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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 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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Asian Local Bond Index
26-Feb-15 Current Level Previous Day Level Net Change Country weight Index Yield Index Duration Average Life(Yr) Average Coupon Total Mkt Cap(mm)
ALBI Overall 260.46 259.45 0.39 100.00 3.72 5.82 7.82 4.47 1762567.50
China Offshore 110.12 110.09 0.03 4.18 4.93 2.60 2.94 4.14 340363.43
China Onshore 168.50 168.35 0.09 8.30 3.47 6.37 8.82 3.96 2232798.31
Hong Kong 324.65 324.07 0.18 10.97 2.26 4.55 5.10 2.64 307678.45
India 352.24 352.54 -0.08 6.56 7.78 6.04 10.40 8.23 10692463.49
Indonesia 778.98 775.37 0.47 10.26 7.20 6.97 11.92 8.59 101541602.03
Korea 228.54 228.34 0.09 19.56 2.38 5.79 6.97 3.72 496077387.85
Malaysia 181.71 181.58 0.07 9.76 3.98 4.90 6.00 3.98 557917.14
Philippines 430.59 430.24 0.08 6.37 4.08 7.62 10.77 5.92 3868121.65
Singapore 164.78 164.33 0.28 13.99 2.40 5.74 6.85 2.82 130426.38
Taiwan 179.61 179.83 -0.12 1.98 1.80 8.80 10.66 2.16 4958388.60
Thailand 207.21 206.63 0.28 8.07 3.03 6.24 8.63 4.02 3582064.08

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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Asian US Dollar Bond Index
26-Feb-15
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 380.26 0.92% 0.66% 1.82% 214.47
CHINA 329.27 1.09% 0.86% 1.91% 227.90
HONG KONG 373.86 0.79% 0.25% 1.49% 197.39
MALAYSIA 358.32 0.60% -0.23% 0.07% 188.83
INDONESIA 268.24 1.50% 1.95% 3.43% 257.54
KOREA 302.29 0.61% -0.06% 1.15% 128.22
SINGAPORE 315.21 0.84% 0.15% 1.78% 130.43
INDIA 385.58 0.71% 1.51% 1.22% 265.65
PHILIPPINES 534.97 0.62% -0.17% 3.29% 160.37
THAILAND 457.92 0.99% -0.31% 1.26% 224.93
VIETNAM 420.16 -0.07% 0.21% 1.62% 266.97
SRI LANKA 382.65 0.52% -0.56% -1.41% 428.96
MONGOLIA 109.87 1.39% 5.04% -2.95% 675.69
TAIWAN 100.64 0.35% 0.78% 0.91% 151.73

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
27-Feb-15
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.309 99 78
5Y AA 2.800 101 128
5Y A+ 2.909 103 138
5Y A 3.010 105 149
5Y A- 3.158 106 163
5Y BBB+ 3.314 109 179
5Y BBB 3.645 116 212
5Y BBB- 4.219 134 269
5Y BB+ 5.892 150 437
5Y BB 6.168 178 464
5Y BB- 7.264 287 574
5Y B+ 9.427 403 790
5Y B 13.568 817 1204
5Y B- 16.904 1151 1538
10Y AAA 3.146 80 112
10Y AA 3.547 81 153
10Y A+ 3.646 84 162
10Y A 3.736 85 171
10Y A- 3.884 87 186
10Y BBB+ 4.040 89 202
10Y BBB 4.093 97 207
10Y BBB- 5.143 114 312
10Y BB+ 6.587 130 457
10Y BB 6.863 158 484
10Y BB- 7.960 268 594
10Y B+ 9.825 383 780
10Y B 13.966 798 1194
10Y B- 17.301 1131 1528

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.

Offshore Renminbi Bond Index (CNH Index)
26-Feb-15 Current Level Previous Level Change
Total Return 110.12 110.09 0.03
Total Return (USD) 115.76 115.68 0.07
Avg Duration 2.60 2.60 -0.09
Avg Yield 4.93 4.93 -0.07
Market Cap 340363.43 340274.08 89.35
Avg Life 2.94 2.94 -0.09
Avg Clean Price 95.22 95.21 0.01
Avg Coupon 4.14 4.14 0.00