Ramon Maronilla

Asian local currency bond markets have tripled in size since 1997. Ramon Maronilla, product engineer at State Street Global Advisors in Hong Kong, outlines the steps being taken by Asian governments to promote further growth


Q: What is the size and liquidity of the region's bond markets?

A: As of September 2005, the region's local bond markets totalled almost $1.7 trillion by market value, primarily composed of government issues. Corporate issues are largest in proportion to total issuance in the more developed markets of Singapore, Hong Kong and Korea. But as a percentage of GDP, issuance is still far below that of developed nations.

Liquidity is critical in the development of fixed-income markets, with turnover and

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