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
5-Feb-16 Current Level Previous Day Level Net Change Country weight Index Yield Index Duration Average Life(Yr) Average Coupon Total Mkt Cap(mm)
ALBI Overall 252.38 251.28 0.44 100.00 3.75 5.96 7.93 4.33 1892122.37
China Offshore 112.42 112.44 -0.02 4.19 5.57 2.67 3.10 4.28 272256.70
China Onshore 178.70 178.68 0.01 8.65 3.05 6.43 8.67 3.68 3529700.02
Hong Kong 330.18 329.39 0.24 10.98 2.47 4.73 5.41 2.65 321315.14
India 374.30 373.56 0.20 7.08 7.95 6.03 10.49 8.07 10195738.30
Indonesia 777.02 773.75 0.42 9.95 8.38 6.42 11.21 8.56 113112703.07
Korea 240.88 241.00 -0.05 19.53 1.87 6.31 7.35 3.34 544833858.88
Malaysia 189.01 189.04 -0.02 9.11 3.99 5.03 6.22 4.02 556272.53
Philippines 429.86 433.43 -0.82 6.06 4.61 7.39 10.77 5.73 3742683.24
Singapore 169.04 168.75 0.17 14.34 2.40 5.96 7.10 2.79 132682.73
Taiwan 194.16 194.15 0.01 2.09 1.15 9.35 10.82 2.04 5393721.23
Thailand 218.82 218.81 0.00 8.02 2.64 6.48 8.74 3.85 3976990.69

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
5-Feb-16
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 386.67 0.29% 1.15% 1.10% 270.23
CHINA 339.59 0.25% 1.06% 1.61% 258.19
HONG KONG 381.19 0.31% 0.85% 0.85% 236.70
MALAYSIA 368.17 0.38% 1.77% 2.22% 222.65
INDONESIA 256.83 0.17% 0.89% -0.38% 386.62
KOREA 310.98 0.46% 1.69% 2.15% 137.43
SINGAPORE 325.05 0.38% 1.81% 2.30% 161.27
INDIA 384.90 0.13% 0.33% -1.41% 350.06
PHILIPPINES 554.98 0.76% 2.58% 2.38% 175.33
THAILAND 479.09 0.56% 2.12% 2.91% 241.61
VIETNAM 420.40 -0.15% 0.23% 0.95% 381.86
SRI LANKA 369.84 -0.64% -1.15% -4.08% 681.51
MONGOLIA 104.92 -1.99% -6.70% -7.68% 1097.83
TAIWAN 103.47 0.12% 1.28% 2.11% 222.97

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
5-Feb-16
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.184 65 96
5Y AA 2.605 67 138
5Y A+ 2.791 70 157
5Y A 2.967 72 174
5Y A- 3.226 74 200
5Y BBB+ 3.494 77 227
5Y BBB 3.614 86 239
5Y BBB- 4.550 108 333
5Y BB+ 6.413 128 519
5Y BB 6.755 162 553
5Y BB- 8.113 298 689
5Y B+ 10.742 441 952
5Y B 15.870 954 1465
5Y B- 20.001 1367 1878
10Y AAA 2.761 52 92
10Y AA 3.363 53 153
10Y A+ 3.567 56 173
10Y A 3.761 58 192
10Y A- 4.030 60 219
10Y BBB+ 4.308 63 247
10Y BBB 4.463 72 263
10Y BBB- 5.476 94 364
10Y BB+ 7.554 114 572
10Y BB 7.896 148 606
10Y BB- 9.254 284 742
10Y B+ 11.706 428 987
10Y B 16.834 940 1500
10Y B- 20.965 1354 1913

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)
5-Feb-16 Current Level Previous Level Change
Total Return 112.42 112.44 -0.02
Total Return (USD) 112.61 112.01 0.54
Avg Duration 2.67 2.67 -0.13
Avg Yield 5.57 5.55 0.25
Market Cap 272256.70 272317.65 -60.95
Avg Life 3.10 3.10 -0.09
Avg Clean Price 93.37 93.40 -0.03
Avg Coupon 4.28 4.28 0.00