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Local Currency Bonds and Infrastructure Finance in ASEAN+3

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Local Currency Bonds and Infrastructure Finance in ASEAN+3 Local Currency Bonds and Infrastructure Finance in ASEAN+3 The Asian Development Bank (ADB) is working closely with the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China (PRC), Japan, and the Republic of Korea—collectively known as ASEAN+3—to develop local currency bond markets and facilitate regional bond market integration under the Asian Bond Markets Initiative (ABMI). ABMI was launched in 2002 to strengthen the resilience of the region’s financial system by developing local currency bond markets as an alternative source to foreign currency-denominated, short-term bank loans for long-term investment financing. The need for infrastructure investment among ASEAN+3 members is well documented, with estimates for needed investment through 2020 reaching as high as US$550 billion. Local currency financing of infrastructure projects has the important advantage of avoiding the currency risk that can arise when a project generating revenues in the domestic currency has foreign currency-denominated debt service requirements. This study was undertaken under ABMI and funded by the Government of the PRC. It addresses two key questions: (i) Why is local currency bond financing not more widely used for infrastructure projects in ASEAN+3? and (ii) What can be done to promote infrastructure bond financing? About the Asian Development Bank ADB’s vision is an Asia and Pacific region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to the majority of the world’s poor. ADB is committed to reducing poverty through inclusive economic growth, environmentally sustainable growth, and regional integration. Based in Manila, ADB is owned by 67 members, including 48 from the region. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and technical assistance. LOCAL CURRENCY BONDS AND INFRasTRUCTURE FINANCE IN ASEAN+3 ASIAN DEVELOPMENT BANK 6 ADB Avenue, Mandaluyong City 1550 Metro Manila, Philippines ASIAN DEVELOPMENT BANK www.adb.org LOCAL CURRENCY BONDS AND INFRASTRUCTURE FINANCE IN ASEAN+3 ASIAN DEVELOPMENT BANK (report) Reminder: This is the copyright and disclaimer page to be used in new ADB publications as of January 2015. This page now reflects ADB’s move to Open Access and use of a Creative Commons (CC) IGO license. Most ADB-only publications are covered by the CC BY 3.0 IGO Creative CommonsCommons Attribution Attribution 3.0 3.0 IGO IGO license license (CC (CC BY BY 3.0 3.0 IGO) IGO) license, as per the text below. For copublished titles, a different CC license may apply. In such ©© 2015 201_ Asian Asian Development Development Bank Bank instances,please please contact delete the Publishing and 6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines Dissemination Team of DER. 6Tel ADB +63 Avenue, 2 632 4444; Mandaluyong Fax +63 2 636City, 2444 1550 Metro Manila, Philippines Telwww.adb.org; +63 2 632 4444; openaccess.adb.org Fax +63 2 636 2444 www.adb.org; openaccess.adb.org Some rights reserved. Published in 201_. SomePrinted rights in [the] reserved. __________(country). Published in 2015. Printed in the Philippines. ISBN XXX-XX-XXXX-XXX-X (Print), XXX-XX-XXXX-XXX-X (PDF) ISBN 978-92-9257-014-9 (Print), 978-92-9257-015-6 (e-ISBN) Publication Stock No. Publication Stock No. RPT157469-2 Cataloging-In-Publication Data Cataloging-In-Publication Data Asian(author, Development surname first). Bank. Local currency(title of bonds the publication; and infrastructure written finance in lowercase in ASEAN+3. except proper nouns and the first word) MandaluyongMandaluyong City, City, Philippines: Philippines: Asian Asian Development Development Bank, Bank, 2015 201_.. 1.1. Regional (subject cooperation. 2. matter) 2. (subject Regional ma integration. 3.tter) I.ASEAN+3. 4. (publisher; usually Local it is ADB) currency Asian bonds. 5. Development Infrastructure. Bank. I. Asian Development Bank. The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies Theof the views Asian expressed Development in this publication Bank (ADB) are orthose its Board of the ofauthors Governors and do or not the necessarily governments reflect they the represent. views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any ADBconsequence does not guarantee of their use. the The accuracy mention of the of dataspecific included companies in this publication or products and of acceptsmanufacturers no responsibility does not for imply any consequencethat they of their use.are Theendorsed mention or recommendedof specific companies by ADB or inproducts preference of manufacturers to others of adoes similar not natureimply that that they are arenot endorsed mentioned. or recommended by ADB in preference to others of a similar nature that are not mentioned. 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This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) Thishttps://creativecommons.org/licenses/by/3.0/igo/. work is available under the Creative Commons Attribution By using the3.0 contentIGO license of this (CC publication, BY 3.0 IGO) you https://creativecommons.org/licenses/ agree by/to 3.0be /igo/.bound By by using the theterms content of said of licensethis publication, as well as you the agree Terms to ofbe Use bound of theby the ADB terms Open of saidAccess license Repository as well as the Terms of Use of the ADB Open Access Repository at openaccess.adb.org/termsofuse at openaccess.adb.org/termsofuse This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed contact the copyright owner or publisher of that source for permission to reproduce it. 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