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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
30-Jul-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 252.28 253.28 -0.39 100.00 3.88 5.80 7.87 4.40 1783250.92
China Offshore 113.68 113.67 0.00 4.49 4.34 2.73 3.10 4.23 315309.17
China Onshore 170.99 170.86 0.08 8.76 3.46 6.15 8.54 3.86 2717891.46
Hong Kong 326.31 327.10 -0.24 11.39 2.40 4.56 5.21 2.62 315048.08
India 358.71 358.61 0.03 6.68 8.03 6.18 11.13 8.25 9494552.59
Indonesia 727.04 727.77 -0.10 9.42 8.71 6.46 11.59 8.56 100153673.52
Korea 231.23 231.52 -0.12 19.17 2.35 5.92 7.18 3.57 513724564.57
Malaysia 184.88 184.99 -0.06 9.63 3.98 4.98 6.14 4.01 545966.42
Philippines 433.72 433.65 0.02 6.40 4.20 7.51 10.61 5.98 3774357.91
Singapore 164.02 164.23 -0.13 14.19 2.66 5.90 7.18 2.88 129260.36
Taiwan 182.73 182.61 0.07 2.07 1.70 8.82 10.65 2.11 5157044.55
Thailand 210.01 209.99 0.01 7.79 3.02 6.14 8.60 3.98 3806388.11

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
30-Jul-15
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 380.13 -0.03% 0.23% -0.80% 225.35
CHINA 330.56 -0.03% -0.02% -0.59% 231.57
HONG KONG 375.78 0.02% 0.00% -0.31% 203.13
MALAYSIA 360.24 -0.22% -0.03% -0.95% 179.40
INDONESIA 259.51 -0.22% 0.64% -2.87% 291.99
KOREA 302.24 0.04% 0.13% -0.51% 137.87
SINGAPORE 315.07 0.12% 0.30% -0.48% 144.85
INDIA 389.47 0.13% 0.48% 0.00% 265.56
PHILIPPINES 536.02 0.06% 0.95% -1.11% 148.15
THAILAND 460.89 -0.11% 0.49% -0.35% 222.45
VIETNAM 419.20 0.17% 0.61% -1.27% 289.54
SRI LANKA 389.12 -0.25% 1.14% 0.76% 431.64
MONGOLIA 115.14 -2.06% -2.23% -0.23% 645.29
TAIWAN 100.49 -0.10% -0.16% -0.91% 196.69

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
31-Jul-15
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.095 67 48
5Y AA 2.894 69 128
5Y A+ 3.002 71 138
5Y A 3.103 72 148
5Y A- 3.271 73 165
5Y BBB+ 3.446 75 183
5Y BBB 3.650 82 203
5Y BBB- 4.249 98 263
5Y BB+ 6.021 113 440
5Y BB 6.270 137 465
5Y BB- 7.255 236 564
5Y B+ 9.012 340 739
5Y B 12.734 712 1112
5Y B- 15.733 1012 1411
10Y AAA 3.279 50 102
10Y AA 3.703 51 145
10Y A+ 3.829 53 157
10Y A 3.949 55 169
10Y A- 4.121 56 187
10Y BBB+ 4.300 58 205
10Y BBB 4.488 65 223
10Y BBB- 5.229 81 297
10Y BB+ 7.218 95 496
10Y BB 7.466 120 521
10Y BB- 8.452 219 620
10Y B+ 10.190 323 794
10Y B 13.912 695 1166
10Y B- 16.910 995 1466

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)
30-Jul-15 Current Level Previous Level Change
Total Return 113.68 113.67 0.00
Total Return (USD) 120.49 120.53 -0.04
Avg Duration 2.73 2.74 -0.09
Avg Yield 4.34 4.34 0.07
Market Cap 315309.17 315295.86 13.31
Avg Life 3.10 3.10 -0.09
Avg Clean Price 96.60 96.61 -0.01
Avg Coupon 4.23 4.23 0.00