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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
20-Nov-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 257.65 258.25 -0.23 100.00 3.92 5.77 7.83 4.45 1691209.83
China Offshore 110.81 110.76 0.05 3.84 4.35 2.61 2.95 4.13 341115.46
China Onshore 163.90 164.01 -0.07 8.34 3.75 6.32 8.72 3.97 1949432.83
Hong Kong 318.78 319.16 -0.12 11.39 2.49 4.40 4.99 2.62 311483.29
India 335.27 335.11 0.05 6.30 8.26 5.97 10.52 8.20 9896274.08
Indonesia 714.54 712.20 0.33 10.03 8.15 6.83 12.16 8.60 91894881.61
Korea 223.18 222.83 0.16 19.00 2.67 5.60 6.86 3.79 483668065.06
Malaysia 179.53 179.56 -0.02 10.41 4.01 5.05 6.19 3.98 531420.31
Philippines 423.45 423.72 -0.06 6.19 4.21 7.39 10.61 6.02 3921187.31
Singapore 163.63 163.66 -0.02 14.57 2.40 5.96 7.16 2.83 127212.18
Taiwan 178.65 178.66 -0.01 2.02 1.81 8.82 10.70 2.15 4936474.02
Thailand 204.17 204.17 0.00 7.92 3.14 6.10 8.50 4.01 3499483.22

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
20-Nov-14
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 371.81 0.14% 0.17% 1.23% 214.53
CHINA 321.34 0.01% -0.01% 0.82% 231.17
HONG KONG 366.99 0.14% -0.28% 0.68% 192.23
MALAYSIA 356.94 0.17% -0.23% 0.73% 155.14
INDONESIA 258.15 0.57% 1.56% 2.87% 259.00
KOREA 297.96 0.14% -0.27% 0.66% 126.94
SINGAPORE 308.41 0.18% -0.20% 0.89% 131.12
INDIA 378.89 -0.22% -0.12% 0.95% 263.28
PHILIPPINES 515.23 0.30% 0.62% 2.54% 168.80
THAILAND 449.48 0.27% -0.18% 1.41% 205.33
VIETNAM 413.02 0.26% 2.06% 1.55% 283.12
SRI LANKA 388.32 0.03% 2.05% 2.83% 335.30
MONGOLIA 112.67 0.61% 1.16% 1.46% 540.70
TAIWAN 99.61 -0.11% -0.59% N/A 159.52

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
20-Nov-14
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.342 88 70
5Y AA 2.879 89 124
5Y A+ 2.973 91 133
5Y A 3.061 92 142
5Y A- 3.185 93 154
5Y BBB+ 3.314 95 167
5Y BBB 3.560 100 192
5Y BBB- 3.937 114 230
5Y BB+ 5.736 125 409
5Y BB 5.941 146 430
5Y BB- 6.756 227 511
5Y B+ 8.757 314 712
5Y B 11.835 621 1019
5Y B- 14.314 869 1267
10Y AAA 3.731 101 138
10Y AA 4.145 102 179
10Y A+ 4.196 104 184
10Y A 4.242 105 189
10Y A- 4.375 106 202
10Y BBB+ 4.514 108 216
10Y BBB 4.685 113 233
10Y BBB- 5.221 127 287
10Y BB+ 6.851 139 450
10Y BB 7.056 159 470
10Y BB- 7.871 241 552
10Y B+ 9.483 327 713
10Y B 12.560 634 1021
10Y B- 15.039 882 1268

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)
18-Nov-14 Current Level Previous Level Change
Total Return 110.75 110.68 0.06
Total Return (USD) 119.33 119.09 0.20
Avg Duration 2.62 2.62 0.05
Avg Yield 4.36 4.38 -0.45
Market Cap 340925.42 340712.32 213.10
Avg Life 2.96 2.96 -0.09
Avg Clean Price 96.88 96.83 0.05
Avg Coupon 4.13 4.13 0.00

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