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
25-May-18
Tenor Rating Yield (%) Asia Premium (bps) Spread over Treasury (bps)
5Y AAA 3.745 73 92
5Y AA 3.913 74 109
5Y A+ 4.031 75 120
5Y A 4.145 76 132
5Y A- 4.249 77 142
5Y BBB+ 4.356 78 153
5Y BBB 4.535 81 171
5Y BBB- 4.775 90 195
5Y BB+ 6.318 97 349
5Y BB 6.448 110 362
5Y BB- 6.966 162 414
5Y B+ 8.064 217 524
5Y B 10.020 412 719
5Y B- 11.595 570 877
10Y AAA 4.018 54 103
10Y AA 4.170 55 118
10Y A+ 4.310 56 132
10Y A 4.447 57 146
10Y A- 4.580 57 159
10Y BBB+ 4.718 58 173
10Y BBB 4.938 62 195
10Y BBB- 5.236 70 225
10Y BB+ 7.069 78 408
10Y BB 7.200 91 421
10Y BB- 7.717 143 473
10Y B+ 9.000 197 601
10Y B 10.956 393 796
10Y B- 12.531 550 954