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Asian Bonds Indices
Asian Local Bond Index
The HSBC Asian Local Bond Index (ALBI) tracks the total return performance of a bond portfolio which consists of local-currency denominated, high quality and liquid bonds in Asia ex-Japan. The ALBI includes bonds from the following countries/regions: Korea, Hong Kong SAR, India, Singapore, Taiwan, Malaysia, Thailand, the Philippines, Indonesia and China.
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| 3-Feb-12 | Current Level | Previous Day Level | Net Change | Country weight | Index Yield | Index Duration | Average Life(Yr) | Average Coupon | Total Mkt Cap(mm) |
| ALBI Overall | 250.99 | 250.79 | 0.08 | 100.00 | 3.76 | 5.37 | 6.89 | 4.99 | 1266904.12 |
| China Offshore | 98.57 | 98.57 | 0.00 | 2.39 | 4.33 | 2.82 | 3.09 | 3.00 | 125737.55 |
| China Onshore | 147.57 | 147.55 | 0.01 | 8.39 | 3.55 | 4.84 | 5.89 | 3.52 | 954350.45 |
| Hong Kong | 300.85 | 300.67 | 0.06 | 12.49 | 2.18 | 4.83 | 5.48 | 3.10 | 240669.87 |
| India | 267.80 | 267.82 | -0.01 | 6.46 | 8.28 | 5.06 | 7.56 | 7.90 | 6203847.22 |
| Indonesia | 686.70 | 685.56 | 0.17 | 13.06 | 5.84 | 7.03 | 11.73 | 10.11 | 62851401.00 |
| Korea | 193.20 | 193.19 | 0.01 | 16.62 | 3.71 | 4.37 | 5.33 | 4.60 | 389447531.55 |
| Malaysia | 164.94 | 164.77 | 0.10 | 9.92 | 3.51 | 4.85 | 5.79 | 4.23 | 417846.89 |
| Phillipines | 353.57 | 352.19 | 0.39 | 5.08 | 5.26 | 6.96 | 11.05 | 7.60 | 2304383.26 |
| Singapore | 157.81 | 157.79 | 0.01 | 14.89 | 1.77 | 5.78 | 5.72 | 2.85 | 105156.40 |
| Taiwan | 175.19 | 175.23 | -0.02 | 3.15 | 1.42 | 8.04 | 9.39 | 2.53 | 4498007.00 |
| Thailand | 180.39 | 180.39 | 0.00 | 7.53 | 3.27 | 4.91 | 5.93 | 4.35 | 2793426.07 |
Asian US Dollar Bond Index
The HSBC Asian US Dollar Bond Index (ADBI) tracks the total-return performance of a non-Japan Asian bond portfolio consisting of US dollar-denominated, fixed-rate, straight bonds satisfying a set of simple issue size and liquidity criteria. The Index constituent selection process is completely mechanised yet constituent weightings are periodically reviewed and adjusted by constituents' liquidity rankings, ensuring a fair and replicable benchmark.
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| 3-Feb-12 | Index Level | Weekly Return | Monthly Return | Quarterly Return | T-Spreads |
| ADBI | 316.837323 | 0.8600% | 1.5110% | 2.0420% | 366.86338 |
| CHINA | 268.66195 | 1.4087% | 2.8364% | 3.0974% | 469.545059 |
| HONG KONG | 310.659818 | 0.7932% | 0.6951% | 2.0019% | 375.446182 |
| PHILIPPINES | 434.818645 | 1.0958% | 1.9851% | 4.2854% | 289.719753 |
| INDONESIA | 226.091827 | 0.8159% | 1.6460% | 2.8772% | 317.032789 |
| KOREA | 261.014182 | 0.6706% | 0.8969% | 1.2441% | 328.070675 |
| MALAYSIA | 319.101122 | 0.6964% | 1.3892% | 1.3542% | 256.764175 |
| THAILAND | 382.510189 | 1.4945% | 2.3119% | 2.9646% | 391.185582 |
| SINGAPORE | 278.015714 | 0.7058% | 1.5482% | 1.6529% | 256.23255 |
| INDIA | 298.335923 | 0.5005% | 2.5416% | -1.3080% | 580.145821 |
| PAKISTAN | 246.065303 | 0.1742% | -5.3694% | -4.5608% | 1541.35067 |
| VIETNAM | 328.739188 | 3.0560% | 4.6419% | 6.4654% | 513.739048 |
| SRI LANKA | 309.352021 | 0.4593% | 0.6850% | -1.0118% | 525.676786 |
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.
| 3-Feb-12 | ||||
|---|---|---|---|---|
| Tenor | Rating | Yield (%) | Asia Premium (bps) | Spread over Treasury (bps) |
| 5Y | AAA | 2.629 | 147 | 192 |
| 5Y | AA | 2.743 | 149 | 203 |
| 5Y | A+ | 3.007 | 153 | 230 |
| 5Y | A | 3.096 | 155 | 238 |
| 5Y | A- | 3.418 | 157 | 271 |
| 5Y | BBB+ | 3.732 | 161 | 302 |
| 5Y | BBB | 4.319 | 173 | 361 |
| 5Y | BBB- | 5.093 | 200 | 438 |
| 5Y | BB+ | 6.600 | 225 | 589 |
| 5Y | BB | 7.633 | 267 | 692 |
| 5Y | BB- | 9.449 | 437 | 874 |
| 5Y | B+ | 11.445 | 615 | 1073 |
| 5Y | B | 18.797 | 1255 | 1809 |
| 5Y | B- | 24.293 | 1770 | 2358 |
| 10Y | AAA | 4.001 | 135 | 217 |
| 10Y | AA | 4.138 | 138 | 231 |
| 10Y | A+ | 4.391 | 141 | 256 |
| 10Y | A | 4.466 | 143 | 264 |
| 10Y | A- | 4.754 | 146 | 293 |
| 10Y | BBB+ | 4.930 | 149 | 310 |
| 10Y | BBB | 5.602 | 161 | 377 |
| 10Y | BBB- | 6.307 | 188 | 448 |
| 10Y | BB+ | 7.546 | 213 | 572 |
| 10Y | BB | 8.832 | 256 | 700 |
| 10Y | BB- | 10.645 | 425 | 882 |
| 10Y | B+ | 12.538 | 604 | 1071 |
| 10Y | B | 20.408 | 1243 | 1858 |
| 10Y | B- | 25.952 | 1758 | 2412 |
Offshore Renminbi Bond Index (CNH Index)
The HSBC Offshore Renminbi Bond Index (CNH Index) tracks total return performance of Renminbi-denominated and Renminbi-settled bonds issued outside of the People's Republic of China. The total return index starts at 100 and has a base date of 31 December 2010.
- Fact Sheet: Index Construction and Calculation (English)
- Fact Sheet: Index Construction and Calculation (Chinese)
| 3-Feb-12 | Current Level | Previous Level | Change |
| Total Return | 98.57 | 98.57 | 0.00 |
| Total Return (USD) | 103.22 | 103.24 | -0.01 |
| Avg Duration | 2.82 | 2.82 | -0.08 |
| Avg Yield | 4.33 | 4.32 | 0.08 |
| Market Cap | 125737.55 | 125735.98 | 1.57 |
| Avg Life | 3.09 | 3.09 | -0.09 |
| Avg Clean Price | 95.65 | 95.66 | -0.01 |
| Avg Coupon | 3.00 | 3.00 | 0.00 |
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