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 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
8-Dec-16
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.801 62 97
5Y AA 2.879 63 105
5Y A+ 3.004 64 117
5Y A 3.126 65 130
5Y A- 3.246 66 142
5Y BBB+ 3.369 67 154
5Y BBB 3.570 70 174
5Y BBB- 3.926 79 210
5Y BB+ 5.519 87 369
5Y BB 5.653 100 382
5Y BB- 6.185 153 435
5Y B+ 7.696 209 587
5Y B 9.704 410 787
5Y B- 11.322 572 949
10Y AAA 2.209 49 -17
10Y AA 3.607 50 123
10Y A+ 3.714 51 134
10Y A 3.817 52 144
10Y A- 3.949 52 157
10Y BBB+ 4.085 54 171
10Y BBB 4.298 57 192
10Y BBB- 4.786 66 241
10Y BB+ 6.663 74 429
10Y BB 6.797 87 442
10Y BB- 7.329 140 495
10Y B+ 8.744 196 637
10Y B 10.753 397 838
10Y B- 12.371 559 1000