EM Countries Debt Markets

- full coverage
- all except municipal bonds
- only Eurobonds and government bonds
- only Eurobonds
Country Government bonds Municipal bonds Corporate bonds Total bonds Government international bonds Municipal international bonds Corporate international bonds Total international bonds Total
CIS
Armenia 49 31 80 2 2 4 84
Azerbaijan 37 30 67 1 5 6 73
Belarus 151 158 650 959 1 1 960
Georgia 48 9 57 1 4 5 62
Kazakhstan 183 30 201 414 4 52 56 470
Kyrgyzstan 81 8 89 89
Moldova 146 146 146
Russia 52 116 1292 1460 12 301 313 1773
Tajikistan 24 1 25 25
Ukraine 301 486 787 13 35 48 835
Uzbekistan 4 4 4
Western Europe
Andorra 3 3 3
Austria 176 17 1109 1302 19 5 223 247 1549
Greece 26 6 32 2 33 35 67
Belgium 139 36 271 446 30 20 50 496
Cyprus 18 20 38 6 28 34 72
Denmark 19 1603 1622 215 215 1837
Finland 18 15 555 588 16 281 297 885
France 232 43 1612 1887 1113 1113 3000
Germany 255 889 9108 10252 38 1870 1908 12160
Greece 26 6 32 2 33 35 67
Iceland 13 11 54 78 2 30 32 110
Ireland 33 28 61 1 255 256 317
Isle of Man 1 1 1
Italy 122 2324 2446 66 25 799 890 3336
Liechtenstein 8 8 2 2 10
Luxembourg 4 87 91 3 928 931 1022
Malta 91 32 123 2 2 125
Monaco 1 1 3 3 4
Netherlands 97 11 143 251 1635 1635 1886
Norway 11 108 1390 1509 327 327 1836
Portugal 27 3 131 161 1 77 78 239
San Marino 3 3 3
Spain 158 85 285 528 4 9 395 408 936
Sweden 26 27 455 508 15 68 773 856 1364
Switzerland 41 187 867 1095 336 336 1431
United Kingdom 100 1 319 420 2 3 3931 3936 4356
Developed Markets (excl. Europe)
Australia 33 27 494 554 2 903 905 1459
Canada 72 339 1160 1571 9 121 879 1009 2580
Guernsey 4 4 1 63 64 68
Japan 621 80 841 1542 9 516 525 2067
New Zealand 13 10 122 145 4 56 60 205
Jersey 4 4 1 14 15 19
USA 584 229 15184 15997 6234 6234 22231
Eastern Europe
Albania 138 138 3 3 141
Bosnia and Herzegovina 90 6 8 104 2 2 106
Bulgaria 24 3 60 87 7 5 12 99
Croatia 39 3 23 65 9 10 19 84
Czech Republic 41 2 130 173 5 1 59 65 238
Estonia 11 74 85 1 8 9 94
Hungary 182 2 142 326 14 19 33 359
Kosovo 14 14 14
Latvia 10 81 91 10 6 16 107
Lithuania 80 3 83 13 13 96
Macedonia 159 159 3 3 162
Montenegro 11 1 12 3 3 15
Poland 277 78 782 1137 52 1 31 84 1221
Bosnia and Herzegovina 90 6 8 104 2 2 106
Romania 39 39 8 86 13 5 18 104
Serbia 91 10 101 5 5 106
Slovakia 15 157 172 11 6 17 189
Slovenia 26 26 52 13 6 19 71
Turkey 55 333 388 36 113 149 537
Asia (excl. Japan)
Bangladesh 320 320 1 1 321
Bhutan 1 1 1
China 235 630 3815 4680 44 1 881 926 5606
Fiji 242 242 1 1 243
Hong Kong 25 447 472 3 495 498 970
India 110 398 5390 5898 161 161 6059
Indonesia 72 597 669 40 61 101 770
