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) 

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