28
Asia-Pacific Region Debt Market

Dollar volume by new-issue category

In 2021, S&P Global Ratings rated approximately 60% of the $903 billion of addressable debt issued in the Asia-Pacific market compared with 57% in 2020. Rated debt issuance by dollar volume in the region increased by 9% from 2020 to 2021 while the number of rated issues increased by approximately 16%.

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:
2021 Dollar Volume by New-Issue Category (a, b, c, d, e)

InfrastructureCDOs CMBS STRUCTUREDGOVERNMENTCORPORATESCovered Bonds ABS Industrials Sovereigns/IPFRMBS$ 18$289$ 3$ 0$ 22$ 187$ 264$ 68$ 152

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 12/31/2021)

55%
62%
61%
68%
62%
62%
59%
52%
57%
60%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$272
$320
$410
$359
$408
$471
$409
$427
$470
$545
Rated Volume
$498
$518
$670
$526
$663
$754
$689
$827
$827
$903
# of Rated Issues
1,368
1,574
1,719
1,446
1,710
1,866
1,821
2,130
1,864
2,163

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

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

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 12/31/2021)

77%
73%
76%
80%
76%
69%
67%
63%
62%
66%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$227
$246
$311
$271
$300
$355
$303
$309
$327
$374
Rated Volume
$312
$338
$407
$339
$393
$515
$454
$489
$530
$571
# of Rated Issues
847
861
943
738
971
1,061
1,044
1,128
934
1,154

Sources: Refinitiv, S&P Global Ratings

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

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 12/31/2021)

25%
54%
47%
44%
45%
47%
33%
24%
40%
38%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$25
$54
$45
$38
$47
$55
$47
$59
$60
$68
Rated Volume
$100
$100
$95
$87
$104
$117
$145
$246
$151
$180
# of Rated Issues
243
479
467
454
415
463
414
631
518
646

Sources: Green Street Advisors, S&P Global Ratings

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