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MVIS Emerging Markets Aggregate Bond Index

Index Report — January 2017

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The index at a glance

The MVIS Emerging Markets Aggregate Bond Index (MVEMAG) tracks the performance of emerging markets sovereign bonds and corporate bonds denominated in USD, EUR or local currencies.

The index is a unique 'one stop' index benchmark for emerging market debt and the first index that includes investment-grade and below investment-grade bonds of the four major categories of emerging markets bonds.

Each of the four categories is also tracked separately by one of the four sub-indices derived from MVEMAG:

  • MVIS EM Corporate Bond Index (USD&EUR) – Symbol: MVEMCD
  • MVIS EM Corporate Bond Index (local FX) – Symbol: MVEMCL
  • MVIS EM Sovereign Bond Index (USD&EUR) – Symbol: MVEMSD
  • MVIS EM Sovereign Bond Index (local FX) – Symbol: MVEMSL

The indices are calculated as total return indices and are reviewed monthly. Base dates 31 Dec 2010. Base values: 1000.

Index Statistics

Symbol MVEMAG MVEMCD MVEMCL MVEMSD MVEMSL
Bonds 2,417 1,700 45 408 264
Issuers 831 740 26 67 24
MCap (bn USD) 3,085 1,282 28 642 1,134
Weight 100.00% 41.64% 0.89% 20.81% 36.66%
Average Coupon 5.68% 5.19% 7.01% 5.82% 6.11%
Average Yield to Maturity 5.40% 4.82% 7.97% 4.94% 6.25%
Yield to Worst 5.35% 4.69% 7.95% 4.94% 6.25%
Average Years to Maturity 8.63 7.70 5.03 11.46 8.15
Average Modified Duration 5.55 5.02 3.39 7.10 5.32

All data as of 31 January 2017

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Exposure to the Four Major Categories of EM Bonds

Performance

  • MVEMAG vs. MVEMCL and MVEMCD (1 Year)
  • MVEMAG vs. MVEMCL and MVEMCD (All Time)
  • MVEMAG vs. MVEMSL and MVEMSD (1 Year)
  • MVEMAG vs. MVEMSL and MVEMSD (All Time)
Period MVEMAG MVEMCD MVEMCL MVEMSD MVEMSL
Year-to-Date 1.90% 1.48% 1.31% 1.71% 2.50%
1 Month 1.90% 1.48% 1.31% 1.71% 2.50%
3 Months -1.50% 0.09% -2.61% -1.94% -2.94%
1 Year 11.04% 12.39% 10.51% 10.02% 10.27%
3 Years 7.51% 16.32% -11.96% 18.93% -5.30%
All Time 58.04% 82.12% 15.00% 82.64% 29.28%

All data as of 31 January 2017

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EM Asset Class Continues to Grow

Country Weights

MVIS EM Aggregate Bond Index - MVEMAG

Country Weight
 
Mexico 9.62%
 
Brazil 9.01%
 
Russia 7.54%
 
Indonesia 6.14%
 
Turkey 5.42%
 
South Africa 4.33%
 
Thailand 4.25%
 
China 4.22%
 
Poland 4.17%
 
Malaysia 3.91%
 
Others 41.38%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Country Weight
     
    Brazil 10.15%
     
    Russia 10.04%
     
    Mexico 9.92%
     
    China 9.91%
     
    Hong Kong 8.57%
     
    United Arab Emirates 7.58%
     
    India 5.41%
     
    Chile 4.11%
     
    Turkey 3.65%
     
    Israel 3.00%
     
    Others 27.67%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Country Weight
     
    Colombia 11.62%
     
    South Africa 11.52%
     
    Russia 11.33%
     
    Hong Kong 11.13%
     
    China 11.10%
     
    Mexico 11.07%
     
    Malaysia 11.05%
     
    India 11.04%
     
    Turkey 10.15%
     
    Others 0.00%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Country Weight
     
    Mexico 8.67%
     
    Turkey 7.68%
     
    Indonesia 7.28%
     
    Russia 5.52%
     
    Brazil 4.79%
     
    Philippines 4.38%
     
    Colombia 3.62%
     
    Lebanon 3.55%
     
    Romania 3.11%
     
    Qatar 3.06%
     
    Others 48.33%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Country Weight
     
    Brazil 10.33%
     
    Thailand 10.04%
     
    Indonesia 10.01%
     
    Mexico 9.79%
     
    Poland 9.39%
     
    South Africa 8.48%
     
    Malaysia 7.22%
     
    Turkey 6.03%
     
    Israel 5.82%
     
    Russia 5.75%
     
    Others 17.14%

All data as of 31 January 2017

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Growing Significance of both Local Currency Sovereign Bonds and Hard Currency Corporate Bonds

