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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
29-Oct-14 Current Level Previous Day Level Net Change Country weight Index Yield Index Duration Average Life(Yr) Average Coupon Total Mkt Cap(mm)
ALBI Overall 261.75 261.44 0.12 100.00 3.96 5.73 7.79 4.43 1699597.87
China Offshore 110.44 110.42 0.02 3.78 4.40 2.64 2.99 4.14 331386.63
China Onshore 162.25 161.88 0.23 8.14 3.86 6.08 8.44 3.97 1846903.35
Hong Kong 318.41 318.53 -0.04 11.20 2.48 4.46 5.07 2.64 303491.54
India 329.98 329.82 0.05 6.18 8.45 5.87 10.46 8.20 9636794.98
Indonesia 700.47 702.19 -0.25 9.76 8.37 6.75 12.20 8.60 89006534.65
Korea 222.96 222.86 0.05 19.85 2.66 5.56 6.77 3.80 482510325.88
Malaysia 179.27 179.24 0.01 10.53 3.99 5.01 6.13 3.96 531801.71
Philippines 419.26 418.55 0.17 6.08 4.34 7.44 10.73 6.05 3858864.35
Singapore 163.64 163.72 -0.05 14.70 2.37 6.00 7.21 2.83 127878.38
Taiwan 177.88 177.85 0.01 2.02 1.84 8.82 10.75 2.16 4852227.67
Thailand 201.07 201.38 -0.16 7.77 3.35 6.08 8.55 4.03 3382252.31

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
29-Oct-14
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 371.59 -0.15% 1.38% 1.54% 221.51
CHINA 321.36 -0.28% 1.29% 1.30% 235.92
HONG KONG 367.30 -0.32% 1.04% 1.14% 197.09
MALAYSIA 357.16 -0.24% 1.08% 0.93% 159.87
INDONESIA 256.58 0.11% 2.79% 2.26% 268.88
KOREA 298.19 -0.25% 0.97% 1.01% 132.92
SINGAPORE 308.05 -0.40% 0.98% 1.02% 139.04
INDIA 379.88 -0.14% 0.82% 1.70% 263.62
PHILIPPINES 514.05 0.29% 2.19% 2.73% 175.06
THAILAND 448.87 -0.42% 1.08% 2.12% 214.17
VIETNAM 409.34 0.46% 0.51% 0.92% 315.42
SRI LANKA 386.20 1.09% 1.04% 1.59% 352.10
MONGOLIA 112.86 0.32% 0.82% 5.58% 537.77
TAIWAN 100.13 -0.01% 0.34% N/A 144.93

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
30-Oct-14
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.399 91 81
5Y AA 2.819 92 122
5Y A+ 2.914 94 132
5Y A 3.003 95 141
5Y A- 3.137 96 154
5Y BBB+ 3.277 98 168
5Y BBB 3.477 104 188
5Y BBB- 3.865 117 227
5Y BB+ 5.683 129 409
5Y BB 5.891 150 430
5Y BB- 6.717 233 512
5Y B+ 8.768 320 717
5Y B 11.887 632 1029
5Y B- 14.399 883 1280
10Y AAA 3.449 78 113
10Y AA 3.817 79 150
10Y A+ 3.887 81 157
10Y A 3.951 82 164
10Y A- 4.087 83 177
10Y BBB+ 4.230 85 191
10Y BBB 4.361 91 205
10Y BBB- 4.822 104 251
10Y BB+ 6.506 116 419
10Y BB 6.713 137 440
10Y BB- 7.539 219 522
10Y B+ 9.122 307 681
10Y B 12.241 618 993
10Y B- 14.753 870 1244

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)
29-Oct-14 Current Level Previous Level Change
Total Return 110.44 110.42 0.02
Total Return (USD) 119.09 118.97 0.11
Avg Duration 2.64 2.64 -0.10
Avg Yield 4.40 4.40 -0.05
Market Cap 331386.63 331329.32 57.31
Avg Life 2.99 3.00 -0.09
Avg Clean Price 96.82 96.82 0.01
Avg Coupon 4.14 4.14 0.00

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