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
22-Feb-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.817 64 89
5Y AA 2.928 64 100
5Y A+ 3.042 65 112
5Y A 3.153 66 123
5Y A- 3.283 66 136
5Y BBB+ 3.416 67 149
5Y BBB 3.503 69 158
5Y BBB- 3.786 75 186
5Y BB+ 5.199 80 327
5Y BB 5.288 89 336
5Y BB- 5.641 124 372
5Y B+ 6.819 162 489
5Y B 8.155 295 623
5Y B- 9.231 403 731
10Y AAA 3.174 49 74
10Y AA 3.620 49 118
10Y A+ 3.702 50 127
10Y A 3.782 50 135
10Y A- 3.930 51 149
10Y BBB+ 4.080 52 165
10Y BBB 4.181 54 175
10Y BBB- 4.591 60 216
10Y BB+ 6.292 65 386
10Y BB 6.381 74 395
10Y BB- 6.735 109 430
10Y B+ 7.824 147 539
10Y B 9.160 280 672
10Y B- 10.236 388 780