The iBoxx ALBI Non-Government Index (USD Unhedged) is designed to measure the performance of non-government bonds in Asian local currency bond markets. The index includes bonds from China offshore, Hong Kong, Malaysia and Singapore, with minimum amounts outstanding varying 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. For Hong Kong and Malaysia, bonds must be rated A- or above. China offshore bonds must be issued in Hong Kong, Macau or outside of the People's Republic of China and be clearable through Clearstream, Euroclear or Hong Kong CMU.