Proposal on ASEAN+3 Multi-currency Bond Issuance Framework (AMBIF)

The purpose of this report is to describe the AMBIF proposal in greater detail, including the definition of its components and the proposed approaches for its implementation, as well as the idea of pilot issues. The proposal in this report are targeted to obtain the consent of the policy bodies and regulatory authorities in participating markets, and as to create awareness of and interest in AMBIF among institutions in the private sector. The report is divided into a number of chapters, each focusing on a particular aspect of the AMBIF proposal. Following an introduction, Chapter II highlights the basic approaches and principles applied throughout the AMBIF discussions. Chapter III revisits the development of the process of defining AMBIF, while Chapter IV contains the resulting key components of AMBIF. Chapter V describes the proposed AMBIF bond issuance regulatory process needed for its actual implementation. Chapter VI addresses market requirements and possible additional components to be included under AMBIF and other issues that could be considered at a later stage or through separate discussions by different stakeholders. Following the conclusion in Chapter VII, the next steps to be taken in the proposed ABMF Phase 3 are the subject of Chapter VIII. The report is the product of the collaborative efforts of the National Members and Experts and International Experts of the ABMF in cooperation with the Asian Development Bank’s Office of Regional Economic Integration.