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
20-Oct-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.647 60 67
5Y AA 2.906 61 93
5Y A+ 2.976 62 99
5Y A 3.042 62 106
5Y A- 3.163 63 118
5Y BBB+ 3.286 64 131
5Y BBB 3.439 67 146
5Y BBB- 3.638 75 166
5Y BB+ 4.890 81 291
5Y BB 5.006 93 303
5Y BB- 5.467 139 349
5Y B+ 6.759 188 478
5Y B 8.502 362 652
5Y B- 9.906 503 793
10Y AAA 3.051 34 71
10Y AA 3.301 35 96
10Y A+ 3.385 36 104
10Y A 3.465 37 112
10Y A- 3.596 37 125
10Y BBB+ 3.729 38 139
10Y BBB 3.929 41 158
10Y BBB- 4.226 49 188
10Y BB+ 5.786 56 344
10Y BB 5.902 67 356
10Y BB- 6.363 113 402
10Y B+ 7.697 162 535
10Y B 9.440 336 710
10Y B- 10.844 477 850