left corner inner shadow
right corner inner shadow
Featured topics
Video: Conversation about China
Video: Conversation about China

Qu Hongbin believes investing in infrastructure will help China address its stalled economic growth.

Global Economics Quarterly
Global Economics Quarterly

Group Chief Economist Stephen King and Chief Global Economist Karen Ward explain the potential long-term global impact of monetary stimulus.

See all insights

Featured resources
Treasury World magazine

Treasury World is a magazine for senior executives tasked with optimising their company's finances.

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
24-Apr-14 Current Level Previous Day Level Net Change Country weight Index Yield Index Duration Average Life(Yr) Average Coupon Total Mkt Cap(mm)
ALBI Overall 252.91 252.76 0.06 100.00 4.29 5.51 7.64 4.47 1501667.90
China Offshore 108.60 108.58 0.02 3.76 4.17 2.61 2.97 4.03 255042.86
China Onshore 153.42 153.63 -0.13 7.80 4.40 5.65 7.90 3.83 1164365.58
Hong Kong 307.25 307.21 0.01 11.19 2.95 4.49 5.22 2.66 285529.48
India 304.86 304.95 -0.03 5.94 9.05 5.66 10.60 8.14 9010103.96
Indonesia 673.32 673.89 -0.08 10.11 8.32 6.72 12.27 8.66 78774788.52
Korea 210.30 210.29 0.01 19.56 3.44 5.09 6.45 3.93 442863570.34
Malaysia 174.71 174.66 0.03 10.64 4.06 4.93 6.04 3.98 520309.19
Philippines 402.80 402.15 0.16 6.05 4.65 7.21 10.79 6.35 3524227.54
Singapore 159.67 159.61 0.04 15.04 2.51 5.78 7.04 2.81 117306.40
Taiwan 178.85 178.83 0.01 2.11 1.66 8.79 10.53 2.19 4828149.95
Thailand 194.24 194.23 0.00 7.80 3.56 5.62 7.92 4.05 3384735.89

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
24-Apr-14
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 355.03 -0.07% 1.16% 3.11% 239.15
CHINA 306.70 -0.16% 1.80% 3.01% 259.39
HONG KONG 353.55 -0.19% 1.13% 2.05% 215.79
MALAYSIA 347.07 -0.25% 0.39% 1.93% 178.47
INDONESIA 236.64 0.32% 1.45% 6.46% 297.42
KOREA 291.33 -0.16% 0.34% 1.45% 139.96
SINGAPORE 298.76 -0.24% 0.58% 1.67% 144.69
INDIA 360.36 -0.14% 1.47% 3.83% 314.49
PHILIPPINES 488.99 0.24% 1.29% 3.83% 171.40
THAILAND 424.61 -0.23% 1.39% 3.39% 244.69
VIETNAM 399.81 0.08% 1.07% 4.17% 300.59
SRI LANKA 365.31 0.09% -0.12% 5.41% 392.58
MONGOLIA 105.80 0.49% 3.64% 4.07% 607.84

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
24-Apr-14
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.885 114 113
5Y AA 2.997 115 124
5Y A+ 3.128 117 137
5Y A 3.253 119 150
5Y A- 3.361 120 161
5Y BBB+ 3.475 122 172
5Y BBB 3.785 128 203
5Y BBB- 4.190 143 243
5Y BB+ 5.572 157 382
5Y BB 5.805 180 405
5Y BB- 6.732 273 498
5Y B+ 8.633 371 688
5Y B 12.134 721 1038
5Y B- 14.954 1003 1320
10Y AAA 4.030 101 133
10Y AA 4.278 103 158
10Y A+ 4.364 104 166
10Y A 4.443 106 174
10Y A- 4.578 107 188
10Y BBB+ 4.720 109 202
10Y BBB 4.873 116 217
10Y BBB- 5.225 130 252
10Y BB+ 6.861 144 416
10Y BB 7.095 167 439
10Y BB- 8.022 260 532
10Y B+ 9.556 358 685
10Y B 13.057 708 1035
10Y B- 15.877 990 1317

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)
24-Apr-14 Current Level Previous Level Change
Total Return 108.60 108.58 0.02
Total Return (USD) 114.68 114.60 0.07
Avg Duration 2.61 2.61 -0.10
Avg Yield 4.17 4.18 -0.09
Market Cap 255042.86 254989.42 53.43
Avg Life 2.97 2.97 -0.09
Avg Clean Price 97.20 97.19 0.01
Avg Coupon 4.03 4.03 0.00

Find out more

Get support from HSBC in tracking the performance of different types of portfolios

Or call us on +852 2822 4523 for more help and information.