The Asian International Bond Markets is an annual research series published by the International Capital Market Association (ICMA), first launched in 2021. The series examines the development and evolution of Asia’s international bond markets, focusing on cross-border bond issuance by Asian entities. Across successive editions, it provides a consistent assessment of market structure, issuance activity, funding patterns, currencies, maturities, sustainable bond markets and the role of major financial centres.

Methodology

The series uses a consistent methodology combining quantitative analysis of international bond issuance data with a broad definition of international bond markets covering Euro, global and foreign bonds while excluding domestic bond issuance. Earlier editions also incorporate qualitative insights from interviews with market participants to complement the data analysis, whereas later editions place greater emphasis on quantitative issuance trends to support year-on-year comparisons.

Purpose

The series aims to provide a clear, data-driven view of Asia’s international bond markets and their long-term development. It supports understanding of how Asian issuers access international capital markets and tracks structural and cyclical changes affecting cross-border bond issuance, helping to inform market participants, policymakers and other stakeholders.

Applications for finance professionals

Finance professionals can use the series to monitor cross-border bond issuance trends, compare activity across Asian jurisdictions and sectors, assess developments in sustainable bond markets, and analyse changes in issuance characteristics such as currencies, maturities and arranger locations. The consistent methodology and long-term time series also support market benchmarking, capital market research, strategic planning and investment analysis.