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-Jan-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.897 62 95
5Y AA 2.950 62 100
5Y A+ 3.074 64 113
5Y A 3.195 64 125
5Y A- 3.314 65 136
5Y BBB+ 3.436 66 149
5Y BBB 3.552 69 160
5Y BBB- 3.897 77 195
5Y BB+ 5.314 84 336
5Y BB 5.437 97 349
5Y BB- 5.929 146 398
5Y B+ 7.244 198 529
5Y B 9.100 383 715
5Y B- 10.595 533 865
10Y AAA 3.302 48 84
10Y AA 3.655 48 120
10Y A+ 3.742 49 128
10Y A 3.825 50 137
10Y A- 3.961 51 150
10Y BBB+ 4.100 52 164
10Y BBB 4.258 55 180
10Y BBB- 4.709 63 225
10Y BB+ 6.419 70 396
10Y BB 6.543 83 408
10Y BB- 7.034 132 458
10Y B+ 8.239 184 578
10Y B 10.095 369 764
10Y B- 11.590 519 913