158
Box 4.17: Size of Selected Asian Debt Markets as at end-2016 (USD billion)
Development of Hong Kong’s bond market
The steady growth in bond issuances over the years
demonstrates the healthy development of Hong
Kong’s bond market. The broad investor base in
Hong Kong has been attracting more issuers to
expand their funding scale using the local debt
market. The market offers open access to both
domestic and international issuers and investors, in
both domestic and foreign currencies. The Hong
Kong Monetary Authority (HKMA) continues to
support the sustainable development of the local
bond market through the Government Bond
programme involving institutional bond issuances
as well as retail issuances such as the inflation-
linked retail bond (iBond) and the inflation-linked
Silver Bond which targets Hong Kong residents
aged 65 and above. Apart from the Hong Kong
dollar bonds, two US dollar sukuk issues were also
outstanding as at 2016.
Corporate
bond
market
Government
bond
market Total
Japan 670.8 8,965.8 9,636.6
China 2,155.0 4,974.0 7,129.0
Korea 1,010.9 702.0 1,713.7
Thailand 81.5 221.5 303.0
Malaysia 119.0 141.2 260.2
Singapore 99.0 137.0 236.0
Hong Kong 97.0 133.0 230.0
Indonesia 23.0 139.0 163.0
Philippines 18.0 80.0 98.0
Vietnam 2.0 42.0 44.0
Size of selected debt markets relative to GDP (as at end-2016)
Source: Asian Bonds Online
Chart 4.53: Bond Issuance in Hong Kong (2006-June 2017)
Source: Bloomberg