发展东盟+3可持续债券市场：挑战与机遇（英）

NO.234 NOVEMBER2022 KEYPOINTS •ThesustainablebondmarketinASEAN+3representsatinyproportionoftheregion’stotalbondmarket.Thishighlightssignificantopportunities forexpansion. ADBBRIEFS DevelopingtheSustainableBondMarketinASEAN+3:ChallengesandOpportunities DevelopingtheSustainableBondMarketinASEAN+3:ChallengesandOpportunities •ComparedwiththeEuropeanUnion,thesustainablebondmarketinASEAN+3hasdistinctivecharacteristics: (i)ashorteraveragematurity; (ii)alowerproportionofratedsustainablebonds;and(iii)alowerproportiondenominatedinlocalcurrency. •Accordingtoasurvey KosintrPuongsophol FinancialSectorSpecialistEconomicResearchandRegional CooperationDepartment(ERCD)AsianDevelopmentBank(ADB) ShuTian SeniorEconomistERCD,ADB SatoruYamadera AdvisorERCD,ADB conductedbytheAsianDevelopmentBankandtheGlobalGreenGrowth Institute,amajorityofASEANinvestorsandunderwritershaveastronginterestin greenbonds,buttheylackresourcesandrelevanttechnicalcapacity. •Renewableenergyandenergyefficiencyarethetwomostpromisingsectorsforgreenbondissuanceandinvestment. •Regionalcollaborationandintegrationcanhelpadvancemarketdevelopment. Recentyearshavewitnessedasurgeinsustainablebondmarkets,notonlyintermsoffinancingamountsbutalsointheformofinnovativeinstruments.Theexpandingsustainablebondfamilynowincludesgreenbonds,socialbonds,sustainabilitybonds,sustainability-linkedbonds,andtransitionbonds.FollowingtheInternationalCapitalMarketAssociation(ICMA)launchingofthefirstGreenBondPrinciplesin2015,annualglobalissuanceofsustainablebondssurgedfromUSD125.3billionin2016toUSD1,138.3billionin2021.Asiaishometothesecond-largestregionalsustainablebondmarketintheworldafterEurope,accountingforaround20%ofglobalissuance (Figure1).1TheASEAN+3marketsdominatethesustainablebondmarketinAsiawiththeequivalentofUSD130.0billionofsustainablebondissuanceinthefirst6monthsof2022andUSD547.9billionofsustainablebondsoutstandingattheendofJune.2 AlthoughASEAN+3hasalargerconventionalbondmarketthantheEuropeanUnion(EU),ASEAN+3fellbehindtheEUintermsofsustainablebondmarketdevelopment.Sustainablebondsoutstandingonlyaccountfor1.2%ofthetotalbondmarketinASEAN+3attheendofJunewhereastheshareis5.4%intheEU.ComparedtotheEU,theASEAN+3sustainablebondmarkethasafewuniquefeaturesthatprovidesomeinsightregardingfurthermarketdevelopment. First,theASEAN+3sustainablebondmarkethasashorteraveragematuritythanthatoftheEU.AccordingtoAsianBondsOnline,asofJune2022,90.1%ofgreenbondsinASEAN+3carriedamaturityoflessthan5years,whilethecorrespondingshareisonly37.8%intheEUmarket. ISBN978-92-9269-897-3(print) ISBN978-92-9269-898-0(electronic) ISSN2071-7202(print) ISSN2218-2675(electronic)PublicationStockNo.BRF220537 DOI:http://dx.doi.org/10.22617/BRF220537 1AsianDevelopmentBank.2022.AsiaBondMonitorSeptember.https://asianbondsonline.adb.org/abm.php#abm-2022-sep. 2ASEAN+3referstothe10membersoftheAssociationofSoutheastAsianNations(ASEAN)plusthePeople’sRepublicofChina,Japan,andtheRepublicofKorea. Figure1:GlobalSustainableBondIssuancebyRegion USDbillion 1,200 1,000 800 600 400 200 0 20162017201820192020 DevelopingAsiaplusJapan RestoftheWorld Europe Supranationals 2021Jan–Jun 2022 NorthAmerica USD=UnitedStatesdollar. Source:AsianBondsOnlinecomputationsbasedonBloombergLPdata. Figure2:ShareofOutstandingLocalCurrencySustainableBondsinASEAN+3and EuropeanUnionMarkets (asof30June2022) TransitionSustainability-linked Sustainability SocialGreen 020 4060 % 80100120 ASEAN+3EuropeanUnion Note:ASEAN+3referstothe10membersoftheAssociationofSoutheastAsianNations(ASEAN)plusthePeople’sRepublicofChina,Japan,andtheRepublicofKorea. Source:AsianBondsOnlinecomputationsbasedonBloombergLPdata. Second,comparedtotheEU,ASEAN+3hasalowershareofratedsustainablebondsbutahighershareofinvestment-gradebonds(i.e.,BBBandabove)amongratedbonds.AsofJune2022,unratedgreen,social,andsustainabilitybondsaccountedfor76.6%, 81.2%,and61.3%ofrespectiveoutstandinggreen,social,andsustainabilitybondsinASEAN+3,whilethecorrespondingsharesinEUmarketsare42.3%,48.9%,and25.4%.ThisisconsistentwiththelimitedparticipationofinternationalbondratingagenciesinASEAN+3bondmarketsingeneral.Third,despitethis,ASEAN+3haswitnessedrapidbondmarketdevelopmentduringthepast 2decades. ComparedtothethoseoftheEU,ASEAN+3sustainablebondmarketshavealowershareoflocalcurrency(LCY)bondsinoverallsustainablebondmarketsandmostbondtypes.AsofJune2022,thesharesofLCYgreen,social,andsustainabilitybonds amongrespectivetotalgreen,social,andsustainabilitybondsoutstandinginASEAN+3were62.7%,82.7%,and47.9%(Figure2).ThecorrespondingsharesinEUmarketsareat82.6%,79.8%, and94.6%.OnemayarguethatthereisstrongerdemandforEUR-denominatedbondsthanforbondsdenominatedinthedomesticcurrenciesofASEAN+3membereconomies.However,thismaynotnecessarilybethecase.Theshareof LCYsustainablebondsamongtotalsustainablebondsoutstandinginASEAN+3islowerthantheshareofLCYbondsamongtotalbondsintheASEAN+3market.AsofJune2022,94.9%ofallbondsoutstandingweredominatedinanASEAN+3domesticcurrency,whichislargerthantheshareofLCYsustainablebondsin thetotalASEAN+3bond