HSBC Global Banking and Markets operations around the world
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.
| 3-Sep-10 | ||||
| Tenor | Rating | Yield (%) | Asia Premium (bps) | Spread over Treasury (bps) |
| 5Y | AAA | 2.947 | 93 | 152 |
| 5Y | AA | 3.079 | 94 | 165 |
| 5Y | A+ | 3.145 | 95 | 172 |
| 5Y | A | 3.200 | 96 | 178 |
| 5Y | A- | 3.716 | 97 | 229 |
| 5Y | BBB+ | 4.061 | 99 | 264 |
| 5Y | BBB | 4.206 | 103 | 278 |
| 5Y | BBB- | 4.995 | 114 | 357 |
| 5Y | BB+ | 6.453 | 123 | 503 |
| 5Y | BB | 6.657 | 140 | 523 |
| 5Y | BB- | 7.503 | 206 | 608 |
| 5Y | B+ | 9.369 | 276 | 794 |
| 5Y | B | 11.926 | 525 | 1050 |
| 5Y | B- | 14.877 | 725 | 1345 |
| 10Y | AAA | 3.963 | 55 | 135 |
| 10Y | AA | 4.159 | 56 | 154 |
| 10Y | A+ | 4.225 | 57 | 161 |
| 10Y | A | 4.281 | 58 | 166 |
| 10Y | A- | 4.553 | 59 | 194 |
| 10Y | BBB+ | 4.807 | 60 | 219 |
| 10Y | BBB | 4.974 | 65 | 236 |
| 10Y | BBB- | 5.725 | 76 | 311 |
| 10Y | BB+ | 7.371 | 85 | 475 |
| 10Y | BB | 7.658 | 102 | 504 |
| 10Y | BB- | 9.346 | 168 | 673 |
| 10Y | B+ | 10.293 | 237 | 767 |
| 10Y | B | 13.956 | 486 | 1134 |
| 10Y | B- | 16.663 | 687 | 1405 |
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Zhang, Zhiming FI Credit Research Director Level 19, HSBC Main Building 1 Queen's Road Central Hong Kong Direct Line: 852 2822 4523 Fax: 852 2218 9832 |
Asian Bond 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
Asian Local Bond Index (ALBI)
Asian US Dollar Bond Index (ADBI)
FX Cross Rates
An at-a-glance reference for market information, including FX spot/forward, cross and interest rates, with access to useful spot FX and forward calculators.
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