Frontier Market Bonds

From the Collaborative Bond and Money Market Data Portal


Developing Markets are the markets of those nations, where the industrial base is less developed. Developing Markets can be categorized into 1. Emerging, 2. Frontier and 3. Least Developing Markets. Emerging Markets are the group of countries that are progressing towards becoming more advanced or developed. A Frontier Market is a type of developing market which is more developed than the least developing markets, but too small to be generally considered an Emerging Market. The nations of the Frontier Markets stand at an earlier stage of economic and political development, in comparison to the larger and more mature emerging markets, such as China, Brazil and Turkey. There are various lists, following different criteria that identify Emerging from Frontier and Least Developed Markets or countries. These lists are produced by the FTSE, MSCI, S&P and Dow Jones.

Frontier market bonds comprise both bonds issued in the domestic market of a frontier country as well as bonds denominated or linked to the currency of a frontier country but issued offshore using an international bond format. Frontier Capital Markets typically have no active derivative or hedging instrument market.

In the Collaborative Bond and Money Market Data Model the issuer's country appears at the Legal Entity level. Where the issuer is not a branch, this is the county of registration. Where the issuer is a branch, this is the country where the branch is located. Multiple countries can form a region.  Frontier market countries form one such region. CMD portal uses the widest possible definition for Frontier countries.

In the Collaborative Bond and Money Market Data Model FX-Linked (Frontier) appears as a structure in the field Category. This classification is used only for offshore or international bonds linked to the currency of a Frontier Market.

Based on available data, as of 31st October 2018, the total amount of outstanding vanilla debt issued by issuers from frontier markets is USD2tn in over 40 currencies. There is USD900bn of debt outstanding in frontier market currencies.

For information on the total amount of Frontier Market Bonds outstanding, use the CMDPortal's Data Sheet tool. 


For information on issues in Frontier Market Bonds, use the CMDPortal's Instrument Search tool.


For information on the composition of Frontier Market Bonds, use the CMDPortal's Issuer Search tool. 


For information on active dealers in Frontier Market Bonds, use the CMDPortal's Dealer Search tool.