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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
24-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 261.16 261.33 -0.07 100.00 3.95 5.74 7.81 4.43 1693318.66
China Offshore 110.28 110.26 0.01 3.77 4.43 2.65 3.01 4.14 330899.27
China Onshore 161.38 161.47 -0.05 8.11 3.93 6.04 8.45 3.97 1837011.18
Hong Kong 318.53 318.94 -0.13 11.23 2.47 4.48 5.08 2.64 303607.34
India 328.39 328.32 0.02 6.18 8.51 5.87 10.48 8.20 9590473.43
Indonesia 702.08 701.22 0.12 9.81 8.32 6.78 12.21 8.60 89211199.62
Korea 222.95 222.58 0.17 19.74 2.65 5.58 6.79 3.80 482482328.86
Malaysia 179.17 179.14 0.02 10.52 3.99 5.02 6.15 3.96 531527.45
Philippines 419.33 418.45 0.21 6.09 4.33 7.44 10.75 6.05 3859497.73
Singapore 163.83 163.83 0.00 14.71 2.35 6.02 7.22 2.83 128030.31
Taiwan 177.88 177.96 -0.05 2.02 1.84 8.84 10.76 2.16 4852184.95
Thailand 201.69 201.67 0.01 7.83 3.29 6.12 8.56 4.03 3392687.31

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
24-Oct-14
Index Level Weekly Return Monthly Return Quarterly Return T-Spreads
ADBI 371.20 0.08% 1.09% 1.51% 224.11
CHINA 321.17 -0.09% 1.10% 1.30% 237.62
HONG KONG 367.28 -0.24% 0.93% 1.16% 197.47
MALAYSIA 356.84 -0.18% 0.93% 0.83% 162.05
INDONESIA 255.61 0.99% 1.39% 2.20% 275.27
KOREA 298.11 -0.18% 0.90% 1.03% 133.46
SINGAPORE 308.13 -0.27% 0.95% 1.07% 139.83
INDIA 379.47 0.12% 0.78% 1.66% 265.91
PHILIPPINES 513.33 0.30% 1.89% 2.59% 178.38
THAILAND 448.97 -0.26% 1.17% 2.24% 215.13
VIETNAM 407.60 0.78% -0.11% 0.58% 329.23
SRI LANKA 384.39 1.39% 0.42% 1.11% 362.55
MONGOLIA 112.62 1.16% 0.60% 5.94% 541.49
TAIWAN 100.03 -0.31% 0.17% N/A 148.05

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
24-Oct-14
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 2.343 95 86
5Y AA 2.770 96 128
5Y A+ 2.863 98 138
5Y A 2.951 99 146
5Y A- 3.085 100 160
5Y BBB+ 3.224 102 174
5Y BBB 3.428 107 194
5Y BBB- 3.807 120 232
5Y BB+ 5.739 132 425
5Y BB 5.941 152 445
5Y BB- 6.743 232 526
5Y B+ 8.759 317 727
5Y B 11.788 620 1030
5Y B- 14.229 864 1274
10Y AAA 3.421 79 115
10Y AA 3.827 81 156
10Y A+ 3.870 82 160
10Y A 3.906 83 164
10Y A- 4.043 84 178
10Y BBB+ 4.184 86 192
10Y BBB 4.289 92 202
10Y BBB- 4.780 105 251
10Y BB+ 6.533 116 427
10Y BB 6.735 137 447
10Y BB- 7.538 217 527
10Y B+ 9.138 302 687
10Y B 12.167 604 990
10Y B- 14.607 849 1234

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)
24-Oct-14 Current Level Previous Level Change
Total Return 97.95 97.97 -0.02
Total Return (USD) 101.10 101.23 -0.13
Avg Duration 2.84 2.84 -0.06
Avg Yield 4.18 4.17 0.10
Market Cap 121238.01 121258.97 -20.96
Avg Life 3.06 3.07 -0.09
Avg Clean Price 95.54 95.57 -0.03
Avg Coupon 2.89 2.89 0.00

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