ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF)

The amount of local currency bonds outstanding in emerging East Asia has grown sharply from less than US$1.0 trillion at the end of 2001 to US$6.5 trillion at the end of 2012.

However, there still remain various issues to be addressed. For example, the region’s bond market is still small in size due to the continued dominance of the banking sector, regional resource channeling needs to be further enhanced, volatile capital flows must be appropriately managed, and there is a need to improve market efficiency.

For a more efficient discussion on implementing cross-border straight-through-processing and streamlining regulations and market practices, the ASEAN+3 Bond Market Forum was established in 2010 to foster standardization of market practices and harmonization of regulations relating to cross-border bond transactions in the region.

The bond markets and infrastructures in the region are rapidly developing by adopting international standards and principles, the efforts toward harmonization and standardization of ASEAN+3 bond markets have only just begun.

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