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Market Infrastructure Developments Impacting Asian Bond Markets Insights | Institutional Clients April 2013

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Market Infrastructure Developments Impacting Asian Bond Markets Insights | Institutional Clients April 2013 210mm Market Infrastructure Developments Impacting Asian Bond Markets Insights | Institutional Clients April 2013 Securities and Fund Services Bond Markets in Asia Pacific Japan China Korea India Taiwan Hong Kong Thailand Vietnam Philippines Malaysia Singapore Indonesia Australia 1 Citi Securities and Fund Services Contents Asian Bond Markets 2 Asia Pacific Market Infrastructure Developments - Bonds APAC Major Markets 7 ASEAN Markets 11 Major Registration Markets 16 Acronym Glossary 20 Contact Us 21 210mm 3 Citi Securities and Fund Services Asian Bond Markets The need to further develop the Asian bond markets has been a consistent theme ever since the 2008 global financial crisis. The Asia Pacific bond markets weathered the financial crisis well, and there was no dramatic decline in bond issuance. Indeed, bond markets in Asia continued to grow rapidly, with the size of local currency bond market increasing to USD25.5 trillion as of December 2012, recording growth of 11.0% year-on-year. This was supported by a combination of growth in both the corporate and government bond sectors. The Asian corporate bond market, which The following are some key examples of recent underwent significant changes in the aftermath developments in the Asian bond markets: of 1998 Asia financial crisis, acted as a cushion for corporate financing during the global Asia Region crisis. The markets operated as a balancing- ASEAN + 3 Bond Market Forum (ABMF) act against fluctuating sentiment in global While significant developments have taken place markets as well as slowing banking credit. in the local currency bond markets, intra-regional Foreign participation in the bond markets was financial flows are still limited. In order to increase encouraged. Interest rate and liquidity risk the use of regional savings/reserves to encourage Governments and exposures, as well as promoting borrowing a more active intra-regional bond market, the central banks in the in local currency have been great policy issuance and trading of local currency bonds region have also been successes, especially in the emerging markets is essential because it will channel regional encouraging the during the past decade. This has fostered resources to intra-regional investments, and expansion of the bond the development of domestic bond markets. will eventually lead to sustainable and balanced markets, which has Governments and central banks in the region economic growth in the region. led to growth in the have also been encouraging the expansion of domestic sovereign the bond markets, which has led to growth in The Association of Southeast Asian Nations debt market. the domestic sovereign debt market. (ASEAN), along with China, Japan and Korea established the ASEAN+3 Bond Market Forum All these changes have led to a renewed (ABMF) in September 2010 as a common awareness of the need to develop domestic platform to foster standardization of market financial and capital markets during periods of practices and harmonization of regulations turmoil in the international financial markets. relating to cross-border transactions in the Policymakers in Asia have played a major role region. ABMF reports its activities to the in developing efficient and liquid bond markets Task Force 3 (TF3) of the Asian Bond Markets in Asia, as well as enabling better utilization Initiative (ABMI) under the institutional of Asian savings for Asian investments. framework of ASEAN+3 Finance Ministers The policies implemented contribute to the Meeting (AFMM+3). ABMF consists of two sub- mitigation of currency and maturity mismatches forums: Sub-Forum 1 (SF1) researched, collated in financing and aim to establish a national and and compared regulations and market practices regional market infrastructure for bond market in the region, while Sub-Forum 2 (SF2) looked development. to harmonize transaction procedures across bonds market infrastructures in ASEAN+3 Bond market development is significant markets. National members and international not only as a way of reducing the region’s experts (Citi is one of the international experts traditional reliance on capital flows, but also for for ABMF) participated in the ABMF SF1 and its contribution to the expansion of domestic conducted a survey on regional bond markets, demand and as a driver of regional financial and the legal and regulatory infrastructures integration. As a result of the global financial in ASEAN+3 with support from the Asian crisis, there is more government cooperation. Development Bank (ADB). 