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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
29-Jun-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 255.38 255.92 -0.21 100.00 3.87 5.81 7.88 4.41 1814735.15
China Offshore 113.75 113.69 0.05 4.44 4.16 2.71 3.07 4.16 314316.08
China Onshore 169.24 169.23 0.01 8.57 3.58 6.20 8.77 3.89 2578798.54
Hong Kong 326.83 325.90 0.29 11.27 2.31 4.55 5.19 2.62 315636.37
India 353.86 353.61 0.07 6.52 8.14 6.15 10.89 8.31 11186819.71
Indonesia 733.32 736.46 -0.43 9.48 8.47 6.58 11.70 8.56 98519721.70
Korea 229.90 229.36 0.24 19.60 2.41 5.78 6.97 3.57 524959093.57
Malaysia 184.09 184.04 0.03 9.58 4.00 5.02 6.18 4.01 534139.08
Philippines 432.90 433.08 -0.04 6.38 4.18 7.58 10.76 6.01 3753592.37
Singapore 163.40 163.34 0.04 14.17 2.69 5.98 7.31 2.90 126018.44
Taiwan 181.82 181.86 -0.02 2.07 1.74 8.87 10.74 2.11 5101184.90
Thailand 208.09 207.99 0.04 7.91 3.13 6.20 8.69 4.00 3695241.21

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
29-Jun-15
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 379.03 -0.19% -0.92% -0.56% 224.92
CHINA 330.60 -0.03% -0.68% -0.09% 225.35
HONG KONG 375.73 0.06% -0.47% 0.15% 196.02
MALAYSIA 360.53 -0.10% -0.98% -0.23% 171.07
INDONESIA 256.92 -0.84% -2.29% -3.54% 297.82
KOREA 301.82 -0.22% -0.58% -0.45% 136.24
SINGAPORE 314.12 -0.01% -0.64% -0.58% 147.72
INDIA 387.52 -0.06% -0.53% 0.65% 273.04
PHILIPPINES 530.32 -0.68% -1.99% -1.40% 154.36
THAILAND 458.56 -0.09% -0.88% -0.36% 223.47
VIETNAM 415.59 0.59% -0.86% -1.41% 299.04
SRI LANKA 383.36 0.12% -0.39% 0.41% 458.21
MONGOLIA 117.98 0.00% 0.62% 7.38% 560.27
TAIWAN 100.62 0.09% -0.26% -0.48% 186.83

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-Jun-15
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 1.762 53 16
5Y AA 2.819 55 121
5Y A+ 2.907 57 130
5Y A 2.989 58 138
5Y A- 3.153 59 155
5Y BBB+ 3.324 61 172
5Y BBB 3.559 68 195
5Y BBB- 4.100 84 249
5Y BB+ 5.813 98 421
5Y BB 6.056 122 445
5Y BB- 7.023 219 542
5Y B+ 8.700 321 709
5Y B 12.351 686 1074
5Y B- 15.292 980 1369
10Y AAA 3.225 37 91
10Y AA 3.721 39 141
10Y A+ 3.838 41 152
10Y A 3.949 42 163
10Y A- 4.099 43 178
10Y BBB+ 4.256 45 194
10Y BBB 4.468 52 215
10Y BBB- 5.133 68 282
10Y BB+ 6.986 82 467
10Y BB 7.229 106 491
10Y BB- 8.196 203 588
10Y B+ 9.906 305 759
10Y B 13.557 670 1124
10Y B- 16.498 964 1418

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)
29-Jun-15 Current Level Previous Level Change
Total Return 113.75 113.69 0.05
Total Return (USD) 120.73 120.72 0.01
Avg Duration 2.71 2.71 -0.14
Avg Yield 4.16 4.17 -0.15
Market Cap 314316.08 314163.46 152.63
Avg Life 3.07 3.08 -0.27
Avg Clean Price 97.01 97.00 0.01
Avg Coupon 4.16 4.16 0.00