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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
17-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 254.07 253.90 0.07 100.00 4.28 5.52 7.67 4.48 1506659.82
China Offshore 108.49 108.46 0.03 3.75 4.18 2.62 2.99 4.03 254769.28
China Onshore 153.28 152.97 0.20 7.78 4.40 5.65 7.92 3.83 1163277.24
Hong Kong 307.79 307.71 0.03 11.16 2.91 4.49 5.24 2.66 286032.43
India 302.78 302.47 0.10 5.92 9.14 5.63 10.61 8.14 8948631.52
Indonesia 676.89 676.90 0.00 10.27 8.22 6.77 12.29 8.66 79191871.19
Korea 210.44 210.13 0.15 19.50 3.41 5.12 6.47 3.93 443147863.86
Malaysia 174.60 174.53 0.04 10.66 4.06 4.95 6.06 3.98 519992.49
Philippines 401.71 401.66 0.01 6.04 4.68 7.19 10.81 6.35 3514741.37
Singapore 159.79 159.80 -0.01 15.04 2.48 5.80 7.06 2.81 117390.46
Taiwan 178.60 178.38 0.12 2.10 1.68 8.79 10.55 2.19 4821297.36
Thailand 193.52 193.33 0.10 7.76 3.61 5.63 7.94 4.05 3372105.57

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
17-Apr-14
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 355.27 0.06% 1.02% 3.19% 245.72
CHINA 307.19 0.13% 1.76% 2.55% 263.50
HONG KONG 354.23 -0.04% 0.92% 2.22% 219.74
MALAYSIA 347.94 0.02% 0.42% 2.50% 178.35
INDONESIA 235.87 0.10% 1.20% 6.34% 308.82
KOREA 291.79 0.04% 0.10% 1.87% 140.69
SINGAPORE 299.48 0.16% 0.58% 2.18% 145.96
INDIA 360.87 -0.07% 1.42% 4.24% 317.00
PHILIPPINES 487.84 0.14% 0.93% 3.62% 181.88
THAILAND 425.58 0.13% 1.51% 3.86% 248.78
VIETNAM 399.50 0.12% 1.39% 4.21% 306.32
SRI LANKA 364.99 -0.02% 0.14% 5.78% 400.25
MONGOLIA 105.28 0.47% 3.64% 3.41% 624.06

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
15-Apr-14
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.736 110 113
5Y AA 2.898 111 129
5Y A+ 3.025 113 141
5Y A 3.145 115 153
5Y A- 3.267 116 166
5Y BBB+ 3.395 118 178
5Y BBB 3.688 124 208
5Y BBB- 4.111 140 250
5Y BB+ 5.545 154 393
5Y BB 5.784 177 417
5Y BB- 6.732 272 512
5Y B+ 8.656 372 705
5Y B 12.236 730 1063
5Y B- 15.120 1019 1351
10Y AAA 3.973 98 133
10Y AA 4.250 99 161
10Y A+ 4.303 101 166
10Y A 4.349 103 171
10Y A- 4.458 104 181
10Y BBB+ 4.574 106 193
10Y BBB 4.833 113 219
10Y BBB- 5.162 128 252
10Y BB+ 6.847 142 420
10Y BB 7.086 166 444
10Y BB- 8.034 260 539
10Y B+ 9.590 361 695
10Y B 13.170 719 1053
10Y B- 16.054 1007 1341

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)
17-Apr-14 Current Level Previous Level Change
Total Return 108.49 108.46 0.03
Total Return (USD) 114.92 114.82 0.09
Avg Duration 2.62 2.62 -0.09
Avg Yield 4.18 4.19 -0.12
Market Cap 254769.28 254703.53 65.75
Avg Life 2.99 2.99 -0.09
Avg Clean Price 97.17 97.16 0.02
Avg Coupon 4.03 4.03 0.00

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