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Asia-Pacific Region Debt Market

Dollar volume by new-issue category

In 2019, S&P Global Ratings rated approximately 52% of the $826 billion of addressable debt issued in the Asia-Pacific market compared with  59% in 2018. Rated debt issuance by dollar volume in the region increased nearly 20% from 2018 to 2019 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:
2019 Dollar Volume by New-Issue Category (a, b, c, d, e)

$ 6 $265 $ 1 $ 0 $ 19 $ 106 $ 217 $ 121 $ 91

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 1/31/2020 and 2/29/2020)

62%
57%
55%
62%
62%
68%
62%
63%
59%
52%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$235
$229
$278
$319
$409
$357
$407
$469
$407
$428
Rated Volume
$380
$400
$498
$514
$661
$523
$657
$748
$691
$826
# of Rated Issues
1,244
1,181
1,354
1,559
1,701
1,428
1,699
1,838
1,805
2,087

Sources: Refinitiv; 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
(data as of 1/31/2020)

69%
66%
72%
73%
77%
80%
76%
69%
67%
63%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$166
$146
$227
$244
$310
$269
$298
$353
$299
$309
Rated Volume
$240
$221
$313
$333
$403
$334
$390
$512
$450
$488
# of Rated Issues
779
673
833
846
926
719
958
1,035
1,023
1,106

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 2/29/2020)

78%
69%
25%
54%
47%
44%
45%
47%
32%
24%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$49
$63
$25
$54
$45
$38
$47
$55
$49
$59
Rated Volume
$62
$93
$100
$100
$95
$87
$104
$117
$154
$247
# of Rated Issues
205
241
243
479
467
454
415
463
425
625

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 1/31/2020 and 2/29/2020 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