Besides being a most eventful year with several ups and downs, 2013 has nonetheless turned out to be yet another record year for Asia ex-Japan G3 bond issuance. With total is-suance this year currently at USD 141.40 billion (bn) (as of December 31, 2013), this figure is ahead of full year (FY) 2012 issuance numbers of USD 134.04bn (inclusive of high grade (HG), high yield (HY), and unrated deals) and a new high in G3 issuance. The key driver of issuance through much of 2013 centered on the timing of tapering of the the Fed's purchase of US Treasuries, something that was first flagged mid-year and was immediately accompanied by both a sharp fall in emerging market (EM) currencies and equities and, more significantly for the credit universe, by a sharp backup in US treasury yields.