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
2-Dec-16
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.841 59 95
5Y AA 2.894 60 100
5Y A+ 3.021 61 113
5Y A 3.144 62 125
5Y A- 3.263 63 137
5Y BBB+ 3.386 64 150
5Y BBB 3.580 67 169
5Y BBB- 4.055 76 217
5Y BB+ 5.529 83 364
5Y BB 5.658 96 377
5Y BB- 6.173 148 428
5Y B+ 7.720 202 583
5Y B 9.662 396 777
5Y B- 11.226 553 934
10Y AAA 2.294 47 -15
10Y AA 3.651 48 121
10Y A+ 3.755 49 131
10Y A 3.855 50 141
10Y A- 3.984 51 154
10Y BBB+ 4.117 52 168
10Y BBB 4.331 55 189
10Y BBB- 4.913 64 247
10Y BB+ 6.688 71 425
10Y BB 6.817 84 438
10Y BB- 7.332 135 489
10Y B+ 8.785 190 634
10Y B 10.727 384 829
10Y B- 12.291 540 985