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
31-Aug-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 244.82 245.98 -0.47 100.00 3.95 5.79 7.86 4.37 1771075.58
China Offshore 111.19 111.40 -0.19 4.36 5.27 2.68 3.06 4.25 311693.80
China Onshore 172.22 171.68 0.31 8.85 3.41 6.29 8.69 3.84 2845974.79
Hong Kong 326.35 327.41 -0.33 11.74 2.44 4.52 5.15 2.62 315340.54
India 361.62 361.67 -0.02 6.70 8.00 6.15 11.05 8.24 9817272.47
Indonesia 717.48 714.60 0.40 9.19 9.03 6.33 11.57 8.56 99656163.87
Korea 232.99 233.18 -0.08 19.65 2.26 5.87 7.05 3.51 535467636.85
Malaysia 182.20 182.14 0.03 8.92 4.35 5.04 6.31 4.03 526798.84
Philippines 439.15 439.05 0.02 6.51 4.04 7.50 10.46 5.95 3826166.44
Singapore 162.79 163.65 -0.52 14.08 2.83 5.81 7.12 2.89 127570.90
Taiwan 186.32 186.08 0.13 2.11 1.51 9.01 10.73 2.10 5271802.22
Thailand 210.74 210.70 0.02 7.88 3.01 6.26 8.75 3.95 3764516.96

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
31-Aug-15
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 377.81 -0.12% -0.66% -1.24% 256.13
CHINA 329.51 -0.22% -0.40% -1.00% 257.75
HONG KONG 374.29 -0.30% -0.41% -0.86% 227.02
MALAYSIA 357.23 -0.52% -0.82% -1.89% 210.87
INDONESIA 252.01 0.90% -2.76% -4.16% 352.55
KOREA 302.90 -0.46% 0.15% -0.23% 146.79
SINGAPORE 315.77 -0.54% 0.07% -0.12% 160.57
INDIA 386.41 -0.11% -0.91% -0.82% 298.25
PHILIPPINES 535.84 0.11% -0.11% -0.97% 168.54
THAILAND 459.64 -0.85% -0.47% -0.64% 249.36
VIETNAM 410.65 0.26% -2.04% -2.04% 353.12
SRI LANKA 386.25 0.78% -0.74% 0.36% 472.18
MONGOLIA 109.19 0.25% -4.93% -6.87% 825.00
TAIWAN 100.26 -0.22% -0.39% -0.62% 222.15

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
1-Sep-15
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.276 87 74
5Y AA 3.118 89 159
5Y A+ 3.245 92 171
5Y A 3.364 94 183
5Y A- 3.558 96 203
5Y BBB+ 3.761 98 223
5Y BBB 3.955 107 242
5Y BBB- 4.573 128 304
5Y BB+ 6.545 148 501
5Y BB 6.873 180 534
5Y BB- 8.177 311 664
5Y B+ 10.145 448 861
5Y B 15.068 941 1354
5Y B- 19.034 1337 1750
10Y AAA 3.449 67 124
10Y AA 3.922 68 171
10Y A+ 4.058 71 185
10Y A 4.184 73 198
10Y A- 4.388 75 218
10Y BBB+ 4.601 77 239
10Y BBB 4.770 87 256
10Y BBB- 5.514 108 331
10Y BB+ 7.704 127 550
10Y BB 8.032 160 582
10Y BB- 9.336 290 713
10Y B+ 11.275 428 907
10Y B 16.197 920 1399
10Y B- 20.163 1316 1795

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)
31-Aug-15 Current Level Previous Level Change
Total Return 111.19 111.40 -0.19
Total Return (USD) 113.76 113.72 0.03
Avg Duration 2.68 2.69 -0.30
Avg Yield 5.27 5.19 1.54
Market Cap 311693.80 312277.52 -583.72
Avg Life 3.06 3.07 -0.27
Avg Clean Price 94.11 94.32 -0.23
Avg Coupon 4.25 4.25 0.00