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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
28-Jan-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 261.55 262.22 -0.26 100.00 3.68 5.87 7.85 4.49 1745855.74
China Offshore 110.01 110.06 -0.04 4.17 4.85 2.65 2.98 4.15 343227.47
China Onshore 166.50 166.87 -0.23 8.18 3.61 6.38 8.91 3.96 2173091.17
Hong Kong 324.93 324.88 0.02 10.94 2.21 4.54 5.08 2.66 306558.34
India 350.51 350.51 0.00 6.56 7.77 6.10 10.47 8.22 10589974.59
Indonesia 767.23 763.86 0.44 10.35 7.33 6.96 11.96 8.60 97897125.45
Korea 229.41 228.97 0.19 19.78 2.29 5.90 7.02 3.76 482923061.27
Malaysia 180.40 180.06 0.19 9.58 4.06 4.92 6.03 3.98 544527.13
Philippines 435.50 435.71 -0.05 6.41 3.88 7.50 10.40 5.99 4054861.76
Singapore 166.02 166.92 -0.54 14.05 2.25 5.94 7.03 2.84 128796.64
Taiwan 179.99 179.96 0.02 1.99 1.76 8.66 10.50 2.14 5029973.28
Thailand 207.79 208.05 -0.12 8.00 2.95 6.21 8.57 4.03 3545082.44

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
28-Jan-15
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 378.26 0.43% 1.69% 1.78% 228.34
CHINA 327.13 0.56% 1.58% 1.73% 243.37
HONG KONG 373.23 0.23% 1.44% 1.55% 198.01
MALAYSIA 358.76 -0.15% 0.88% 0.49% 181.47
INDONESIA 263.76 0.63% 3.18% 2.88% 288.73
KOREA 302.28 -0.02% 1.45% 1.33% 126.20
SINGAPORE 314.59 0.03% 1.87% 2.09% 138.16
INDIA 381.18 0.57% 0.68% 0.33% 288.35
PHILIPPINES 536.32 0.89% 2.91% 4.40% 167.49
THAILAND 458.57 -0.11% 1.48% 2.07% 227.02
VIETNAM 418.47 0.02% 0.88% 2.25% 283.21
SRI LANKA 385.82 2.38% 1.12% -0.03% 397.49
MONGOLIA 106.37 1.95% -4.51% -5.66% 741.50
TAIWAN 99.97 0.08% 0.51% -0.17% 175.40

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
27-Jan-15
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.554 120 121
5Y AA 2.894 122 155
5Y A+ 3.017 124 167
5Y A 3.132 126 178
5Y A- 3.275 127 193
5Y BBB+ 3.427 129 208
5Y BBB 3.738 137 239
5Y BBB- 4.307 155 296
5Y BB+ 6.348 171 500
5Y BB 6.625 199 528
5Y BB- 7.726 309 638
5Y B+ 9.960 425 861
5Y B 14.117 841 1277
5Y B- 17.465 1176 1612
10Y AAA 3.167 96 134
10Y AA 3.642 98 181
10Y A+ 3.706 100 188
10Y A 3.763 102 194
10Y A- 3.913 103 209
10Y BBB+ 4.071 106 224
10Y BBB 4.249 113 242
10Y BBB- 5.149 131 332
10Y BB+ 6.958 147 513
10Y BB 7.235 175 541
10Y BB- 8.335 285 651
10Y B+ 10.224 401 840
10Y B 14.381 817 1255
10Y B- 17.729 1152 1590

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)
28-Jan-15 Current Level Previous Level Change
Total Return 110.01 110.06 -0.04
Total Return (USD) 116.00 116.09 -0.08
Avg Duration 2.65 2.65 -0.10
Avg Yield 4.85 4.83 0.26
Market Cap 343227.47 343361.77 -134.30
Avg Life 2.98 2.99 -0.09
Avg Clean Price 95.45 95.50 -0.05
Avg Coupon 4.15 4.15 0.00

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