In March 2023, ICMA published a third 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 issuances from China (deal nationality) by industry
Figure 10: International bond issuances from China (deal nationality) by rating at launch
Figure 11: International bond issuances 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 SSA bond issuance from ASEAN (deal nationality)
Figure 16: International bond issuance from ASEAN (deal nationality) excluding SSA
Figure 17: International bond issuance from ASEAN (deal nationality) excluding SSA - by industry
Figure 18: International bond issuance from Japan (deal nationality) - by industry
Figure 19: International bond issuance from South Korea (deal nationality) - by industry
Figure 20: Debut issuance vs all international issuance in Asia (deal nationality)
Figure 21: Debut international bond isssuance in Asia - by deal nationality
Figure 22: Debut internationa issuances from China - issuer incorporation breakdown
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 29: International sustainable bond issuance in Asia (deal nationality) - by main location of arrangement
Figure 30: International sustainable bond issuance in Asia (deal nationality) - by listing location
Figure 31: International sustainable bond issuance in Asia (deal nationality) - by tenor
Figure 32: International sustainable bond issuance in Asia (deal nationality) - by industry
Figure 34: International bond issuance in Asia (deal nationality) - SEC Registered, 144A & Reg S
Figure 38: International bond issuance in Asia (deal nationality) - by currency
Figure 39: 2022 issuance by currency with average issue size
Figure 40: Interenational bond issuance in Asia (deal nationality) - by tenor

 


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

Year Asia Oceania Americas EMEA
2006 106,764
97,190
916,915
2,134,605
2007
99,747
80,465
1,211,169
2,186,693
2008
64,738
85,799
1,235,538
2,631,951
2009
111,804
135,648
1,658,559
2,850,791
2010
154,458
105,015
1,751,802
2,250,406
2011
174,479
83,898
1,509,187
2,282,767
2012
270,970
125,512
1,752,582
2,186,247
2013
307,380
100,157
1,674,041
1,980,057
2014
405,982
95,096
1,731,122
2,090,975    
2015
346,963
98,640
1,946,393
1,719,350
2016
372,649
117,782
2,151,175
1,886,758
2017
552,078
97,108
2,307,422
2,112,649
2018
465,405
86,955
1,851,434
2,081,220
2019
517,930
70,054
2,141,654
2,063,442
2020
577,641
48,172
2,990,801
2,503,019
2021
617,171
80,117
2,897,676
2,597,343  
2022
346,398
84,909
2,056,481
1,941,044

Source: ICMA analysis using Dealogic data (January 2023)


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% 16.2%
2019 38.9% 17.3%
2020 39.7% 17.5%
2021 38.6% 17.5%
2022 36.3% 12.4%

Source: ICMA analysis using Dealogic data (March 2023)


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 0 60,661 23,780
1,397
5,990
1,681
46
2007 1,541 3,577 12,774 1,096 0 55,172
18,940
588
3,696
2,365
0
2008 951 3,891 3,619 3,758 0 29,421
11,003
2,963
3,059
5,200
873
2009 910 3,428 1,343 2,847 0 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 0 73,840
30,841
5,085
9,388
13,668
3,116
2012 4,324 47,821 4,963 23,914 0 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 9,011 118,952
93,976
5,489
10,290
119,253
3,228
2018 9,535 125,064 5,617 22,527 7,667 84,434
84,751
8,177
10,573
101,626
5,436
2019 12,385 203,184 7,452 26,542 3,538 78,769
74,358
5,755
11,521
93,336
1,091
2020 10,541 200,048 3,597 26,567 4,138 101,794
108,742
6,671
7,848
106,904
791
2021 14,196 206,807 3,925 32,134 4,108 105,253
133,609
4,251
8,493
103,422
973
2022 5,340 103,618 2,248 16,939 1,510 44,491
90,853
2,455
9,407
67,103
2,434

Source: ICMA analysis using Dealogic data (January 2023)


