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-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.816 64 91
5Y AA 2.899 64 100
5Y A+ 3.011 65 111
5Y A 3.120 65 122
5Y A- 3.246 66 134
5Y BBB+ 3.374 67 147
5Y BBB 3.488 69 158
5Y BBB- 3.757 75 185
5Y BB+ 5.181 80 328
5Y BB 5.270 89 337
5Y BB- 5.627 125 372
5Y B+ 6.812 162 491
5Y B 8.158 297 625
5Y B- 9.242 405 734
10Y AAA 3.132 46 72
10Y AA 3.562 47 115
10Y A+ 3.643 47 123
10Y A 3.721 48 131
10Y A- 3.864 48 145
10Y BBB+ 4.010 49 160
10Y BBB 4.138 52 173
10Y BBB- 4.525 57 211
10Y BB+ 6.249 62 384
10Y BB 6.339 71 393
10Y BB- 6.695 107 428
10Y B+ 7.798 145 539
10Y B 9.144 279 673
10Y B- 10.228 388 782