Asian international bond markets data | ICMA » ICMA - International Capital Market Association

Figure 1: Global international bond issuance - by region (deal nationality)
US$ million

Year	Americas	Asia	Oceania	EMEA
2006	916,915	106,764	97,190	2,134,605
2007	1,211,163	99,747	80,465	2,186,350
2008	1,235,538	64,738	85,799	2,631,951
2009	1,658,559	111,804	135,648	2,850,791
2010	1,751,802	154,458	105,015	2,250,406
2011	1,509,187	174,414	83,898	2,282,767
2012	1,752,582	270,970	125,512	2,186,147
2013	1,674,041	307,380	100,157	1,978,860
2014	1,734,968	405,982	95,096	2,090,233
2015	1,945,131	346,971	98,640	1,720,407
2016	2,151,584	372,649	117,742	1,886,665
2017	2,308,131	552,650	97,108	2,112,768
2018	1,851,380	465,505	86,955	2,081,616
2019	2,139,505	518,630	70,383	2,063,108
2020	2,972,236	575,323	48,051	2,496,247

Source: ICMA analysis using Dealogic data (January 2021)

Figure 2: Percentage of international bonds issuances over all issuances

Year	World	Asia
2006	29.7%	7.2%
2007	35.0%	5.6%
2008	39.5%	3.6%
2009	36.6%	4.8%
2010	33.0%	5.4%
2011	32.9%	5.9%
2012	33.6%	8.0%
2013	33.7%	9.7%
2014	36.6%	14.2%
2015	37.8%	13.0%
2016	38.5%	12.7%
2017	43.1%	18.8%
2018	39.4%	16.3%
2019	39.1%	17.6%
2020	42.1%	23.1%

Source: ICMA analysis using Dealogic data (January 2021)

Figure 3: International bond issuance in Asia (deal nationality) - by main location of arrangement
US$ million

Year	Hong Kong	Japan	Singapore	United Kingdom	United States	Other - Asia	Other - rest of the world	consortium	unknown
2006	4,179	2,725	3,213	59,648	24,792	1,397	9,082	1,681	46
2007	3,577	12,774	1,096	55,172	18,940	588	5,236	2,365	0
2008	3,891	3,619	3,758	29,421	11,003	2,963	4,010	5,200	873
2009	3,428	1,343	2,847	52,367	31,353	1,342	4,136	14,563	425
2010	12,161	4,083	9,308	59,442	44,852	3,612	7,338	13,442	220
2011	21,170	5,035	9,828	73,775	30,841	5,085	11,897	13,668	3,116
2012	47,821	4,963	23,914	79,564	60,115	3,358	17,682	29,832	3,721
2013	85,918	3,502	18,977	84,999	50,048	5,140	11,223	44,374	3,200
2014	92,952	2,643	28,571	90,794	77,756	7,963	16,744	82,074	6,485
2015	75,863	3,181	24,528	64,759	75,616	12,068	11,394	69,682	9,880
2016	94,945	4,013	17,666	65,681	76,167	14,863	7,282	86,928	5,103
2017	155,096	4,145	23,091	119,552	94,444	15,081	15,768	122,295	3,179
2018	121,013	5,570	22,453	84,075	84,751	16,226	20,107	105,874	5,436
2019	201,349	7,387	26,542	76,457	72,723	9,568	23,907	99,607	1,091
2020	196,084	3,437	26,322	99,794	105,942	8,983	18,189	116,085	487

Source: ICMA analysis using Dealogic data (January 2021)

Figure 4: International bond issuances in Asia (deal nationality) - listed or not

Year	listed at one exchange	listed at more than 1 exchange	unlisted	unknown
2006	74%	2%	24%	0%
2007	65%	2%	33%	0%
2008	61%	1%	33%	0%
2009	66%	4%	25%	5%
2010	65%	2%	18%	15%
2011	61%	1%	27%	11%
2012	69%	2%	19%	10%
2013	69%	3%	18%	10%
2014	74%	2%	15%	9%
2015	69%	11%	15%	10%
2016	72%	8%	14%	6%
2017	76%	11%	10%	3%
2018	74%	12%	11%	4%
2019	74%	11%	9%	6%
2020	72%	12%	7%	9%