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 73.6% 1.7% 24.2% 0.5%
2007 64.9% 2.5% 32.6% 0.0%
2008 61.3% 0.8% 37.6% 0.3%
2009 65.9% 4.0% 24.8% 5.3%
2010 64.6% 2.5% 18.3% 14.6%
2011 61.0% 1.3% 26.6% 11.1%
2012 69.3% 1.9% 19.2% 9.6%
2013 69.2% 2.6% 18.3% 9.9%
2014 74.3% 2.2% 14.6% 8.9%
2015 69.4% 5.6% 15.4% 9.6%
2016 72.2% 8.4% 13.7% 5.7%
2017 75.8% 10.8% 10.0% 3.3%
2018 73.9% 11.5% 11.0% 3.6%
2019 73.8% 10.9% 9.2% 6.1%
2020 71.5% 11.9% 7.3% 9.3%
2021 71.0% 13.6% 9.0% 6.4%
2022 70.2% 14.7% 10.4% 4.7%

Source: ICMA analysis using Dealogic data (January 2023)


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
46,464
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
13,164
27,618
18,414
55,399
2018
122,396
67,417
164,110
13,086
13,435
16,764
16,884
51,313
2019
155,312
68,737
170,422
22,779
9,999
11,076
31,715
47,890
2020
161,367
78,756
176,788
22,679
17,645
24,221
53,883
42,303
2021
157,356
75,867
217,199
30,441
22,101
18,775
39,594
55,837
2022
80,787
73,966
101,359
9,745
15,501
12,694
16,414
35,932

Source: ICMA analysis using Dealogic data (January 2023)


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 - - - 17,611 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 - 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 3,493 500 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 2,719 - 4,844 - -
2019 - - 248,058 31,871 22,075 16,350 87,095 1,500 272 2,600 6,773 - 740 - 30,959 22,398 33,034 4,575 1,113 - 6,238 1,300 979
2020 - 350 247,512 29,697 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 - 200 225,627 41,564 21,827 18,799 148,953 2,292 106 2,548 10,430 500 1,250 4,000 41,084 29,353 52,173 - 9,769 - 4,711 1,635 350
2022 - - 115,122 16,172 7,417 11,365 85,312 500 150 350 1,924 - - 1,000 38,877 21,662 38,953 - 4,775 - 2,718 - 100

Source: ICMA analysis using Dealogic data (January 2023)


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 248,058
2020 247,512
2021 225,627
2022 115,122

Source: ICMA analysis using Dealogic data (January 2023)


Figure 8: International bond issuances from Chinese real estate issuers                                  
US$ million

  2020 2021 2022
Jan 18,587 16,595 2,407
Feb 6,910 2,957 675
Marc 2,383 3,974 2,079
Apr 627 2,707 570
May 1,617 7,215 1,083
Jun 6,508 6,485 1,570
Jul 7,641 4,609 6,748
Aug 3,443 2,895 2,149
Sep 3,660 4,186 2,892
Oct 5,962 2,308 660
Nov 5,734 1,154 1,067
Dec 2,814 1,553 418

Source: ICMA analysis using Dealogic data (January 2023)


Figure 9: International bond issuances from China (deal nationality) by industry                                  

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 - 3,545 1,766
7,248
83,247
10,752
700
2,984
23,827
9,138
10,702
1,400
85,299
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 5,645 1,360
3,979
88,205
9,074
498
5,186
24,102
10,800
10,717
450
56,638
7,773
2022 - 2,042 365
273
48,373
3,936
573
2,600
25,045
1,250
2,757
979
22,317
4,612

Source: ICMA analysis using Dealogic data (January 2023)


Figure 10: International bond issuances from China (deal nationality) by rating at launch                                  

Year IG HY Not rated/not available
2006
42.7%
52.6%
4.7%
2007
46.8%
47.0%
6.3%
2008
100.0%
0.0%
0.0%
2009
19.6%
41.2%
39.2%
2010
43.6%
35.7%
20.7%
2011
50.3%
21.0%
28.7%
2012
50.5%
13.9%
35.6%
2013
53.1%
15.2%
31.7%
2014
51.4%
16.1%
32.5%
2015
61.5%
9.9%
28.6%
2016
66.2%
12.5%
21.3%
2017
62.4%
25.7%
11.9%
2018
65.7%
21.3%
13.0%
2019
55.1%
32.0%
12.9%
2020
64.6%
24.8%
10.5%
2021
65.9%
21.4%
12.7%
2022
56.5%
13.3%
30.2%

