Ratings: 35
Asia-Pacific Region Debt Market

Dollar volume by new-issue category

In 2024, S&P Global Ratings rated approximately 73% of the $677 billion of addressable debt issued in the Asia-Pacific market compared with 71% of $598 billion in 2023. Rated debt issuance by dollar volume in the region increased by 13% from 2023 to 2024, and the number of rated issues increased by approximately 5%. 

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, Infrastructure, 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:
2024 Dollar Volume by New-Issue Category (a, b, c, d, e)

 

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

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

68%
62%
62%
59%
52%
57%
60%
63%
71%
73%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$359
$409
$467
$407
$428
$474
$545
$396
$424
$496
Rated Volume
$525
$665
$751
$688
$829
$835
$909
$625
$598
$677
# of Rated Issues
1,600
1,909
2,151
2,072
2,318
2,100
2,460
2,154
1,671
1,762

Sources: Refinitiv, Green Street Advicors, S&P Global Ratings

Download Excel

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

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

80%
76%
69%
67%
63%
62%
65%
73%
79%
77%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$270
$301
$351
$302
$310
$331
$374
$264
$294
$344
Rated Volume
$340
$396
$512
$453
$490
$538
$575
$364
$377
$445
# of Rated Issues
884
1,154
1,335
1,285
1,312
1,143
1,408
1,134
996
1,112

Sources: Refinitiv, S&P Global Ratings

Download Excel

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

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

44%
45%
47%
33%
24%
40%
38%
31%
35%
48%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$38
$47
$55
$47
$59
$60
$68
$49
$43
$51
Rated Volume
$87
$104
$117
$145
$246
$151
$180
$159
$122
$107
# of Rated Issues
454
415
463
414
631
518
646
707
337
315

Sources: Green Street Advisors, S&P Global Ratings

Download Excel
Notes:

Annual 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 is subject to revision to reflect final deal information

(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