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
23-Jun-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.750 66 99
5Y AA 2.851 66 109
5Y A+ 2.923 67 116
5Y A 2.990 68 123
5Y A- 3.121 69 136
5Y BBB+ 3.255 70 149
5Y BBB 3.411 73 165
5Y BBB- 3.613 81 185
5Y BB+ 4.955 88 319
5Y BB 5.079 101 331
5Y BB- 5.572 150 381
5Y B+ 6.732 202 497
5Y B 8.594 388 683
5Y B- 10.094 538 833
10Y AAA 2.692 45 54
10Y AA 3.329 46 118
10Y A+ 3.397 47 124
10Y A 3.461 48 131
10Y A- 3.605 48 145
10Y BBB+ 3.753 49 160
10Y BBB 3.955 53 180
10Y BBB- 4.250 61 210
10Y BB+ 5.963 68 381
10Y BB 6.088 80 394
10Y BB- 6.581 130 443
10Y B+ 7.694 182 554
10Y B 9.556 368 740
10Y B- 11.056 518 890