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
29-Jul-16
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.016 57 94
5Y AA 2.054 58 98
5Y A+ 2.189 60 111
5Y A 2.320 60 124
5Y A- 2.521 61 144
5Y BBB+ 2.726 63 165
5Y BBB 2.789 67 171
5Y BBB- 3.573 77 250
5Y BB+ 5.123 86 405
5Y BB 5.279 101 420
5Y BB- 5.896 163 482
5Y B+ 7.142 228 607
5Y B 9.474 462 840
5Y B- 11.352 650 1028
10Y AAA 2.210 47 71
10Y AA 2.685 48 119
10Y A+ 2.832 50 134
10Y A 2.975 50 148
10Y A- 3.174 51 168
10Y BBB+ 3.378 53 188
10Y BBB 3.441 57 194
10Y BBB- 4.433 67 294
10Y BB+ 6.223 76 473
10Y BB 6.378 91 488
10Y BB- 6.996 153 550
10Y B+ 8.092 218 660
10Y B 10.424 452 893
10Y B- 12.303 639 1081