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-Mar-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.749 57 80
5Y AA 2.888 57 94
5Y A+ 2.994 58 104
5Y A 3.098 58 115
5Y A- 3.225 59 128
5Y BBB+ 3.355 59 141
5Y BBB 3.456 61 151
5Y BBB- 3.717 66 177
5Y BB+ 5.447 71 350
5Y BB 5.523 78 357
5Y BB- 5.827 109 388
5Y B+ 7.031 141 508
5Y B 8.178 256 623
5Y B- 9.102 348 715
10Y AAA 3.088 39 67
10Y AA 3.523 39 111
10Y A+ 3.601 40 119
10Y A 3.678 40 126
10Y A- 3.823 41 141
10Y BBB+ 3.971 41 156
10Y BBB 4.100 43 169
10Y BBB- 4.458 48 205
10Y BB+ 6.495 53 408
10Y BB 6.571 60 416
10Y BB- 6.875 91 446
10Y B+ 8.058 123 564
10Y B 9.205 238 679
10Y B- 10.129 330 772