Work under the banner of APEC is seeking to promote securitisation and credit guarantee markets, in order to try to narrow the perceived credit and liquidity mismatch between borrowers in the region and institutional investors. This is helpful, so long as it does not amount to governments taking on large contingent liabilities which weaken their own credit rating.
Then we have the Asian Bond Fund being developed by the eleven central banks in the Asia Pacific region known as EMEAP.1 The first step (ABF I) was the creation of a fund which pooled a small portion of the US dollar reserves held by the member central banks to invest in US dollar denominated bonds issued by east Asian governments, as opposed to the US Government.