The development of the regional bond markets has long been seen by APEC economies as an important objective in the broader effort to promote greater openness, diversity and competitiveness in regional financial markets.
This position was reaffirmed most recently in the APEC Finance Ministers’ Joint Ministerial Statement of September 2002 and the APEC Leaders’ Declaration of October 2002 in Los Cabos, Mexico. The objectives of this initiative are to identify impediments to the development of securitisation and credit guarantee markets within the APEC economies and to propose appropriate solutions to remove them.
Securitisation coupled with credit enhancement offers significant benefits for developing markets to the extent that it helps reconcile credit and liquidity mismatches between issuers and investors and can also facilitate balance sheet restructuring.
This APEC initiative on the development of securitisation and credit guarantee markets is highly action-oriented, and it is co-chaired by Hong Kong SAR, Korea and Thailand. This initiative involves (i) holding policy dialogues for the APEC economies to exchange views on the use of securitisation and credit guarantees at the national and regional levels and (ii) sharing experience among APEC economies in identifying impediments and developing detailed action plans.
The first policy dialogue was held in April 2003 in Seoul. So far, nine APEC member economies have participated in the initiative, either by sponsoring experts or by seeking expert advice on how to remove impediments in their markets. They are Australia, China, Hong Kong, Japan, Korea, Mexico, the Philippines, Thailand and the United States.
Through collaboration among expert panels, domestic interdepartmental taskforces and private sector advisory groups, action plans at the economy level have been drafted to remove impediments to the development of securitisation and credit guarantee markets in individual APEC economies.
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