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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
27-Apr-15 Current Level Previous Day Level Net Change Country weight Index Yield Index Duration Average Life(Yr) Average Coupon Total Mkt Cap(mm)
ALBI Overall 262.81 262.79 0.01 100.00 3.70 5.86 7.86 4.42 1779454.13
China Offshore 111.52 111.39 0.12 4.23 4.75 2.56 2.90 4.19 324048.55
China Onshore 167.88 167.54 0.20 8.27 3.60 6.17 8.62 3.94 2276639.18
Hong Kong 328.39 327.82 0.17 11.01 2.12 4.59 5.18 2.59 315411.40
India 355.14 354.87 0.08 6.38 7.86 6.13 10.55 8.28 10667518.82
Indonesia 754.27 758.19 -0.52 9.74 7.84 6.73 11.71 8.59 99716742.36
Korea 230.77 230.76 0.01 19.99 2.28 5.89 7.06 3.64 506647289.41
Malaysia 183.70 183.61 0.05 9.85 3.91 5.14 6.30 4.01 517237.19
Philippines 428.90 428.48 0.10 6.26 4.23 7.51 10.68 5.90 3811367.09
Singapore 166.13 165.95 0.11 14.19 2.34 5.92 7.09 2.83 131823.49
Taiwan 180.78 180.61 0.09 2.02 1.77 8.95 10.83 2.12 4990805.75
Thailand 210.32 210.41 -0.04 8.05 2.88 6.39 8.85 4.04 3603436.78

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
27-Apr-15
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 384.99 0.12% 1.01% 1.88% 213.95
CHINA 334.21 0.05% 1.00% 2.27% 222.61
HONG KONG 378.24 0.12% 0.82% 1.36% 192.07
MALAYSIA 366.09 -0.08% 1.30% 2.02% 169.77
INDONESIA 269.57 0.64% 1.21% 2.50% 265.94
KOREA 305.02 -0.02% 0.61% 0.89% 122.93
SINGAPORE 318.31 -0.05% 0.75% 1.14% 132.64
INDIA 390.80 -0.09% 1.50% 2.81% 260.13
PHILIPPINES 543.16 0.28% 0.98% 1.36% 154.05
THAILAND 464.81 -0.20% 1.00% 1.33% 220.58
VIETNAM 424.41 0.11% 0.68% 1.38% 274.33
SRI LANKA 384.80 0.47% 0.79% -0.04% 444.11
MONGOLIA 115.21 0.83% 4.86% 9.29% 592.36
TAIWAN 101.51 0.14% 0.40% 1.63% 146.35

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
28-Apr-15
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 1.898 78 56
5Y AA 2.565 79 122
5Y A+ 2.661 82 132
5Y A 2.749 83 141
5Y A- 2.907 85 157
5Y BBB+ 3.072 87 173
5Y BBB 3.320 95 198
5Y BBB- 3.892 112 255
5Y BB+ 5.638 128 430
5Y BB 5.915 156 457
5Y BB- 7.011 266 567
5Y B+ 8.935 381 759
5Y B 13.077 796 1174
5Y B- 16.414 1129 1507
10Y AAA 2.977 63 105
10Y AA 3.305 64 138
10Y A+ 3.430 67 151
10Y A 3.547 68 162
10Y A- 3.696 70 177
10Y BBB+ 3.852 72 193
10Y BBB 4.074 80 215
10Y BBB- 4.830 97 291
10Y BB+ 6.740 113 482
10Y BB 7.016 141 509
10Y BB- 8.113 251 619
10Y B+ 10.132 367 821
10Y B 14.275 781 1235
10Y B- 17.612 1115 1569

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)
27-Apr-15 Current Level Previous Level Change
Total Return 111.52 111.39 0.12
Total Return (USD) 118.46 118.56 -0.09
Avg Duration 2.56 2.57 -0.28
Avg Yield 4.75 4.78 -0.61
Market Cap 324048.55 323655.68 392.87
Avg Life 2.90 2.91 -0.28
Avg Clean Price 95.78 95.69 0.09
Avg Coupon 4.19 4.19 0.00