Source: ICMA analysis using Dealogic data (January 2021)

Figure 5: International bond issuance in Asia (deal nationality) - by listing location
US$ million

Year	Hong Kong	Ireland	Luxembourg	Singapore	United Kingdom	Other - Asia	Other - rest of the world	unknown	Unlisted
2006	1,875	2,947	15,824	41,768	12,777	1,084	4,174	501	25,813
2007	700	5,388	8,094	33,000	18,337	150	1,520	43	32,515
2008	2,000	1,603	6,049	17,050	11,110	60	2,332	179	24,356
2009	2,250	3,207	18,598	39,607	10,402	3,133	928	5,897	27,782
2010	11,206	783	13,489	61,211	10,296	2,562	4,062	22,535	28,316
2011	12,693	1,127	11,608	63,515	12,483	3,137	4,047	19,405	46,398
2012	36,582	1,878	12,538	123,343	8,083	4,887	5,495	26,107	52,058
2013	65,189	1,551	19,022	103,751	14,545	10,046	6,577	30,526	56,173
2014	123,634	5,272	18,663	131,842	12,515	9,595	9,103	36,051	59,309
2015	87,490	9,562	26,472	99,620	15,777	14,334	6,936	33,182	53,598
2016	91,246	3,464	53,868	124,329	9,436	10,761	7,154	21,390	50,999
2017	154,345	13,140	75,346	195,248	12,544	13,269	14,478	18,882	55,399
2018	122,153	6,616	67,417	164,110	13,086	13,778	10,148	16,884	51,313
2019	155,562	1,466	68,737	170,322	22,779	10,049	9,610	32,215	47,890
2020	160,877	7,276	78,756	176,658	22,665	17,229	16,945	53,324	41,593

Source: ICMA analysis using Dealogic data (January 2021)

Figure 6: International bond issuance in Asia - by deal nationality
US$ million

Year	Bangladesh	Cambodia	China	Hong Kong	India	Indonesia	Japan	Kazakhstan	Laos	Macao	Malaysia	Maldives	Mongolia	Pakistan	Philippines	Singapore	South Korea	Sri Lanka	Taiwan	Tajikistan	Thailand	Uzbekistan	Vietnam
2006	-	-	2,330	6,033	3,272	5,943	42,919	7,659	-	-	2,020	-	-	800	8,364	4,271	20,774	-	655	-	1,725	-	-
2007	-	-	3,354	4,449	9,261	3,958	33,174	9,679	-	-	527	-	75	750	7,151	3,834	22,082	500	-	-	765	-	188
2008	-	-	2,055	4,015	1,408	4,200	22,771	3,575	-	-	440	-	-	-	8,035	2,695	15,020	-	-	-	524	-	-
2009	-	-	2,243	11,953	2,340	8,506	31,429	2,304	-	-	5,031	-	-	-	16,193	4,020	27,284	500	-	-	-	-	-
2010	-	-	22,184	13,494	9,135	6,009	36,654	4,961	-	600	2,639	-	175	-	22,805	6,057	24,875	1,000	620	-	2,250	-	1,000
2011	-	-	49,646	9,227	9,330	6,520	33,571	1,453	-	354	4,210	-	-	-	17,546	7,199	31,265	1,000	279	-	2,724	-	90
2012	-	-	61,491	32,163	10,732	12,821	48,677	4,284	-	825	10,795	-	2,980	-	15,465	24,034	38,742	1,500	812	-	5,400	-	250
2013	-	-	104,808	19,306	15,218	12,298	68,145	6,101	144	1,600	5,457	-	311	-	14,361	14,380	35,384	1,350	2,521	-	5,170	-	827
2014	300	-	180,954	23,827	19,482	12,094	69,927	5,540	403	750	4,185	-	115	3,000	15,674	23,513	37,091	1,925	3,101	-	3,100	-	1,000
2015	-	-	147,137	12,443	9,074	15,183	74,539	4,028	539	-	9,309	-	664	500	22,246	17,340	27,495	2,150	3,479	-	848	-	-
2016	-	-	152,060	22,913	10,213	12,770	85,549	1,000	626	1,200	6,524	-	500	1,000	22,775	17,903	31,931	1,500	3,151	-	998	-	35
2017	-	-	250,330	26,348	19,250	21,118	122,958	5,569	421	1,350	5,752	250	1,400	2,500	31,569	20,909	35,043	1,500	3,598	500	2,286	-	-
2018	-	300	199,549	12,764	7,333	21,747	108,474	5,573	626	-	2,416	100	500	-	29,054	30,630	36,276	2,500	2,819	-	4,844	-	-
2019	-	-	246,008	33,921	21,966	16,350	87,095	1,500	272	2,600	6,773	-	740	-	30,959	22,507	33,434	4,575	1,413	-	6,238	1,300	979
2020	-	350	247,294	29,197	14,100	23,523	126,153	2,232	-	1,850	9,355	-	600	-	49,508	20,408	38,144	-	6,100	-	5,082	1,348	80

