The article assesses the progress of developing local debt markets in emerging Asia. Challenges faced by borrowers, lenders, and liquidity providers have hindered market growth. To deepen these markets, fostering a credit culture is crucial. Creating a regional market for local currency bonds can address the issue of critical size, offering more scale and efficiency. With Asia's rapid economic growth, generating financial assets for expanding fixed-income markets is a key challenge, providing more investment opportunities domestically and regionally.