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
26-May-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.524 56 74
5Y AA 2.796 57 101
5Y A+ 2.872 58 109
5Y A 2.944 59 116
5Y A- 3.086 60 130
5Y BBB+ 3.233 61 145
5Y BBB 3.397 66 161
5Y BBB- 3.612 76 183
5Y BB+ 5.039 85 325
5Y BB 5.196 101 341
5Y BB- 5.822 163 404
5Y B+ 7.151 229 537
5Y B 9.512 465 773
5Y B- 11.414 656 963
10Y AAA 2.577 39 33
10Y AA 3.383 40 113
10Y A+ 3.446 41 120
10Y A 3.503 42 125
10Y A- 3.655 43 141
10Y BBB+ 3.812 44 156
10Y BBB 4.014 48 176
10Y BBB- 4.325 58 208
10Y BB+ 6.069 68 382
10Y BB 6.227 83 398
10Y BB- 6.852 146 460
10Y B+ 8.133 212 588
10Y B 10.494 448 825
10Y B- 12.396 638 1015