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
21-Jul-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.496 60 67
5Y AA 2.810 61 98
5Y A+ 2.885 63 106
5Y A 2.954 64 113
5Y A- 3.090 65 126
5Y BBB+ 3.230 66 140
5Y BBB 3.374 71 155
5Y BBB- 3.664 83 184
5Y BB+ 5.023 93 320
5Y BB 5.204 111 338
5Y BB- 5.923 183 410
5Y B+ 7.338 259 551
5Y B 10.054 531 823
5Y B- 12.242 750 1042
10Y AAA 2.517 36 25
10Y AA 3.270 37 100
10Y A+ 3.349 39 108
10Y A 3.422 40 116
10Y A- 3.562 41 130
10Y BBB+ 3.707 42 144
10Y BBB 3.893 47 163
10Y BBB- 4.289 59 202
10Y BB+ 5.975 69 371
10Y BB 6.156 88 389
10Y BB- 6.875 160 461
10Y B+ 8.256 235 599
10Y B 10.972 507 871
10Y B- 13.160 726 1089