Corporate Bond Markets in Asia : Challenges and Opportunities for Growth Companies / OECD.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, author, issuing body.

Series:

OECD Capital Market Series

Language:

English

Subjects (All):

Bond market.

Corporations--Finance.

Corporations.

Physical Description:

1 online resource (85 pages).

Place of Publication:

Paris : OECD Publishing, 2024.

Summary:

This report presents a comprehensive analysis of the use and structure of corporate bond markets in Asia. Based on original data, it assesses the extent to which corporations, in particular smaller growth companies, use bond markets and how that has developed over time. It also examines the regulatory frameworks that govern these markets in 19 different jurisdictions. Drawing from these findings, it formulates policy considerations for facilitating growth company access to corporate bond markets.

Contents:

Foreword 3

Acronyms and abbreviations 7

Executive summary 8

1 Assessment and policy considerations 12

1.1. Pre-requisites for well-functioning corporate bond markets 13

1.2. Appropriate regulatory and supervisory framework 15

1.3. Adequate and independent credit risk assessment for companies all sizes 17

1.4. Improved secondary market liquidity 18

1.5. Diversified investor base 20

1.6. Instruments to attract a large pool of investors and diversify risk 21

1.7. Role of government and other initiatives 22

References 24

Notes 24

2 Corporate bond markets activity in Asia 25

2.1. Market-based financing in Asia 26

2.2. The use of corporate bond markets by non-financial companies 27

2.3. The use of corporate bond markets by non-financial growth companies 28

3 General information on corporate bond markets in Asia 33

3.1. General information on corporate bond markets 34

3.2. General information on corporate bond markets for growth companies 38

3.3. Barriers to access corporate bond markets 40

3.4. Tax treatment of corporate bonds 43

References 47

Notes 50

4 Marketplaces for corporate bonds in Asia 51

4.1. Marketplaces to list and trade corporate bonds 52

4.2. Listing fees in corporate bond markets 53

4.3. Derivative markets 54

4.4. Market makers 55

4.5. Government bond markets 56

4.6. Research on growth companies 58

References 59

Notes 60

5 Credit ratings and bondholder rights in Asia 61

5.1. Credit ratings 62

5.2. Bondholder rights 65

References 74

Notes 77

Annex A. Definition of growth companies in selected regions and jurisdictions 79

Annex B. Methodology for data collection and classification 81

FIGURES

TABLES.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-47572-9