Sector Weights

MVIS EM Aggregate Bond Index - MVEMAG

Sector Weight
 
Government 57.47%
 
Financial 16.55%
 
Energy 9.26%
 
Utilities 3.63%
 
Basic Materials 3.36%
 
Communications 3.19%
 
Consumer - Non-cyclical 2.59%
 
Industrial 1.88%
 
Consumer - Cyclical 1.05%
 
Diversified 0.95%
 
Technology 0.07%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Sector Weight
     
    Financial 38.60%
     
    Energy 22.12%
     
    Utilities 8.29%
     
    Basic Materials 8.07%
     
    Communications 7.59%
     
    Consumer - Non-cyclical 6.20%
     
    Industrial 4.23%
     
    Consumer - Cyclical 2.53%
     
    Diversified 2.27%
     
    Technology 0.09%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Sector Weight
     
    Financial 53.30%
     
    Utilities 19.74%
     
    Industrial 13.57%
     
    Energy 5.74%
     
    Technology 3.68%
     
    Communications 3.50%
     
    Consumer - Non-cyclical 0.47%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Sector Weight
     
    Government 100.00%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Sector Weight
     
    Government 100.00%

All data as of 31 January 2017

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Value for Risk

Currency Weights

MVIS EM Aggregate Bond Index - MVEMAG

Currency Weight
 
US Dollar (USD) 56.51%
 
Euro (EUR) 5.94%
 
Brazilian Real (BRL) 3.79%
 
Mexican Peso (MXN) 3.69%
 
Thai Baht (THB) 3.68%
 
Indonesian Rupiah (IDR) 3.67%
 
Polish Zloty (PLN) 3.44%
 
South African Rand (ZAR) 3.21%
 
Malaysian Ringgit (MYR) 2.74%
 
Turkish Lira (TRY) 2.30%
 
Others 11.02%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Currency Weight
     
    US Dollar (USD) 91.51%
     
    Euro (EUR) 8.49%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Currency Weight
     
    Chinese Yuan Renminbi (CNY) 16.35%
     
    Colombian Peso (COP) 11.62%
     
    South African Rand (ZAR) 11.52%
     
    Russian Ruble (RUB) 11.33%
     
    Mexican Peso (MXN) 11.07%
     
    Malaysian Ringgit (MYR) 11.05%
     
    Indian Rupee (INR) 11.04%
     
    Turkish Lira (TRY) 10.15%
     
    Hong Kong Dollar (HKD) 5.88%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Currency Weight
     
    US Dollar (USD) 88.43%
     
    Euro (EUR) 11.57%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Currency Weight
     
    Brazilian Real (BRL) 10.33%
     
    Thai Baht (THB) 10.04%
     
    Indonesian Rupiah (IDR) 10.01%
     
    Mexican Peso (MXN) 9.79%
     
    Polish Zloty (PLN) 9.39%
     
    South African Rand (ZAR) 8.48%
     
    Malaysian Ringgit (MYR) 7.22%
     
    Turkish Lira (TRY) 6.03%
     
    Israeli Shekel (ILS) 5.82%
     
    Russian Ruble (RUB) 5.75%
     
    Others 17.14%

All data as of 31 January 2017

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Emerging Markets are not a Single Asset Class

Credit Ratings

MVIS EM Aggregate Bond Index - MVEMAG

Rating Weight
AAA -
63.81% 
AA+, AA, AA- 2.32%
A+, A, A- 21.47%
BBB+, BBB, BBB- 40.02%
BB+, BB, BB- 22.13%
32.13% 
B+, B, B- 7.77%
CCC+, CCC, CCC- 2.07%
CC+, CC, CC- 0.14%
C+, C, C- -
Below C- 0.02%
Not Rated 4.05%
4.05% 
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Rating Weight
    AAA -
    55.40% 
    AA+, AA, AA- 3.12%
    A+, A, A- 19.52%
    BBB+, BBB, BBB- 32.76%
    BB+, BB, BB- 25.44%
    39.71% 
    B+, B, B- 11.36%
    CCC+, CCC, CCC- 2.53%
    CC+, CC, CC- 0.33%
    C+, C, C- -
    Below C- 0.05%
    Not Rated 4.89%
    4.89% 
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Rating Weight
    AAA -
    35.44% 
    AA+, AA, AA- 2.30%
    A+, A, A- 8.36%
    BBB+, BBB, BBB- 24.78%
    BB+, BB, BB- 17.08%
    17.08% 
    B+, B, B- -
    CCC+, CCC, CCC- -
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 47.49%
    47.49% 
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Rating Weight
    AAA -
    55.63% 
    AA+, AA, AA- 4.42%
    A+, A, A- 8.07%
    BBB+, BBB, BBB- 43.14%
    BB+, BB, BB- 24.43%
    43.95% 
    B+, B, B- 14.62%
    CCC+, CCC, CCC- 4.90%
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 0.42%
    0.42% 
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Rating Weight
    AAA -
    78.69% 
    AA+, AA, AA- 0.22%
    A+, A, A- 31.62%
    BBB+, BBB, BBB- 46.85%
    BB+, BB, BB- 17.20%
    17.20% 
    B+, B, B- -
    CCC+, CCC, CCC- -
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 4.11%
    4.11% 
 