Source: ICMA analysis using Dealogic data (January 2021)

Figure 7: International bond issuances from China (deal nationality)

Year	US$ million
2006	2,330
2007	3,354
2008	2,055
2009	2,243
2010	22,184
2011	49,646
2012	61,491
2013	104,808
2014	180,954
2015	147,137
2016	152,060
2017	250,330
2018	199,549
2019	246,008
2020	247,294

Source: ICMA analysis using Dealogic data (January 2021)

Figure 8: International bond issuances from India (deal nationality)

Year	US$ million
2006	3,272
2007	9,261
2008	1,408
2009	2,340
2010	9,135
2011	9,330
2012	10,732
2013	15,218
2014	19,482
2015	9,074
2016	10,213
2017	19,250
2018	7,333
2019	21,966
2020	14,100

Source: ICMA analysis using Dealogic data (January 2021)

Figure 9: International bond issuance from ASEAN (deal nationality)
US$ million

Year	Cambodia	Indonesia	Laos	Malaysia	Philippines	Singapore	Thailand	Vietnam
2006	-	5,943	-	2,020	8,364	4,271	1,725	-
2007	-	3,958	-	527	7,151	3,834	765	188
2008	-	4,200	-	440	8,035	2,695	524	-
2009	-	8,506	-	5,031	16,193	4,020	-	-
2010	-	6,009	-	2,639	22,805	6,057	2,250	1,000
2011	-	6,520	-	4,210	17,546	7,199	2,724	90
2012	-	12,821	-	10,795	15,465	24,034	5,400	250
2013	-	12,298	144	5,457	14,361	14,380	5,170	827
2014	-	12,094	403	4,185	15,674	23,513	3,100	1,000
2015	-	15,183	539	9,309	22,246	17,340	848	-
2016	-	12,770	626	6,524	22,775	17,903	998	35
2017	-	21,118	421	5,752	31,569	20,909	2,286	-
2018	300	21,747	626	2,416	29,054	30,630	4,844	-
2019	-	16,350	272	6,773	30,959	22,507	6,238	979
2020	350	23,523	-	9,355	49,508	20,408	5,082	80

Source: ICMA analysis using Dealogic data (January 2021)

Figure 10: International bond issuance from Japan (deal nationality)

Year	US$ million
2006	42,919
2007	33,174
2008	22,771
2009	31,429
2010	36,654
2011	33,571
2012	48,677
2013	68,145
2014	69,927
2015	74,539
2016	85,549
2017	122,958
2018	108,474
2019	87,095
2020	126,153

Source: ICMA analysis using Dealogic data (January 2021)

Figure 11: International bond issuance in Asia - by issuer nationality
US$ million

