 158 | - | - | - | 1,250 | - | - |
2009 | - | - | - | - | 1,750 | - | - | - | 590 | - | - |
2010 | - | - | - | 900 | 6,735 | - | - | - | 1,500 | - | - |
2011 | - | - | - | 500 | 6,030 | - | - | - | 2,300 | - | 500 |
2012 | - | - | - | 1,500 | 7,132 | - | 100 | - | 1,500 | - | 500 |
2013 | 2,817 | 932 | - | 2,100 | 6,687 | - | - | 200 | 1,982 | - | 500 |
2014 | 3,123 | 1,731 | - | 3,439 | 7,078 | - | 93 | 300 | 2,493 | 175 | 1,050 |
2015 | 1,300 | 110 | - | 2,749 | 3,619 | 44 | 1,051 | - | - | 200 | - |
2016 | - | 400 | - | 1,580 | 4,536 | 500 | 523 | 300 | 500 | - | 1,874 |
2017 | - | 341 | - | 2,925 | 7,141 | - | 2,514 | 585 | 2,500 | 125 | 3,119 |
2018 | - | - | - | - | 5,195 | - | 138 | - | 1,600 | - | 400 |
2019 | 750 | 300 | - | 2,550 | 9,867 | 200 | 2,050 | - | 1,900 | - | 4,458 |
2020 | 250 | 300 | 500 | - | 5,776 | - | 1,200 | - | 4,050 | 225 | 2,175 |
2021 | 1,750 | 425 | - | - | 6,484 | - | 2,300 | 1,250 | 2,600 | - | 6,414 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 13: Percentage of sustainable bond issuance over all international issuance from India
Year | India |
2015 | 9% |
2016 | 13% |
2017 | 20% |
2018 | 10% |
2019 | 14% |
2020 | 9% |
2021 | 44% |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 14: 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 | 15,674 | 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 | 30,534 | 4,844 | - |
2019 | - | 16,350 | 272 | 6,773 | 30,959 | 22,398 | 6,238 | 979 |
2020 | 350 | 23,523 | - | 9,355 | 50,033 | 20,334 | 5,082 | 80 |
2021 | 200 | 21,549 | 106 | 10,430 | 40,113 | 29,293 | 4,711 | 350 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 15: International bond issuance from ASEAN (deal nationality) by industry
US$ million
Year | Communication services | Consumer discretionary | Consumer staples | Energy | Financials | Government | Healthcare | Holding Companies | Industrials | IT | Materials | Professional Services | Real estates | Utilities |
2006 | 1,979 | 380 | 420 | 900 | 6,908 | 5,818 | - | 1,300 | 1,490 | - | 495 | - | 1,133 | 1,500 |
2007 | 550 | 277 | 613 | 540 | 8,680 | 2,500 | - | - | 1,911 | - | 250 | - | - | 1,102 |
2008 | - | 400 | 5 | - | 10,265 | 5,224 | - | - | - | - | - | - | - | - |
2009 | - | 1,586 | 117 | 4,500 | 12,843 | 7,259 | - | - | 629 | 500 | 1,645 | - | 43 | 4,630 |
2010 | 1,815 | 700 | 250 | 1,158 | 21,770 | 9,379 | - | 220 | 1,739 | 600 | 1,380 | - | 1,100 | 650 |
2011 | 1,110 | 55 | - | 2,625 | 20,647 | 9,633 | - | - | 288 | 200 | - | 163 | 1,570 | 1,999 |
2012 | 858 | 2,646 | 1,923 | 4,998 | 37,504 | 8,264 | 250 | - | 1,988 | 300 | 2,400 | 432 | 4,918 | 2,282 |
2013 | 743 | 1,199 | 1,025 | 6,766 | 25,288 | 8,115 | - | 750 | 1,268 | 2,582 | 39 | 642 | 2,910 | 1,309 |
2014 | 80 | 1,841 | 920 | 4,503 | 32,307 | 9,526 | 341 | - | 2,908 | 30 | 140 | 495 | 4,495 | 2,385 |
