This issue of the Asia Bond Monitor reveals that the COVID-19 pandemic and deepening global economic uncertainty are weighing heavily on local currency bond markets of emerging East Asian economies.

Apart from emerging East Asia, government bond yields have also declined in major advanced economies and select European markets between 31 December 2019 and 29 February 2020.

Local currency bonds outstanding in emerging East Asia totaled $16 trillion at the end of December 2019, up 2.4% from September 2019 and 12.5% higher than December 2018. Bond issuance in the region totaled $1.44 trillion in the fourth quarter of 2019, a 9.5% decline from September last year.