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HSBC Global Research

Currencies
Economics
Emerging Markets
Equities
Fixed Income

About HSBC Global Research

Global Research, a division of HSBC Global Banking and Markets, has over 500 staff in 20 countries both developed and emerging. We specialise in four core product areas – currency, economics, equities and fixed income – with a particular emphasis on emerging markets and climate change.

Fixed Income

Steven Major, Global Head of Fixed Income

The Fixed Income research team is represented by 51 analysts based in London, Hong Kong, New York, Bangalore, DÃ¼sseldorf and Mexico. Our primary objective is to provide HSBC's customers with actionable research ideas in both developed and developing Fixed Income markets. This is delivered through regular publications on the Credit, Rates and Asset-backed markets, together with our website, which also gives our customers direct access to the team's analytics.

Website features
	Government Fitted curves for all major markets are used to identify 'rich' and 'cheap' bonds, summarised in the value matrix. Individual fair value models are used together with asset-swap comparisons.	Swaps There are 25 swap markets that are analysed with heat maps for rates, curve and curvature. The models facilitate calculation of carry and analysis of volatility.
	Futures Both bond futures and interest rate futures models facilitate analysis of relative value and the bond-future basis.	Volatility Numerous uses of the volatility data can be found for swaptions, caps and floors. This permits conditional curve and conditional curvature trade analysis. There are also options on bond futures, and options on interest rate futures.
	Inflation Models for inflation bonds and inflation swap analysis are for all major markets. Given assumptions or forecasts, it is possible to analyse carry for individual bonds.	Covered bonds Comprehensive coverage and relative value analysis of the covered bond market is possible with this tool.
Rates publications
	Morning Message Our 7 am (UK time) daily morning note provides fresh insights into market drivers and trading opportunities, directly linked to our valuation models.
	Trade recommendations We monitor our bond-specific, relative value and generic theme-based ideas for the cash and derivative markets and report on the performance of our recommendations.
	Developed and emerging-markets weekly publications Team members in Asia, Europe and the Americas publish weekly notes on the rates markets. There is also a dedicated publication on global ABS.
	Asset Allocation Asset Allocation is a monthly publication based on a model portfolio. The objective is to beat the iBoxx index with minimal overall duration exposure, emphasising yield curve and regional preferences.
	Government index tracking, government supply and global flow pack Published monthly.
	WAM - Weekly Analysts' Meeting' Senior fixed income analysts from around the world discuss the latest events. Hyperlinks to recent publications provide more background information on current ideas and themes.

Credit publications
	The View The View looks at topics driving Asia's credit markets on a monthly basis. US Quarterly Bank Monitor Detailed financial analysis of US bank industry data and profiles of individual financial institutions published on a quarterly basis. European Credit Strategy European Credit Strategy is a monthly collation of investment considerations for European credit investors. 60-second View 60-second View is a first-in-the morning, daily synopsis of key stories affecting European and US credit.	Thematic studies Our highly relevant thematic reports explore key developments in the credit markets, such as covenant evolution, hybrid securities and sub-prime mortgage deterioration. Flash notes Timely treatments of firm-specific developments affecting credit spreads. Trade ideas Action-oriented pieces focusing on relative value comparisons. ACID ACID is our Asian credit investment publication, published daily.

For access requests, please send an e-mail to ecare@hsbcib.com

About Global Banking and Markets