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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-Oct-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 259.60 259.88 -0.11 100.00 3.98 5.75 7.81 4.42 1682451.98
China Offshore 110.22 110.33 -0.10 3.78 4.42 2.67 3.03 4.14 330727.94
China Onshore 160.87 160.69 0.11 8.12 3.97 6.04 8.47 3.97 1831127.36
Hong Kong 319.35 320.23 -0.27 11.32 2.40 4.51 5.10 2.64 304387.98
India 327.11 327.23 -0.04 6.16 8.55 5.87 10.50 8.20 9553022.26
Indonesia 688.64 689.14 -0.07 9.65 8.58 6.71 12.23 8.60 87504132.79
Korea 222.29 222.07 0.10 19.62 2.69 5.58 6.81 3.80 481046677.40
Malaysia 179.04 179.04 0.00 10.55 3.99 5.04 6.17 3.96 531144.35
Philippines 418.24 418.73 -0.12 6.09 4.36 7.44 10.77 6.05 3849475.76
Singapore 163.75 163.92 -0.10 14.81 2.35 6.04 7.24 2.83 127964.96
Taiwan 178.23 178.20 0.02 2.03 1.81 8.85 10.78 2.16 4861847.35
Thailand 201.44 201.44 0.00 7.86 3.30 6.13 8.58 4.03 3388437.72

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-Oct-14
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 370.92 0.46% 1.20% 1.85% 232.73
CHINA 321.46 0.42% 1.37% 1.74% 242.96
HONG KONG 368.18 0.44% 1.33% 1.62% 199.12
MALAYSIA 357.50 0.31% 1.23% 1.18% 164.17
INDONESIA 253.10 1.05% 0.59% 2.53% 294.90
KOREA 298.66 0.41% 1.22% 1.37% 133.73
SINGAPORE 308.97 0.29% 1.41% 1.53% 142.53
INDIA 379.02 -0.14% 0.92% 1.76% 273.89
PHILIPPINES 511.82 1.05% 1.92% 2.93% 190.00
THAILAND 450.14 0.26% 1.91% 3.04% 218.79
VIETNAM 404.45 -0.42% -0.76% -0.42% 358.98
SRI LANKA 379.13 -0.20% -1.24% 0.30% 399.87
MONGOLIA 111.33 -0.77% -0.15% 3.83% 572.79
TAIWAN 100.34 0.23% 0.40% N/A 141.06

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
16-Oct-14
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.100 97 82
5Y AA 2.619 98 134
5Y A+ 2.719 100 144
5Y A 2.813 101 154
5Y A- 2.955 102 168
5Y BBB+ 3.102 103 182
5Y BBB 3.339 108 206
5Y BBB- 3.745 121 247
5Y BB+ 6.063 132 479
5Y BB 6.253 151 498
5Y BB- 7.009 226 573
5Y B+ 9.060 306 778
5Y B 11.913 591 1064
5Y B- 14.210 821 1293
10Y AAA 3.298 82 122
10Y AA 3.689 83 162
10Y A+ 3.740 85 167
10Y A 3.786 86 171
10Y A- 3.932 87 186
10Y BBB+ 4.083 88 201
10Y BBB 4.199 94 212
10Y BBB- 4.736 106 266
10Y BB+ 6.811 117 474
10Y BB 7.002 136 493
10Y BB- 7.757 211 568
10Y B+ 9.327 291 725
10Y B 12.179 576 1010
10Y B- 14.477 806 1240

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)
20-Oct-14 Current Level Previous Level Change
Total Return 110.22 110.22 0.00
Total Return (USD) 118.41 118.25 0.14
Avg Duration 2.66 2.67 -0.30
Avg Yield 4.43 4.42 0.30
Market Cap 330725.78 330727.94 -2.15
Avg Life 3.02 3.03 -0.27
Avg Clean Price 96.72 96.76 -0.03
Avg Coupon 4.14 4.14 0.00

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