The Belt, the Road and the Bonds

China's Belt and Road initiative offers a huge opportunity for emerging economies. But to make the most of it, bond markets will need to step up.

Perhaps it’s inevitable that interest in China’s Belt and Road initiative tends to revolve around the railway lines, ports and highways that will be constructed in its name.

These are the most visible manifestations of the “Belt and Road,” and they evoke beguiling images of the ancient land and sea routes along which silk was once transported from Xi’An to St Petersburg, or tea from Guangzhou to Rotterdam.

But sometimes it is the financial dimension of infrastructure in Asia that stands out if only because of the sheer scale of what is required.

In late February, the Asian Development Bank said it expected emerging...

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