The corporate bond market is less developed than most in emerging East Asia, with private placements dominating. At of GDP, corporate bonds are comparable to levels in the Philippines and Indonesia, where corporate finance is less well-developed, as well as with the People’s Republic of China (PRC) and Viet Nam, where state-ownership remains dominant (Figure 5). That said, corporate bond markets remain small in much of the region with the exception of the Republic of Korea (Korea) and Hong Kong, China. Even in absolute terms India’s corporate bond market is minuscule in relation to its economic size. The role.
