2024-12-08-亚开行-亚洲债券监测——2024年11月（英）_62页_5mb

报告摘要

Asia Bond Monitor November 2024: Summary

Executive Summary

The Asian Bond Monitor highlights recent developments in emerging East Asian local currency bond markets, with a focus on the ASEAN+3 region. Key themes include financial market conditions, sustainable bond growth, monetary policy developments, and digitalization trends.

Regional Financial Conditions

Markets weakened slightly between September and October 2024 due to US monetary policy uncertainty and election-related volatility.
Currency depreciation averaged 0.7% vs USD and 0.3% GDP-weighted against USD.
Sovereign CDS spreads widened by an average of 2.1 bps across ASEAN+3 economies.

Bond Market Developments (Q3 2024)

Outstanding LCY bonds in emerging East Asia grew 8.2% y-o-y to $26.8T, exceeding US and EU-20 expansion rates.
Sustainable bond market reached $893.1B, growing 4.1% q-o-q with a global share of 18.9%.
Monetary easing continued across regional central banks, supporting borrowing costs reduction but widening yield spreads in some economies.

ASEAN+3 Sustainable Bonds

Growth accelerated with sustainable bond issuance reaching $73.7B (up 42% q-o-q).
Green bonds dominated (60% of market), with private sector accounting for 70% of outstanding.
Average tenor reached 11.5 years, longer than EU-20 markets.

Policy and Regulatory Developments

Monetary policy adjustments included reductions in reserve requirements (PRC, Philippines) and policy rates (Republic of Korea).
Increased diversification in investor profiles across markets.
Fiscal stimulus programs expanded, particularly in Hong Kong and the PRC.

Digitalization in Green Bond Markets

Blockchain technology improves transparency and security through immutable ledgers.
Real-time tracking prevents greenwashing and enhances environmental impact reporting.
Case studies highlight benefits with lower bid-ask spreads (0.16pp), yield spreads (0.62pp) and yield improvements compared to conventional bonds.

Market Summaries by Country

Markets across the region showed varied performances:

PRC saw strong sustainable bond growth and experienced yield curve shifts.
ASEAN countries collectively expanded market size with digital adoption.
Singapore maintained a focus on foreign-currency green bonds.
Cross-country comparisons highlighted regional heterogeneity in monetary policy responses.

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