left corner inner shadow
right corner inner shadow
Featured topics
Global Economics Quarterly
Global Economics Quarterly

The global economic world has become a surreal one - a world of oddities, a world of peculiarities.

Why QE has had its day
Why QE has had its day

QE may no longer be the right tool for combating deflation and low growth as its costs are now outweighing the benefits.

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
22-May-15 Current Level Previous Day Level Net Change Country weight Index Yield Index Duration Average Life(Yr) Average Coupon Total Mkt Cap(mm)
ALBI Overall 260.03 259.06 0.37 100.00 3.81 5.84 7.88 4.42 1796051.40
China Offshore 113.05 113.01 0.04 4.34 4.33 2.58 2.90 4.19 319239.55
China Onshore 169.12 168.98 0.08 8.42 3.52 6.19 8.55 3.92 2434610.38
Hong Kong 326.27 325.92 0.11 11.05 2.30 4.54 5.17 2.57 319529.45
India 354.72 354.68 0.01 6.45 7.97 6.07 10.49 8.28 10798805.67
Indonesia 738.33 737.78 0.07 9.51 8.24 6.63 11.67 8.59 99201444.15
Korea 228.67 228.29 0.17 19.72 2.46 5.82 7.09 3.62 508100746.94
Malaysia 183.82 183.77 0.03 9.91 3.95 5.10 6.25 4.01 525829.76
Philippines 432.85 430.37 0.58 6.35 4.13 7.66 10.90 6.03 3743377.76
Singapore 164.96 164.54 0.26 14.28 2.50 6.06 7.35 2.92 124531.24
Taiwan 181.02 180.86 0.09 2.07 1.77 8.97 10.88 2.12 5023284.29
Thailand 208.91 208.73 0.08 7.90 3.01 6.25 8.79 4.02 3657001.67

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
22-May-15
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 382.60 0.27% -0.54% 1.53% 210.53
CHINA 332.82 0.24% -0.34% 2.17% 215.29
HONG KONG 377.43 0.20% -0.13% 1.74% 187.53
MALAYSIA 363.96 0.12% -0.58% 2.17% 160.49
INDONESIA 263.97 0.66% -1.84% -0.13% 273.00
KOREA 303.36 0.07% -0.51% 0.96% 125.54
SINGAPORE 315.67 0.12% -0.81% 0.98% 136.17
INDIA 389.34 0.09% -0.28% 1.68% 260.49
PHILIPPINES 540.68 0.49% -0.42% 1.68% 139.30
THAILAND 461.20 0.38% -0.83% 1.70% 218.37
VIETNAM 420.31 -0.18% -0.89% -0.05% 279.48
SRI LANKA 384.60 0.00% 0.21% 1.02% 444.02
MONGOLIA 119.41 3.43% 3.52% 10.18% 498.34
TAIWAN 100.85 0.34% -0.54% 0.56% 186.64

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
26-May-15
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 1.923 64 36
5Y AA 2.673 65 111
5Y A+ 2.764 67 120
5Y A 2.848 69 129
5Y A- 3.001 70 144
5Y BBB+ 3.162 73 160
5Y BBB 3.412 80 185
5Y BBB- 4.014 97 245
5Y BB+ 5.675 113 411
5Y BB 5.945 140 438
5Y BB- 7.018 247 546
5Y B+ 8.819 361 726
5Y B 12.869 766 1131
5Y B- 16.133 1092 1457
10Y AAA 3.091 47 89
10Y AA 3.500 48 130
10Y A+ 3.616 50 142
10Y A 3.724 52 152
10Y A- 3.871 53 167
10Y BBB+ 4.026 56 183
10Y BBB 4.237 63 204
10Y BBB- 5.012 80 281
10Y BB+ 6.790 96 459
10Y BB 7.061 123 486
10Y BB- 8.133 230 593
10Y B+ 9.999 344 780
10Y B 14.050 749 1185
10Y B- 17.313 1075 1511

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)
22-May-15 Current Level Previous Level Change
Total Return 113.05 113.01 0.04
Total Return (USD) 120.21 120.05 0.14
Avg Duration 2.58 2.58 0.09
Avg Yield 4.33 4.34 -0.27
Market Cap 319239.55 319112.38 127.17
Avg Life 2.90 2.90 -0.09
Avg Clean Price 96.83 96.80 0.03
Avg Coupon 4.19 4.19 0.00