2022-09-25-亚开行-亚开行-亚洲债券监测——2022年9月（英）_98页_3mb

报告摘要

Summary of Asian Bond Market Trends (September 2022)

Section	Key Highlights
Regional Economic Context	Emerging East Asia experienced moderate economic growth as pandemic-restrictions eased globally and regionally. However, the US Federal Reserve's aggressive monetary policies headed by it caused significant volatility in bond markets.
Yield Curve Dynamics	Across the region, yields generally declined as central banks balanced between inflation and growth concerns. Shorter-term yields rose more sharply than longer-term bonds, leading to curve flattening. Countries like Vietnam saw uniform yield increases.
Bond Market Developments	- Government Bonds: Dominated the market, expanding in most countries but contracted in others due to high base effects or tight monetary policy. Large issuance volumes were recorded to fund recovery and infrastructure projects.<br>- Corporate Bonds: Growth slowed due to elevated borrowing costs and uncertainty about future monetary tightening. Government-backed entities led issuance.
Currency Performance	Currencies across emerging East Asia depreciated against the US dollar, with varying degrees: HK: -0.9%, THB: -0.6%, PHP: -9.1%, KRW: -0.7%. Exceptions included Singapore and Vietnam, though Vietnamese dong depreciated significantly late in Q3.
Monetary Policy Changes	Countries aggressively tightened monetary policy to curb inflation. The Fed continued this stance, while central banks like PBOC and BOT adopted more flexible approaches, frequently utilizing open market operations to influence liquidity.
Foreign Investor Activity	Net foreign outflows were recorded across several markets (Philippines, PRC, Indonesia, Republic of Korea) due to the Fed's aggressive tightening affecting sentiment. However, foreign demand for Thai bonds increased in some months toward year-end.
Emerging East Asia Sustainable	Green bonds led sustainable issuance, while social bonds saw moderate growth. Interest in transition and sustainability-linked bonds continues to evolve slowly. The market concentration improved and showed diversification across economies.
Key Risks & Challenges	- Inflation:Persistently high inflation in many countries clouded economic recovery narrative.<br>- Fiscal Sustainability: Growing debt-to-GDP ratios in several countries raised concerns.<br>- Geopolitical Uncertainty: Ongoing tensions added to economic risks.