The iBoxx ABF Pan-Asia Sub-Sovereigns (USD Unhedged) is designed to measure the performance of local currency-denominated sub-sovereign bonds issued in China, Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand, with minimum amounts outstanding that vary by market. Bonds must have a minimum initial time to maturity of 18 months at issuance and a remaining time to maturity of at least one year at rebalancing. Investment grade ratings are required for most sub-sovereign bonds, while supranationals must be rated at least AA-. Eligible bonds must be domestic instruments tradable in their respective local markets, with issuers or guarantors domiciled in the constituent markets. Sub-sovereign issuers are subject to a 10% weight cap per issuer.