In the light of experience of the Asian Currency Crisis in 1997, Finance Ministers of the ASEAN+3 countries decided in 2003 to launch the Asian Bond Market Initiative (ABMI). In response, many of the ASEAN members have made efforts to develop and improve their bond markets centering on the government bonds, but not much progress has been made especially in the late comers of the ASEAN, namely Cambodia, Lao People’s Democratic Republic (Lao PDR) and Myanmar (hereinafter referred to as CLM countries1). However, in these countries, there is an increasing need for a faster development of bond markets and diversification of financing methods since they are expected to receive fewer grant aids and concessional loans2 and the creditors/counterparts of their public debts tend to be concentrated in China. In this article, after reviewing the current situation of the bond markets in the CLM countries and the need to foster them, I will overview the challenges for each country and their efforts that have been made so far.