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 53 29 82 2 2 4 86
Azerbaijan 35 27 62 1 6 7 69
Belarus 151 147 630 928 1 1 929
Georgia 47 10 57 1 5 6 63
Kazakhstan 179 18 219 416 4 42 46 462
Kyrgyzstan 85 8 93 93
Moldova 142 142 142
Russia 51 118 1257 1426 13 301 314 1740
Tajikistan 18 1 19 19
Ukraine 306 485 791 13 31 44 835
Uzbekistan 5 5 5
Western Europe
Andorra 2 2 2
Austria 177 16 1132 1325 19 5 222 246 1571
Greece 26 5 31 2 37 39 70
Belgium 139 27 266 432 30 19 49 481
Cyprus 20 20 40 6 26 32 72
Denmark 18 1654 1672 205 205 1877
Finland 19 15 587 621 17 281 298 919
France 233 32 1566 1831 1108 1108 2939
Germany 261 885 9188 10334 35 1813 1848 12182
Greece 26 5 31 2 37 39 70
Iceland 14 11 51 76 2 30 32 108
Ireland 33 28 61 261 261 322
Isle of Man 1 1 1
Italy 123 2382 2505 66 25 806 897 3402
Liechtenstein 8 8 1 1 9
Luxembourg 4 84 88 3 883 886 974
Malta 85 29 114 2 2 116
Monaco 2 2 2 2 4
Netherlands 97 1 146 244 1632 1632 1876
Norway 12 63 1274 1349 324 324 1673
Portugal 27 3 130 160 1 72 73 233
San Marino 3 3 3
Spain 160 50 292 502 5 9 387 401 903
Sweden 26 6 319 351 16 68 756 840 1191
Switzerland 38 182 863 1083 346 346 1429
United Kingdom 99 1 320 420 2 2 3928 3932 4352
Developed Markets (excl. Europe)
Australia 32 27 467 526 2 892 894 1420
Canada 70 182 1117 1369 9 115 855 979 2348
New Zealand 13 9 111 133 4 55 59 192
Guernsey 3 3 1 63 64 67
Japan 612 73 822 1507 9 513 522 2029
New Zealand 13 9 111 133 4 55 59 192
Jersey 3 3 1 13 14 17
USA 589 230 14885 15704 5892 5892 21596
Eastern Europe
Albania 140 140 3 3 143
Bosnia and Herzegovina 85 6 8 99 2 2 101
Bulgaria 24 3 63 90 7 5 12 102
Croatia 37 3 22 62 10 10 20 82
Czech Republic 42 2 137 181 5 1 60 66 247
Estonia 11 68 79 1 7 8 87
Hungary 175 2 141 318 15 20 35 353
Kosovo 13 13 13
Latvia 10 79 89 10 5 15 104
Lithuania 85 3 88 11 11 99
Macedonia 155 155 3 3 158
Montenegro 10 1 11 3 3 14
Poland 278 77 740 1095 53 1 34 88 1183
Bosnia and Herzegovina 85 6 8 99 2 2 101
Romania 41 39 8 88 12 5 17 105
Serbia 92 10 102 5 5 107
Slovakia 16 159 175 12 6 18 193
Slovenia 25 25 50 13 7 20 70
Turkey 55 322 377 34 107 141 518
Asia (excl. Japan)
Bangladesh 324 324 1 1 325
Bhutan 1 1 1
China 232 605 2941 3778 43 1 876 920 4698
Fiji 241 241 1 1 242
Hong Kong 26 500 526 3 464 467 993
India 110 398 5284 5792 161 161 5953
Indonesia 73 619 692 39 60 99 791
Korea 53 18 71 7 534 541 612
Laos 14 14 14
Macau 4 4 2 2 6
Malaysia 81 10 91 5 2 106 113 204
Mongolia 14 14 5 2 7 21
Myanmar 19 19 19
Nepal 25 25 25
Pakistan 38 38 7 7 45
Papua New Guinea 22 22 22
Philippines 84 2 86 22 168 190 276
Singapore 22 340 362 253 253 615
Sri Lanka 77 77 9 6 15 92
Taiwan 111 33 144 41 41 185
Thailand 48 105 153 35 35 188
Vietnam 144 144 5 3 8 152
Latin America
Antigua and Barbuda 20 20 20
Argentina 29 21 190 240 47 37 66 150 390
Aruba 3 3 3
Bahamas 4 2 6 6
Barbados 48 48 3 4 7 55
Belize 1 1 1
Bermuda 1 7 8 4 15 19 27
Bolivia 324 83 407 3 3 410
Brazil 52 1 980 1033 23 2 255 280 1313
Cayman Islands 35 35 1 47 48 83
Chile 35 159 194 11 134 145 339
Colombia 42 3 331 376 21 1 47 69 445
Costa Rica 81 3 253 337 6 7 13 350
Dominica 4 4 4
Dominican Republic 67 208 275 21 6 27 302
Ecuador 102 102 7 1 8 110
El Salvador 8 8 10 3 13 21
Grenada 2 2 2
Guatemala 22 22 4 8 12 34
Honduras 51 6 57 3 23 26 83
Jamaica 33 3 36 10 9 19 55
Mexico 64 1 138 203 46 275 321 524
Nicaragua 10 10 2 2 12
Panama 5 585 590 14 23 37 627
Paraguay 25 14 433 472 4 5 9 481
Peru 20 254 274 16 74 90 364
Saint Kitts (Christopher) and Nevis 2 2 2
Saint Lucia 43 43 43
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 17 3 20 57
Venezuela 68 20 88 22 48 70 158
Middle East
Bahrain 13 2 15 9 15 24 39
Iraq 2 2 2
Israel 30 589 619 40 37 77 696
Jordan 183 2 185 6 2 8 193
Kuwait 45 12 57 2 22 24 81
Lebanon 254 254 36 2 38 292
Oman 14 13 27 6 8 14 41
Qatar 68 1 69 11 80 91 160
Saudi Arabia 2 38 40 3 28 31 71
United Arab Emirates 12 12 19 283 302 314
United Arab Emirates 12 12 19 283 302 314
Yemen 2 2 2
Africa
Algeria 25 25 25
Angola 277 277 2 1 3 280
Benin 13 13 13
Botswana 5 5 3 3 8
Burkina Faso 11 11 11
Burundi 54 54 2 2 56
Cape Verde 55 55 55
Chad 8 8 8
Cote d`Ivoire 25 25 3 78 81 106
Egypt 88 22 110 9 3 12 122
Ethiopia 1 1 1
Gabon 8 8 3 3 11
Ghana 89 13 102 5 5 107
Guinea-Bissau 1 1 1
Kenya 71 26 97 2 1 3 100
Lesotho 4 4 4
Malawi 3 3 3
Mali 16 16 16
Mauritius 108 6 114 1 1 115
Morocco 52 110 162 5 4 9 171
Mozambique 1 1 1
Namibia 16 29 45 6 3 9 54
Niger 7 7 7
Nigeria 19 19 4 18 22 41
Congo 1 1 2 2
Rwanda 11 11 1 1 12
Senegal 29 29 2 2 31
Seychelles 1 1 1
Sierra Leone 3 3 3
South Africa 27 16 977 1020 15 87 102 1122
Swaziland 14 19 33 33
Tanzania 138 138 1 1 139
Togo 16 16 1 1 17
Tunisia 21 217 238 15 1 16 254
Uganda 39 39 39
Zambia 135 135 3 3 138
Zimbabwe 5 5 5
* the number of issues in Cbonds database (outstanding)