Taiwan: bonds

Taiwan's domestic bond market is well known for its contradictory tendencies. Although the overall market is periodically the second largest in Asia behind Japan's (from time to time edging South Korea's market into third place) the volume of trading done is often pitifully small.
Trading houses and underwriters are lobbying the government to make several regulatory changes to remove those hurdles that have stymied liquidity. The requested changes include: a better physical delivery system, the development of an interest rate futures market, permission to perform bond forward trading and short selling of bonds, and most important of all, the abolishment of the 0.1% bond transaction tax.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
TWD 110 5 364 775 100 000
USD 1 90 000 000 000
corporate
USD 60 15 004 000 000
TWD 6 21 400 000 000
CNY 5 1 797 000 000
JPY 2 35 000 000 000
EUR 2 250 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Taiwan, 1.125 1mar2027 - Domestic bonds TW000A061044 1.125% 30 000 000 000  TWD 03/01/2017 03/01/2027
Taiwan, 1.75 20feb2037 - Domestic bonds TW000A061036 1.75% 25 000 000 000  TWD 02/20/2017 02/20/2037
First Commercial Bank, 0% 15feb2047, USD (10957D) - Domestic bonds TW000F050059 0% 150 000 000  USD 02/09/2017 02/15/2047
First Commercial Bank, 0% 15feb2047, USD (10957D) - Domestic bonds TW000F050067 0% 350 000 000  USD 02/09/2017 02/15/2047
Taiwan, 0.75 23jan2022 - Domestic bonds 0.75% 25 000 000 000  TWD 01/23/2017 01/23/2022
Nanya Technology, 0% 24jan2022, USD (Conv.) - International bonds XS1550168923 0% 500 000 000  USD 01/17/2017 01/24/2022
Ennoconn, 0% 10mar2022, USD (Conv.) - International bonds XS1550774761 0% 200 000 000  USD 01/16/2017 03/10/2022
Taiwan, 0.5 11jan2019 - Domestic bonds 0.5% 25 000 000 000  TWD 01/06/2017 01/11/2019
E.Sun Commercial Bank, 4.85% perp., USD - Domestic bonds TW000F028105 4.85% 90 000 000  USD 12/26/2016
Taiwan, 2 25nov2046 - Domestic bonds TW000A051144 2% 25 000 000 000  TWD 11/22/2016 11/25/2046

World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Taiwanese international bonds, USD bln 12.800 11.500 12.300 12.900 13.800 14.800 15.200
BIS net issues of international-bond market of emerging countries
International-bond net issue of Taiwan, USD bln 1.100 0.800 0.000 -1.000 -0.900 -0.300 2.500

Currencies

Daily indices

Type: 03/24/2017 03/23/2017 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017
Exchange Rates (Emerging Markets)
USD/TWD 30.3773 30.4508 30.4203 30.4674 30.3820 30.5232 30.5260
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Risk Management Institute

Daily indices

Type: 03/23/2017 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017
RMI CVI - Asia
Taiwan CVI value weighted  1.71 1.73 1.72 1.73 1.72 1.75 1.76
Taiwan CVI tail  11.70 11.74 12.28 11.84 11.83 12.28 12.17
Taiwan CVI equally weighted  3.20 3.23 3.24 3.22 3.24 3.28 3.26
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JP Morgan

Daily indices

Type: 08/20/2013 08/19/2013 08/16/2013 08/15/2013 08/14/2013 08/13/2013 08/12/2013
ELMI (publication was suspended since 20.08.2013) 
ELMI Taiwan * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Advanced Semiconductor Engineering, 0% 27mar2018, USD (1006D)   USD 03/27/2018 05/18/2016 **.*** *.** 05/18/2016 **.*** *.**
Advanced Semiconductor Engineering, 0% 5sep2018, USD (Conv.)   USD 09/05/2018 05/18/2016 ***.* -*.* 05/18/2016 ***.* -*.**
Advanced Semiconductor Engineering, 2.125% 24jul2017, USD   USD 07/24/2017 05/18/2016 **.*** *.* 05/18/2016 **.*** *.*
Asia Cement, 0% 13may2018, USD (1826D)   USD 05/13/2018 05/18/2016 **.*** *.** 05/18/2016 **.*** *.**
Asia Cement, 0% 7jun2016, USD (1827D)   USD 06/07/2016 05/18/2016 ***.*** -**.* 05/18/2016 ***.*** -**.**
CPDC, 0% 17dec2019, USD (1832D)   USD 12/17/2019 05/18/2016 *** -*.** 05/18/2016 ***.* -*.**
Epistar Corp, 0% 7aug2018, USD (1832D)   USD 08/07/2018 05/18/2016 **.* *.** 05/18/2016 *** -*.**
Far Eastern International Bank, 0% 2018, USD (Conv.)   USD 02/07/2018 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Flexium Interconnect, 0% 2016, USD (Conv.)   USD 07/25/2016 05/18/2016 **.** **.** 05/18/2016 ***.** -*.**
Formosa Plastics Corporation, 3.375% 2025, USD   USD 04/22/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Hon Hai Precision Industry, 2.125% 13dec2017, USD   USD 12/13/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Hon Hai Precision Industry, 3.25% 23may2017, CNY   CNY 05/23/2017 05/18/2016 **.* *.** 05/18/2016 ***.* *.**
IRPC, 6.375% 2017, USD   USD 05/25/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.**
Neo Solar Power, 0% 2017, USD (Conv.)   USD 07/18/2017 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Radiant Opto-Electronics Corporation, 0% 2016, USD (Conv.)   USD 07/21/2016 05/18/2016 **.*** *.** 05/18/2016 ***.*** -*.*
Siliconware Precision Industries, 0% 31oct2019, USD (1826D)   USD 10/31/2019 05/18/2016 *** -*.** 05/18/2016 ***.* -*.**
Taiwan Glass Industrial, 0% 10mar2019, USD (1833D)   USD 03/10/2019 05/18/2016 *** * 05/18/2016 ***.* -*.**
TPK Holding, 0% 8apr2020, USD (1827D)   USD 04/08/2020 05/18/2016 **.* *.** 05/18/2016 **.** *.**
TransAsia Airways, 0% 2018, USD (Conv.)   USD 11/29/2018 05/18/2016 ***.* -*.** 05/18/2016 ***.* -*.**
TSMC, 1.625% 3apr2018, USD   USD 04/03/2018 05/18/2016 **.*** *.* 05/18/2016 **.*** *.**
United Microelectronics Corporation, 0% 2020, USD (Conv.)   USD 05/18/2020 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Wisdom Marine Group, 0% 10apr2020, USD (1827D)   USD 04/10/2020 05/18/2016 **.*** *.** 05/18/2016 **.*** *.*
Zhen Ding Technology, 0% 26jun2019, USD (1826D)   USD 06/26/2019 05/18/2016 ** *.** 05/18/2016 **.* *.**
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