Year	Bangladesh	Cambodia	China	Hong Kong	India	Indonesia	Japan	Kazakhstan	Laos	Macao	Malaysia	Maldives	Mongolia	Pakistan	Philippines	Singapore	South Korea	Sri Lanka	Taiwan	Tajikistan	Thailand	Uzbekistan	Vietnam
2006	-	-	-	2,426	2,194	2,000	12,440	1,799	-	-	1,620	-	-	1,050	7,964	5,534	17,389	-	-	-	1,055	-	-
2007	-	-	1,594	4,053	5,728	1,500	15,212	1,344	-	-	300	-	75	750	7,151	4,719	21,300	500	-	-	765	-	188
2008	-	-	1,755	1,800	158	4,200	3,996	3,040	-	-	440	-	-	-	8,035	549	13,445	-	2	-	524	-	-
2009	-	-	2,343	2,043	1,940	5,424	9,078	804	-	-	4,500	-	-	138	16,193	4,251	27,221	500	-	-	-	-	-
2010	-	-	1,952	18,165	1,050	3,774	21,065	2,311	-	742	2,739	-	175	-	22,145	8,038	22,342	1,000	-	-	350	-	1,000
2011	-	-	5,818	31,146	3,106	6,295	22,237	1,453	-	431	4,171	-	-	-	17,346	9,270	29,988	1,000	102	-	1,332	-	90
2012	-	-	8,475	42,346	2,530	11,303	31,550	2,624	-	761	8,825	-	2,380	-	15,315	26,884	35,819	1,500	-	-	2,100	-	250
2013	-	-	6,066	58,152	3,724	11,040	39,655	6,101	144	1,417	1,640	-	311	-	12,704	18,337	31,267	1,350	534	-	3,840	-	827
2014	300	-	30,267	65,877	6,429	10,463	44,289	5,140	355	941	3,637	-	115	3,000	15,599	33,570	32,419	1,925	3,656	-	1,000	-	1,000
2015	-	-	19,137	45,826	6,114	14,549	44,685	4,028	539	212	9,240	-	664	500	21,379	27,016	24,724	2,150	2,093	-	418	-	-
2016	-	-	35,888	45,830	5,860	10,899	65,040	-	626	103	6,385	-	500	1,000	22,400	27,552	27,129	1,500	2,040	-	590	-	-
2017	-	-	43,775	58,950	8,128	16,611	85,706	1,049	421	1,384	3,574	250	1,400	2,500	31,169	34,041	31,148	1,500	3,115	500	975	-	-
2018	-	-	27,919	49,223	5,426	20,177	80,526	5,173	626	2,612	2,317	100	500	-	28,654	38,414	33,409	2,500	3,305	-	2,898	-	-
2019	-	-	47,185	50,485	16,300	15,326	62,297	1,500	272	2,330	5,590	-	300	-	29,749	29,036	28,770	4,575	330	-	3,370	1,300	979
2020	-	-	59,656	52,381	9,650	20,368	83,834	376	-	1,177	9,355	-	600	-	46,448	32,935	30,170	-	1,325	-	3,832	1,348	80

Source: ICMA analysis using Dealogic data (January 2021)

Figure 12: Debut issuance vs all international issuance in Asia (deal nationality)

Year	debut issuance in US$ million	debut issuance in %
2006	11,673	10.9%
2007	5,560	5.6%
2008	5,560	1.5%
2009	3,650	3.3%
2010	13,838	9.0%
2011	20,836	11.9%
2012	20,611	7.6%
2013	30,653	10.0%
2014	26,205	6.5%
2015	23,739	6.8%
2016	23,376	6.3%
2017	46,350	8.4%
2018	22,336	4.8%
2019	35,825	6.9%
2020	23,561	4.1%

Source: ICMA analysis using Dealogic data (January 2021)

Figure 13: Debut international bond issuance in Asia - by deal nationality
US$ million