Source: ICMA analysis using Dealogic data (January 2023)


Figure 11: International bond issuances from India (deal nationality)                                 

Year issuance volume (US$ million) 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 21,827 41
2022 7,417 26

Source: ICMA analysis using Dealogic data (January 2023)


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 - - 6,639 - 2,300 2,260 2,600 - 5,853
2022 - -   4,160 1,275 - 400 - - - 1,582

Source: ICMA analysis using Dealogic data (January 2023)


Figure 13: Percentage of sustainable bond issuance over all international issuance from India                                  

Year India
2015 9.4%
2016 12.7%
2017 19.9%
2018 10.2%
2019 13.7%
2020 9.5%
2021 40.7%
2022 38.8%

Source: ICMA analysis using Dealogic data (January 2023)

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 17,611 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 30,534 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 18,799 106 10,430 41,084 29,353 4,711 350
2022 - 11,365 150 1,924 38,877 21,662 2,718 100

Source: ICMA analysis using Dealogic data (January 2023)

Figure 15: International SSA bond issuance from ASEAN (deal nationality)                                  
US$ million

Year Indonesia Laos Malaysia Philippines Singapore Thailand Vietnam Supranational
2006 2,000 - - 3,618 - 200 - 3,341
2007 1,500 - - 1,000 - - - 6,151
2008 4,200 - - 500 - 524 - 7,185
2009 4,009 - - 3,250 - - - 10,243
2010 2,644 - - 5,735 - - 1,000 13,932
2011 3,500 - 2,800 2,801 - 1,332 - 13,536
2012 6,014 - - 2,250 - - - 11,690
2013 5,500 144 - - - 1,845 627 10,504
2014 6,869 157 - 1,500 - - 1,000 13,099
2015 11,672 539 1,500 2,000 1,773 - - 17,959
2016 10,349 314 1,500 2,000 - - - 19,975
2017 11,038 421 - 2,000 - - - 27,619
2018 9,144 212 - 3,616 2,965 - - 22,688
2019 7,328 150 1,474 3,551 2,121 - - 23,446
2020 10,846 - - 6,431 - 632 - 34,267
2021 12,224 - 1,300 6,027 - - - 31,205
2022 8,275 150 - 4,810 - - - 33,983

Source: ICMA analysis using Dealogic data (January 2023)

Figure 16: International bond issuance from ASEAN (deal nationality) excluding SSA                                  
US$ million

Year Cambodia Indonesia Laos Malaysia Philippines Singapore Thailand Vietnam
2006 - 3,943 - 2,020 1,405 4,271 1,525 -
2007 - 2,458 - 527 0 3,834 765 188
2008 - - - 440 350 2,695 - -
2009 - 4,498 - 5,031 2,700 4,020 - -
2010 - 3,366 - 2,639 3,138 6,057 2,250 -
2011 - 3,020 - 1,410 1,375 7,199 1,292 90
2012 - 6,807 - 10,795 1,525 24,034 5,400 250
2013 - 6,798 - 5,457 3,858 14,380 3,325 200
2014 - 5,225 246 4,185 1,075 23,513 3,100 -
2015 - 3,511 - 7,809 2,287 15,566 848 -
2016 - 2,421 312 5,024 800 17,903 998 35
2017 - 10,080 - 5,752 1,950 20,909 2,286 -
2018 300 12,603 414 2,416 2,750 27,569 4,844 -
2019 - 9,022 122 5,299 3,962 20,277 6,238 979
2020 350 12,677 - 9,355 9,335 20,334 4,450 80
2021 200 6,575 106 9,130 3,852 29,353 4,711 350
2022 - 3,090 - 1,924 85 21,662 2,718 100

Source: ICMA analysis using Dealogic data (January 2023)


Figure 17: International bond issuance from ASEAN (deal nationality) excluding SSA - by industry                                  
US$ million

