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
23-Jan-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.854 61 94
5Y AA 2.924 62 101
5Y A+ 3.049 63 114
5Y A 3.171 64 126
5Y A- 3.292 65 138
5Y BBB+ 3.418 66 151
5Y BBB 3.528 69 162
5Y BBB- 3.851 77 194
5Y BB+ 5.317 84 341
5Y BB 5.439 96 353
5Y BB- 5.923 145 401
5Y B+ 7.240 196 533
5Y B 9.070 379 716
5Y B- 10.545 526 864
10Y AAA 3.257 47 82
10Y AA 3.634 48 120
10Y A+ 3.722 49 129
10Y A 3.806 49 137
10Y A- 3.944 50 151
10Y BBB+ 4.085 51 165
10Y BBB 4.232 54 180
10Y BBB- 4.669 62 223
10Y BB+ 6.424 69 399
10Y BB 6.546 81 411
10Y BB- 7.031 130 460
10Y B+ 8.236 181 580
10Y B 10.066 364 763
10Y B- 11.540 512 911