The creation of a regional bond market in Asia takes time because the requisite infrastructures hardly exist. A full-fledged regional bond market will need a more sophisticated financial infrastructure such as a clearing and settlement system, a regional credit rating agency and guarantee systems. Although these are important agenda to be addressed in the long-term perspective, however, they do not seem essential at the current stage of very primitive cross-border security investment. Given that East Asia is increasingly capital abundant, there is a high demand for different local and regional bonds and, in so far as there is a huge demand for cross-border bonds, the best way to promote the regional bond market is to supply the necessary top quality long-term bonds. The issuance of asset backed securities (ABS) is a good strategy to increase the supply of such securities. The experience of the Korean ABS market development is interesting. The ABS market in Korea was first introduced to address the problems of non-performing loans resulting from the 1997 currency crisis. Since then it has grown rapidly, placing Korea on the leading edge of the Asian ABS market. This development led to a substantial cross-border issuance of ABS as well. This experience, if emulated in other Asian countries, could help develop the regional bond market in Asia.