2021-12-07-亚开行-亚洲债券监测——2021年11月（英）_103页_6mb

Summary of "Asia Bond Monitor November 2021"

This report, issued by the Asian Development Bank (ADB), analyzes the regional trends in East Asia's local currency bond markets from August to November 2021. The bond market expanded by 9.9% in the third quarter (Q3), valued at USD2.4 trillion, following a growth of 16.9% in the first nine months of 2021. Economic outlooks remain mixed, with the People's Republic of China (PRC) experiencing GDP growth of 4.9% y-o-y, while ASEAN nations' growth slowed due to COVID-19-related disruptions. Bond yields rose steeply across the region, driven by US Federal Reserve policy shifts and inflation concerns, with tenors showing significant yield increases. Labeled green bonds demonstrated a statistically significant negative effect on yields compared to unlabeled bonds, reinforcing the value of international green ratings. Sustainable bond markets continued to expand, with ASEAN+3 contributing 19.2% of the global sustainable bond market. The report highlights both growth and risks, stressing the need for continued monitoring of monetary policy adjustments and global inflation.