A fierce debate is under way among bond market specialists in Asia. Some believe the reg-ion’s markets are at last coming of age, but others fear the current boom will turn out to be shortlived and that there will be a return to their normal role of poor relations to the likes of New York and London.

Bond issuance in the region soared in the past year to reached record levels in international dollar-denominated debt by early May. Fewer local borrowers are registering to market their deals in the US, which implies they are more confident about their ability to raise money locally. That suggests that Asia is generating deeper pools of capital from sources with a better understanding of local needs and regional norms.

Arguably, more important for those backing a “this-time-is-different” view is the level of innovation apparent in bond transactions across the Asia-Pacific region. Lawyers are proving instrumental in devising and enabling these breakthroughs.