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MVIS Emerging Markets Aggregate Bond Index

Index Report — July 2018

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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 2,799 2,006 52 500 241
Issuers 970 871 29 72 25
MCap (bn USD) 3,441 1,440 31 798 1,172
Weight 100.00% 41.85% 0.91% 23.19% 34.05%
Average Coupon 5.57% 5.12% 7.19% 5.35% 6.46%
Average Yield to Maturity 5.56% 5.31% 7.57% 4.83% 6.17%
Yield to Worst 5.53% 5.24% 7.22% 4.83% 6.17%
Average Years to Maturity 9.20 8.14 5.97 12.10 8.57
Average Modified Duration 5.81 5.07 3.93 7.49 5.70

All data as of 31 July 2018

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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 -2.37% -1.63% 0.09% -2.66% -3.35%
1 Month 1.91% 1.36% 1.79% 2.31% 2.30%
3 Months -1.81% 0.08% -2.90% 0.12% -5.14%
1 Year -0.20% 0.30% 4.34% -0.39% -0.96%
3 Years 14.16% 14.92% 8.56% 15.57% 12.62%
All Time 69.11% 91.37% 30.79% 93.49% 41.43%

All data as of 31 July 2018

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EM Asset Class Continues to Grow

Country Weights

MVIS EM Aggregate Bond Index - MVEMAG

Country Weight
 
Mexico 9.73%
 
Brazil 8.60%
 
Russia 6.28%
 
Indonesia 6.11%
 
South Africa 4.86%
 
China 4.27%
 
Turkey 4.13%
 
Poland 3.84%
 
Colombia 3.76%
 
Thailand 3.74%
 
Others 44.68%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Country Weight
     
    Brazil 10.11%
     
    Mexico 10.03%
     
    China 9.79%
     
    Hong Kong 8.23%
     
    Russia 7.77%
     
    United Arab Emirates 7.50%
     
    India 4.88%
     
    Chile 4.04%
     
    Turkey 3.67%
     
    Israel 2.97%
     
    Others 31.02%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Country Weight
     
    Mexico 10.73%
     
    Brazil 10.45%
     
    Russia 10.16%
     
    Colombia 10.02%
     
    India 9.91%
     
    South Africa 9.81%
     
    Malaysia 9.52%
     
    China 8.18%
     
    Peru 7.74%
     
    Hong Kong 5.37%
     
    Others 8.12%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Country Weight
     
    Mexico 7.75%
     
    Turkey 6.60%
     
    Indonesia 6.53%
     
    Saudi Arabia 5.01%
     
    Russia 4.37%
     
    Brazil 3.95%
     
    Qatar 3.78%
     
    Romania 3.46%
     
    Philippines 3.29%
     
    Lebanon 3.26%
     
    Others 52.01%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Country Weight
     
    Mexico 10.69%
     
    Indonesia 9.90%
     
    Brazil 9.87%
     
    Thailand 9.84%
     
    South Africa 9.83%
     
    Poland 9.49%
     
    Malaysia 7.29%
     
    Colombia 5.78%
     
    Russia 5.64%
     
    Israel 4.50%
     
    Others 17.18%

All data as of 31 July 2018

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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 57.24%
 
Financial 16.13%
 
Energy 8.72%
 
Basic Materials 4.37%
 
Utilities 4.01%
 
Consumer - Non-cyclical 2.79%
 
Communications 2.60%
 
Industrial 2.10%
 
Consumer - Cyclical 1.26%
 
Diversified 0.72%
 
Technology 0.06%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Sector Weight
     
    Financial 37.51%
     
    Energy 20.65%
     
    Basic Materials 10.44%
     
    Utilities 9.09%
     
    Consumer - Non-cyclical 6.63%
     
    Communications 6.15%
     
    Industrial 4.81%
     
    Consumer - Cyclical 2.91%
     
    Diversified 1.71%
     
    Technology 0.10%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Sector Weight
     
    Financial 46.93%
     
    Utilities 22.33%
     
    Industrial 9.76%
     
    Energy 9.27%
     
    Consumer - Cyclical 4.59%
     
    Communications 2.83%
     
    Technology 2.50%
     
    Consumer - Non-cyclical 1.79%
  • 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 July 2018

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Value for Risk

Currency Weights

MVIS EM Aggregate Bond Index - MVEMAG

Currency Weight
 
US Dollar (USD) 58.42%
 
Euro (EUR) 6.62%
 
Mexican Peso (MXN) 3.74%
 
Brazilian Real (BRL) 3.46%
 
South African Rand (ZAR) 3.44%
 
Indonesian Rupiah (IDR) 3.41%
 
Thai Baht (THB) 3.35%
 
Polish Zloty (PLN) 3.23%
 
Malaysian Ringgit (MYR) 2.57%
 
Colombian Peso (COP) 2.06%
 
Others 9.71%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Currency Weight
     
    US Dollar (USD) 91.94%
     
    Euro (EUR) 8.06%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Currency Weight
     
