Fifteen years after the Asean+3 (China, Japan and South Korea) countries launched their local bond market initiative in the aftermath of the financial crisis, the Asian Development Bank, which coordinates it, prepared an updated good practice guide to build on “remarkable progress.” Vietnam joined the group after the original membership, and Indochina neighbors Cambodia, Laos and Myanmar have recently been added after the ADB issued initial evaluations and recommended strategies. The paper notes that the Asia-Pacific is a government bond pioneer and can offer “South-South” policy and technical advice to emerging and frontier market peers as outlined in a G-20 summit declaration. The dailyReport Must-reads from across Asia – directly to your inbox Macroeconomic and debt stability are preconditions, but officials in charge must also be aware of long-term infrastructure project time frames and the danger of crowding out private investment. The publication lists essential pillars for consideration across public finance and debt management, money markets and monetary policy, primary and secondary placement, investor and intermediary function, custody and settlement, and accounting and taxation. It stresses the themes’ legal and regulatory aspects and calls on market participants to exercise leadership with the central bank and finance ministry. A successful collaboration… Read full this story
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