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
30-Sep-16
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 1.950 54 85
5Y AA 2.114 55 101
5Y A+ 2.230 56 113
5Y A 2.342 57 124
5Y A- 2.508 58 141
5Y BBB+ 2.678 59 158
5Y BBB 2.767 63 167
5Y BBB- 3.260 72 216
5Y BB+ 4.989 80 389
5Y BB 5.127 93 403
5Y BB- 5.674 148 457
5Y B+ 7.317 206 622
5Y B 9.382 412 828
5Y B- 11.046 579 994
10Y AAA 2.600 41 105
10Y AA 2.713 42 116
10Y A+ 2.832 43 128
10Y A 2.947 44 140
10Y A- 3.116 45 157
10Y BBB+ 3.289 46 174
10Y BBB 3.412 50 186
10Y BBB- 4.033 58 248
10Y BB+ 6.070 66 452
10Y BB 6.208 80 466
10Y BB- 6.755 135 521
10Y B+ 8.259 193 671
10Y B 10.324 399 878
10Y B- 11.988 565 1044