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
25-Apr-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.581 64 78
5Y AA 2.856 64 105
5Y A+ 2.957 65 116
5Y A 3.055 66 125
5Y A- 3.193 66 139
5Y BBB+ 3.333 67 153
5Y BBB 3.444 71 164
5Y BBB- 3.750 78 195
5Y BB+ 5.204 85 340
5Y BB 5.319 96 352
5Y BB- 5.775 142 397
5Y B+ 7.041 190 524
5Y B 8.764 362 696
5Y B- 10.151 501 835
10Y AAA 2.721 40 45
10Y AA 3.399 41 113
10Y A+ 3.478 41 121
10Y A 3.553 42 128
10Y A- 3.712 43 144
10Y BBB+ 3.875 44 160
10Y BBB 4.008 47 174
10Y BBB- 4.412 54 214
10Y BB+ 6.194 61 392
10Y BB 6.309 72 404
10Y BB- 6.765 118 449
10Y B+ 7.987 166 572
10Y B 9.709 338 744
10Y B- 11.097 477 883