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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
21-Aug-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 260.78 261.38 -0.23 100.00 4.15 5.65 7.80 4.46 1672676.34
China Offshore 110.17 110.16 0.02 3.76 4.13 2.69 3.04 4.07 308009.59
China Onshore 156.49 156.58 -0.06 7.83 4.32 5.98 8.66 3.95 1599203.78
Hong Kong 314.55 315.07 -0.17 11.11 2.64 4.53 5.17 2.66 293508.52
India 319.55 319.21 0.11 6.06 8.72 5.83 10.77 8.20 10241467.65
Indonesia 677.44 677.09 0.05 9.79 8.63 6.70 12.33 8.62 83519462.04
Korea 216.63 216.72 -0.04 19.85 3.08 5.26 6.58 3.90 477481460.75
Malaysia 177.66 177.66 0.00 10.80 4.01 4.89 5.98 3.98 542990.96
Philippines 410.63 410.59 0.01 6.10 4.53 7.13 10.48 6.23 3562778.64
Singapore 162.65 162.75 -0.06 14.92 2.41 6.15 7.45 2.84 122286.55
Taiwan 177.90 178.02 -0.07 2.05 1.80 8.84 10.72 2.17 4947904.27
Thailand 196.80 197.25 -0.23 7.73 3.58 5.96 8.45 4.01 3301848.46

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
21-Aug-14
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 366.86 0.19% 0.56% 1.80% 218.42
CHINA 318.29 0.07% 0.54% 2.37% 225.00
HONG KONG 364.10 -0.02% 0.36% 1.83% 191.13
MALAYSIA 353.86 -0.07% 0.08% 0.93% 156.87
INDONESIA 250.80 0.90% 1.20% 2.91% 272.76
KOREA 295.64 -0.11% 0.25% 0.69% 128.51
SINGAPORE 305.31 -0.02% 0.24% 0.86% 139.01
INDIA 374.77 0.08% 0.49% 1.94% 262.90
PHILIPPINES 502.03 0.61% 0.68% 0.92% 181.91
THAILAND 442.31 0.29% 0.95% 3.15% 209.64
VIETNAM 406.80 0.24% 0.43% 1.69% 293.07
SRI LANKA 378.78 0.94% 0.17% 1.65% 359.41
MONGOLIA 111.27 1.39% 5.41% 1.96% 546.64

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
22-Aug-14
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.409 95 78
5Y AA 2.788 96 116
5Y A+ 2.887 98 126
5Y A 2.981 99 135
5Y A- 3.108 100 148
5Y BBB+ 3.241 101 161
5Y BBB 3.398 106 177
5Y BBB- 3.805 118 217
5Y BB+ 5.459 128 383
5Y BB 5.639 147 401
5Y BB- 6.356 218 473
5Y B+ 8.184 294 655
5Y B 10.892 565 926
5Y B- 13.073 783 1144
10Y AAA 3.583 82 117
10Y AA 3.876 83 147
10Y A+ 3.943 85 153
10Y A 4.004 86 159
10Y A- 4.148 87 174
10Y BBB+ 4.297 88 189
10Y BBB 4.281 93 187
10Y BBB- 4.904 105 249
10Y BB+ 6.430 115 402
10Y BB 6.611 133 420
10Y BB- 7.328 205 492
10Y B+ 8.725 281 632
10Y B 11.433 551 902
10Y B- 13.614 769 1120

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)
21-Aug-14 Current Level Previous Level Change
Total Return 110.17 110.16 0.02
Total Return (USD) 118.01 118.19 -0.15
Avg Duration 2.69 2.69 -0.14
Avg Yield 4.13 4.14 -0.05
Market Cap 308009.59 307961.85 47.74
Avg Life 3.04 3.04 -0.09
Avg Clean Price 97.34 97.34 0.00
Avg Coupon 4.07 4.07 0.00

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