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
15-Dec-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.853 59 72
5Y AA 3.044 60 91
5Y A+ 3.119 61 98
5Y A 3.191 61 106
5Y A- 3.296 62 116
5Y BBB+ 3.402 62 127
5Y BBB 3.540 65 140
5Y BBB- 3.693 70 156
5Y BB+ 5.081 75 295
5Y BB 5.168 84 303
5Y BB- 5.515 119 338
5Y B+ 6.634 155 450
5Y B 7.942 286 581
5Y B- 8.996 392 686
10Y AAA 3.215 42 86
10Y AA 3.397 42 104
10Y A+ 3.493 43 114
10Y A 3.587 43 123
10Y A- 3.710 44 135
10Y BBB+ 3.835 45 148
10Y BBB 4.022 47 166
10Y BBB- 4.252 53 189
10Y BB+ 5.934 58 358
10Y BB 6.021 67 366
10Y BB- 6.367 101 401
10Y B+ 7.613 138 526
10Y B 8.921 269 656
10Y B- 9.975 374 762