We examine the determinants of Asian firms' decisions to participate in the corporate bond market and the determinants of the magnitude of bond debt for firms that do issue bonds. We compare the behaviour of Asian firms with US firms and investigate what drives differences in their financing...

This paper examines the dynamic properties of Asia-Pacific local currency sovereign bond yields and risk premiums. We focus, in particular, on the properties and interactions of components of bond risk premiums that are due to credit spreads and exchange rates. We find that local variables are...

The most liquid of bonds – often referred to as benchmarks – serve as the focus of price discovery, and in doing so, help to improve the efficiency of financial markets. In this paper, we summarise our ongoing research to see if benchmark bonds exist in emerging market economies and to...

Foreign investors play a key role in sovereign bond markets in emerging market economies (EMEs), in part because their portfolio flows are sensitive to bond returns and are therefore pro-cyclical in nature. This note discusses the implications of the framework proposed by So et al (2019), which...