The 25th annual Local Currency Bond Review 2025

As an active investor, in local currency bond markets, your views matter. We are therefore delighted to extend an exclusive invitation to you to share your insights and be a part of the longest-running annual fixed income review in the region conducted by Asset Benchmark Research.

The review consists of six sections. To make sure that your views are included, please complete all sections as fully as possible according to the portfolio(s) that you manage.

*required field

Respondent name

Institution

Title / position

Mobile phone

E-mail

Instant messaging app

	Messaging app	Account name/number

* What do you do?

Research

Portfolio management

Trade execution

* Tell us about your organization

	Company type	Location
*

* Do you invest in bonds issued offshore?

Yes

*required field

Please share your asset allocation.


CNH
CNY
HKD
IDR
INR
KRW
MYR
PHP
SGD
THB
TWD
VND
Others
Remaining:	100%
Total:	0%

Others, please specify:

Best sellside individuals nomination

*required field

Rank the top three criteria that make a good economists/strategists/analysts .

Criteria	Rank
Accessibility Accuracy of calls Coverage universe Independence and objectivity Industry knowledge Out-of-the-box thinking Speed of response Timely analysis Track record Others

Who are the best economists/strategists/analysts in local currency bonds?

The priority of nomination is meaningful.

	First name	Surname	Company	Contact number	E-mail	ACB Market covered	Location	Comment
1
2
3
4
5
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9
10

Best sellside individuals nomination

*required field

Rank the top three criteria that make a good salespeople.

Criteria	Rank
Accessibility Coverage Good Pricing Market / product knowledge Pleasant to deal with Speed of response Team player Track record Understands my needs Others

Who are the best salespeople in local currency bonds?

The priority of nomination is meaningful.

	First name	Surname	Company	Contact number	E-mail	ACB Markets covered	Location	Comment
1
2
3
4
5
6
7
8
9
10

Best sellside individuals nomination

*required field

Rank the top three criteria that make a good trader.

Criteria	Rank
Accessibility Accuracy of pricing Industry knowledge Market expertise Reputation Risk management Speed of execution Speed of response Track record Others

Who are the best sellside traders in local currency bonds?

The priority of nomination is meaningful.

	First name	Surname	Company	Contact number	E-mail	ACB Markets covered	Location	Comment
1
2
3
4
5
6
7
8
9
10

Primary market participation

*required field

What is the proportion of your portfolio sourced via the primary market?

1-20%

21-40%

41-60%

61-80%

>80%

Primary market participation

*required field

Please list the top primary dealers/underwriters in government securities and credit issuance that most often provide you with the allocations you need and support their issues in the aftermarket.

HKD

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

CNH

	Nomination
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

CNY

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

IDR

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

INR

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

KRW

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

MYR

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

PHP

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

SGD

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

THB

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

TWD

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

VND

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

Secondary market competitive landscape

*required field

Please list your top counterparties in the secondary market.

CNH

	Nomination
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

CNY

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

HKD

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

IDR

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

INR

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

KRW

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

MYR

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

PHP

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

SGD

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

THB

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

TWD

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

VND

	Credit bonds	Rates bonds
1^st Choice
2^nd Choice
3^rd Choice
4^th Choice
5^th Choice
6^th Choice
7^th Choice
8^th Choice
9^th Choice
10^th Choice

ESG investing

*required field

In terms of value, what is the proportion of green, sustainability, sustainability-linked bonds in your portfolio?

Did this proportion increase, decrease, or remain the same level compared to 2024?

Increase

Remain at same level

Decrease

Do you expect this proportion to increase, decrease, or remain the same level for the coming 12 months?

Increase

Remain at same level

Decrease

Investor portfolio profile

Asian local currency bond portfolio. (For banks, include investment book only (exclude trading book/volumes))

*required field

* Assets under management. The average value of your local currency bond portfolio in the past 12 months. (US$ equivalent)

USD million

* Turnover. Your total annual secondary market turnover in local currency bonds in the past 12 months. (US$ equivalent)

USD million

What is the proportion of credit/rates bonds in your portfolio?

Credit %

Rates %

What is the proportion of investment grade / high yield bonds in your portfolio?

Investment grade %

High yield %

That completes our survey. Thank you for your participation.

Please click the button below to [SUBMIT] your response.

0% 1/10

Thank you very much for your time and valued participation.

Your response has been recorded.

Thank you very much for your time and valued participation.

Your response has been recorded.

The 25th annual Local Currency Bond Review 2025

Instant messaging app

* What do you do?

* Tell us about your organization

* Do you invest in bonds issued offshore?

Please share your asset allocation.

Others, please specify:

Best sellside individuals nomination

Rank the top three criteria that make a good economists/strategists/analysts .

Who are the best economists/strategists/analysts in local currency bonds?

Best sellside individuals nomination

Rank the top three criteria that make a good salespeople.

Who are the best salespeople in local currency bonds?

Best sellside individuals nomination

Rank the top three criteria that make a good trader.

Who are the best sellside traders in local currency bonds?

Primary market participation

What is the proportion of your portfolio sourced via the primary market?

Primary market participation

Please list the top primary dealers/underwriters in government securities and credit issuance that most often provide you with the allocations you need and support their issues in the aftermarket.

HKD

CNH

CNY

IDR

INR

KRW

MYR

PHP

SGD

THB

TWD

VND

Secondary market competitive landscape

Please list your top counterparties in the secondary market.

CNH

CNY

HKD

IDR

INR

KRW

MYR

PHP

SGD

THB

TWD

VND

ESG investing

In terms of value, what is the proportion of green, sustainability, sustainability-linked bonds in your portfolio?

Did this proportion increase, decrease, or remain the same level compared to 2024?

Do you expect this proportion to increase, decrease, or remain the same level for the coming 12 months?

Investor portfolio profile

* Assets under management. The average value of your local currency bond portfolio in the past 12 months. (US$ equivalent)

* Turnover. Your total annual secondary market turnover in local currency bonds in the past 12 months. (US$ equivalent)

What is the proportion of credit/rates bonds in your portfolio?

What is the proportion of investment grade / high yield bonds in your portfolio?

That completes our survey. Thank you for your participation.Please click the button below to [SUBMIT] your response.

That completes our survey. Thank you for your participation.

Please click the button below to [SUBMIT] your response.