2015 | 2,080 | 433 | 309 | 5,163 | 28,509 | 17,484 | 118 | - | 4,119 | 1,025 | 137 | 586 | 4,053 | 1,449 |
2016 | 1,675 | 621 | 1,001 | 78 | 35,951 | 14,164 | 74 | - | 1,181 | - | 60 | 111 | 5,106 | 1,612 |
2017 | 145 | 2,480 | 1,123 | 2,709 | 45,500 | 13,459 | 675 | 732 | 905 | - | 2,649 | 583 | 6,251 | 4,844 |
2018 | 540 | 1,122 | 613 | 4,111 | 47,918 | 15,937 | - | - | 2,266 | - | 4,646 | 559 | 5,928 | 5,882 |
2019 | 1,301 | 1,850 | - | 3,996 | 44,100 | 14,625 | 165 | 400 | 2,241 | 814 | 852 | 110 | 5,914 | 7,601 |
2020 | 4,592 | 2,006 | 765 | 13,050 | 51,274 | 17,909 | 130 | 600 | 3,124 | 1,613 | 3,575 | 501 | 4,474 | 5,145 |
2021 | 2,417 | 3,181 | 3,759 | 7,590 | 58,352 | 19,551 | - | 476 | 1,859 | - | 2,435 | 889 | 4,520 | 1,723 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 16: International bond issuance from Japan (deal nationality) - by industry
US$ million
Year | Communication services | Consumer discretionary | Consumer staples | Financials | Government | Healthcare | Holding Companies | Industrials | IT | Materials | Professional Services | Real estate | Utilities |
2006 | 2,305 | 795 | - | 36,945 | 441 | - | - | 1,760 | 279 | 125 | 10 | - | 260 |
2007 | 243 | 434 | 5 | 31,097 | - | - | - | 639 | 121 | 192 | - | - | 443 |
2008 | - | 1,610 | 31 | 20,129 | 466 | - | - | - | 309 | 226 | - | - | - |
2009 | - | 696 | 56 | 29,891 | - | - | - | 120 | 297 | 369 | - | - | - |
2010 | - | 793 | - | 34,622 | - | - | - | 70 | 282 | 599 | - | - | 288 |
2011 | 703 | 392 | - | 31,184 | - | - | - | 65 | 153 | 1,073 | - | - | - |
2012 | 750 | 1,408 | - | 40,797 | 1,530 | 3,000 | - | 95 | 180 | 917 | - | - | - |
2013 | 6,306 | 765 | 500 | 57,640 | 1,000 | - | - | 1,000 | 435 | 500 | - | - | - |
2014 | - | 1,210 | 1,000 | 65,036 | 1,000 | - | - | 1,000 | 93 | 587 | - | - | - |
2015 | 1,500 | 649 | - | 69,619 | 1,079 | - | - | 1,550 | 142 | - | - | - | |
2016 | - | 684 | 1,250 | 78,963 | 1,000 | - | - | 3,569 | 83 | - | - | - | |
2017 | - | 2,398 | 2,042 | 111,045 | 500 | 500 | 10 | 2,816 | 1,345 | 1,000 | - | 500 | 801 |
2018 | 1,500 | 6,563 | 2,786 | 79,070 | 600 | 13,975 | 15 | 2,117 | 964 | 525 | - | 310 | 47 |
2019 | - | 9,125 | 1,053 | 69,382 | 1,244 | - | 40 | 1,090 | 1,786 | 1,775 | - | 300 | 1,300 |
2020 | 1,000 | 12,374 | 3,049 | 94,278 | 2,120 | 11,039 | 60 | 1,786 | 1,137 | 82 | - | - | - |
2021 | - | 9,742 | 13,641 | 112,464 | 1,250 | 500 | - | 3,401 | 6,048 | 1,500 | - | - | - |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 17: International bond issuance from South Korea (deal nationality) - by industry
US$ million
Year | Communication services | Consumer discretionary | Consumer staples | Energy | Financials | Government | Healthcare | Holding Companies | Industrials | IT | Materials | Real estates | Utilities |
2006 | 850 | - | - | 500 | 16,209 | 995 | - | - | 550 | - | 870 | - | 800 |
2007 | 600 | 716 | - | 500 | 19,435 | - | - | - | 332 | 500 | - | - | |
