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
29-May-17
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.607 64 82
5Y AA 2.873 65 108
5Y A+ 2.947 66 116
5Y A 3.017 67 123
5Y A- 3.158 67 137
5Y BBB+ 3.302 68 151
5Y BBB 3.450 72 166
5Y BBB- 3.650 80 186
5Y BB+ 5.058 87 327
5Y BB 5.179 99 339
5Y BB- 5.657 146 387
5Y B+ 6.823 197 503
5Y B 8.630 378 684
5Y B- 10.085 523 829
10Y AAA 2.696 44 45
10Y AA 3.430 45 118
10Y A+ 3.490 46 124
10Y A 3.548 47 130
10Y A- 3.699 47 145
10Y BBB+ 3.854 48 161
10Y BBB 4.039 52 179
10Y BBB- 4.335 59 209
10Y BB+ 6.076 66 383
10Y BB 6.196 78 395
10Y BB- 6.675 126 443
10Y B+ 7.783 177 554
10Y B 9.589 357 734
10Y B- 11.045 503 880