26
Asia-Pacific Region Debt Market

Dollar volume by new-issue category

In 2018, S&P Global Ratings rated approximately 59% of the $681 billion of addressable debt issued in the Asia-Pacific market compared with the 63% in 2017. Rated debt issuance by dollar volume in the region decreased approximately 8% from 2017 to 2018 while the number of issues declined by 3%. The rated debt market is a component of the total debt market and includes only the debt securities issued with a rating.

The rated Asia-Pacific debt market comprises six new-issue categories (shown below):  (1) Corporates (Industrials and Financial Services), (2) Sovereigns/International Public Finance (IPF), (3) Mortgage-Backed Securities (Residential and Commercial), (4) Asset-Backed Securities, (5) Collateralized Debt Obligations, and (6) Covered Bonds. 

Rated Asia-Pacific Debt Market:
2018 Dollar Volume by New-Issue Category (a, b, c, d, e)

Financial Services CDOs CMBS STRUCTURED GOVERNMENT CORPORATES Covered Bonds ABS Industrials Sovereigns/IPF RMBS Total: $681 Billion $ 241 $ 0 $ 1 $ 28 $ 50 $ 200 $ 78 $ 82

Rated Asia-Pacific Debt Market (a, b, c, d, e)

S&P Global Ratings penetration rate as a % of rated dollar volume

62%
62%
58%
55%
63%
62%
67%
64%
63%
59%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$250
$233
$235
$271
$322
$411
$356
$410
$470
$399
Rated Volume
$403
$377
$405
$492
$515
$661
$527
$640
$743
$681
# of Rated Issues
$1,234
$1,257
$1,191
$1,338
$1,558
$1,702
$1,429
$1,690
$1,818
$1,772

Sources: Thomson Reuters; Harrison Scott Publications; S&P Global Ratings

Asia-Pacific Corporates (Industrials and Financial Services) (b)

S&P Global Ratings penetration rate as a % of rated dollar volume

68%
69%
66%
72%
74%
77%
81%
77%
69%
67%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$180
$167
$146
$226
$243
$309
$271
$299
$351
$294
Rated Volume
$265
$242
$222
$313
$330
$401
$335
$388
$507
$442
# of Rated Issues
$788
$785
$675
$832
$847
$921
$718
$950
$1,016
$1,001

Sources: Thomson Reuters; S&P Global Ratings

Asia-Pacific Structured Finance (a, c, d)

S&P Global Ratings penetration rate as a % of rated dollar volume

72%
78%
69%
25%
54%
47%
44%
45%
47%
31%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$43
$49
$63
$25
$54
$45
$38
$47
$55
$49
Rated Volume
$59
$62
$93
$100
$100
$95
$87
$104
$117
$157
# of Rated Issues
$226
$205
$241
$243
$479
$467
$454
$415
$463
$425

Sources: Harrison Scott Publications; S&P Global Ratings

NotesAnnual figures; dollar volume in billions; data by domicile of issuer/assets 

Details may not sum to total due to rounding

Historical percentages calculated based on unrounded figures

Data as of 1/31/2019, and subject to revision to reflect final deal information

Notes for Asia-Pacific debt issuance:
(a)

Excludes confidential and repo transactions

(b)

Includes Rule 144a (private placements), MTN takedowns, convertibles, and preferred stocks. Excludes sovereign issuers, private placements (except Rule 144a issues), retail notes, commercial paper, and all agency issues

(c)

Excludes asset-backed commercial paper and letters of credit

(d)

Includes home equity loans

(e)

Includes sovereigns