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
27-May-16
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.277 70 92
5Y AA 2.441 71 109
5Y A+ 2.589 73 123
5Y A 2.732 74 138
5Y A- 2.965 75 161
5Y BBB+ 3.204 76 185
5Y BBB 3.277 81 192
5Y BBB- 4.200 94 285
5Y BB+ 5.722 105 437
5Y BB 5.911 124 456
5Y BB- 6.665 199 531
5Y B+ 8.128 279 677
5Y B 10.973 563 962
5Y B- 13.265 792 1191
10Y AAA 2.966 57 113
10Y AA 3.114 58 128
10Y A+ 3.277 59 144
10Y A 3.435 60 160
10Y A- 3.675 61 184
10Y BBB+ 3.921 63 208
10Y BBB 4.001 68 217
10Y BBB- 5.127 80 329
10Y BB+ 6.869 92 503
10Y BB 7.059 110 522
10Y BB- 7.812 186 598
10Y B+ 9.135 265 730
10Y B 11.981 550 1014
10Y B- 14.273 779 1244