Year	Cambodia	China	Hong Kong	India	Indonesia	Japan	Kazakhstan	Laos	Macao	Malaysia	Maldives	Mongolia	Philippines	Singapore	South Korea	Sri Lanka	Taiwan	Tajikistan	Thailand	Uzbekistan	Vietnam
2006	-	2,060	645	550	2,398	2,493	775	-	-	620	-	-	250	240	728	-	150	-	765	-	-
2007	-	1,435	870	535	1,225	-	266	-	-	-	-	75	-	500	216	-	-	-	250	-	187
2008	-	300	-	-	-	-	-	-	-	-	-	-	-	5	697	-	-	-	-	-	-
2009	-	550	-	190	315	625	100	-	-	450	-	-	-	-	1,420	-	-	-	-	-	-
2010	-	6,915	1,303	900	530	50	450	-	600	1,250	-	-	810	230	800	-	-	-	-	-	-
2011	-	14,790	1,214	1,150	1,050	-	-	-	-	-	-	-	-	768	1,536	-	239	-	-	-	90
2012	-	11,738	1,226	600	964	-	-	-	-	590	-	2,680	300	1,648	53	-	812	-	-	-	-
2013	-	11,989	4,027	3,825	1,633	2,300	1,100	50	-	-	-	20	300	2,037	449	850	1,872	-	-	-	200
2014	-	17,108	639	2,225	1,118	500	-	246	-	325	-	-	-	3,065	325	175	478	-	-	-	-
2015	-	16,356	306	607	2,486	938	-	-	-	100	-	-	300	593	500	-	1,533	-	21	-	-
2016	-	20,402	1,075	1,350	-	-	-	-	-	88	-	-	-	425	-	-	-	-	-	-	35
2017	-	36,161	615	2,380	3,096	350	-	-	-	955	200	-	400	464	1,000	-	120	300	109	-	-
2018	300	17,041	659	760	1,200	450	-	-	-	-	-	-	600	408	746	-	170	-	-	-	-
2019	-	27,896	1,394	1,661	300	1,404	-	-	-	352	-	250	-	400	523	-	45	-	-	1,300	300
2020	-	17,631	56	1,200	1,300	-	-	-	-	-	-	-	1,075	1,243	77	-	300	-	-	600	80

Source: ICMA analysis using Dealogic data (January 2021)

Figure 14: Debut international issuances from China - issuer nationality breakdown

Year	China	Hong Kong	Offshore jurisdictions	Other
2006	0%	0%	70.0%	30.0%
2007	22.2%	0%	66.7%	11.1%
2008	0%	0%	100%	0%
2009	0%	0%	100%	0%
2010	0%	11.1%	77.8%	11.1%
2011	5.9%	29.4%	60.8%	3.9%
2012	15.6%	31.3%	46.9%	6.3%
2013	6.1%	30.3%	57.6%	6.1%
2014	8.2%	34.4%	55.7%	1.6%
2015	9.3%	27.9%	62.8%	0%
2016	45.3%	9.3%	45.3%	0%
2017	32.9%	13.9%	51.9%	1.3%
2018	50.7%	13.0%	36.2%	0%
2019	60.8%	6.2%	33.0%	0%
2020	48.6%	17.6%	32.4%	1.4%

Source: ICMA analysis using Dealogic data (January 2021)

Figure 15: Debut international bond issuance in Asia - by issuer nationality
US$ million

Year	China	Hong Kong	India	Indonesia	Japan	Kazakhstan	Laos	Macao	Malaysia	Maldives	Mongolia	Philippines	Singapore	South Korea	Sri Lanka	Taiwan	Tajikistan	Thailand	Uzbekistan	Vietnam
2006	-	375	150	-	166	275	-	-	420	-	-	150	1,300	728	-	-	-	465	-	-
2007	275	-	300	-	-	141	-	-	-	-	75	-	325	120	-	-	-	250	-	187
2008	-	-	-	-	-	-	-	-	-	-	-	-	5	697	-	-	-	-	-	-
2009	-	-	190	315	625	100	-	-	-	-	-	-	-	1,420	-	-	-	-	-	-
2010	-	924	500	530	282	-	-	600	1,250	-	-	650	601	800	-	-	-	-	-	-
2011	565	4,795	450	1,050	-	-	-	-	-	-	-	-	892	1,450	-	102	-	-	-	90
2012	1,032	3,259	500	789	-	-	-	-	500	-	2,080	300	2,118	-	-	-	-	-	-	-
2013	637	6,518	1,500	740	2,000	1,100	50	-	-	-	20	-	2,148	449	850	210	-	-	-	200
2014	960	7,375	1,500	638	500	-	198	-	244	-	-	-	2,782	200	175	478	-	-	-	-
2015	1,638	4,816	489	1,686	938	-	-	-	100	-	-	300	900	500	-	510	-	21	-	-
2016	10,581	1,468	550	-	-	-	-	-	88	-	-	-	632	-	-	-	-	-	-	-
2017	19,975	3,170	1,205	896	350	-	-	-	455	200	-	-	964	1,000	-	120	500	-	-	-
2018	7,312	2,720	760	405	450	-	-	-	-	-	-	600	1,203	746	-	170	-	-	-	-
2019	17,235	2,476	1,661	300	850	-	-	-	300	-	250	-	352	223	-	-	-	-	1,300	300
2020	7,100	2,699	1,200	1,300	-	-	-	-	-	-	-	75	2,331	77	-	-	-	-	600	80

