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
24-Jun-16
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.039 54 91
5Y AA 2.189 55 106
5Y A+ 2.345 56 121
5Y A 2.496 57 137
5Y A- 2.707 58 158
5Y BBB+ 2.923 60 179
5Y BBB 2.989 64 186
5Y BBB- 3.831 75 270
5Y BB+ 5.507 85 438
5Y BB 5.676 102 455
5Y BB- 6.345 169 521
5Y B+ 7.844 239 671
5Y B 10.372 492 924
5Y B- 12.408 696 1128
10Y AAA 2.430 46 80
10Y AA 2.912 47 129
10Y A+ 3.083 48 146
10Y A 3.250 49 162
10Y A- 3.459 50 183
10Y BBB+ 3.673 51 205
10Y BBB 3.740 56 211
10Y BBB- 4.788 67 316
10Y BB+ 6.679 77 505
10Y BB 6.848 93 522
10Y BB- 7.517 160 589
10Y B+ 8.852 231 723
10Y B 11.380 484 975
10Y B- 13.416 687 1179