210mm Market Infrastructure Developments Impacting Asian Bond Markets 4 Islamic finance is Key output of the organization, which USD1.6 trillion as of the end of 2012. Indeed, one of the fastest collaborated with the ADB, is the ASEAN+3 Islamic finance is one of the fastest growing growing sectors Bond Market Guide publication (http:// sectors within the global financial services within the global asianbondsonline.adb.org/publications/ industry, expanding at a rate of 10% to 15% financial services adb/2012/asean+3_bond_market_guide.pdf). per year with signs of consistent future growth. industry, expanding at The market has increased since the Islamic a rate of 10% to 15% The publication raised awareness and detailed Development Bank (IDB) opened in 1975 to per year with signs how each market is structured, with the aim to finance economic development and foster social of consistent future encourage more cross-border bond issuance progress in compliance with Shariah principles, growth. and investment in the region’s local currency or Islamic law. Sukuk are one of the most bond markets. The report covers comparative prominent instruments used in Islamic finance, analyses, as well as bond market guides for and have been commonly issued for raising ASEAN+3 members. funds in domestic and international capital markets. Summary of findings Given the strategic importance and influence 1 Over-the-Counter (OTC) Market: Bonds of investors from the Middle East, Islamic could be listed on the stock exchanges in finance is increasingly in demand by investors. many markets, but most of the instruments In recent years, several countries in East Asia, are traded on the OTC markets. mostly those with large Muslim populations, 2 Bondholder Representative and/or Trustee: have developed Shariah-compliant products The concepts of bondholder representative, and markets. Markets such as Malaysia and trustee and commissioned bank are gaining Indonesia had increasing demands for Islamic popularity and are evolving. For example, bonds after they launched their regulatory the new Commercial Code in the Republic framework for the issuance of sukuk. of Korea, which came into effect in 2012, is redefining the role of commissioned banks. Malaysia continues to be the hub for Islamic financial services, while other countries are 3 There is an opportunity to propose a also launching their own regulatory framework common self-regulatory framework for for the issuance of Islamic bonds or sukuk in qualified market players in the future, so as their respective bond markets, if they are not to improve properly regulated and exempted already in place. In essence, the risk exposure private placement markets. of investors for sukuk is not materially different 4 Two general approaches are observed in the from a conventional bond. If material difference markets when it comes to public offerings: exists, it is usually disclosed in the offering (1) full disclosure with specific exemptions, documents. and (2) a clearly defined disclosure regime. Pan-Asian CSD Alliance The key objectives for ABMF Phase 2 will be to As part of the continuing journey in deepening facilitate cross-border inter-regional initiatives and strengthening the financial markets in of issuance and investment of bonds, and it Asia, to facilitate the Asian bond market might focus on private placements or exempted development and to enhance the attractiveness markets from full-disclosure requirements of Asian debt securities to foreign investors, across jurisdictions. This might create a the Hong Kong Monetary Authority (HKMA) professional, organized and well-documented along with a group of central banks and central common regional private placement securities depositories (CSDs) in Asia, formed marketplace populated by qualified investors, an alliance in June 2010 with Euroclear Bank and where the self-regulation concept would and developed a common platform model. come in as part of discussions about effective The Common Platform Model enables Asian governance. CSDs to improve the cross-border post-trade infrastructure in Asia, to adopt harmonized Islamic Bonds (Sukuk) procedures, shared technology in processing The value of Islamic financial assets have debt securities in a pragmatic and gradual expanded from USD150 billion in the mid-1990s approach, and to establish an intra-regional to USD1.3 trillion in 2011 globally, and reached bond issuance program. 210mm 5 Citi Securities and Fund Services Hong Kong between Hong Kong and London on the Hong Kong is one of the most liberal debt development of offshore RMB business. On markets in the world. International investors April 18, 2012, the first dim sum bond was sold are free to invest in debt instruments locally, in London. Hong Kong has also developed and there are no restrictions on foreign a highly efficient and reliable RMB clearing borrowers tapping the domestic debt market platform, the RMB Real Time Gross Settlement to finance their business. As of the end of (RTGS) system,
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