The financial architecture to support this relationship is incrementally, but inexorably, being put in place. It is being supported by governments in both countries and by businesses, including those in the financial industry. There is still, however, a lot to be done. Both countries are still learning about the business, social and political environment in the other country.
That said, fixed income derivative markets cannot act as a perfect substitute for bond markets because they are not a funding source for the seller nor do they represent an investment for the buyer. The underlying bonds still have to be issued!