The iBoxx ABF Pan-Asia (USD Unhedged) is designed to measure the performance of local currency-denominated sovereign and sub-sovereign bonds issued in China, Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand, with minimum amounts outstanding that vary by market and issuer type. 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. While domestic central government debt does not require ratings, sub-sovereign bonds must be investment grade and supranationals must be rated at least AA-. Unrated bonds from investment grade markets are eligible if they are government guaranteed or from qualifying financial agencies with strong links to and support from central government. The bonds must be domestic and tradable in the local market, excluding offshore currency bonds.