Year Communication services Consumer discretionary Consumer staples Energy Financials Healthcare Holding Companies Industrials IT Materials Professional Services Real estates Utilities
2006 1,979 380 420 900 3,567 - 1,300 1,490 - 495 - 1,133 1,500
2007 550 277 613 540 2,529 - - 1,911 - 250 - - 1,102
2008 - 400 5 - 3,080 - - - - - - - -
2009 - 1,586 117 4,500 2,600 - - 629 500 1,645 - 43 4,630
2010 1,815 700 250 1,158 7,837 - 220 1,739 600 1,380 - 1,100 650
2011 1,110 55 - 2,625 6,376 - - 288 200 - 163 1,570 1,999
2012 858 2,646 1,923 4,998 25,814 250 - 1,988 300 2,400 432 4,918 2,282
2013 743 1,199 1,025 6,766 14,784 - 750 1,268 2,582 39 642 2,910 1,309
2014 80 1,841 920 4,503 19,208 341 - 2,790 30 140 495 4,612 2,385
2015 2,080 433 309 5,163 10,550 118 - 4,119 1,025 137 586 4,053 1,449
2016 1,675 621 1,001 78 15,976 74 - 1,092 - 60 111 5,194 1,612
2017 145 2,480 1,123 2,709 17,882 675 732 816 - 2,649 583 6,340 4,844
2018 540 1,027 613 4,111 25,325 - - 2,266 - 4,646 559 5,928 5,882
2019 1,301 1,850 - 3,996 20,354 165 400 2,241 814 1,152 110 5,914 7,601
2020 4,592 2,006 765 13,050 17,007 130 600 3,124 1,613 3,575 501 4,474 5,145
2021 2,417 3,181 1,009 7,649 27,826 - 476 2,151 - 2,435 889 4,520 1,723
2022 197 218 275 - 17,933 - - 3,854 400 4,390 - 1,266 1,047

Source: ICMA analysis using Dealogic data (January 2023)


Figure 18: International bond issuance from Japan (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 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 - 112,619 1,250 500 - 3,401 6,048 1,500 - - 252
2022 439 3,866 500 1,300 73,039 500 - 40 2,824 1,703 500 - 300 300

Source: ICMA analysis using Dealogic data (January 2023)

Figure 19: 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 38,775 1,312 - 84 899 3,300 1,653 - 2,350
2022 500 700 - 1,906 27,578 - - - 1,447 - 1,725 300 4,797

Source: ICMA analysis using Dealogic data (January 2023)


Figure 20: Debut issuance vs all international issuance in Asia (deal nationality)                                  
US$ million

Year debut % of debut issuance
2006 9,756 9.1%
2007 5,569 5.6%
2008 702 1.1%
2009 3,545 3.2%
2010 10,937 7.1%
2011 21,149 12.1%
2012 20,861 7.7%
2013 29,975 9.8%
2014 25,652 6.3%
2015 21,564 6.2%
2016 23,376 6.3%
2017 43,041 7.8%
2018 22,486 4.8%
2019 37,054 7.2%
2020 23,076 4.0%
2021 31,219 5.1%
2022 20,778 6.0%

Source: ICMA analysis using Dealogic data (January 2023)

Figure 21: 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 - 2,060 645 550 973 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 - 190 315 520 100 - - 450 - - - - - 1,420 - - - - - -
2010 - 4,844 703 900 300 50 450 - 600 1,250 - - - 810 230 800 - - - - - -
2011 - 14,790 1,121 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 2,225 618 700 - 246 - 325 - - - - 2,487 325 175 478 - - - -
2015 - 15,556 306 907 586 938 - - - 100 - - - 300 518 800 - 1,533 - 21 - -
2016 - 20,402 1,075 1,350 - - - - - 88 - - - - 425 - - - - - - 35
2017 - 35,353 615 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 - 70 - - - -
2019 - 27,596 1,394 1,661 300 1,404 - - - 300 - 250 - - 400 2,084 - 65 - - 1300 300
2020 - 17,631 56 1,200 1,300 - - - - - - - - 1,075 1,058 77 - - - - 600 80
2021 - 19,713 - 3,732 450 2,175 95 - 1,000 50 - - 500 - 1,105 1,199 - - - - 1,000 200
2022 - 17,338 - 400 - 1,742 - - - - - - - - 407 600 - - - 291 - -

