DBS Aggregate Credit Spread or DACS indices show the aggregated z-spread for Asian corporate USD-denominated straight bonds. The higher the DACS, the higher is the yield that can be earned by investors in credit, and the higher is the perception of credit risks in markets. Individual Z-spreads are weighted by their dollar amount outstanding and modified duration in the DACS.

The first visual shows the notional outstanding of bonds from five Asian economies that comprise the Asia ex-Japan (AXJ) DACS index. The five economies are China, Hong Kong, Korea, India and Indonesia.

Next, the second visual shows the notional outstanding split into industry sectors for the aggregate AXJ DACS index, as well as individual DACS for each of the five economies. Selection of indiviudal economies can be made via the dropdown list.

Our last visual illustrates the evolution of DACS indices over time for AXJ or a selected economy. Furthermore, individual DACS for all the constituent sectors can be selected using the second dropdown. Such sector DACS will be shown on an individual economy basis where data is available, or on an aggregated AXJ basis.