2008 | 99 | 200 | - | 750 | 12,014 | - | - | - | 500 | - | 651 | - | 806 |
2009 | - | - | - | 1,000 | 19,704 | 3000 | - | - | 700 | - | 700 | - | 2,181 |
2010 | - | 500 | - | 1,200 | 19,176 | - | - | - | 633 | 250 | 1,000 | - | 2,116 |
2011 | 424 | 1,200 | 170 | 2,009 | 22,661 | - | - | - | 892 | - | 2,031 | - | 1,879 |
2012 | 1,371 | 1,862 | - | 1,945 | 27,863 | - | - | - | 1,854 | 100 | - | - | 3,746 |
2013 | 950 | 250 | - | 2,053 | 23,815 | 1,000 | - | - | 1,190 | 225 | 1,241 | - | 4,662 |
2014 | 1,124 | 300 | 145 | 2,510 | 25,154 | 2,021 | - | - | 1,204 | - | 531 | - | 4,100 |
2015 | 126 | 300 | - | 1,260 | 22,416 | 465 | 212 | - | 1,446 | - | 470 | - | 800 |
2016 | 400 | 700 | - | 2,426 | 24,813 | - | - | - | 1,301 | - | 691 | - | 1,600 |
2017 | 400 | 1,847 | 100 | 2,385 | 25,015 | 1,000 | - | - | 1,567 | - | 425 | - | 2,304 |
2018 | 1,245 | 361 | 18 | 2,252 | 25,503 | 1,000 | - | - | 1,623 | 310 | 1,020 | 217 | 2,726 |
2019 | 276 | 10 | - | 1,396 | 21,171 | 1,500 | - | - | 1,629 | 523 | 3,138 | 300 | 3,090 |
2020 | 400 | 29 | - | 1,467 | 30,350 | 1,453 | - | - | 1,046 | - | 1,681 | - | 1,718 |
2021 | 300 | 2,300 | - | 1,200 | 37,857 | 1,312 | - | 84 | 899 | 3,300 | 1,653 | - | 2,350 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 18: International bond issuance in Asia - by issuer incorporation
US$ million
Year | Bangladesh |
China | Hong Kong (China) | India | Indonesia | Japan | Kazakhstan | Laos | Macao (China) | Malaysia | Maldives | Mongolia | Pakistan | Philippines | Singapore | South Korea | Sri Lanka | Taiwan (China) | 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 | - | 13,311 | 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 | 15,674 | 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 | 21,496 | 27,007 | 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 | - | 47,385 | 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 | - | 59,485 | 52,581 | 10,026 | 20,368 | 84,498 | 376 | - | 1,177 | 9,355 | - | 600 | - | 46,973 | 32,975 | 30,170 | - | 1,325 | - | 3,832 | 1,348 | 80 |
2021 | - | 55,605 | 66,088 | 13,386 | 21,249 | 95,879 | 2,292 | 171 | 1,984 | 8,746 | - | 1,250 | 4,000 | 39,223 | 34,845 | 39,105 | - | 1,250 | - | 2,859 | 1,635 | 350 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 19: Debut issuance vs all international issuance in Asia (deal nationality)
US$ million
Year | debut | % of debut issuance [RHS] |
2006 | 10,081 | 9.4% |
2007 | 5,569 | 5.6% |
2008 | 702 | 1.1% |
2009 | 3,650 | 3.3% |
2010 | 10,937 | 7.1% |
2011 | 21,242 | 12.2% |
2012 | 20,861 | 7.7% |
2013 | 29,975 | 9.8% |
2014 | 26,251 | 6.5% |
2015 | 23,964 | 6.9% |
2016 | 23,376 | 6.3% |
2017 | 43,850 | 7.9% |
2018 | 22,586 | 4.9% |
2019 | 35,173 | 6.8% |
2020 | 23,076 | 4.0% |
2021 | 32,533 | 5.3% |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 20: Debut international bond issuance in Asia - by deal nationality
