Foreword
This report offers a comprehensive review of the current state of corporate bond markets in 18 Asian jurisdictions and Australia. It also outlines key policy considerations on how to improve the functioning of corporate bond markets in the region, including how to make these markets more accessible to growth companies. The information provided in the report has been gathered through a survey prepared by the OECD and responded by 19 national regulators, as well as from OECD databases and desktop research.
This report is the result of a project carried out by the OECD with the financial support of the Ministry of Foreign Affairs of the Republic of Korea. The main objective of this project is to support the sustainable development of Asian economies by providing policy considerations on how to improve their policies and frameworks for corporate finance and corporate governance, specifically focusing on the conditions for market-based financing via corporate bonds for large and growth companies.
Against this background, the report formulates policy considerations to improve the conditions for market-based financing via corporate bonds for companies in Asia in the first chapter, and the remaining chapters provide an in-depth overview of the corporate bond markets landscape in the region, their functioning and the main challenges.
The report benefits from the discussions at the 2023 OECD-Asia Roundtable on Corporate Governance in Malaysia, held in October 2023. Additionally, the policy considerations in the report were discussed with regulators and stakeholders from the region during a webinar held on 6 February 2024. The report was also shared for comments with experts participating in the 2023 OECD-Asia Roundtable on Corporate Governance and participants to the webinar. The authors are grateful for the participation in the webinar of the following regulators and stakeholders: Malen Pov (Cambodia, SERC); Alieta Lestariwandari (Indonesia, OJK); Gentha Wardana (Indonesia, OJK); Yusak Liestia Ramagit Setiawan (Indonesia, OJK); Kenta Fukami (Japan, FSA); Shu Asai (Japan, FSA); Jaemin Kim (Korea, FSC); Whayoung Jung (Korea Capital Market Institute); Kaveena Maniam (Malaysia, SEC); Emma A. Valencia (Philippines, SEC); Alex Huang (Chinese Taipei, Securities and Futures Bureau); Ada Ing (Thailand, Thai Reinsurance PCL); Duy Phan (Viet Nam, Hanoi Stock Exchange); Kiên Trần Trọng (Viet Nam, Hanoi Stock Exchange); Duong Hoang (Viet Nam, SSC); Mai Nguyen (Viet Nam, SSC); Satoru Yamadera (ADB); Philippe Dirckx (ASIFMA); Haifeng Xue (Moody’s); Yongjoo Lee (Permanent Delegation of Korea to the OECD); Prof. Aurelio Gurrea Martinez (Singapore Management University); Richard Dyason (The Institute of International Auditors Singapore).
The report also benefits from written feedback received from the Financial Services Agency of Japan, Monetary Authority of Singapore, Thai Securities and Exchange Commission, Clifford Chance, Moody’s and Prof. Aurelio Gurrea Martinez.
The report was prepared by Anna Dawson, Kyo Maruyama, Tugba Mulazimoglu, Caroline Roulet and Yun Tang under the supervision of Alejandra Medina, all from the Capital Markets and Financial Institutions Division of the OECD Directorate for Financial and Enterprise Affairs.