Contents -- Foreword -- About the Authors -- Acknowledgments -- Acronyms and Abbreviations -- Executive Summary -- Chapter 1. Regional Overview -- The Importance of Bond Markets -- Profile of Regional Financial Markets -- Constraints in Domestic Debt Securities Markets -- A Varied Agenda -- References -- Chapter 2. Bangladesh -- Introduction -- Supply Side: Debt Instruments and Issuers -- Demand Side: The Investor Base -- Market Infrastructure -- Legal and Regulatory Framework -- Recommended Actions -- Annex 2.1 Reforms in the Banking Sector -- References -- Chapter 3. India -- Introduction -- Government Debt Securities Market -- Supply Side -- Demand Side -- Market Infrastructure -- Changes in the Legal Framework -- Corporate Bond Market -- Supply Side -- Demand Side -- Market Infrastructure -- Legal and Regulatory Framework -- Recommended Actions -- Annex 3.1 Reforms in the Banking Sector -- Annex 3.2 Reforms in the Government Debt Securities Market -- Annex 3.3 Maturity Profile of Central Government Debt Securities -- Annex 3.4 Regulatory and Market Reforms for the Corporate Bond Market Recommended by the Patil Committee -- References -- Chapter 4. Nepal -- Introduction -- Supply Side: Debt Instruments and Issuers -- Demand Side: The Investor Base -- Market Infrastructure -- Legal and Regulatory Framework -- Recommended Actions -- References -- Chapter 5. Pakistan -- Introduction -- Supply Side: Debt Instruments and Issuers -- Demand Side: The Investor Base -- Market Infrastructure -- Legal and Regulatory Framework -- Recommended Actions -- Annex 5.1 Banking Sector Reforms -- Annex 5.2 Size and Composition of Government Debt -- Annex 5.3 Capital Market and Regulatory Reforms Taken or Proposed by the Securities and Exchange Commission of Pakistan -- References -- Chapter 6. Sri Lanka -- Introduction -- Supply Side: Debt Instruments and Issuers.

Demand Side: The Investor Base -- Market Infrastructure -- Legal and Regulatory Framework -- Recommended Actions -- Annex 6.1 Recent or Proposed Measures by the Central Bank to Strengthen the Financial System -- References -- Box 1.1 How Malaysia Enhanced Liquidity in Its Domestic Bond Market -- Box 2.1 Islamic Bonds Offering a New Alternative for Issuers and Investors -- Box 2.2 A Pioneering Securitization of Microcredit Receivables in Bangladesh -- Box 3.1 A New Instrument for India's Money Market -- Box 4.1 Chronology of Bond Market Development in Nepal -- Box 6.1 Chronology of Bond Market Development in Sri Lanka -- Figure 2.1 Trends in Selected Interest Rates, Bangladesh, March 2006-December 2007 -- Figure 2.2 Weighted Average Yield of Treasury Bills Based on Auction of December 30, 2007, Bangladesh -- Figure 2.3 Components of Bank Capital, Bangladesh -- Figure 3.1 Market Borrowing by Central Government, India, Selected Fiscal Years, 1991-2007 -- Figure 3.2 Yield-to-Maturity Curve in Government Bond Market, India, November 13 and 14, 2007 -- Figure 3.3 Securitization Transactions, India, Fiscal 2003-07 -- Figure 4.1 Distribution of Holdings of Government Bonds and Treasury Bills, Nepal, 2002-06 -- Figure 5.1 Issuance of Pakistan Investment Bonds, Fiscal 2001-07 -- Figure 5.2 Structure of Domestic Government Debt, Pakistan, Fiscal 2002-06 -- Figure A5.1 Government Debt, Pakistan, Selected Fiscal Years, 2002-07 -- Figure 6.1 Maturity Structure of Treasury Bonds and Rupee Loans, Sri Lanka -- Figure 6.2 Yield-to-Maturity Curves for Government Debt Securities, Sri Lanka, Selected Dates, December 2005-June 2007 -- Table 1.1 GDP Growth, Selected South Asian and East Asian Economies, 2002-07 -- Table 1.2 Selected Macroeconomic Indicators, Selected South Asian Countries, 2002-06 -- Table 1.3 Financial Market Profile, Selected Economies, 2006.