US$ million
Year | Cambodia | China | Hong Kong (China) | India | Indonesia | Japan | Kazakhstan | Laos | Macao (China) | Malaysia | Maldives | Mongolia | Pakistan | Philippines | Singapore | South Korea | Sri Lanka | Taiwan (China) | Tajikistan | Thailand | Uzbekistan | Vietnam |
2006 | - | 2,060 | 645 | 550 | 1,298 | 2,493 | 775 | - | - | 620 | - | - | - | 250 | 240 | 685 | - | - | - | 465 | - | - |
2007 | - | 1,435 | 870 | 535 | 1,225 | 9 | 266 | - | - | - | - | 75 | - | - | 500 | 216 | - | - | - | 250 | - | 187 |
2008 | - | 300 | - | - | - | - | - | - | - | - | - | - | - | - | 5 | 397 | - | - | - | - | - | - |
2009 | - | 550 | - | 190 | 315 | 625 | 100 | - | - | 450 | - | - | - | - | - | 1,420 | - | - | - | - | - | - |
2010 | - | 4,844 | 703 | 900 | 300 | 50 | 450 | - | 600 | 1,250 | - | - | - | 810 | 230 | 800 | - | - | - | - | - | - |
2011 | - | 14,790 | 1,214 | 1,150 | 1,050 | - | - | - | - | - | - | - | - | - | 1,068 | 1,450 | - | 239 | - | 192 | - | 90 |
2012 | - | 11,738 | 1,226 | 600 | 964 | - | - | - | - | 590 | - | 2,680 | - | 300 | 1,648 | 53 | - | 812 | - | - | - | 250 |
2013 | - | 11,489 | 4,027 | 3,647 | 1,633 | 2,300 | 1,100 | 50 | - | - | - | 20 | - | 300 | 2,037 | 449 | 850 | 1,872 | - | - | - | 200 |
2014 | - | 17,108 | 964 | 2,225 | 1,118 | 500 | - | 246 | - | 325 | - | - | - | - | 2,786 | 325 | 175 | 478 | - | - | - | - |
2015 | - | 16,356 | 306 | 907 | 2,186 | 938 | - | - | - | 100 | - | - | - | 300 | 518 | 800 | - | 1,533 | - | 21 | - | - |
2016 | - | 20,402 | 1,075 | 1,350 | - | - | - | - | - | 88 | - | - | - | - | 425 | - | - | - | - | - | - | 35 |
2017 | - | 36,161 | 615 | 2,380 | 1,096 | 350 | - | - | - | 455 | 200 | - | - | 400 | 464 | 1,000 | - | 120 | 500 | 109 | - | - |
2018 | 300 | 17,291 | 659 | 760 | 1,200 | 450 | - | - | - | - | - | - | - | 600 | 408 | 746 | - | 170 | - | - | - | - |
2019 | - | 27,596 | 1,394 | 1,661 | 300 | 1,404 | - | - | - | 300 | - | 250 | - | - | 400 | 223 | - | 45 | - | - | 1300 | 300 |
2020 | - | 17,631 | 56 | 1,200 | 1,300 | - | - | - | - | - | - | - | - | 1,075 | 1,058 | 77 | - | - | - | - | 600 | 80 |
2021 | - | 20,508 | - | 3,732 | 450 | 2,175 | 95 | - | 1,000 | 50 | - | - | 500 | - | 1,105 | 1,199 | - | 519 | - | - | 1,000 | 200 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 21: Debut international issuance from China - issuer incorporation breakdown
Year | China | Hong Kong | Offshore jurisdiction | Other |
2006 | 0% | 0% | 70% | 30% |
2007 | 22% | 0% | 67% | 11% |
2008 | 0% | 0% | 100% | 0% |
2009 | 0% | 0% | 100% | 0% |
2010 | 0% | 13% | 80% | 7% |
2011 | 6% | 29% | 61% | 4% |
2012 | 16% | 31% | 47% | 6% |
2013 | 6% | 28% | 59% | 6% |
2014 | 8% | 34% | 56% | 2% |
2015 | 9% | 28% | 63% | 0% |
2016 | 45% | 9% | 45% | 0% |
2017 | 33% | 14% | 52% | 1% |
2018 | 50% | 13% | 37% | 0% |
2019 | 61% | 5% | 33% | 0% |
2020 | 49% | 18% | 32% | 1% |
