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-Feb-18
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 3.301 56 64
5Y AA 3.538 57 87
5Y A+ 3.616 58 95
5Y A 3.692 58 103
5Y A- 3.779 58 111
5Y BBB+ 3.869 59 120
5Y BBB 4.025 61 136
5Y BBB- 4.210 67 155
5Y BB+ 5.694 71 303
5Y BB 5.775 80 311
5Y BB- 6.099 112 343
5Y B+ 7.046 146 438
5Y B 8.269 268 560
5Y B- 9.254 367 659
10Y AAA 3.722 39 79
10Y AA 3.938 40 101
10Y A+ 4.033 40 110
10Y A 4.126 41 120
10Y A- 4.238 41 131
10Y BBB+ 4.352 42 142
10Y BBB 4.576 44 165
10Y BBB- 4.820 49 189
10Y BB+ 6.562 54 363
10Y BB 6.644 62 371
10Y BB- 6.968 95 404
10Y B+ 8.088 129 516
10Y B 9.311 251 638
10Y B- 10.296 350 737