Table 1.4 Domestic Debt Securities Markets, Selected South Asian Countries, 2002-06 -- Table 1.5 Domestic Debt Securities Markets as a Percentage of GDP, Selected South Asian Countries, 2002-06 -- Table 1.6 Cost of Bond Issuance, Selected South Asian Countries, 2007 -- Table 2.1 Structure of Financial System, Bangladesh, 2004-06 -- Table 2.2 Selected Interest Rates, Bangladesh, September 2005-June 2007 -- Table 2.3 Composition of Domestic Government Debt, Bangladesh, Fiscal 2000-07 -- Table 2.4 Results of Treasury Bill Auctions, Bangladesh, Week Ending December 30, 2007 -- Table 2.5 Pattern of New Domestic Government Borrowing, Bangladesh, Fiscal 2004-07 -- Table 2.6 Interest Rate on Savings Products by Source and Maturity, Bangladesh, June 2007 -- Table 2.7 Cost of Bond Issuance, Bangladesh, 2007 -- Table 2.8 Government-Sponsored Infrastructure Investment Projects in the Pipeline, Bangladesh -- Table 2.9 Holdings of Treasury Bills and Bonds by Investor Category, Bangladesh, 2002-06 -- Table 2.10 Securitization Transactions, Bangladesh, 2004-07 -- Table 2.11 Regulators of the Capital Market and Market Participants, Bangladesh -- Table 3.1 Financial Market Profile, India, 2002-September 2007 -- Table 3.2 Net Institutional Investments in Equity and Debt Securities, India, Fiscal 2002-07 -- Table 3.3 Composition of Domestic Debt Securities Market, India, 2002-06 -- Table 3.4 Consolidated Liabilities of Central and State Governments, India, Selected Fiscal Years, 1991-2007 -- Table 3.5 Participants and Products in Debt Securities Market, India -- Table 3.6 Resource Mobilization by Mutual Funds, India, Fiscal 2006-07 -- Table 3.7 Liquidity in Government Debt Securities Market, India, Fiscal 2003-08 -- Table 3.8 Costs of Bond Issuance through Private Placement, India, 2006.

Table 3.9 Resources Mobilized through Public and Private Placement, India, Fiscal 2005-07 -- Table 3.10 Outstanding Issues of Corporate Bonds, India, August 25, 2005 -- Table 3.11 Disparities in Treatment of Bonds and Loans in Bank Regulations, India -- Table A3.1 Profile of Central Government Market Loans, India, Fiscal 1998-2008 -- Table 4.1 Financial Institutions by Type, Nepal, Selected Years, 1990-2007 -- Table 4.2 Financial Market Profile, Nepal, 2002-07 -- Table 4.3 Open Market Operations by Nepal Rastra Bank, Fiscal 2005-06 -- Table 4.4 Interbank Transactions, Nepal, Fiscal 2005-06 -- Table 4.5 Composition of Domestic Government Debt, Nepal, Fiscal 2002-07 -- Table 4.6 Corporate Debenture Issues, Nepal, Fiscal 1997-2007 -- Table 4.7 Cost of Bond Issuance, Nepal, 2007 -- Table 4.8 Investment Portfolio of Citizen Investment Trust, Nepal, 2002-06 -- Table 4.9 Investment Portfolio of Employees' Provident Fund, Nepal, 2002-07 -- Table 5.1 Financial Market Profile, Pakistan, 2002-06 -- Table 5.2 Composition of Debt Securities Market, Pakistan, 2006 -- Table 5.3 Trading Volume in Repo Market, Pakistan, Fiscal 2006-07 -- Table 5.4 Net Outflow through Treasury Bill Auctions and Open Market Operations, Pakistan, Fiscal 2007 -- Table 5.5 Results of Treasury Bill Auctions, Pakistan, Fiscal 2002-07 -- Table 5.6 Results of Pakistan Investment Bond Auctions, Fiscal 2001-07 -- Table 5.7 Outstanding Balance of National Savings Schemes, Pakistan, Fiscal 2002-06 -- Table 5.8 Composition of Domestic Government Debt, Pakistan, Fiscal 2002-06 -- Table 5.9 New Equity and Corporate Debt Issuance, Pakistan, Fiscal 2000-06 -- Table 5.10 New Issues of Term Finance Certificates, Pakistan, Fiscal 2007 -- Table 5.11 Cost of Bond Issuance, Pakistan, 2007 -- Table A5.1 Government Debt, Pakistan, Fiscal 2002-07 -- Table 6.1 Structure of Financial System, Sri Lanka, 2005-06.

Table 6.2 Features of Government Debt Instruments, Sri Lanka -- Table 6.3 Composition of Domestic Government Debt, Sri Lanka, 2000-06 -- Table 6.4 Targets Identified by Sri Lanka's Medium-Term Strategy for Debt Management -- Table 6.5 Corporate Debt Securities Listed on the Colombo Stock Exchange, 2002-06 -- Table 6.6 Secondary Market Activity in Corporate Bonds and Equity, Sri Lanka, 2002-06 -- Table 6.7 Cost of Bond Issuance, Sri Lanka, 2007 -- Table 6.8 Total Government Debt and Domestic Government Debt by Investor Category, Sri Lanka, 2002-06 -- Table 6.9 Composition of Employees' Provident Fund Investment Portfolio, Sri Lanka, December 2005 -- Table 6.10 Performance of Mutual Fund Industry, Sri Lanka, 2002-06 -- Table 6.11 Secondary Market Trading of Treasury Bills and Bonds, Sri Lanka, 2001-October 2007.