2021 | 56% | 13% | 31% | 0% |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 22: Debut international bond issuance in Asia - by issuer incorporation
US$ million
Year | China | Hong Kong (China) | India | Indonesia | Japan | Kazakhstan | Laos | Macao(China) | Malaysia | Maldives | Mongolia | Pakistan | Philippines | Singapore | South Korea | Sri Lanka | Taiwan (China) | Tajikistan | Thailand | Uzbekistan | Vietnam |
2006 | - | 225 | 150 | - | - | 275 | - | - | 420 | - | - | - | 150 | 1,000 | 685 | - | - | - | 465 | - | - |
2007 | 275 | - | 300 | - | 9 | 141 | - | - | - | - | 75 | - | - | 325 | 120 | - | - | - | 250 | - | 187 |
2008 | - | - | - | - | - | - | - | - | - | - | - | - | - | 5 | 397 | - | - | - | - | - | - |
2009 | - | - | 190 | 315 | 625 | 100 | - | - | - | - | - | - | - | - | 1,420 | - | - | - | - | - | - |
2010 | - | 924 | 500 | 300 | 282 | - | - | 600 | 1,250 | - | - | - | 650 | 530 | 800 | - | - | - | - | - | - |
2011 | 565 | 4,795 | 450 | 1,050 | - | - | - | - | - | - | - | - | - | 1,083 | 1,450 | - | 102 | - | - | - | 90 |
2012 | 1,032 | 3,259 | 500 | 789 | - | - | - | - | 500 | - | 2,080 | - | 300 | 2,118 | - | - | - | - | - | 250 | |
2013 | 637 | 6,018 | 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 | - | - | - | - | 2,502 | 200 | 175 | 478 | - | - | - | - |
2015 | 1,638 | 4,816 | 789 | 1,686 | 938 | - | - | - | 100 | - | - | - | 300 | 525 | 500 | - | 510 | - | 21 | - | - |
2016 | 10,581 | 1,468 | 550 | - | - | - | - | - | 88 | - | - | - | - | 632 | - | - | - | - | - | - | - |
2017 | 19,975 | 3,170 | 1,205 | 896 | 350 | - | - | - | 455 | 200 | - | - | - | 464 | 1,000 | - | 120 | 500 | - | - | - |
2018 | 7,312 | 2,720 | 760 | 405 | 450 | - | - | - | - | - | - | - | 600 | 1,203 | 746 | - | 170 | - | - | - | - |
2019 | 17,235 | 2,176 | 1,661 | 300 | 850 | - | - | - | 300 | - | 250 | - | - | 300 | 223 | - | - | - | - | 1,300 | 300 |
2020 | 6,800 | 2,699 | 1,200 | 1,300 | - | - | - | - | - | - | - | - | 75 | 2,146 | 77 | - | - | - | - | 600 | 80 |
2021 | 10,956 | 2,860 | 1,485 | 450 | 2,175 | 95 | - | - | - | - | - | 500 | - | 1,105 | 1,199 | - | - | - | - | 1,000 | 200 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 23: Debut international bond issuance in Asia - by main location of arrangement
US$ million
Year | Hong Kong (China) | Singapore | United Kingdom | United States | Other - Asia | Other - rest of the world | consortium | unknown |
2006 | 770 | 135 | 5,581 | 3,045 | - | 350 | 200 | - |
2007 | 200 | - | 3,965 | 596 | - | 508 | 300 | - |
2008 | 300 | 5 | - | 300 | 97 | - | - | - |
2009 | 30 | 315 | 705 | 750 | 100 | - | 1,560 | 190 |
2010 | 707 | 275 | 5,355 | 1,330 | 1,250 | 350 | 1,670 | - |
2011 | 5,218 | 682 | 7,032 | 2,121 | 232 | 1,892 | 4,065 | - |
2012 | 7,967 | 3,526 | 2,216 | 1,973 | 650 | 1,225 | 3,304 | - |
2013 | 9,637 | 3,043 | 8,410 | 2,474 | 261 | 545 | 5,605 | - |
