left corner inner shadow
right corner inner shadow
Featured topics
Japan goes back to square one
Japan goes back to square one

Prime Minister Shinzō Abe has called on businesses to support economic recovery by using improved profits to fund wage rises.

Does India need a rate cut?
Does India need a rate cut?

Low interest rates may spur the growth of Indian economy, but an increase in inflation rate may be a side-effect.

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
19-Dec-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 255.61 255.36 0.10 100.00 3.97 5.74 7.81 4.43 1714263.16
China Offshore 110.73 110.90 -0.16 3.81 4.48 2.67 3.00 4.13 345870.27
China Onshore 163.01 163.06 -0.03 8.22 3.88 6.38 9.13 3.98 2049817.79
Hong Kong 319.44 320.30 -0.27 11.51 2.49 4.37 4.93 2.62 315424.31
India 341.58 342.35 -0.22 6.37 8.06 6.05 10.57 8.22 10243922.58
Indonesia 707.44 695.38 1.73 9.76 8.39 6.72 12.07 8.60 90567205.35
Korea 223.48 223.39 0.04 19.41 2.68 5.58 6.79 3.75 495909259.67
Malaysia 178.30 178.15 0.08 10.09 4.21 4.97 6.12 3.98 532956.93
Philippines 423.46 423.86 -0.10 6.28 4.26 7.37 10.52 6.01 3920965.40
Singapore 163.20 164.23 -0.63 14.53 2.49 5.94 7.14 2.84 126790.28
Taiwan 178.99 179.08 -0.05 2.01 1.80 8.75 10.62 2.15 4972465.63
Thailand 204.60 204.71 -0.05 8.00 3.14 6.06 8.43 4.00 3546679.62

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
19-Dec-14
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 371.28 -0.59% -0.27% 1.41% 220.76
CHINA 321.82 -0.47% 0.00% 1.63% 232.45
HONG KONG 367.77 -0.38% 0.11% 1.43% 189.36
MALAYSIA 355.53 -0.50% -0.50% 0.94% 164.48
INDONESIA 252.82 -1.24% -2.09% 0.37% 297.00
KOREA 298.08 -0.45% -0.04% 1.22% 123.37
SINGAPORE 308.76 -0.65% -0.01% 1.56% 132.00
INDIA 378.59 -0.73% -0.47% 0.91% 265.98
PHILIPPINES 519.54 -0.28% 0.81% 3.34% 166.58
THAILAND 451.89 -0.74% 0.39% 2.55% 204.89
VIETNAM 411.56 -0.74% -0.34% 0.95% 273.25
SRI LANKA 382.07 -1.39% -1.59% -0.49% 377.58
MONGOLIA 110.69 -2.38% -1.75% -1.06% 589.32
TAIWAN 99.38 -0.11% -0.24% -0.43% 164.21

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
19-Dec-14
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.524 94 86
5Y AA 2.949 95 129
5Y A+ 3.048 97 139
5Y A 3.142 98 148
5Y A- 3.274 100 161
5Y BBB+ 3.413 101 175
5Y BBB 3.672 107 201
5Y BBB- 4.154 120 249
5Y BB+ 6.303 133 464
5Y BB 6.512 154 485
5Y BB- 7.343 237 568
5Y B+ 9.240 324 758
5Y B 12.377 638 1071
5Y B- 14.904 891 1324
10Y AAA 3.280 75 107
10Y AA 3.759 76 155
10Y A+ 3.835 78 163
10Y A 3.905 79 170
10Y A- 4.019 80 181
10Y BBB+ 4.139 82 193
10Y BBB 4.305 87 210
10Y BBB- 5.143 101 294
10Y BB+ 7.012 113 481
10Y BB 7.222 134 502
10Y BB- 8.052 217 585
10Y B+ 9.663 305 746
10Y B 12.800 618 1059
10Y B- 15.327 871 1312

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-Dec-14 Current Level Previous Level Change
Total Return 110.73 110.90 -0.16
Total Return (USD) 117.25 117.52 -0.24
Avg Duration 2.67 2.67 -0.21
Avg Yield 4.48 4.41 1.49
Market Cap 345870.27 346409.24 -538.97
Avg Life 3.00 3.01 -0.09
Avg Clean Price 96.52 96.68 -0.17
Avg Coupon 4.13 4.13 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.