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
04-Mar-22  
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 3.418 129 176
5Y AA 3.563 134 191
5Y A+ 3.720 142 206
5Y A 3.851 147 220
5Y A- 4.004 152 235
5Y BBB+ 4.184 160 253
5Y BBB 4.584 186 293
5Y BBB- 5.488 246 383
5Y BB+ 7.502 300 585
5Y BB 8.435 393 678
5Y BB- 12.142 764 1,049
5Y B+ 17.133 1,156 1,548
5Y B 31.131 2,555 2,948
5Y B- 42.406 3,683 4,075
10Y AAA 3.424 89 165
10Y AA 3.567 94 180
10Y A+ 3.780 102 201
10Y A 3.967 107 220
10Y A- 4.148 113 238
10Y BBB+ 4.354 120 258
10Y BBB 4.735 146 296
10Y BBB- 5.735 206 396
10Y BB+ 7.751 260 598
10Y BB 8.684 354 691
10Y BB- 12.391 724 1,062
10Y B+ 17.434 1,116 1,566
10Y B 31.432 2,515 2,966
10Y B- 42.707 3,643 4,094

 

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