Source: ICMA analysis using Dealogic data (January 2023)

Figure 22: Debut international issuance from China - issuer incorporation breakdown                                  

Year China Hong Kong (China) 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 10% 29% 61% 0%
2016 45% 9% 45% 0%
2017 34% 14% 52% 0%
2018 50% 13% 37% 0%
2019 61% 5% 33% 0%
2020 49% 18% 32% 1%
2021 56% 12% 31% 1%
2022 85% 6% 9% 0%

Source: ICMA analysis using Dealogic data (January 2023)

Figure 23: Debut international bond issuance in Asia (deal nationality) - 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 5,256 3,045 - 350 200 -
2007 200 - 3,965 596 - 508 300 -
2008 300 5 - 300 97 - - -
2009 30 315 600 750 100 - 1,560 190
2010 707 275 5,355 1,330 1,250 350 1,670 -
2011 5,218 682 6,940 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 2,883 5,573 325 477 632 4,537 300
2015 9,189 1,590 4,234 - 1,552 837 4,162 -
2016 15,028 1,557 1,135 700 2,306 316 2,334 -
2017 31,944 1,456 4,075 - 1,195 1,000 3,371 -
2018 16,695 1,169 1,900 - 496 200 2,000 25
2019 24,713 1,063 2,992 2,504 565 1,181 3,911 128
2020 17,286 1,896 1,250 - 395 150 2,100 -
2021 19,537 1,305 3,382 2,075 974 197 3,750 -
2022 17,086 177 442 1,530 492 300 700 51

Source: ICMA analysis using Dealogic data (January 2023)

Figure 24: Debut international bond issuance in Asia (deal nationality) - by listing location                                  
US$ million

Year Hong Kong (China) Luxembourg Macao (China) Singapore United Kingdom Other - Asia Other - rest of the world unknown Unlisted
2006 325 200 - 7,461 275 210 200 - 1,085
2007 - 141 - 4,220 125 - 96 - 986
2008 - - - 300 - - - - 402
2009 - - - 1,135 - 100 - 640 1,670
2010 1,750 450 - 7,960 - - - - 777
2011 2,310 - - 13,436 - - 125 2,350 2,929
2012 7,686 - - 11,331 - 53 - 934 857
2013 13,686 333 - 12,776 50 644 633 1,418 434
2014 15,183 1,091 - 7,091 - 783 112 665 727
2015 11,446 - - 7,148 - 554 1,783 282 350
2016 13,190 - - 7,043 - 88 434 994 1,627
2017 27,245 500 - 12,878 528 429 - 536 925
2018 14,049 350 - 5,384 557 270 - 1,316 560
2019 19,272 - 100 5,758 4,406 386 880 4,872 1,380
2020 13,596 - 250 6,338 600 80 150 1,698 364
2021 16,619 33 1,510 9,358 1,500 585 17 1,272 325
2022 12,480 - 2,754 2,151 - 691 - 1,210 1,492


Source: ICMA analysis using Dealogic data (January 2023)


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 - - - -
2018 10,992 1,004 750 1,925 3,086 - - - 1,721 40 4,178 - 100 - -
2019 12,258 1,219 3,028 1,250 2,460 79 - - 3,943 102 9,842 - - - -
2020 13,617 2,089 1,375 2,610 3,263 - - - 1,440 830 11,577 - 632 - -
2021 40,997 10,393 8,881 2,141 12,146 - 1,300 500 3,256 2,565 20,609 - 111 - 200
2022 34,407 4,173 2,875 1,500 12,921 - 500 - 3,952 4,069 15,593 - 229 - -


Source: ICMA analysis using Dealogic data (January 2023)

Figure 29: International sustainable bond issuance in Asia (deal nationality) - by main location of arrangement
US$ million                                  

Year France Hong Kong (China) 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 - 391 8,992 -
2018 1,255 7,259 715 3,726 699 1,291 8,851 -
2019 2,881 5,969 1,365 4,912 3,600 3,369 12,084 -
2020 2,573 7,397 2,440 7,066 5,150 1,953 10,856 -
2021 2,170 31,529 4,665 20,751 12,372 3,987 27,526 100
2022 1,726 27,785 4,778 8,805 11,050 2,929 23,147 -


