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
20-Sep-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.517 57 69
5Y AA 2.832 58 100
5Y A+ 2.897 59 107
5Y A 2.959 60 113
5Y A- 3.098 60 127
5Y BBB+ 3.240 61 141
5Y BBB 3.355 65 152
5Y BBB- 3.593 73 176
5Y BB+ 4.960 80 313
5Y BB 5.084 92 325
5Y BB- 5.579 142 375
5Y B+ 6.852 194 502
5Y B 8.719 381 689
5Y B- 10.223 531 839
10Y AAA 3.101 34 86
10Y AA 3.286 34 105
10Y A+ 3.363 35 112
10Y A 3.437 36 120
10Y A- 3.581 37 134
10Y BBB+ 3.729 38 149
10Y BBB 3.882 41 164
10Y BBB- 4.223 49 198
10Y BB+ 5.885 56 364
10Y BB 6.009 69 377
10Y BB- 6.503 118 426
10Y B+ 7.783 170 554
10Y B 9.649 357 741
10Y B- 11.153 508 891