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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
1-Aug-14 Current Level Previous Day Level Net Change Country weight Index Yield Index Duration Average Life(Yr) Average Coupon Total Mkt Cap(mm)
ALBI Overall 258.94 260.69 -0.67 100.00 4.15 5.70 7.87 4.47 1659612.65
China Offshore 109.82 109.82 0.00 3.75 4.17 2.74 3.09 4.07 307015.08
China Onshore 156.13 155.94 0.13 7.84 4.32 6.02 8.72 3.95 1595552.68
Hong Kong 311.92 312.13 -0.07 11.10 2.79 4.55 5.23 2.66 291059.47
India 318.30 318.48 -0.06 6.08 8.71 5.88 10.83 8.20 10201372.55
Indonesia 684.74 685.01 -0.04 9.87 8.41 6.80 12.39 8.62 84420475.00
Korea 216.70 217.08 -0.18 19.72 3.04 5.32 6.63 3.90 477631415.57
Malaysia 177.38 177.32 0.03 10.72 3.99 4.93 6.04 3.98 542119.16
Philippines 412.18 411.62 0.14 6.18 4.44 7.20 10.53 6.23 3576245.36
Singapore 161.79 161.96 -0.10 14.97 2.47 6.17 7.51 2.84 121638.14
Taiwan 177.42 177.31 0.06 2.06 1.82 8.85 10.78 2.17 4934659.50
Thailand 196.22 196.29 -0.04 7.72 3.59 6.01 8.50 4.01 3292105.00

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
1-Aug-14
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 364.13 -0.33% 0.27% 2.53% 214.55
CHINA 315.55 -0.34% 0.18% 2.93% 223.30
HONG KONG 361.77 -0.20% 0.15% 2.26% 188.60
MALAYSIA 352.32 -0.28% -0.35% 1.55% 151.79
INDONESIA 248.24 -0.87% 1.64% 4.71% 265.34
KOREA 294.38 -0.11% -0.05% 1.08% 124.35
SINGAPORE 303.71 -0.21% -0.17% 1.47% 133.09
INDIA 371.92 -0.24% -0.03% 3.26% 262.64
PHILIPPINES 498.13 -0.39% 0.30% 1.68% 172.84
THAILAND 437.31 -0.24% 0.44% 2.90% 208.88
VIETNAM 406.19 0.21% 0.33% 1.71% 280.67
SRI LANKA 377.42 -0.74% 0.37% 3.17% 348.32
MONGOLIA 107.06 0.46% -1.69% 1.51% 625.86

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
1-Aug-14
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.555 88 80
5Y AA 2.817 89 106
5Y A+ 2.909 91 115
5Y A 2.995 92 124
5Y A- 3.128 93 137
5Y BBB+ 3.266 94 151
5Y BBB 3.469 99 171
5Y BBB- 3.805 111 205
5Y BB+ 5.536 122 378
5Y BB 5.721 141 397
5Y BB- 6.456 214 470
5Y B+ 8.331 292 658
5Y B 11.107 569 935
5Y B- 13.342 793 1159
10Y AAA 3.592 77 103
10Y AA 3.982 78 142
10Y A+ 4.029 79 147
10Y A 4.070 80 151
10Y A- 4.203 81 164
10Y BBB+ 4.341 83 178
10Y BBB 4.376 88 181
10Y BBB- 4.875 100 231
10Y BB+ 6.572 111 401
10Y BB 6.757 129 419
10Y BB- 7.492 203 493
10Y B+ 8.909 280 635
10Y B 11.685 558 912
10Y B- 13.921 781 1136

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)
1-Aug-14 Current Level Previous Level Change
Total Return 109.82 109.82 0.00
Total Return (USD) 117.14 117.18 -0.03
Avg Duration 2.74 2.70 1.21
Avg Yield 4.17 4.15 0.45
Market Cap 307015.08 298950.99 8064.09
Avg Life 3.09 3.06 1.12
Avg Clean Price 97.24 97.25 -0.01
Avg Coupon 4.07 4.07 -0.13

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