《亚洲债券监测》——2026年3月（英）

ASIA BOND MONITORMARCH 2026 Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) © 2026 Asian Development Bank6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, PhilippinesTel +63 2 8632 4444; Fax +63 2 8636 2444 Some rights reserved. Published in 2026. ISBN 978-92-9277-727-2 (print); 978-92-9277-728-9 (PDF); 978-92-9277-729-6 (ebook)ISSN 2219-1518 (print), 2219-1526 (PDF)Publication Stock No. SGP260088-2 The views expressed in this publication are those of the authors and do not necessarily reflect the views and policiesof the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for anyconsequence of their use. The mention of specific companies or products of manufacturers does not imply that theyare endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned. By making any designation of or reference to a particular territory or geographic area in this document, ADB does notintend to make any judgments as to the legal or other status of any territory or area. This publication is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be boundby the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisions This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributedto another source, please contact the copyright owner or publisher of that source for permission to reproduce it. Please contactpubsmarketing@adb.orgif you have questions or comments with respect to content, or if you wishto obtain copyright permission for your intended use that does not fall within these terms, or for permission to use Corrigenda to ADB publications may be found athttp://www.adb.org/publications/corrigenda. Note:ADB recognizes “China” as the People’s Republic of China; “Hanoi” as Ha Noi; “Hong Kong” and “Hongkong” as Cover design by Paolo Almazar. Contents Emerging East Asian Local Currency Bond Markets: Executive Summary...............................................................................................................Developments in Regional Financial Conditions.............................................................Bond Market Developments in the Fourth Quarter of 2025........................................12Recent Developments in ASEAN+3 Sustainable Bond Markets..................................30Policy and Regulatory Developments................................................................................35Summary of “The Role of Artificial Intelligence in Finance: A Selective Reviewand Implications for Asia’s Financial Stability”............................................................38Mobilizing Capital for Local Government Finance in Asia and the PacificThrough GSS+ Bond Markets.........................................................................................44Market Summaries................................................................................................................47People’s Republic of China..............................................................................................47Hong Kong, China.............................................................................................................49 Emerging East AsianLocal Currency Executive Summary Snapshot of Local Currency Bond Recent Trends in Emerging The emerging East Asian LCY bond market expanded2.1% quarter-on-quarter (q-o-q) in Q4 2025 to reachUSD30.6 trillion at the end of December. The bondmarket’s expansion slowed from 3.2% q-o-q in thethird quarter (Q3) of 2025, largely due to a decline inissuance, which contracted 11.1% q-o-q in Q4 2025 toUSD2.9 trillion on reduced issuance for both governmentand corporate bonds. The PRC remained the main driverof the region’s LCY bond market expansion, accounting Financial markets in emerging East Asia remainedresilient between 3 November 2025 and 6 February 2026amid global market turbulence, supported by soundeconomic fundamentals and accommodative monetarystances.1Episodes of volatility weighed on regionalfinancial markets—particularly in November 2025 During the review period, regional equity markets gained4.2% (market-weighted average), with net portfolioinflows recorded in most equity markets. As globaluncertainties heightened, the United States (US) dollarweakened 2.0% relative to regional currencies (gross-domestic-product-weighted average). Meanwhile, risk Government bonds outstanding rose 2.0% q-o-q toUSD19.9 trillion at the end of Q4 2025, slowing froman expansion of 3.7% q-o-q in Q3 2025. Most regionalgovernments front-loaded their annual issuance inearlier quarters and reduced issuance in Q4 2025.Governme