About
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.
Methodology
Enhancements to the BIS debt securities statistics
Research and publications
Domestic financial markets and offshore bond financing
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 ...
Dollar credit to emerging market economies
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 ...