The development of corporate bond markets in Asia from 1995 to 2014 was driven by macroeconomic and institutional factors. The size and issuance of bonds by financial and non-financial companies were influenced by creditor rights, institutional quality, and domestic credit levels. The study found a positive relationship between the growth of the corporate bond market and the banking sector, suggesting that increased demand for bank loans led to the issuance of bonds by financial institutions, contributing to the development of corporate bond markets in Asia.