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MVIS Emerging Markets Aggregate Bond Index

Index Report — November 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 2,845 1,986 71 509 279
Issuers 979 872 38 74 25
MCap (bn USD) 3,455 1,375 37 777 1,267
Weight 100.00% 39.80% 1.07% 22.47% 36.66%
Average Coupon 5.54% 5.12% 6.99% 5.33% 6.41%
Average Yield to Maturity 6.09% 5.98% 7.84% 5.51% 6.52%
Yield to Worst 6.07% 5.93% 7.82% 5.51% 6.52%
Average Years to Maturity 8.98 8.05 5.59 11.70 8.73
Average Modified Duration 5.65 5.02 3.71 7.11 5.66

All data as of 30 November 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 -4.19% -3.04% -2.97% -5.04% -5.28%
1 Month 0.77% -0.41% 1.63% -0.19% 2.68%
3 Months 0.66% -0.28% 1.36% -1.03% 2.77%
1 Year -3.27% -2.82% -0.71% -4.32% -3.53%
3 Years 14.64% 14.30% 15.20% 12.75% 15.96%
All Time 65.97% 88.62% 26.79% 88.76% 38.59%

All data as of 30 November 2018

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EM Asset Class Continues to Grow

Country Weights

MVIS EM Aggregate Bond Index - MVEMAG

Country Weight
 
Mexico 9.00%
 
Brazil 8.49%
 
Indonesia 6.47%
 
Russia 6.28%
 
South Africa 4.97%
 
China 4.23%
 
Turkey 4.21%
 
Thailand 4.11%
 
Poland 3.84%
 
Malaysia 3.79%
 
Others 44.60%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Country Weight
     
    Brazil 9.97%
     
    China 9.94%
     
    Mexico 9.67%
     
    Hong Kong 8.39%
     
    United Arab Emirates 7.79%
     
    Russia 7.43%
     
    India 4.84%
     
    Chile 3.88%
     
    Turkey 3.45%
     
    Indonesia 2.92%
     
    Others 31.72%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Country Weight
     
    South Africa 10.82%
     
    India 10.56%
     
    Malaysia 10.01%
     
    Brazil 9.87%
     
    Russia 9.85%
     
    Colombia 9.59%
     
    Mexico 9.03%
     
    China 9.00%
     
    Peru 7.23%
     
    Hong Kong 5.02%
     
    Others 9.03%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Country Weight
     
    Mexico 7.61%
     
    Turkey 6.53%
     
    Indonesia 6.46%
     
    Saudi Arabia 5.00%
     
    Russia 4.27%
     
    Brazil 3.97%
     
    Qatar 3.90%
     
    Romania 3.61%
     
    Colombia 3.34%
     
    Philippines 3.32%
     
    Others 51.99%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Country Weight
     
    Indonesia 10.39%
     
    Thailand 10.01%
     
    Brazil 9.61%
     
    Poland 9.14%
     
    Mexico 9.13%
     
    South Africa 9.12%
     
    Malaysia 7.45%
     
    Russia 6.16%
     
    Colombia 5.09%
     
    Israel 4.90%
     
    Others 19.02%

All data as of 30 November 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 59.13%
 
Financial 15.35%
 
Energy 8.03%
 
Basic Materials 4.34%
 
Utilities 4.08%
 
Consumer - Non-cyclical 2.71%
 
Communications 2.47%
 
Industrial 1.92%
 
Consumer - Cyclical 1.19%
 
Diversified 0.71%
 
Technology 0.06%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Sector Weight
     
    Financial 37.27%
     
    Energy 20.00%
     
    Basic Materials 10.90%
     
    Utilities 9.53%
     
    Consumer - Non-cyclical 6.76%
     
    Communications 6.14%
     
    Industrial 4.60%
     
    Consumer - Cyclical 2.92%
     
    Diversified 1.79%
     
    Technology 0.09%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Sector Weight
     
    Financial 48.77%
     
    Utilities 26.73%
     
    Industrial 8.31%
     
    Energy 6.95%
     
    Consumer - Cyclical 3.01%
     
    Communications 2.74%
     
    Technology 2.09%
     
    Consumer - Non-cyclical 1.40%
  • 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 30 November 2018

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Value for Risk

Currency Weights

MVIS EM Aggregate Bond Index - MVEMAG

Currency Weight
 
US Dollar (USD) 55.96%
 
Euro (EUR) 6.31%
 
Indonesian Rupiah (IDR) 3.86%
 
Thai Baht (THB) 3.67%
 
Brazilian Real (BRL) 3.63%
 
South African Rand (ZAR) 3.46%
 
Mexican Peso (MXN) 3.44%
 
Polish Zloty (PLN) 3.35%
 
Malaysian Ringgit (MYR) 2.84%
 
Russian Ruble (RUB) 2.37%
 
Others 11.12%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Currency Weight
     