Source: ICMA analysis using Dealogic data (January 2021)

Figure 16: Debut international bond issuance in Asia (deal nationality) - by main location of arrangement
US$ million

Year	Hong Kong	Singapore	United Kingdom	United States	Other - Asia	Other - rest of the world	consortium	unknown
2006	920	135	6,981	3,045	43	350	200	-
2007	200	-	3,956	596	-	508	300	-
2008	300	5	-	300	97	-	-	300
2009	30	315	705	750	100	-	1,560	190
2010	2,707	505	5,426	1,630	1,250	650	1,670	-
2011	5,218	490	6,732	2,121	317	1,892	4,065	-
2012	7,842	3,526	2,091	1,973	650	1,225	3,304	-
2013	10,137	3,043	8,588	2,474	261	545	5,605	-
2014	10,925	3,522	4,946	125	477	632	5,277	300
2015	9,489	1,515	3,784	-	1,552	1,337	6,062	-
2016	15,028	1,557	1,135	700	2,306	316	2,334	-
2017	31,494	1,706	4,784	-	1,495	1,000	5,871	-
2018	16,225	1,169	1,900	-	816	200	2,000	25
2019	24,828	1,114	2,431	1,504	730	1,181	3,911	128
2020	17,586	2,081	1,250	-	395	150	2,100	-

Source: ICMA analysis using Dealogic data (January 2021)

Figure 17: Debut international bond issuance in Asia (deal nationality) - by listing location
US$ million

Year	Hong Kong	Ireland	Luxembourg	Singapore	United Kingdom	Other - Asia	Other - rest of the world	unknown	Unlisted
2006	325	-	200	8,761	275	210	200	-	1,702
2007	-	96	141	4,220	125	-	-	-	977
2008	-	-	-	300	-	-	-	-	702
2009	-	-	105	1,135	-	100	-	640	1,670
2010	3,750	-	450	8,790	-	-	-	71	777
2011	2,310	-	-	13,228	-	-	125	2,350	2,823
2012	7,686	-	-	11,081	-	53	-	934	857
2013	14,186	333	333	12,954	50	644	300	1,418	434
2014	14,858	-	750	8,311	-	783	112	664	727
2015	12,246	1,783	-	8,523	-	554	-	282	350
2016	13,190	434	-	7,043	-	88	-	994	1,627
2017	27,345	-	500	15,378	528	429	709	536	925
2018	13,799	-	350	5,384	557	370	-	1,316	560
2019	19,572	-	-	5,530	4,406	466	600	4,872	380
2020	13,896	-	-	6,523	600	330	150	1,698	364

Source: ICMA analysis using Dealogic data (January 2021)

Figure 18: International bond issuance in Asia (deal nationality) - Reg S & 144A

Year	144A (US$ million)	REG S only (US$ million)	% of 144A	% of REG S only
2005	32,805	26,829	37%	30%
2006	26,802	49,899	25%	47%
2007	24,568	39,235	25%	39%
2008	17,454	25,867	27%	40%
2009	41,573	34,436	37%	31%
2010	57,296	40,539	37%	26%
2011	48,937	50,410	28%	29%
2012	83,204	103,772	31%	38%
2013	87,423	122,993	28%	40%
2014	118,481	172,770	29%	43%
2015	84,485	143,265	24%	41%
2016	72,299	183,388	19%	49%
2017	101,130	305,984	18%	55%
2018	92,981	237,349	20%	51%
2019	90,303	313,732	17%	60%
2020	119,844	289,305	21%	50%

Source: ICMA analysis using Dealogic data (January 2021)

Figure 19: International bond issuance in Asia (deal nationality) - by currency
US$ million

