This study examines the underpricing phenomenon of bond initial public offerings (IPOs) in Asian dollar corporate bond market during 2009 to 2013. Three hypotheses are summarized from previous literatures in explaining IPO underpricing, which are liquidity risk, credit risk and underwriting risk. We find that underpricing exists and is higher among speculative grade bonds, high coupon bonds, bonds underwritten by sole book runner, and bonds issued by private firms. Issuer regions are also correlated to the degree of underpricing. In addition, our evidence suggests that issuing size is more likely an indicator for underwriting risk instead of liquidity problem. The impact of maturity is somewhat distorted by the uneven tenor distribution in this market. We only obtain mixed results for the impact of call provision, industry sectors and reputation of underwriters. In contrast, we do not find evidence for winner’s curse model and signaling model. Our study reveals that underpricing of bond IPOs is more related to credit risk and underwriting risk rather than liquidity risk.