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.

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Asian Local Bond Index
29-Apr-16 Current Level Previous Day Level Net Change Country weight Index Yield Index Duration Average Life(Yr) Average Coupon Total Mkt Cap(mm)
ALBI Overall 265.79 266.15 -0.14 100.00 3.53 6.07 7.96 4.32 1983255.10
China Offshore 116.36 116.38 -0.01 4.18 4.65 2.61 3.02 4.22 260802.81
China Onshore 179.88 179.88 0.00 8.38 3.05 6.51 8.73 3.65 3480103.34
Hong Kong 335.44 334.95 0.15 10.63 2.26 4.72 5.38 2.66 327788.33
India 386.79 386.62 0.04 7.07 7.70 5.96 10.22 8.05 10934675.85
Indonesia 822.61 824.99 -0.29 10.34 7.79 6.55 11.11 8.55 124094333.96
Korea 243.29 243.41 -0.05 19.62 1.78 6.51 7.53 3.26 562628998.21
Malaysia 191.15 191.26 -0.06 9.25 3.97 5.16 6.39 4.04 558520.81
Philippines 442.21 440.93 0.29 6.01 4.30 7.42 10.60 5.68 3815152.41
Singapore 172.09 172.02 0.04 14.42 2.22 6.02 7.14 2.74 138450.80
Taiwan 195.30 195.46 -0.08 2.05 1.11 9.34 10.72 2.03 5366415.25
Thailand 227.56 227.79 -0.10 8.05 2.18 6.84 8.71 3.85 4147403.59

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.

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Asian US Dollar Bond Index
29-Apr-16
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 397.76 0.08% 1.18% 3.17% 232.86
CHINA 345.67 0.13% 0.79% 2.05% 233.08
HONG KONG 389.62 0.26% 0.94% 2.52% 208.10
MALAYSIA 377.95 0.21% 1.03% 3.05% 186.93
INDONESIA 276.55 -0.14% 2.55% 7.86% 303.95
KOREA 313.54 0.17% 0.37% 1.28% 129.26
SINGAPORE 328.48 0.15% 0.54% 1.44% 146.64
INDIA 401.76 0.37% 2.61% 4.51% 292.25
PHILIPPINES 575.51 -0.65% 1.35% 4.49% 136.47
THAILAND 484.83 0.15% 0.63% 1.76% 231.04
VIETNAM 440.56 0.29% 1.44% 4.64% 302.53
SRI LANKA 398.91 -0.15% 2.20% 7.17% 530.37
MONGOLIA 112.10 0.40% 1.25% 4.71% 959.36
TAIWAN 105.42 0.08% 0.57% 2.00% 195.33

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
29-Apr-16
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.186 79 89
5Y AA 2.439 80 115
5Y A+ 2.590 82 130
5Y A 2.736 83 144
5Y A- 3.002 84 171
5Y BBB+ 3.273 85 198
5Y BBB 3.348 91 206
5Y BBB- 4.297 103 301
5Y BB+ 5.799 115 451
5Y BB 5.994 134 470
5Y BB- 6.771 212 548
5Y B+ 8.314 294 702
5Y B 11.248 587 996
5Y B- 13.611 824 1232
10Y AAA 2.691 65 87
10Y AA 3.132 66 131
10Y A+ 3.297 68 147
10Y A 3.457 69 163
10Y A- 3.723 70 190
10Y BBB+ 3.995 72 217
10Y BBB 4.070 77 224
10Y BBB- 5.203 90 338
10Y BB+ 6.946 101 512
10Y BB 7.141 121 532
10Y BB- 7.918 198 609
10Y B+ 9.269 280 744
10Y B 12.203 574 1038
10Y B- 14.567 810 1274

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)
29-Apr-16 Current Level Previous Level Change
Total Return 116.36 116.38 -0.01
Total Return (USD) 118.25 118.24 0.00
Avg Duration 2.61 2.62 -0.07
Avg Yield 4.65 4.64 0.13
Market Cap 260802.81 260834.05 -31.24
Avg Life 3.02 3.02 -0.09
Avg Clean Price 95.73 95.75 -0.02
Avg Coupon 4.22 4.22 0.00