The Markit iBoxx ABF Pan-Asia Index is determined and composed by Markit Indices Limited.
Markit iBoxx ABF Pan-Asia Index includes Asian currency denominated bonds issued by governments and quasi-government organizations in Asia. Currently, the index includes eight Asian markets, namely, China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, and Thailand. Aside from market capitalization, the International Index Company (IIC) also considers liquidity of the market, the country's sovereign rating, and the openness of the market, which takes into consideration the regulatory, legal and fiscal environment, and the trading and clearing infrastructure of each local market.
Please refer to the Markit iBoxx ABF Pan-Asia Index section of this website for the details of the index.
Average credit rating is A+ / A.
PAIF will track the Markit iBoxx ABF Pan-Asia Index and will therefore have characteristics similar to this index. Currently, the average duration of the index is around 5.0.
Notes: The average duration is weighted with market capitalization. The index average duration does not necessarily equal to PAIF's average duration.
A Prospectus is an important document providing a fund's details, including its investment objective, policies for achieving the objectives, fees, and other important information that investors may need to make investment decisions. Investors should read the prospectus (including the Risk Factor section) before making their investment decisions.
PAIF's prospectus can be accessed and downloaded on the fund page of this website. Hard copies of the prospectus can be obtained from the manager, State Street Global Advisors in Singapore or at its Hong Kong branch, during normal business hours.
Singapore Office
168 Robinson Road #33-01 Capital Tower,
Singapore 068912
Hong Kong Office
68th Floor, Two International Finance Centre
8 Finance Street Central, Hong Kong
PAIF units will be deposited, cleared and settled in book-entry format in the Central Clearing and Settlement System (CCASS) in Hong Kong. All units will be registered in the name of HKSCC Nominees Limited (HKSCC Nominees), which is the registered owner of all outstanding units of PAIF. Investors will not receive any unit certificates. Investors owning PAIF units are beneficial owners as shown on the records of CCASS or its participants, such as brokers and dealers, banks, other institutions etc.
Unitholders would potentially receive income semi-annually.
There is currently no income reinvestment plan.
Distributions payable to investors will be paid through Central Clearing and Settlement System (CCASS).
Investment involves risks; when investing in funds, investors should refer to the funds' prospectus for the details before making investment decisions. PAIF's prospectus sets out a number of risk factors that investors should be aware of. A copy of PAIF's prospectus can be accessed and downloaded at the Prospectus section of this website.
The EMEAP (Executives' Meeting of East-Asia and Pacific Central Banks) Group refers to the group of 11 central banks or monetary authorities in the East Asia and Pacific region, namely Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore and Thailand. PAIF is one of the Group's initiatives to further develop the Asian bond market.
Notes: The fund is not promoted, sponsored, recommended, issued or guaranteed by any member of the EMEAP member central banks and monetary authorities. The fund is not guaranteed or endorsed by the governments of the eight investment markets.
No, the EMEAP Group does not guarantee the performance of PAIF. The EMEAP Group members are like any other investors in PAIF and they are entitled to dispose units they hold. There is also no guarantee that the members will continue to be investors in PAIF. Please refer to the Risk Factors listed in PAIF's Prospectus, which can be accessed and downloaded from the Prospectus section of this website, for further details.
Unlike many conventional unit trusts, which are only bought and sold at closing net asset values (NAV), PAIF's units are designed to trade on the Stock Exchange of Hong Kong Limited like an ordinary share, and to be created and redeemed principally in a Creation Unit size of 20,000 Units or multiples thereof at the NAV.
An index fund is a fund that seeks to provide returns that closely match the performance of an index such as the Markit iBoxx ABF Pan-Asia Index.
The Trustee of PAIF is HSBC Institutional Trust Services (Singapore) Limited.
With passive management, the Manager will rebalance PAIF's portfolio of investments from time to time to reflect any changes to the composition of the Markit iBoxx ABF Pan-Asia Index with a view to minimizing tracking error of PAIF's overall returns relative to the performance of the index.
PAIF will track the returns of Markit iBoxx ABF Pan-Asia Index by investing primarily in the Index Securities, ie, the constituents of Markit iBoxx ABF Pan-Asia Index. PAIF may also invest in certain non-Index Securities in order to minimize the tracking error. Please refer to the 'Investment Policies and Strategies' in PAIF's Prospectus for more details.
Currently, the Manager's fee will not exceed 0.16% per annum of the total net asset value of PAIF. Investors should refer to PAIF's Prospectus for details on the fund's fees and expenses.
Currently, the Trustee Fees is 0.05% per annum of PAIF's total net asset value. Investors should refer to PAIF's Prospectus for details on the fund's fees and expenses.
The base currency of PAIF is US Dollars. This means that the market price and Net Asset Value (NAV) per unit will be reported in US Dollars.
An Authorized Participant refers to brokers or dealers who have entered into a Participation Agreement with the Receiving Agent, the Manager and the Trustee with respect to cash creations and redemptions.
Please refer to the list of Authorized Participants on this website for more details. This list is provided for information purpose only and is subject to change from time to time.
PAIF trades like any other shares listed on the Stock Exchange of Hong Kong Limited (the Stock Exchange). Investors may refer to financial data providers (such as Bloomberg) or the Stock Exchange for PAIF's current market price during trading days, and business sections of newspapers for previous trading day's closing price. Investors should be aware of that the trading price of PAIF may differ from its Net Asset Value (NAV) per unit.
The Net Asset Value (NAV) reflects the market value of PAIF's portfolio of investments less expenses and liabilities and NAV per unit is calculated by dividing PAIF's total NAV by the number of outstanding units. PAIF's NAV will be calculated after the close of trading on the Stock Exchange of Hong Kong Limited (Stock Exchange) at the end of each Dealing Day*. Investors should be aware of that PAIF's NAV per unit may differ from its trading price on the Stock Exchange.
* Dealing day refers to any day on which commercial banks are open for business in Singapore and Hong Kong, the Stock Exchange of Hong Kong is open for trading and the Markit iBoxx ABF Pan-Asia Index is compiled and published.
PAIF's NAV per unit will be published through the facilities of the Stock Exchange and on PAIF's dedicated website on the following Dealing Day*. Estimated mid-day NAV per unit and estimated closing NAV per unit will be published on the PAIF's website by no later than 1.00 p.m. and 6.00 p.m. respectively on each Dealing Day*.
Notes: The values of estimated mid-day NAV per unit and estimated closing NAV per unit should not be viewed as "real time" updates. The estimated NAV per unit and the actual NAV per unit calculated in accordance with the terms of the Trust Deed and published on the following Dealing Day* may differ.
* Dealing day refers to any day on which commercial banks are open for business in Singapore and Hong Kong, the Stock Exchange of Hong Kong is open for trading and the Markit iBoxx ABF Pan-Asia Index is compiled and published.
Stamp duty is exempted on trading PAIF's units on the Stock Exchange of Hong Kong Limited.