2014 | 10,925 | 3,522 | 5,232 | 125 | 477 | 632 | 5,037 | 300 |
2015 | 9,189 | 1,590 | 4,234 | - | 1,552 | 1,637 | 5,762 | - |
2016 | 15,028 | 1,557 | 1,135 | 700 | 2,306 | 316 | 2,334 | - |
2017 | 32,044 | 1,456 | 4,784 | - | 1,195 | 1,000 | 3,371 | - |
2018 | 16,695 | 1,169 | 1,900 | - | 596 | 200 | 2,000 | 25 |
2019 | 24,713 | 1,063 | 2,431 | 1,504 | 545 | 1,181 | 3,611 | 128 |
2020 | 17,286 | 1,896 | 1,250 | - | 395 | 150 | 2,100 | - |
2021 | 20,657 | 1,305 | 3,382 | 2,594 | 949 | 197 | 3,450 | - |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 24: Debut international bond issuance in Asia - by listing location
US$ million
Year | Hong Kong (China) | Ireland | Luxembourg | Singapore | United Kingdom | Other - Asia | Other - rest of the world | unknown | Unlisted |
2006 | 325 | - | 200 | 7,461 | 275 | 210 | 200 | - | 1,410 |
2007 | - | 96 | 141 | 4,220 | 125 | - | - | - | 986 |
2008 | - | - | 300 | - | - | - | - | 402 | |
2009 | - | - | 105 | 1,135 | - | 100 | - | 640 | 1,670 |
2010 | 1,750 | - | 450 | 7,960 | - | - | - | - | 777 |
2011 | 2,310 | - | - | 13,528 | - | - | 125 | 2,350 | 2,929 |
2012 | 7,686 | - | - | 11,331 | - | 53 | - | 934 | 857 |
2013 | 13,686 | 333 | 333 | 12,776 | 50 | 644 | 300 | 1,418 | 434 |
2014 | 15,183 | - | 750 | 8,070 | - | 783 | 112 | 625 | 727 |
2015 | 12,246 | 1,783 | - | 8,748 | - | 554 | - | 282 | 350 |
2016 | 13,190 | 434 | - | 7,043 | - | 88 | - | 994 | 1,627 |
2017 | 27,345 | - | 500 | 12,878 | 528 | 429 | 709 | 536 | 925 |
2018 | 14,049 | - | 350 | 5,384 | 557 | 370 | - | 1,316 | 560 |
2019 | 19,272 | - | - | 5,478 | 4,406 | 466 | 600 | 4,872 | 80 |
2020 | 13,596 | - | - | 6,338 | 600 | 330 | 150 | 1,698 | 364 |
2021 | 16,412 | - | 33 | 9,408 | 1,500 | 1,795 | 17 | 2,524 | 844 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 25: International sustainable bond issuance in Asia - by deal nationality
US$ million
Year | China | Hong Kong (China) | India | Indonesia | Japan | Kazakhstan | Malaysia | Pakistan | Philippines | Singapore | South Korea | Taiwan (China) | Thailand | Uzbekistan | Vietnam |
2014 | - | - | - | - | 316 | - | - | - | - | - | - | 300 | - | - | - |
2015 | 1,295 | - | 850 | - | 841 | - | - | - | 502 | - | - | - | - | - | - |
2016 | 4,881 | 1,100 | 1,300 | - | 1,000 | - | - | - | 1,300 | - | 900 | - | - | - | - |
2017 | 6,727 | 238 | 3,821 | - | 2,973 | - | - | - | 1,469 | 566 | 600 | 105 | - | - | - |
2018 | 10,992 | 1,004 | 750 | 1,925 | 3,086 | - | - | - | 1,721 | 40 | 3,778 | - | 100 | - | - |
2019 | 12,258 | 1,219 | 3,028 | 1,250 | 2,460 | 79 | - | - | 3,943 | 102 | 9,842 | - | - | - | - |
2020 | 13,617 | 1,739 | 1,375 | 2,610 | 3,263 | - | - | - | 1,348 | 830 | 11,577 | - | 632 | - | - |
2021 | 37,226 | 10,393 | 9,442 | 2,141 | 12,146 | - | 1,300 | 500 | 2,650 | 2,565 | 19,859 | - | 111 | - | 200 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 26: International sustainable bond issuance in Asia (deal nationality) - by main location of arrangement
