3Q 2022 Investor Presentation
Debt Capital Market Penetration
Size of bubble reflects 2021 GDP
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Emerging
Other
Asia7
CEE/CIS2
ASEAN1
Developed
Developed
Asia³
Western Europe8
North America6
India
M.E. &
Africa5
0%
Latin
America4
China
20%
40%
60%
80%
100%
120%
2021 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%)
Debt capital markets have historically grown faster than GDP
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China is the second largest bond market and its size relative to GDP is approaching that of Developed Asia
Low interest rates and investor appetite have historically supported the development of bond markets in emerging economies; but the
current higher inflation levels and corresponding policy responses likely to limit further growth
Sources: International Monetary Fund World Economic Outlook as of October 2022, Bank for International Settlements as of March 2022, Securities and Exchange Board of India, Moody's Investors Service.
Note: Includes non-financial corporates and financial institutions, excludes general government. Size of bubble reflects 2021 GDP in each region (U.S. dollars, current prices).
Regional definitions:
1. ASEAN = Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. 2. CEE/CIS = Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, Hungary, Kazakhstan,
Kosovo, Kyrgyz Republic, Moldova, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Tajikistan, Turkey, Turkmenistan, Ukraine, Uzbekistan. 3. Developed Asia = Australia, Hong Kong, Japan, Macao, New Zealand, South
Korea, Taiwan. 4. Latin America = Mexico, all Caribbean countries and South America. 5. M.E. & Africa = All African countries, Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates,
Yemen. 6. North America = Canada, United States. 7. Other Asia = Afghanistan, Bangladesh, Bhutan, Mongolia, Nepal, Pakistan, Sri Lanka, as well as all Oceania countries except for Australia and New Zealand. 8. Western Europe = All
European countries except for those in CEE/CIS.
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3Q 2022 Investor Presentation
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