This research consolidates the key findings from CGIF’s country-level research papers. This shows the unique characteristics of each corporate bond market of ASEAN countries, as well as the differences in terms of their developmental stages.

The Philippines has been active in developing its corporate bond market. Improvements in corporate bond regulations also helped in encouraging issuers to tap the corporate bond market for funding. With increased awareness on sustainability, Philippine-based issuers are becoming open to green bond issuances in sectors such as renewable energy, financials and real estate.

Viet Nam’s corporate bond market has grown significantly, as marked by the continual issuances of VND-denominated corporate bonds. The changes in regulations related to its bond market also serve as foundations for development in the coming years. Viet Nam is gearing up for better processes in encouraging bond issuances and improving market transparency.

Thailand has a relatively developed corporate bond market. Its investor base is dominated by individual investors, followed by institutional investors such as insurance companies, mutual funds and contractual savings fund. Thailand is open to non-Thai issuers in its market through the promotion of “Baht Bonds”. Other market development in the country includes the promotion of green bonds.

This research provides an overview of the corporate bond market in Indonesia and its specific characteristics. Even though being smaller compared to other ASEAN countries, Indonesia’s corporate bond market is seen to welcome new corporate bond products such as green and sustainability bonds. Key market stakeholders in Indonesia strive to promote diversity in terms of issuers and investors.