left corner inner shadow
right corner inner shadow
Featured topics
One bank, many tools
One bank, many tools

Bank of England rates are expected to stay low until Q3 2015 due to less inflationary pressure in 2014, according to Chief UK Economist Simon Wells.

South-South Special
South-South Special

China's growing interest in energy and infrastructure is a positive sign for equity markets in the Middle East and Sub-Saharan Africa.

See all insights

Featured resources
Week in China

Week in China offers exclusive commentary on key business trends emerging from China, updated every week.

Global Research

In-depth economic analysis and advice from a team of global finance experts

Why Global Banking and Markets Why Global Banking and Markets

Global Banking and Markets is a globally connected business, with a strong footprint in emerging markets.

HSBC in the forefront of Offshore RMB Business HSBC in the forefront of Offshore RMB Business

Learn more about the opportunities and risks of the rapidly expanding market for China's currency.

Awards Awards

Many of the industry's leading publications recognise our success as an emerging markets-led and financing-focused wholesale bank.

Careers for experienced candidates
How important are graduates to HSBC?
Experienced candidates

Be part of one of the most respected and internationally connected banks in the world

Is HSBC right for me?

Careers for graduates
Career events
Student and graduate careers

HSBC offers a world of opportunities for individuals at the early stage of their career.

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.

If you do not have Adobe's free Acrobat Reader installed on your computer, please click the icon to download.

Get Adobe Acrobat

Asian Local Bond Index
23-Jul-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 261.74 261.19 0.21 100.00 4.11 5.62 7.74 4.48 1648396.40
China Offshore 109.69 109.69 0.01 3.70 4.16 2.72 3.08 4.07 298612.03
China Onshore 155.76 155.62 0.09 7.70 4.33 5.89 8.49 3.93 1487598.92
Hong Kong 312.47 312.47 0.00 11.00 2.74 4.53 5.19 2.67 288042.81
India 318.45 318.30 0.05 6.08 8.66 5.86 10.71 8.19 10001088.90
Indonesia 682.80 683.56 -0.11 9.99 8.42 6.80 12.36 8.62 82126585.92
Korea 217.87 217.58 0.13 19.87 2.93 5.37 6.63 3.92 469389196.95
Malaysia 177.15 177.10 0.03 10.73 3.99 4.89 5.98 3.96 543208.29
Philippines 410.89 410.65 0.06 6.16 4.48 7.20 10.56 6.25 3572330.66
Singapore 162.24 162.17 0.05 14.97 2.38 5.84 7.09 2.83 125023.74
Taiwan 177.75 177.74 0.00 2.04 1.78 8.62 10.43 2.17 4956465.75
Thailand 196.45 196.48 -0.01 7.77 3.55 5.76 8.13 4.03 3410205.89

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.

If you do not have Adobe's free Acrobat Reader installed on your computer, please click the icon to download.

Get Adobe Acrobat

Asian US Dollar Bond Index
23-Jul-14
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 365.42 0.44% 0.93% 2.96% 215.98
CHINA 316.91 0.40% 0.90% 3.35% 224.24
HONG KONG 363.08 0.27% 0.92% 2.73% 188.22
MALAYSIA 353.86 0.23% 0.51% 1.95% 148.82
INDONESIA 249.26 1.19% 2.17% 5.47% 269.61
KOREA 295.05 0.20% 0.50% 1.31% 125.16
SINGAPORE 304.84 0.27% 0.55% 2.07% 132.55
INDIA 373.15 0.28% 0.64% 3.50% 259.35
PHILIPPINES 499.89 0.59% 1.04% 2.24% 178.19
THAILAND 439.18 0.64% 1.44% 3.50% 215.14
VIETNAM 405.19 -0.23% 0.22% 1.36% 293.12
SRI LANKA 379.42 0.56% 0.90% 3.88% 343.71
MONGOLIA 105.78 -0.77% -3.10% 0.10% 661.29

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
23-Jul-14
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.504 90 83
5Y AA 2.771 91 109
5Y A+ 2.861 93 118
5Y A 2.946 94 127
5Y A- 3.077 95 140
5Y BBB+ 3.214 97 154
5Y BBB 3.435 102 176
5Y BBB- 3.794 115 212
5Y BB+ 5.405 127 373
5Y BB 5.607 147 393
5Y BB- 6.409 227 473
5Y B+ 8.293 312 661
5Y B 11.319 615 964
5Y B- 13.757 858 1208
10Y AAA 3.541 80 107
10Y AA 3.910 81 143
10Y A+ 3.967 83 149
10Y A 4.019 84 154
10Y A- 4.143 85 167
10Y BBB+ 4.272 87 180
10Y BBB 4.329 92 185
10Y BBB- 4.766 105 229
10Y BB+ 6.537 117 406
10Y BB 6.738 137 426
10Y BB- 7.540 217 506
10Y B+ 8.990 302 651
10Y B 12.016 604 954
10Y B- 14.454 848 1198

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)
23-Jul-14 Current Level Previous Level Change
Total Return 109.69 109.69 0.01
Total Return (USD) 116.63 116.52 0.09
Avg Duration 2.72 2.72 -0.07
Avg Yield 4.16 4.15 0.06
Market Cap 298612.03 298596.55 15.49
Avg Life 3.08 3.08 -0.09
Avg Clean Price 97.23 97.23 -0.01
Avg Coupon 4.07 4.07 0.00

Find out more

Get support from HSBC in tracking the performance of different types of portfolios

Or call us on +852 2822 4523 for more help and information.