4Q and FY 2022 Investor Presentation
Debt Capital Market Penetration
Emerging
Size of bubble reflects 2022 GDP
Other
Asia7
CEE/CIS2
India
M.E. &
Africa5
0%
20%
ASEAN1
Latin
America4
40%
60%
Developed
Developed
Asia³ Western Europe North America
China
80%
100%
2022 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%)
»
Debt capital markets have historically grown faster than GDP
120%
» China is the second largest bond market and its size relative to GDP is approaching that of Developed Asia
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Low interest rates and investor appetite have historically supported the development of bond markets in emerging economies;
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 June 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 2022 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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4Q and FY 2022 Investor Presentation
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