US$ million
Year | France | Hong Kong | Singapore | United Kingdom | United States | Other | Consortium | Unknown |
2014 | - | - | - | 316 | - | - | 300 | - |
2015 | 2 | - | - | 691 | 1,000 | - | 1,795 | - |
2016 | - | 1,350 | - | 1,550 | 900 | 448 | 6,232 | - |
2017 | 1,810 | 1,225 | 66 | 3,910 | - | 496 | 8,992 | - |
2018 | 1,255 | 7259 | 715 | 3,726 | 699 | 891 | 8,851 | - |
2019 | 2,881 | 5969 | 1,365 | 4,912 | 3,600 | 3,369 | 12,084 | - |
2020 | 2,573 | 7397 | 2,440 | 6,973 | 5,150 | 1,953 | 10,506 | - |
2021 | 2,170 | 31,259 | 4,665 | 16,644 | 12,372 | 3,237 | 28,087 | 100 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 27: International sustainable bond issuance in Asia (deal nationality) - by listing location
US$ million
Year | Hong Kong | Luxembourg | Singapore | United Kingdom | Other - Asia | Other - Rest of the world | Unknown | Unlisted |
2014 | - | - | 300 | 316 | - | - | - | - |
2015 | 300 | 500 | 1,350 | 1,336 | - | - | - | 2 |
2016 | 1,325 | 4,607 | 3,200 | 900 | - | - | 448 | - |
2017 | 1,803 | 5,712 | 4,228 | 1,523 | 105 | 2,295 | 671 | 163 |
2018 | 6,247 | 5,081 | 7,650 | 2,085 | 430 | 1,356 | 150 | 398 |
2019 | 7,661 | 4,672 | 14,767 | 1,222 | 620 | 2,029 | 239 | 2,971 |
2020 | 6,427 | 3,835 | 16,152 | 3400 | 776 | 3,420 | 1,450 | 1,532 |
2021 | 25,427 | 6,606 | 45,779 | 5,924 | 4,195 | 5,111 | 3,647 | 1,844 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 28: International sustainable 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 |
2014 | - | 616 | - | - | - | - | - | - |
2015 | - | 797 | 2,191 | - | 500 | - | - | - |
2016 | - | 3,275 | 4,605 | 1,000 | 1,600 | - | - | - |
2017 | 130 | 3,081 | 7,351 | 3,647 | 2,043 | - | 248 | - |
2018 | - | 10,631 | 7,502 | 2,116 | 1,828 | 919 | - | 400 |
2019 | 187 | 9,518 | 15,270 | 3,698 | 3,505 | 1,081 | 22 | 900 |
2020 | 839 | 10,148 | 13,978 | 3,723 | 5,256 | 1,470 | 750 | 828 |
2021 | 2,959 | 25,505 | 37,422 | 11,251 | 11,335 | 4,769 | 2,283 | 3,010 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 29: International sustainable bond issuance in Asia (deal nationality) - by industry
US$ million
Year | Communication services | Consumer discretionary | Consumer staples | Financials | Government | Holding Companies | Industrials | IT | Materials | Professional Services | Real estate | Utilities |
2014 | - | - | - | 316 | - | - | - | 300 | - | - | - | - |
2015 | - | - | - | 3,188 | - | - | 300 | - | - | - | - | - |
2016 | - | 400 | - | 7,681 | - | - | 600 | - | - | - | 1,000 | 800 |
2017 | - | 300 | - | 11,972 | - | - | 343 | - | - | - | 196 | 3,689 |
2018 | - | 95 | - | 14,760 | 1,250 | - | 1,481 | 300 | - | - | 1,860 | 3,650 |
2019 | - | - | - | 20,597 | 2,250 | 500 | 300 | - | 2,061 | - | 1,953 | 6,520 |
2020 | - | - | - | 22,420 | 2,132 | - | 1,423 | - | 1,056 | 213 | 3,928 | 5,820 |