Korea 53 16 69 7 541 548 617
Laos 14 14 14
Macau 4 4 4 4 8
Malaysia 86 10 96 5 2 101 108 204
Mongolia 19 19 5 2 7 26
Myanmar 15 15 15
Nepal 30 30 30
Pakistan 41 41 7 7 48
Papua New Guinea 23 23 23
Philippines 84 2 86 22 176 198 284
Singapore 22 334 356 267 267 623
Sri Lanka 76 76 10 5 15 91
Taiwan 112 34 146 40 40 186
Thailand 47 98 145 36 36 181
Vietnam 148 148 5 1 6 154
Latin America
Antigua and Barbuda 20 20 20
Argentina 32 22 168 222 70 37 63 170 392
Aruba 3 3 3
Bahamas 4 1 5 5
Barbados 48 48 3 4 7 55
Belize 1 1 1
Bermuda 1 6 7 4 17 21 28
Bolivia 319 80 399 3 3 402
Brazil 49 1 949 999 23 2 258 283 1282
Cayman Islands 33 33 1 50 51 84
Chile 35 157 192 11 135 146 338
Colombia 40 2 327 369 22 1 50 73 442
Costa Rica 79 3 242 324 6 7 13 337
Dominica 4 4 4
Dominican Republic 67 208 275 21 5 26 301
Ecuador 100 100 7 2 9 109
El Salvador 8 8 10 3 13 21
Grenada 2 2 2
Guatemala 21 21 4 9 13 34
Honduras 51 6 57 3 24 27 84
Jamaica 33 3 36 10 9 19 55
Mexico 72 1 137 210 44 278 322 532
Nicaragua 10 10 2 2 12
Panama 5 585 590 15 21 36 626
Paraguay 25 13 428 466 4 5 9 475
Peru 20 243 263 16 75 91 354
Argentina 32 22 168 222 70 37 63 170 392
Saint Kitts (Christopher) and Nevis 2 2 2
Saint Lucia 42 42 42
Saint Vincent and the Grenadines 7 7 1 1 8
Suriname 1 1 1
Trinidad and Tobago 21 21 4 5 9 30
Uruguay 37 37 16 5 21 58
Venezuela 66 19 85 22 48 70 155
Middle East
Bahrain 13 2 15 9 15 24 39
Iraq 2 2 2
Israel 31 584 615 46 37 83 698
Jordan 176 2 178 6 2 8 186
Kuwait 48 10 58 2 23 25 83
Lebanon 257 257 36 2 38 295
Oman 15 11 26 7 9 16 42
Qatar 75 1 76 11 85 96 172
Saudi Arabia 1 38 39 5 29 34 73
United Arab Emirates 10 10 18 299 317 327
United Arab Emirates 10 10 18 299 317 327
Yemen 2 2 2
Africa
Algeria 25 25 25
Angola 277 277 2 1 3 280
Benin 14 14 14
Botswana 5 21 26 5 5 31
Burkina Faso 11 11 11
Burundi 72 72 2 2 74
Cape Verde 72 72 72
Chad 8 8 8
Cote d`Ivoire 26 26 3 89 92 118
Egypt 87 20 107 9 3 12 119
Ethiopia 1 1 1
Gabon 8 8 3 3 11
Ghana 82 12 94 5 5 99
Guinea-Bissau 2 2 2
Kenya 66 26 92 2 1 3 95
Lesotho 4 4 4
Malawi 3 3 3
Mali 17 17 17
Mauritius 107 29 136 6 6 142
Morocco 51 109 160 5 4 9 169
Mozambique 22 22 1 1 23
Namibia 16 29 45 6 5 11 56
Niger 7 7 7
Nigeria 22 22 29 73 4 22 26 99
Congo 1 1 2 2
Rwanda 11 1 12 1 1 13
Senegal 29 2 31 2 2 33
Seychelles 1 1 1
Sierra Leone 3 3 3
South Africa 27 17 1282 1326 15 86 101 1427
Swaziland 14 23 37 37
Tanzania 138 138 1 1 2 140
Togo 17 3 20 1 1 21
Tunisia 21 210 231 14 1 15 246
Uganda 40 1 41 41
Zambia 137 137 3 3 140
Zimbabwe 4 4 4
* the number of issues in Cbonds database (outstanding)