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
26-Aug-16
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 1.847 58 69
5Y AA 2.117 59 96
5Y A+ 2.244 60 109
5Y A 2.368 61 121
5Y A- 2.553 62 140
5Y BBB+ 2.742 63 159
5Y BBB 2.801 67 165
5Y BBB- 3.425 76 227
5Y BB+ 4.901 84 375
5Y BB 5.040 98 389
5Y BB- 5.590 153 444
5Y B+ 7.051 211 590
5Y B 9.130 419 798
5Y B- 10.805 586 965
10Y AAA 2.135 42 57
10Y AA 2.702 43 114
10Y A+ 2.831 44 127
10Y A 2.956 45 139
10Y A- 3.144 46 158
10Y BBB+ 3.336 47 177
10Y BBB 3.406 51 184
10Y BBB- 4.179 60 261
10Y BB+ 5.953 68 439
10Y BB 6.092 82 453
10Y BB- 6.643 137 508
10Y B+ 7.953 195 639
10Y B 10.032 403 847
10Y B- 11.707 570 1014