HSBC 2007 Annual Report Download - page 217

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Debt securities and other bills by rating agency
designation
(Audited)
The following table presents an analysis by rating
agency designation of debt and similar securities,
other than loans, based on Standard & Poor’s ratings
or their equivalent. Debt securities with short-term
ratings are reported against the long-term rating of
the issuer of the short-term debt securities. If major
rating agencies have different ratings for the same
debt securities, the securities are reported against the
lower rating.
Treasury
bills
Other
eligible bills
Debt
securities Total
US$m US$m US$m US$m
At 31 December 2007
AAA .............................................................................. 13,234 229 199,310 212,773
AA– to AA+ ................................................................. 17,470 263 99,357 117,090
A– to A+ ....................................................................... 11,082 300 67,402 78,784
Lower than A– .............................................................. 2,577 293 28,995 31,865
Unrated ......................................................................... 1,225 – 37,481 38,706
Supporting liabilities under linked insurance
and investment contracts1 ......................................... 51 – 7,741 7,792
45,639 1,085 440,286 487,010
Of which issued by:
– governments ......................................................... 44,717 – 164,848 209,565
– local authorities .................................................... 287 – 2,532 2,819
– asset-backed securities ......................................... – – 94,555 94,555
– corporates and other ............................................. 635 1,085 178,351 180,071
45,639 1,085 440,286 487,010
Of which classified as:
– trading assets ........................................................ 16,307 132 178,834 195,273
– financial instruments designated at fair value ..... 181 – 21,150 21,331
– available-for-sale securities ................................. 29,151 953 230,534 260,638
– held-to-maturity investments ............................... – – 9,768 9,768
45,639 1,085 440,286 487,010
At 31 December 2006
AAA .............................................................................. 20,360 282 146,087 166,729
AA– to AA+ ................................................................. 15,478 247 77,578 93,303
A– to A+ ....................................................................... 8,146 91 66,408 74,645
Lower than A– .............................................................. 1,208 205 21,240 22,653
Unrated ......................................................................... 1,134 – 20,475 21,609
Supporting liabilities under linked insurance
and investment contracts1 ......................................... 54 – 4,304 4,358
46,380 825 336,092 383,297
Of which issued by:
– governments ......................................................... 44,941 – 120,369 165,310
– local authorities .................................................... 370 – 8,704 9,074
– asset-backed securities ......................................... – – 42,804 42,804
– corporates and other ............................................. 1,069 825 164,215 166,109
46,380 825 336,092 383,297
Of which classified as:
– trading assets ........................................................ 21,751 8 155,447 177,206
– financial instruments designated at fair value ..... 133 – 9,449 9,582
– available-for-sale securities ................................. 24,451 817 161,870 187,138
– held-to-maturity investments ............................... 45 – 9,326 9,371
46,380 825 336,092 383,297
1 For securities supporting liabilities under linked insurance and investment contracts, financial risks are substantially borne by the
policyholders.