Asian international bond markets data

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)
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)

Asian International Bond Markets Data