Skip to main content
    More Results
      More Results
        More Results

        From Sectors and Smart Beta to Fixed Income, SPDR Exchange Traded Funds (ETFs) give you wide access to diverse investment opportunities. Find out more.

        Okay
        About Us

        The Largest Fixed Income ETF in the Region1

        Launched in 2005, the ABF Pan Asia Bond Index Fund (PAIF) pioneered the Asian fixed income ETF industry. It provides an innovative, easy-to-access and cost-efficient solution to invest in a diversified portfolio of Asian local currency government and quasi-government bonds in one single trade.

        PAIF 15 Years

        10 Facts About PAIF

        1. PAIF is the first regional Asian local currency bond ETF in the region.1
        2. In 2005, PAIF was launched as part of an important initiative by Asia Pacific's 11 leading central banks and monetary authorities to strengthen the region's bond markets.
        3. PAIF is benchmarked to the Markit iBoxx ABF Pan-Asia Index.
        4. PAIF invests in the sovereign and quasi-sovereign local currency bonds of eight major Asian economies, including China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand.
        5. Domiciled in Singapore, PAIF was listed in Hong Kong in 2005 (SEHK stock code: 2821) and cross-listed in Japan in 2009 (TSE stock code: 1349).
        6  PAIF has delivered positive returns in 14 out of the past 19 calendar years.2
         
        7  Offering easy and low-cost access to Asia's local bond markets, PAIF allos investors to diversify their portfolios with over 500 local currency bonds in one single trade.3
         
        8  PAIF's portfolio has an average credit quality of A+.3
         
        9  The Asian sovereign and quasi-sovereign local currency bond market has grown over ten-fold since the inception of PAIF, from US$1.4 trillion to US$14.7 trillion.4
         
        10  PAIF is a crucial part of the initiative to develop Asia's local bond markets. It started to participate in securities lending in June 2018 to deepen secondary market liquidity.

        Why Invest in Asian Local Currency Bonds?

        Favourable Risk-Return Profile

        The macro fundamentals of many Asian governments remain robust, and they will likely continue to be a growth driver of the global economy. Investors, therefore, have an opportunity to obtain a good yield without taking on excessive risk. In fact, Asian bonds have historically demonstrated a risk-return profile that is proportional to that of US Treasuries.

        Potential for Additional Yield via Local Currency Appreciation

        We expect currency appreciation will continue to be an important source of potential returns moving forward. Current US-dollar strength has depressed currency gains in Asian local currency bonds, but over the medium to long term, there is a good chance of a rebound. In the meantime, US-dollar strength presents attractive entry opportunities for Asian local currency bonds.

        A 'Back to Basics' Diversified Portfolio Construction Strategy

        In an increasingly interconnected world, correlations between Asian local currency bonds and other major asset classes have inevitably risen. Still, they remain low enough to allow such assets to add valuable diversification benefits to investors' portfolios.

        More Insights

        More Information

        Get in Touch

        Reach out to us for more information

        Contact Us

        View More Insights

        See our insights for the latest thinking

        Read More

        This advertisement or publication has not been reviewed by the Monetary Authority of Singapore (the "MAS"). 

        The ABF Pan Asia Bond Index Fund (the 'PAIF') is an authorized unit trust in Hong Kong and Singapore only. Authorization does not imply official recommendation. Nothing contained here constitutes investment advice or should be relied on as such. Past performance of PAIF is not necessarily indicative of its future performance. The prospectus for PAIF is available and may be obtained from State Street Global Advisors Singapore Limited (the "Manager") (Singapore Company Registration number: 200002719D, regulated by the MAS) and authorized participants. Investors should read the prospectus before deciding whether to acquire units in PAIF. The value of units in PAIF and accruing to such units, if any, may fall or rise. The semi-annual distributions are dependent on PAIF's performance and are not guaranteed. Redemption of PAIF’s units could only be executed in substantial size through designated dealers and the listing of PAIF on the Stock Exchange of Hong Kong Limited and the Tokyo Stock Exchange (the 'Stock Exchanges') do not guarantee a liquid market for the units, and PAIF may be delisted from the Stock Exchanges. The Fund's Prospectus is available from State Street Global Advisors or can be downloaded from www.abf-paif.com*.

        All the information contained in this website is from SSGA and as of date indicated unless otherwise noted.

        The information contained in this website is issued by State Street Global Advisors Singapore Limited. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA's express written consent. This website and the information contained herein may not be distributed and published in jurisdictions in which such distribution and publication is not permitted.

        All forms of investments carry risks, including the risk of losing all of the invested amount. Such activities may not be suitable for everyone.

        The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information.

        Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise, bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

        Diversification does not ensure a profit or guarantee against loss.

        ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. Frequent trading of ETF's could significantly increase commissions and other costs such that they may offset any savings from low fees or costs. 

        The investment objective of PAIF is to provide investment results that closely correspond to the performance of its benchmark index. The primary driver of investment decisions is the objective of generating returns to meet the investment objective. Climate change analysis does not form part of the security selection process and climate-related risk is not a factor applicable to PAIF being able to meet its investment objective.

        The Markit iBoxx ABF Pan-Asia Index referenced herein is the property of Markit Indices GmbH and is used under license. The PAIF is not sponsored, endorsed, or promoted by Markit Indices GmbH or any of its members.

        State Street Global Advisors Singapore Limited: Singapore address: 168 Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore). Telephone: +65 6826-7555. Facsimile: +65 6826-7501.

        Web: www.abf-paif.com

        © [[]] %%State Street Corporation%%. All rights reserved.