The ADB said in its Bond Monitor that emerging Asia issued a record $1.1 trillion of local currency bonds in the second quarter of 2014, pushing the total stock to $7.9 trillion. Most debt is at maturities below thee years, creating roll-over risk. This does not include $1.5 trillion of cross-border bank loans and over $1.2 trillion in foreign currency bonds on latest estimates, mostly in dollars and owed by companies.