Asian bond markets on the rise

The Asian currency-denominated bond market has grown bigger post-crisis. What are the challenges and where will it go? Three leading institutional investors discuss.

The Asian financial crisis has increased interest in the region's bond markets, according to three leading fixed income institutional investors at FinanceAsia's Asian debt conference this week.

Lim Heong-Chye, fixed income director of ABN Amro Asset Management, says the size of Asia's local currency-denominated bond markets before 1997 was roughly $600 billion. Today that figure is nearer $1 trillion. Dollar-denominated bonds, meanwhile, have increased to $400 billion from a pre-crisis level of $200 million.

Lim says the collapse of the equity markets was a wake-up call to many Asian countries, where as much as 90% of their assets in the investment market was in equities, with only about 10% in fixed...

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