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
30-Mar-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.831 57 89
5Y AA 2.876 57 94
5Y A+ 2.987 58 105
5Y A 3.096 58 116
5Y A- 3.228 59 129
5Y BBB+ 3.361 59 142
5Y BBB 3.441 61 150
5Y BBB- 3.736 66 180
5Y BB+ 5.320 71 338
5Y BB 5.398 79 346
5Y BB- 5.709 110 377
5Y B+ 6.961 143 502
5Y B 8.133 260 619
5Y B- 9.077 354 714
10Y AAA 3.060 36 67
10Y AA 3.481 37 109
10Y A+ 3.565 38 117
10Y A 3.646 38 126
10Y A- 3.794 38 140
10Y BBB+ 3.945 39 156
10Y BBB 4.056 41 167
10Y BBB- 4.462 46 207
10Y BB+ 6.357 51 397
10Y BB 6.435 59 405
10Y BB- 6.746 90 436
10Y B+ 7.974 122 558
10Y B 9.146 240 676
10Y B- 10.090 334 770