Investment Grade  
 
High Yield  
 
Not Rated

All data as of 31 January 2017

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Diversify Across Country, Currency, Sector and Credit Quality

Maturity Breakdown

MVIS EM Aggregate Bond Index - MVEMAG

Maturity Weight
0 - 1 Year 0.88%
1 - 5 Years 42.01%
5 - 10 Years 34.32%
10 - 15 Years 7.54%
15+ Years 15.25%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Maturity Weight
    0 - 1 Year 0.85%
    1 - 5 Years 48.87%
    5 - 10 Years 35.46%
    10 - 15 Years 2.27%
    15+ Years 12.55%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Maturity Weight
    0 - 1 Year 0.00%
    1 - 5 Years 60.57%
    5 - 10 Years 31.91%
    10 - 15 Years 4.46%
    15+ Years 3.06%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Maturity Weight
    0 - 1 Year 0.40%
    1 - 5 Years 25.25%
    5 - 10 Years 38.89%
    10 - 15 Years 11.22%
    15+ Years 24.24%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Maturity Weight
    0 - 1 Year 1.22%
    1 - 5 Years 43.27%
    5 - 10 Years 30.50%
    10 - 15 Years 11.51%
    15+ Years 13.50%

All data as of 31 January 2017

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All-in-One Choice, No Assembly Required

Top Components

  • MVIS Emerging Markets Aggregate Bond Index – MVEMAG
     
    Bond Country Coupon Maturity Weight
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 0.54%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2021 0.52%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 0.48%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 0.44%
    COLOMBIAN TES CO 10.00% 24 Jul 2024 0.42%
    MEXICAN BONOS MX 6.50% 10 Jun 2021 0.41%
    INDONESIA TREASURY BOND ID 8.38% 15 Mar 2024 0.39%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jan 2019 0.38%
    INDONESIA TREASURY BOND ID 8.38% 15 Sep 2026 0.36%
    MEXICAN BONOS MX 8.50% 13 Dec 2018 0.35%
    THAILAND GOVERNMENT BOND TH 3.65% 17 Dec 2021 0.34%
    THAILAND GOVERNMENT BOND TH 3.88% 13 Jun 2019 0.33%
    Subtotal - - - 4.96%
  • MVIS Emerging Markets Corporate Bond (USD&EUR) Index – MVEMCD
     
    Bond Country Coupon Maturity Weight
    PETROBRAS GLOBAL FINANCE BR 8.38% 23 May 2021 0.52%
    PETROBRAS INTERNATIONAL FINANC BR 5.38% 27 Jan 2021 0.36%
    PETRONAS CAPITAL LTD MY 5.25% 12 Aug 2019 0.33%
    TEVA PHARMACEUTICALS NE IL 3.15% 1 Oct 2026 0.33%
    TEVA PHARMACEUTICALS NE IL 2.20% 21 Jul 2021 0.29%
    TEVA PHARMACEUTICALS NE IL 2.80% 21 Jul 2023 0.28%
    1MDB GLOBAL INVESTMENTS MY 4.40% 9 Mar 2023 0.28%
    BANK OF CHINA HONG KONG LTD HK 5.55% 11 Feb 2020 0.27%
    PETROLEOS DE VENEZUE VE 8.50% 27 Oct 2020 0.27%
    QATARI DIAR FINANCE CO QA 5.00% 21 Jul 2020 0.27%
    PETROLEOS MEXIC MX 6.88% 4 Aug 2026 0.25%
    GAZPROM OAO VIA GAZ CAPITAL SA RU 9.25% 23 Apr 2019 0.25%
    Subtotal - - - 3.70%
  • MVIS Emerging Markets Corporate Bond (local FX) Index – MVEMCL
     