Year	Australian Dollar	British Pound Sterling	Chinese Renminbi Yuan	Euro	Hong Kong Dollar	Japanese Yen	Singapore Dollar	US Dollar	Other
2006	3,005	10,018	-	17,448	1,717	8,605	1,171	60,528	4,272
2007	4,430	5,445	1,319	14,671	1,790	14,130	1,246	49,948	6,767
2008	3,260	1,359	1,755	6,355	1,705	5,159	3,155	32,720	9,269
2009	3,153	155	2,050	14,082	1,505	4,081	1,405	79,130	6,242
2010	7,523	1,858	6,014	3,896	2,377	6,001	2,796	114,353	9,639
2011	8,119	2,270	24,217	622	4,465	8,009	7,252	108,185	11,275
2012	9,932	842	24,453	3,220	8,508	6,998	16,420	190,079	10,519
2013	5,340	3,094	32,552	17,631	9,651	4,052	11,559	214,934	8,567
2014	5,873	5,032	56,030	17,824	11,194	3,785	14,774	284,323	7,147
2015	3,249	2,678	25,357	27,313	8,932	2,662	13,109	260,640	3,030
2016	3,961	1,508	17,846	21,609	11,623	2,732	9,895	299,311	4,164
2017	7,029	4,538	6,606	36,516	7,728	2,776	12,882	466,622	7,953
2018	4,628	7,955	14,740	50,257	8,919	5,789	13,960	348,816	10,440
2019	4,873	7,272	7,132	42,363	7,753	6,598	13,196	422,471	6,972
2020	4,347	7,687	7,661	46,313	8,494	2,622	10,239	480,983	6,977

Source: ICMA analysis using Dealogic data (January 2021)

Figure 20: 2020 international bond issuance in Asia - by currency, with average issue size
US$ million equivalent

Currency	USD	EUR	SGD	HKD	GBP	CNH	AUD	JPY	Other
Total issuance in 2020	480,983	46,313	10,239	8,494	7,687	7,661	4,347	2,622	6,977
% of issuance in 2020	83.6%	8.0%	1.8%	1.5%	1.3%	1.3%	0.8%	0.5%	1.2%
Average issue size	460	493	197	63	384	130	114	85	80

Source: ICMA analysis using Dealogic data (January 2021)

Figure 21: International bond issuance in Asia (deal nationality) - by tenor
US$ million

Year	1 year or less	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	20-30 years	more than 30 years
2006	2,229	10,770	25,890	9,618	25,582	10,179	6,368	16,129
2007	3,490	21,841	26,299	5,871	23,951	6,578	4,157	7,558
2008	3,526	18,797	19,658	3,352	8,150	838	3,294	7,122
2009	3,201	24,530	33,434	18,005	20,998	6,786	2,744	2,106
2010	3,828	24,004	48,913	25,969	32,328	12,146	3,160	4,110
2011	14,880	36,909	52,054	23,474	31,329	6,467	4,866	4,435
2012	19,934	43,484	87,032	27,864	55,273	14,365	15,097	7,923
2013	35,439	53,551	105,021	32,083	51,054	9,888	8,658	11,686
2014	41,864	99,148	113,767	35,673	67,559	12,062	13,921	21,988
2015	31,425	79,054	95,326	25,178	68,591	11,151	19,827	16,420
2016	22,735	102,463	114,585	19,021	67,648	11,963	12,006	22,229
2017	20,146	140,608	169,284	47,882	86,099	13,083	18,396	57,151
2018	18,947	164,197	137,975	33,223	62,216	13,747	13,421	21,777
2019	12,343	173,063	166,819	28,008	78,960	20,352	9,545	29,542
2020	15,552	151,867	165,664	42,926	102,121	27,739	21,796	47,658

Source: ICMA analysis using Dealogic data (January 2021)

Figure 22: Percentage of international bonds from China over Asia (deal nationality)

Year	1 year or less	All tenors
2010	41%	14%
2011	65%	28%
2012	82%	23%
2013	78%	34%
2014	74%	45%
2015	81%	42%
2016	83%	41%
2017	76%	45%
2018	72%	43%
2019	64%	47%
2020	74%	43%

Source: ICMA analysis using Dealogic data (January 2021)