Asian Bonds Indices

HSBC's indices and a family of credit rating-specific curves track performance of high-quality bonds across Asia, serving as benchmarks for domestic bond markets.

Asian Curve

The HSBC Asian Curve provides a family of (credit) rating-specific curves for US dollar-denominated corporate issues in Asia ex-Japan. In addition to rating-specific corporate yield curves, HSBC also provides rating-specific credit spread (over US treasury) curves and Asian Premium. This is defined as the differentials between Asian corporate yields over US corporate yields with identical ratings and tenors. The Asian Curve provides reference benchmarks for pricing new corporate bonds/loans and secondary market issues. It also provides direct references for equity risk premium for pricing Asian equities, especially their ADR (American Depositary Receipt) issues.

Asian Curve
27-Sep-16
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 1.878 55 76
5Y AA 2.132 56 101
5Y A+ 2.243 57 113
5Y A 2.351 57 123
5Y A- 2.527 58 141
5Y BBB+ 2.708 59 159
5Y BBB 2.767 63 165
5Y BBB- 3.269 71 215
5Y BB+ 4.988 79 387
5Y BB 5.118 92 400
5Y BB- 5.637 144 452
5Y B+ 7.277 199 616
5Y B 9.235 394 812
5Y B- 10.813 552 970
10Y AAA 2.295 42 71
10Y AA 2.749 43 116
10Y A+ 2.863 44 128
10Y A 2.972 45 139
10Y A- 3.148 45 156
10Y BBB+ 3.327 47 174
10Y BBB 3.424 50 184
10Y BBB- 4.056 59 247
10Y BB+ 6.086 66 450
10Y BB 6.217 79 463
10Y BB- 6.736 131 515
10Y B+ 8.228 186 664
10Y B 10.187 382 860
10Y B- 11.765 540 1018