    Mexican Peso (MXN) 10.73%
     
    Brazilian Real (BRL) 10.45%
     
    Russian Ruble (RUB) 10.16%
     
    Colombian Peso (COP) 10.02%
     
    Indian Rupee (INR) 9.91%
     
    South African Rand (ZAR) 9.81%
     
    Malaysian Ringgit (MYR) 9.52%
     
    Chinese Yuan Renminbi (CNY) 9.51%
     
    Peruvian Nuevo Sol (PEN) 7.74%
     
    Indonesian Rupiah (IDR) 4.45%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Currency Weight
     
    US Dollar (USD) 86.01%
     
    Euro (EUR) 13.99%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Currency Weight
     
    Mexican Peso (MXN) 10.69%
     
    Indonesian Rupiah (IDR) 9.90%
     
    Brazilian Real (BRL) 9.87%
     
    Thai Baht (THB) 9.84%
     
    South African Rand (ZAR) 9.83%
     
    Polish Zloty (PLN) 9.49%
     
    Malaysian Ringgit (MYR) 7.29%
     
    Colombian Peso (COP) 5.78%
     
    Russian Ruble (RUB) 5.64%
     
    Israeli Shekel (ILS) 4.50%
     
    Others 17.18%

All data as of 31 July 2018

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Emerging Markets are not a Single Asset Class

Credit Ratings

MVIS EM Aggregate Bond Index - MVEMAG

Rating Weight
AAA -
62.61% 
AA+, AA, AA- 2.71%
A+, A, A- 19.72%
BBB+, BBB, BBB- 40.18%
BB+, BB, BB- 23.02%
33.07% 
B+, B, B- 8.82%
CCC+, CCC, CCC- 1.12%
CC+, CC, CC- 0.03%
C+, C, C- 0.08%
Below C- -
Not Rated 4.32%
4.32% 
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Rating Weight
    AAA -
    57.91% 
    AA+, AA, AA- 2.60%
    A+, A, A- 18.92%
    BBB+, BBB, BBB- 36.39%
    BB+, BB, BB- 24.26%
    37.23% 
    B+, B, B- 11.26%
    CCC+, CCC, CCC- 1.44%
    CC+, CC, CC- 0.08%
    C+, C, C- 0.19%
    Below C- -
    Not Rated 4.88%
    4.88% 
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Rating Weight
    AAA -
    57.98% 
    AA+, AA, AA- 10.45%
    A+, A, A- 10.97%
    BBB+, BBB, BBB- 36.56%
    BB+, BB, BB- 14.72%
    14.72% 
    B+, B, B- -
    CCC+, CCC, CCC- -
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 27.30%
    27.30% 
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Rating Weight
    AAA -
    57.74% 
    AA+, AA, AA- 6.58%
    A+, A, A- 11.59%
    BBB+, BBB, BBB- 39.57%
    BB+, BB, BB- 21.23%
    40.96% 
    B+, B, B- 17.49%
    CCC+, CCC, CCC- 2.24%
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 1.29%
    1.29% 
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Rating Weight
    AAA -
    71.83% 
    AA+, AA, AA- -
    A+, A, A- 26.47%
    BBB+, BBB, BBB- 45.36%
    BB+, BB, BB- 22.93%
    23.08% 
    B+, B, B- 0.15%
    CCC+, CCC, CCC- -
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 5.08%
    5.08% 
 
Investment Grade  
 
High Yield  
 
Not Rated

All data as of 31 July 2018

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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 1.45%
1 - 5 Years 40.50%
5 - 10 Years 33.03%
10 - 15 Years 6.97%
15+ Years 18.05%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Maturity Weight
    0 - 1 Year 1.60%
    1 - 5 Years 48.95%
    5 - 10 Years 32.36%
    10 - 15 Years 2.00%
    15+ Years 15.08%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Maturity Weight
    0 - 1 Year 0.00%
    1 - 5 Years 53.95%
    5 - 10 Years 31.80%
    10 - 15 Years 10.81%
    15+ Years 3.44%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Maturity Weight
    0 - 1 Year 0.31%
    1 - 5 Years 25.56%
    5 - 10 Years 38.19%
    10 - 15 Years 8.12%
    15+ Years 27.82%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Maturity Weight
    0 - 1 Year 2.07%
    1 - 5 Years 39.94%
    5 - 10 Years 30.37%
    10 - 15 Years 12.17%
    15+ Years 15.45%

All data as of 31 July 2018

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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
    LETRA TESOURO NACIONAL BR 0.00% 1 Jul 2020 0.70%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 0.68%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2021 0.58%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 0.57%
    MEXICAN BONOS MX 8.00% 11 Jun 2020 0.49%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 0.44%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 0.41%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 0.41%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jan 2020 0.39%
    MEXICAN BONOS MX 6.50% 10 Jun 2021 0.39%
    COLOMBIAN TES CO 7.50% 26 Aug 2026 0.35%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 0.35%
    Subtotal - - - 5.76%
  • MVIS Emerging Markets Corporate Bond (USD&EUR) Index – MVEMCD
     