Source: ICMA analysis using Dealogic data (January 2023)

Figure 30: International sustainable 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
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 - 2,295 671 163
2018 6,247 5,081 7,850 2,085 630 1,356 150 398
2019 7,661 4,672 14,767 1,222 620 2,029 239 2,971
2020 6,777 3,927 16,152 3,400 776 3,420 1,450 1,532
2021 25,697 7,106 45,218 8,924 4,195 5,111 5,003 1,844
2022 24,965 9,592 27,176 4,893 2,862 4,491 164 6,078


Source: ICMA analysis using Dealogic data (January 2023)

 Figure 31: 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 - 143 -
2018 - 10,631 7,902 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 5,606 1,562 750 828
2021 2,959 25,775 41,372 11,596 11,335 4,769 2,283 3,010
2022 1,747 37,772 26,448 3,533 6,830 599 2,323 1,000

Source: ICMA analysis using Dealogic data (January 2023)

 

Figure 32: International sustainable bond issuance in Asia (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
2014 - - - 316 - - - - 300 - - - -
2015 - - - 3,188 - - - 300 - - - - -
2016 - 400 - 7,681 - - - 600 - - - 1,000 800
2017 - 300 - 11,867 - - - 343 - - - 196 3,689
2018 - - - 15,255 1,250 - - 1,481 300 - - 1,860 3,650
2019 - - - 20,597 2,250 - 500 300 - 2,061 - 1,953 6,520
2020 - - - 22,512 2,132 - - 1,423 - 1,056 213 3,298 6,170
2021 400 5,450 350 45,306 9,723 - 1,656 5,647 5,568 2,553 967 16,595 8,885
2022 100 4,400 - 44,575 4,853 500 - 8,958 1,250 740 - 6,269 8,574

Source: ICMA analysis using Dealogic data (January 2023)

 

Figure 34: 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
2006 14,394 25,817 49,299 13% 24% 46%
2007 8,792 24,788 39,325 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 107,242 115,594 289,806 19% 20% 50%
2021 95,662 155,538 298,066 15% 25% 48%
2022 72,827 63,122 155,298 21% 18% 45%

Source: ICMA analysis using Dealogic data (February 2023)

 
Figure 38: 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 1,717 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 8,185 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 12,882 466,049 7,953
2018 4,628 7,955 14,740 50,257 8,919 5,789 13,960 348,716 10,440
2019 4,873 7,272 7,132 42,363 7,753 6,598 13,196 421,771 6,972
2020 4,347 7,700 7,701 46,902 8,494 2,647 10,239 482,258 7,353
2021 3,384 8,319 13,954 59,530 9,134 2,576 14,793 495,955 9,525
2022 4,196 5,857 17,159 27,504 9,431 2,687 10,489 262,011 7,062


Source: ICMA analysis using Dealogic data (January 2023)


Figure 39: 2022 issuance by currency with average issue size                                  

Currency Total issuance in 2022 (US$ million) % issuance in 2022 Average issue size in 2022 (US$ million)
USD 262,011 75.6% 360
EUR 27,504 7.9% 306
RMB 17,159 5.0% 109
SGD 10,489 3.0% 250
HKD 9,431 2.7% 94
GBP 5,857 1.7% 225
AUD 4,196 1.2% 168
JPY 2,687 0.8% 67
Other 7,062 2.0% 88

Source: ICMA analysis using Dealogic data (January 2023)

Figure 40: 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 4,931 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 18,291 57,151
2018 18,947 164,197 137,975 33,223 62,216 13,747 13,321 21,777
2019 12,343 172,363 166,319 28,508 78,960 20,352 9,545 29,542
2020 16,086 152,607 166,193 43,301 102,061 27,739 21,769 47,858
2021 24,424 156,674 181,074 67,972 84,226 36,530 18,850 47,422
2022 13,399 149,099 94,843 25,067 35,461 12,594 9,579 6,356

Source: ICMA analysis using Dealogic data (January 2023)

 

 

 

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