    Bond Country Coupon Maturity Weight
    HOUSING DEV FINANCE CORP IN 7.88% 21 Aug 2019 11.04%
    AKBANK TAS TR 7.50% 5 Feb 2018 10.15%
    UNITED AIRCRAFT CORP JSC RU 8.00% 17 Mar 2020 6.29%
    RUSSIAN RAILWAYS VIA RZD CAPIT RU 8.30% 2 Apr 2019 5.03%
    EMPRESAS PUBLICAS DE MEDELLIN CO 8.38% 1 Feb 2021 4.84%
    MALAYAN BANKING BHD MY 4.90% 29 Jan 2024 3.85%
    LENOVO GROUP LTD CN 4.95% 10 Jun 2020 3.68%
    CAGAMAS BERHAD MY 4.20% 22 Oct 2018 3.61%
    CIMB BANK BHD MY 4.15% 30 Nov 2022 3.58%
    NEW WORLD CHINA LAND LTD HK 5.50% 6 Feb 2018 3.53%
    EMPRESAS PUBLICAS DE MEDELLIN CO 7.63% 10 Sep 2024 3.42%
    FINANCIERA DE DESARROLLO TERRI CO 7.88% 12 Aug 2024 3.36%
    Subtotal - - - 62.38%
  • MVIS Emerging Markets Sovereign Bond (USD&EUR) Index – MVEMSD
     
    Bond Country Coupon Maturity Weight
    RUSSIAN FOREIGN BOND - EUROBON RU 7.50% 31 Mar 2030 1.16%
    SAUDI INTERNATIONAL B SA 4.50% 26 Oct 2046 1.00%
    SAUDI INTERNATIONAL B SA 2.38% 26 Oct 2021 0.84%
    SAUDI INTERNATIONAL B SA 3.25% 26 Oct 2026 0.82%
    RUSSIAN FOREIGN BOND - EUROBON RU 12.75% 24 Jun 2028 0.67%
    BRAZILIAN GOVERNMENT INTERNATI BR 4.25% 7 Jan 2025 0.65%
    MEXICO GOVERNMENT INTERNATIONA MX 4.75% 8 Mar 2044 0.65%
    MEXICO GOVERNMENT INTERNATIONA MX 4.00% 2 Oct 2023 0.62%
    RUSSIAN FOREIGN BOND - EUROBON RU 11.00% 24 Jul 2018 0.61%
    RUSSIAN FOREIGN BOND - EUROBON RU 5.00% 29 Apr 2020 0.59%
    TURKEY GOVERNMENT INTERNATIONA TR 7.38% 5 Feb 2025 0.58%
    URUGUAY GOVERNMENT INTERNATION UY 5.10% 18 Jun 2050 0.57%
    Subtotal - - - 8.76%
  • MVIS Emerging Markets Sovereign Bond (local FX) Index – MVEMSL
     
    Bond Country Coupon Maturity Weight
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 1.46%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2021 1.42%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 1.31%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 1.20%
    COLOMBIAN TES CO 10.00% 24 Jul 2024 1.15%
    MEXICAN BONOS MX 6.50% 10 Jun 2021 1.11%
    INDONESIA TREASURY BOND ID 8.38% 15 Mar 2024 1.07%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jan 2019 1.05%
    INDONESIA TREASURY BOND ID 8.38% 15 Sep 2026 0.99%
    MEXICAN BONOS MX 8.50% 13 Dec 2018 0.94%
    THAILAND GOVERNMENT BOND TH 3.65% 17 Dec 2021 0.93%
    THAILAND GOVERNMENT BOND TH 3.88% 13 Jun 2019 0.91%
    Subtotal - - - 13.54%

All data as of 31 January 2017

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Attractive Yield Potential

Symbols

Index Symbol ISIN WKN SEDOL Bloomberg Reuters Telekurs
MVIS EM Aggregate Bond Index MVEMAG DE000SLA2EM6 SLA2EM B8YQ2Y7 MVEMAG .MVEMAG CH22774693
MVIS EM Corporate Bond Index (USD&EUR) MVEMCD DE000SLA4EP5 SLA4EP BD4TM63 MVEMCD .MVEMCD CH22774474
MVIS EM Corporate Bond Index (local FX) MVEMCL DE000SLA4EQ3 SLA4EQ BD4TM74 MVEMCL .MVEMCL CH22774689
MVIS EM Sovereign Bond Index (USD&EUR) MVEMSD DE000SLA4EM2 SLA4EM BD4TM41 MVEMSD .MVEMSD CH22776679
MVIS EM Sovereign Bond Index (local FX) MVEMSL DE000SLA4EN0 SLA4EN BD4TM52 MVEMSL .MVEMSL CH22774680


All data displayed in this report are as of 31 January 2017. Please register to receive monthly updates of this report.

MV Index Solutions GmbH does not make any warranties or representations, express or implied, to the user with respect to any of the data contained herein. The data is provided for informational purposes only, and the company shall not be responsible or liable for the accuracy, usefulness or availability of any information transmitted or made available through it. Past performance of an index is not an indication of future results. This document does not constitute an offer of any services. It is not possible to invest directly in an index. All information presented prior to the index launch date is back-tested. Back-tested performance is not actual performance, but is hypothetical. The back-test calculations are based on the same methodology that was in effect when the index was officially launched.

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