The iBoxx USD Asia-Pacific Sub-Sovereigns is designed to measure the performance of USD-denominated sub-sovereign debt from issuers in Australia, Cambodia, China, Hong Kong, India, Indonesia, Japan, Macao, Malaysia, Maldives, Mongolia, New Zealand, Pakistan, Papua New Guinea, the Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam. The index includes bonds with a minimum initial time to maturity of 18 months at issuance and a minimum amount outstanding of USD 250 million. Eligible securities are issued by agencies, supranationals, local governments and other sub-sovereign entities with explicit or implicit government backing. Bonds must be clearable through Clearstream, Euroclear or Hong Kong CMU, and issuers must be from countries not in default on external debt and that have a long-term foreign debt rating from at least one rating agency.