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.
04-Mar-22 | ||||
---|---|---|---|---|
Tenor | Rating | Yield (%) | Asia Premium (bps) | Spread over Treasury (bps) |
5Y | AAA | 3.418 | 129 | 176 |
5Y | AA | 3.563 | 134 | 191 |
5Y | A+ | 3.720 | 142 | 206 |
5Y | A | 3.851 | 147 | 220 |
5Y | A- | 4.004 | 152 | 235 |
5Y | BBB+ | 4.184 | 160 | 253 |
5Y | BBB | 4.584 | 186 | 293 |
5Y | BBB- | 5.488 | 246 | 383 |
5Y | BB+ | 7.502 | 300 | 585 |
5Y | BB | 8.435 | 393 | 678 |
5Y | BB- | 12.142 | 764 | 1,049 |
5Y | B+ | 17.133 | 1,156 | 1,548 |
5Y | B | 31.131 | 2,555 | 2,948 |
5Y | B- | 42.406 | 3,683 | 4,075 |
10Y | AAA | 3.424 | 89 | 165 |
10Y | AA | 3.567 | 94 | 180 |
10Y | A+ | 3.780 | 102 | 201 |
10Y | A | 3.967 | 107 | 220 |
10Y | A- | 4.148 | 113 | 238 |
10Y | BBB+ | 4.354 | 120 | 258 |
10Y | BBB | 4.735 | 146 | 296 |
10Y | BBB- | 5.735 | 206 | 396 |
10Y | BB+ | 7.751 | 260 | 598 |
10Y | BB | 8.684 | 354 | 691 |
10Y | BB- | 12.391 | 724 | 1,062 |
10Y | B+ | 17.434 | 1,116 | 1,566 |
10Y | B | 31.432 | 2,515 | 2,966 |
10Y | B- | 42.707 | 3,643 | 4,094 |