Yields on 10-year government bonds in China, the biggest bond market in Asia excluding Japan, are near 3.8%, while yields on similar South Korean bonds are trading at about 3.02%.

WSJ: In India, a Dash to Lock In Yields

Some bondholders believe China won't let any borrower in the corporate-bond market default, even borrowers that aren't government-owned, because officials want to ensure the market continues to operate smoothly.

WSJ: Faith in Bailouts Spurs China

Economists in China have sounded warning bells about government finances, saying that many cities and regional governments have limited scope to support the bond market because they themselves could end up in need of bailouts.

WSJ: Faith in Bailouts Spurs China