2021 | 400 | 5,450 | 350 | 40,926 | 9,723 | 1,656 | 5,647 | 5,568 | 2,553 | 967 | 16,325 | 8,969 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 30: International bond issuance in Asia (deal nationality) - SEC Registered, 144A & Reg S
US$ million
Year | SEC registered | 144A | Reg S only | % of SEC registered [RHS] | % of 144A [RHS] | % of REG S only [RHS] |
2006 | 14,394 | 25,817 | 49,299 | 13% | 24% | 46% |
2007 | 8,792 | 24,788 | 39,235 | 9% | 25% | 39% |
2008 | 4,435 | 17,454 | 24,706 | 7% | 27% | 38% |
2009 | 22,456 | 41,573 | 31,311 | 20% | 37% | 28% |
2010 | 27,852 | 57,296 | 38,039 | 18% | 37% | 25% |
2011 | 21,140 | 48,937 | 50,381 | 12% | 28% | 29% |
2012 | 21,514 | 83,204 | 103,742 | 8% | 31% | 38% |
2013 | 28,137 | 87,423 | 122,993 | 9% | 28% | 40% |
2014 | 34,581 | 118,481 | 170,270 | 9% | 29% | 42% |
2015 | 44,035 | 84,485 | 143,265 | 13% | 24% | 41% |
2016 | 56,100 | 72,299 | 183,388 | 15% | 19% | 49% |
2017 | 80,395 | 100,662 | 305,984 | 15% | 18% | 55% |
2018 | 62,318 | 92,981 | 237,349 | 13% | 20% | 51% |
2019 | 58,577 | 87,303 | 310,832 | 11% | 17% | 60% |
2020 | 107,242 | 115,594 | 289,206 | 19% | 20% | 50% |
2021 | 95,662 | 155,679 | 297,695 | 16% | 25% | 48% |
Source: ICMA analysis using Dealogic data (March 2022)
Figure 31: 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 | 25,349 | 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 | 466,154 | 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 | 422,071 | 6,972 |
2020 | 4,347 | 7,700 | 7,701 | 46,902 | 8,494 | 2,647 | 10,239 | 482,058 | 7,353 |
2021 | 3,008 | 8,319 | 13,011 | 58,758 | 9,084 | 2,576 | 14,793 | 494,825 | 9,325 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 32: 2021 issuance by currency with average issue size
US$ million equivalent
Currency | USD | EUR | SGD | RMB | HKD | GBP | AUD | JPY | Other |
Total issuance in 2021 | 494,825 | 58,758 | 14,793 | 13,011 | 9,084 | 8,319 | 3,008 | 2,576 | 9,325 |
% of issuance in 2021 | 80.6% | 9.6% | 2.4% | 2.1% | 1.5% | 1.4% | 0.5% | 0.4% | 1.5% |
Average issue size in 2021 | 412 | 544 | 247 | 102 | 63 | 438 | 111 | 63 | 95 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 33: 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 | 31,417 | 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 | 12,616 | 18,396 | 57,151 |
2018 | 18,947 | 164,197 | 137,975 | 33,223 | 62,216 | 13,747 | 13,421 | 21,777 |
2019 | 12,343 | 172,563 | 166,419 | 28,508 | 78,960 | 20,352 | 9,545 | 29,542 |
2020 | 16,086 | 152,607 | 165,993 | 43,301 | 102,061 | 27,739 | 21,796 | 47,858 |
2021 | 23,547 | 157,168 | 178,607 | 68,100 | 84,066 | 35,940 | 18,850 | 47,422 |
Source: ICMA analysis using Dealogic data (January 2022)
Figure 34: 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 | 71% | 43% |
2021 | 64% | 37% |
Source: ICMA analysis using Dealogic data (January 2022)