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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
19-Sep-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 258.57 258.58 0.00 100.00 4.16 5.67 7.82 4.45 1692362.29
China Offshore 110.34 110.33 0.01 3.80 4.19 2.64 2.99 4.07 305889.37
China Onshore 157.95 157.47 0.30 7.99 4.23 6.03 8.65 3.96 1717459.65
Hong Kong 312.46 312.84 -0.12 11.13 2.82 4.46 5.13 2.64 299692.40
India 322.78 322.58 0.06 6.17 8.66 5.80 10.80 8.21 10436987.11
Indonesia 687.18 685.60 0.23 9.78 8.52 6.80 12.33 8.61 86612781.25
Korea 218.89 218.88 0.01 19.82 2.93 5.33 6.59 3.88 489125651.79
Malaysia 178.11 177.98 0.07 10.70 4.02 4.94 6.03 3.98 538488.26
Philippines 411.36 411.19 0.04 6.06 4.56 7.37 10.81 6.06 3784021.35
Singapore 161.35 161.61 -0.16 14.73 2.57 6.03 7.32 2.85 123990.03
Taiwan 176.78 177.01 -0.13 2.04 1.89 8.79 10.71 2.15 4870861.00
Thailand 197.52 197.49 0.01 7.78 3.57 6.09 8.67 4.04 3278794.31

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
19-Sep-14
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 366.11 -0.27% -0.36% 1.11% 207.07
CHINA 316.67 -0.32% -0.77% 0.84% 220.20
HONG KONG 362.59 -0.24% -0.62% 0.80% 185.62
MALAYSIA 352.22 -0.24% -0.68% 0.04% 147.28
INDONESIA 251.90 -0.53% 0.54% 3.15% 250.85
KOREA 294.50 -0.16% -0.59% 0.27% 124.20
SINGAPORE 304.01 -0.24% -0.67% 0.29% 133.58
INDIA 375.17 -0.20% -0.13% 1.16% 248.44
PHILIPPINES 502.77 -0.24% 0.30% 1.59% 163.08
THAILAND 440.67 -0.30% -0.59% 1.74% 200.62
VIETNAM 407.70 -0.08% 0.26% 0.91% 281.44
SRI LANKA 383.96 -0.46% 1.68% 2.05% 317.54
MONGOLIA 111.87 1.85% 0.36% 2.38% 529.44
TAIWAN 99.82 -0.08% N/A N/A 113.28

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
18-Sep-14
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.508 86 68
5Y AA 2.887 87 106
5Y A+ 2.994 89 116
5Y A 3.097 90 127
5Y A- 3.221 91 139
5Y BBB+ 3.351 92 152
5Y BBB 3.546 98 172
5Y BBB- 3.887 110 206
5Y BB+ 5.642 121 381
5Y BB 5.833 140 400
5Y BB- 6.590 216 476
5Y B+ 8.506 296 667
5Y B 11.365 581 953
5Y B- 13.668 812 1184
10Y AAA 3.672 73 106
10Y AA 4.004 74 139
10Y A+ 4.072 75 145
10Y A 4.134 76 152
10Y A- 4.265 77 165
10Y BBB+ 4.402 79 179
10Y BBB 4.465 84 185
10Y BBB- 4.962 96 234
10Y BB+ 6.619 108 400
10Y BB 6.810 127 419
10Y BB- 7.567 202 495
10Y B+ 8.971 282 635
10Y B 11.830 568 921
10Y B- 14.133 798 1152

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)
19-Sep-14 Current Level Previous Level Change
Total Return 110.34 110.33 0.01
Total Return (USD) 118.39 118.24 0.12
Avg Duration 2.64 2.64 -0.09
Avg Yield 4.19 4.19 0.05
Market Cap 305889.37 305870.87 18.50
Avg Life 2.99 2.99 -0.09
Avg Clean Price 97.17 97.18 -0.01
Avg Coupon 4.07 4.07 0.00

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