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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
27-Mar-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 258.56 258.69 -0.05 100.00 3.74 5.83 7.82 4.44 1765471.94
China Offshore 110.13 110.13 0.00 4.24 5.07 2.55 2.89 4.15 335370.24
China Onshore 166.16 166.42 -0.15 8.30 3.72 6.17 8.69 3.94 2236491.74
Hong Kong 325.90 326.79 -0.27 11.10 2.23 4.56 5.14 2.61 313970.99
India 352.69 352.30 0.11 6.55 7.87 5.97 10.32 8.23 10758710.23
Indonesia 766.47 767.84 -0.18 9.99 7.51 6.89 11.79 8.59 101044356.31
Korea 231.80 231.74 0.02 19.86 2.18 5.92 7.03 3.70 506211845.99
Malaysia 182.68 182.63 0.03 9.68 3.94 4.90 5.98 3.99 556104.44
Philippines 426.02 425.71 0.07 6.25 4.28 7.46 10.69 5.92 3815423.82
Singapore 164.41 164.73 -0.20 13.89 2.49 5.90 7.09 2.82 131049.91
Taiwan 180.22 180.67 -0.25 2.01 1.78 8.77 10.65 2.15 5018487.51
Thailand 208.46 208.36 0.05 8.13 2.97 6.28 8.73 4.04 3595934.01

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
27-Mar-15
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 381.15 0.14% 0.46% 2.47% 216.51
CHINA 330.89 0.10% 0.81% 2.75% 225.25
HONG KONG 375.17 0.08% 0.68% 1.96% 192.90
MALAYSIA 361.38 0.20% 1.05% 1.62% 169.06
INDONESIA 266.35 0.15% -0.77% 4.19% 267.87
KOREA 303.18 0.06% 0.58% 1.75% 119.82
SINGAPORE 315.95 -0.05% 0.57% 2.31% 131.05
INDIA 385.03 0.39% 0.11% 1.70% 273.15
PHILIPPINES 537.86 0.09% 0.57% 3.21% 154.82
THAILAND 460.20 0.05% 0.95% 1.85% 222.07
VIETNAM 421.53 0.11% -0.04% 1.62% 268.72
SRI LANKA 381.80 0.86% -0.37% 0.07% 439.07
MONGOLIA 109.87 0.59% -0.01% -1.37% 688.62
TAIWAN 101.11 0.11% 0.48% 1.66% 143.99

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-Mar-15
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.270 101 81
5Y AA 2.837 103 138
5Y A+ 2.927 105 147
5Y A 3.008 107 155
5Y A- 3.166 108 171
5Y BBB+ 3.333 111 188
5Y BBB 3.631 119 218
5Y BBB- 4.201 137 275
5Y BB+ 6.142 154 469
5Y BB 6.428 182 497
5Y BB- 7.565 296 611
5Y B+ 9.762 416 831
5Y B 14.054 845 1260
5Y B- 17.512 1191 1606
10Y AAA 3.213 78 122
10Y AA 3.660 80 167
10Y A+ 3.688 82 170
10Y A 3.708 84 172
10Y A- 3.859 85 187
10Y BBB+ 4.019 88 203
10Y BBB 4.187 96 220
10Y BBB- 5.135 114 314
10Y BB+ 6.731 131 474
10Y BB 7.017 159 503
10Y BB- 8.154 273 616
10Y B+ 9.962 393 797
10Y B 14.254 822 1226
10Y B- 17.712 1168 1572

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)
27-Mar-15 Current Level Previous Level Change
Total Return 110.13 110.13 0.00
Total Return (USD) 116.74 116.78 -0.03
Avg Duration 2.55 2.55 -0.10
Avg Yield 5.07 5.06 0.13
Market Cap 335370.24 335378.67 -8.43
Avg Life 2.89 2.89 -0.09
Avg Clean Price 94.91 94.93 -0.01
Avg Coupon 4.15 4.15 0.00