By Douglas W. Arner, Jae-Ha Park, Paul Lejot, Qiao Liu
This quantity includes stories by means of top examine students within the usa and Asia on Asia’s debt capital markets. The ebook is exclusive in drawing upon the learn, event and views of specialists from the tutorial, felony, governmental and functional funding fields. They examine the dangers and possibilities, and methods for constructing those markets. The authors undertake a multidisciplinary technique, encompassing economics, finance and legislation.
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Additional resources for Asia's Debt Capital Markets: Prospects and Strategies for Development (The Milken Institute Series on Financial Innovation and Economic Growth)
Suppliers and Holders of Bonds Government issues comprise a greater share of Asian bond markets than is usual in more developed and market-based financial systems. S. domestic debt, 54 percent of outstanding bonds in the Asian economies are govenmient bonds (Table 5). It is highest in the Philippines and India where 99 percent and 98 percent of the market, respectively, are comprised of govenmient issues. Only in Hong Kong, Malaysia and Taiwan are the govenmient shares of the total market less than 50 percent.
Traded value for domestic corporate debt, however, is largest in Korea with an annual value of $490 billion. Taiwan's and Malaysia's annual trading value are about one tenth of that of Korea's ($52 bilUon and $42 billion, respectively). 5 Note: Data for Indonesia and Philippines are not available. Source: Asian Development Bank. 1 times the value outstanding (Table 9). 4. 0. 5. India has the smallest trading in terms of government bonds, corporate bonds and annual turnover ratio. 5. New Developments in Asian Bond Markets Securitization, the issuance of bonds backed by cash flows from an underlying asset, is a relatively new phenomenon in Asia.
S, which has 15 different maturities ranging from 3 months to 30 years. Despite this situation, all Asian economies except Taiwan have very short term bonds and all countries' yield curves extend at least to 10 year maturities. Both India and Taiwan have yield curves that extend to the 30 year "bucket" and China, Malaysia, Philippines, and Thailand all have 15 year bonds. 5, with India having the most at 15 and Taiwan the least at 6. One can note, however, that Taiwan, with the fewest "buckets" on its yield curve, nevertheless is the most Uquid market.
Asia's Debt Capital Markets: Prospects and Strategies for Development (The Milken Institute Series on Financial Innovation and Economic Growth) by Douglas W. Arner, Jae-Ha Park, Paul Lejot, Qiao Liu