Local currency bond markets in East Asia demonstrated resilience and adaptability with bonds outstanding crossing US$26 trillion at the end of 2024, a nearly 10% increase from a year ago, according to the Asian Development Bank’s Asia Bond Monitor.

China’s leads the way as the biggest market in the region with a size of US$21.3 trillion accounting for 80% of the total in East Asia. Japan is the second biggest market with over US$8.8 trillion and followed by the India with a total of US$2.7 trillion. Collectively, Asean markets accounted for 9.2% of the total East Asia markets reaching US$2.4 trillion.

The region’s markets collectively are set to cross the US$30 trillion mark this year. This milestone reflects not just their growing importance as alternative venues for governments and corporates in the region to raise finance, but also points to the growing role of sellside institutions in supporting the markets’ growth.

In recognition of the role of local currency bond markets despite the uncertain global economic outlook and interest rate volatility, Asset Benchmark Research, the data analytics unit of The Asset, has launched the Best of the Sellside.

Institutional investors active in local currency bond markets are invited to choose the Best of Sellside individuals across research, sales, and trading, as well as the top sellside institutions for 2025. To participate in the voting for this year’s Local Currency Bond Survey, please download TheAsset App. Voting closes at the end of June 2025.