    Bond Country Coupon Maturity Weight
    KSA SUKUK LTD SA 2.89% 20 Apr 2022 0.42%
    KSA SUKUK LTD SA 3.63% 20 Apr 2027 0.42%
    PETROLEOS MEXICANOS MX 6.75% 21 Sep 2047 0.39%
    PETROBRAS GLOBAL FINANCE BR 6.00% 27 Jan 2028 0.38%
    PETROLEOS MEXICANOS MX 6.50% 13 Mar 2027 0.38%
    PETRONAS CAPITAL LTD MY 5.25% 12 Aug 2019 0.30%
    PETROBRAS GLOBAL FINANCE BR 7.38% 17 Jan 2027 0.29%
    TEVA PHARMACEUTICALS NE IL 3.15% 1 Oct 2026 0.29%
    1MDB GLOBAL INVESTMENTS MY 4.40% 9 Mar 2023 0.27%
    TEVA PHARMACEUTICALS NE IL 2.20% 21 Jul 2021 0.27%
    TEVA PHARMACEUTICALS NE IL 2.80% 21 Jul 2023 0.26%
    BANK OF CHINA HONG KONG LTD HK 5.55% 11 Feb 2020 0.25%
    Subtotal - - - 3.92%
  • MVIS Emerging Markets Corporate Bond (local FX) Index – MVEMCL
     
    Bond Country Coupon Maturity Weight
    SWISS INSURED BR 9.85% 16 Jul 2032 10.45%
    BANCO DE CREDITO DEL PER PE 4.85% 30 Oct 2020 7.74%
    MALAYAN BANKING BHD MY 4.90% 29 Jan 2024 4.94%
    GENTING CAPITAL BHD MY 4.86% 8 Jun 2027 4.59%
    PT WIJAYA KARYA ID 7.70% 31 Jan 2021 4.45%
    IFC DEVELOPMENT CORPORATE TREA HK 3.40% 26 Mar 2020 4.04%
    EMPRESAS PUBLIC MEDELLIN CO 8.38% 8 Nov 2027 3.75%
    DEVELOPMENT BANK OF KAZA KZ 9.50% 14 Dec 2020 3.67%
    UNITED AIRCRAFT CORP JSC RU 8.00% 17 Mar 2020 2.97%
    PETROLEOS MEXICANOS MX 7.19% 12 Sep 2024 2.83%
    BANCO DAVIVIENDA SA CO 7.50% 24 Oct 2022 2.55%
    LENOVO GROUP LTD CN 4.95% 10 Jun 2020 2.50%
    Subtotal - - - 54.48%
  • MVIS Emerging Markets Sovereign Bond (USD&EUR) Index – MVEMSD
     
    Bond Country Coupon Maturity Weight
    RUSSIAN FEDERATION RU 5.25% 23 Jun 2047 0.88%
    QATAR QA 5.10% 23 Apr 2048 0.78%
    SAUDI INTERNATIONAL B SA 4.50% 26 Oct 2046 0.78%
    SAUDI INTERNATIONAL B SA 2.38% 26 Oct 2021 0.67%
    SAUDI INTERNATIONAL B SA 3.25% 26 Oct 2026 0.66%
    SAUDI INTERNATIONAL BOND SA 3.63% 4 Mar 2028 0.61%
    SAUDI ARABIA SA 4.00% 17 Apr 2025 0.57%
    KUWAIT INTL BOND KW 3.50% 20 Mar 2027 0.56%
    SAUDI INTERNATIONAL BOND SA 4.63% 4 Oct 2047 0.55%
    MEXICO GOVERNMENT INTERNATIONA MX 4.75% 8 Mar 2044 0.54%
    BRAZILIAN GOVERNMENT INTERNATI BR 4.25% 7 Jan 2025 0.52%
    RUSSIAN FOREIGN BOND - EUROBON RU 12.75% 24 Jun 2028 0.52%
    Subtotal - - - 7.64%
  • MVIS Emerging Markets Sovereign Bond (local FX) Index – MVEMSL
     
    Bond Country Coupon Maturity Weight
    LETRA TESOURO NACIONAL BR 0.00% 1 Jul 2020 2.06%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 2.01%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2021 1.71%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 1.66%
    MEXICAN BONOS MX 8.00% 11 Jun 2020 1.44%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 1.30%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 1.20%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 1.19%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jan 2020 1.15%
    MEXICAN BONOS MX 6.50% 10 Jun 2021 1.15%
    COLOMBIAN TES CO 7.50% 26 Aug 2026 1.04%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 1.04%
    Subtotal - - - 16.95%

All data as of 31 July 2018

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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 July 2018. 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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