The development and expansion of local currency bond market (LCBM) by government and non-government issuers has been one of the main agenda items for policymakers in the last several years. While progress is being made in the growth of bond markets – maturities are increasing and investor bases are becoming more diversified, much remains to be learned about the determinants of such growth. With this topic in mind, this research is focused on the development and aspects of the LCBM in selected countries from Latin America, namely Argentina, Brazil, Colombia, Mexico and Peru. The main reasons to focus on these countries are: first, because they figure among the biggest economies in Latin America, and second, because they have the most available data from the same sources, which guarantee consistence. The research consists in a time series analysis of the development of government and nongovernment LCBM in each country in the last 20 years, where it is possible to see how these markets behaved and grew over time. Furthermore, this study contains an analysis of how did the maturity and yield-to-maturity (YTM) behaved over the years, as well as how the local currencies are evaluated against the US dollar in order to analyze this kind of asset as an investment opportunity.