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
18-Aug-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.393 59 64
5Y AA 2.757 60 100
5Y A+ 2.830 61 107
5Y A 2.900 62 114
5Y A- 3.032 63 128
5Y BBB+ 3.167 64 141
5Y BBB 3.305 67 155
5Y BBB- 3.551 75 179
5Y BB+ 5.072 83 332
5Y BB 5.198 95 344
5Y BB- 5.700 145 394
5Y B+ 6.885 198 513
5Y B 8.780 388 702
5Y B- 10.307 541 855
10Y AAA 2.457 37 26
10Y AA 3.239 38 104
10Y A+ 3.323 39 113
10Y A 3.404 40 121
10Y A- 3.535 40 134
10Y BBB+ 3.670 41 147
10Y BBB 3.840 45 164
10Y BBB- 4.194 53 200
10Y BB+ 6.037 60 384
10Y BB 6.163 73 397
10Y BB- 6.665 123 447
10Y B+ 7.851 176 566
10Y B 9.747 366 755
10Y B- 11.274 518 908