East Asia’s bond markets may be set to grow to over $1 trillion by 2004, as the World Bank predicts. And they may be, as one analyst puts it, “the final frontier for the world’s investment banks”. But right now they are in a primitive condition.
A list of the difficulties of issuing and investing in them makes sober reading antiquated settlement systems, short or non-existent yield curves, unfavourable tax treatment, poor liquidity and a lack of both supply and demand for paper.
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