Debt securities statistics
This data set covers borrowing activity in debt capital markets, capturing debt instruments designed to be traded in financial markets such as treasury bills, commercial paper, negotiable certificates of deposit, bonds, debentures and asset-backed securities. These statistics are harmonised with the recommendations of the Handbook on securities statistics (HSS) and distinguish between debt securities issued in international and domestic markets.
The data set is available at quarterly frequency for over 50 economies starting as early as 1946. It benefited from close collaboration with national central banks and national authorities, also as part of the G20 Data Gaps Initiative.
Total debt securities are issued by residents in all markets. Domestic (international) debt securities are issued in (outside) the local market of the country where the borrower resides, regardless of the currency denomination of the security. As valuation methods differ across countries, some amounts are presented at market value and others at nominal or face value.
Research and publications
Firms in emerging market economies markedly increased their issuance of bonds in offshore markets after the Great Financial Crisis. By contrast, increases in offshore bond issuance by firms in advanced economies were more muted. An empirical analysis suggests that the less developed state of financial markets in emerging economies may have encouraged firms there to step up their offshore bond issuance as external financing costs fell. Firms appear to use the proceeds of offshore bonds to boost their holdings of short-term assets. This may ...
We profile the US dollar debt incurred by borrowers in a dozen prominent emerging market economies (EMEs). These countries account for the bulk of total US dollar debt owed by EMEs. We measure the dollar borrowing of non-banks resident in these economies as well as that of their affiliates offshore, and relate these items to commonly used debt measures. We also discuss the limitations of our data. These data fail to ...
The BIS has revised its debt securities statistics to enhance their comparability across different markets. This feature by Branimir Gruić and Philip Wooldridge (BIS) sketches the main changes and the reasoning behind them. International issues have been redefined as debt securities issued outside the market where the borrower resides, and statistics combining international and domestic issues are being released for the first time. The revised statistics highlight the growing size and internationalisation of bond markets.
Domestic (international) debt securities are issued in (outside) the local market of the country where the borrower resides, regardless of the currency denomination of the security.
The currency of denomination is determined by the currency in which the value of positions and flows for debt securities are fixed, as specified in the contract between the institution units (HSS, paragraph 7.54)
For fixed interest rate debt securities, the contractual nominal coupon payments are fixed in terms of the currency of denomination for the life of the debt security, or for a certain number of years (HSS, paragraph 7.37). Variable interest rate debt securities have their coupon or principal payments (or both) linked to a general price index for goods and services, interest rate or asset price (HSS, paragraph 7.40).
Floating rate is variable excluding the inflation-linked interest rate (ie interest rate-linked or asset price-linked).
International debt securities from national sources are reported by national authorities, while international debt securities from security-level data are compiled by the BIS from commercial sources.