The growth story in Asia is now common knowledge to investors across the globe. Many of these same investors will have equity allocations to the region either through specific Asian mandates or broader emerging market portfolios. In contrast to this, the bond markets of the region have largely been overlooked by foreign investors. The recent inflow of money into emerging market debt (EMD) funds has increased foreign ownership of debt in certain countries but there are few institutional investors with Asia-only mandates. This paper will discuss the development of the bond markets in Asia and their current state. It will argue that there is a case for taking standalone positions in Asian debt markets. Although it will not suit all investors, we believe that it will be an interesting proposition to many.