    US Dollar (USD) 92.13%
     
    Euro (EUR) 7.87%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Currency Weight
     
    South African Rand (ZAR) 10.82%
     
    Indian Rupee (INR) 10.56%
     
    Chinese Yuan Renminbi (CNY) 10.08%
     
    Malaysian Ringgit (MYR) 10.01%
     
    Brazilian Real (BRL) 9.87%
     
    Russian Ruble (RUB) 9.85%
     
    Colombian Peso (COP) 9.59%
     
    Mexican Peso (MXN) 9.03%
     
    Peruvian Nuevo Sol (PEN) 7.23%
     
    Croatian Kuna (HRK) 4.58%
     
    Others 8.38%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Currency Weight
     
    US Dollar (USD) 85.86%
     
    Euro (EUR) 14.14%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Currency Weight
     
    Indonesian Rupiah (IDR) 10.39%
     
    Thai Baht (THB) 10.01%
     
    Brazilian Real (BRL) 9.61%
     
    Polish Zloty (PLN) 9.14%
     
    Mexican Peso (MXN) 9.13%
     
    South African Rand (ZAR) 9.12%
     
    Malaysian Ringgit (MYR) 7.45%
     
    Russian Ruble (RUB) 6.16%
     
    Colombian Peso (COP) 5.09%
     
    Israeli Shekel (ILS) 4.90%
     
    Others 19.02%

All data as of 30 November 2018

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Emerging Markets are not a Single Asset Class

Credit Ratings

MVIS EM Aggregate Bond Index - MVEMAG

Rating Weight
AAA 1.22%
74.69% 
AA+, AA, AA- 10.91%
A+, A, A- 35.43%
BBB+, BBB, BBB- 27.13%
BB+, BB, BB- 15.55%
25.20% 
B+, B, B- 4.11%
CCC+, CCC, CCC- 0.02%
CC+, CC, CC- 0.16%
C+, C, C- 0.01%
Below C- 5.35%
Not Rated -
0.00% 
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Rating Weight
    AAA 1.46%
    73.02% 
    AA+, AA, AA- 12.48%
    A+, A, A- 29.57%
    BBB+, BBB, BBB- 29.51%
    BB+, BB, BB- 17.89%
    26.97% 
    B+, B, B- 3.79%
    CCC+, CCC, CCC- 0.05%
    CC+, CC, CC- 0.41%
    C+, C, C- 0.02%
    Below C- 4.81%
    Not Rated -
    0.00% 
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Rating Weight
    AAA -
    55.53% 
    AA+, AA, AA- 7.59%
    A+, A, A- 17.91%
    BBB+, BBB, BBB- 30.03%
    BB+, BB, BB- -
    34.60% 
    B+, B, B- -
    CCC+, CCC, CCC- -
    CC+, CC, CC- -
    C+, C, C- -
    Below C- 34.60%
    Not Rated -
    0.00% 
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Rating Weight
    AAA 2.84%
    65.56% 
    AA+, AA, AA- 13.07%
    A+, A, A- 20.15%
    BBB+, BBB, BBB- 29.50%
    BB+, BB, BB- 21.26%
    34.43% 
    B+, B, B- 11.56%
    CCC+, CCC, CCC- -
    CC+, CC, CC- -
    C+, C, C- -
    Below C- 1.61%
    Not Rated -
    0.00% 
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Rating Weight
    AAA -
    82.66% 
    AA+, AA, AA- 7.98%
    A+, A, A- 51.68%
    BBB+, BBB, BBB- 23.00%
    BB+, BB, BB- 9.97%
    17.34% 
    B+, B, B- -
    CCC+, CCC, CCC- -
    CC+, CC, CC- -
    C+, C, C- -
    Below C- 7.37%
    Not Rated -
    0.00% 
 
Investment Grade  
 
High Yield  
 
Not Rated

All data as of 30 November 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 1.23%
1 - 5 Years 41.63%
5 - 10 Years 32.52%
10 - 15 Years 6.98%
15+ Years 17.63%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Maturity Weight
    0 - 1 Year 1.27%
    1 - 5 Years 49.77%
    5 - 10 Years 31.79%
    10 - 15 Years 2.31%
    15+ Years 14.87%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Maturity Weight
    0 - 1 Year 0.00%
    1 - 5 Years 56.43%
    5 - 10 Years 29.86%
    10 - 15 Years 12.24%
    15+ Years 1.46%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Maturity Weight
    0 - 1 Year 0.81%
    1 - 5 Years 26.98%
    5 - 10 Years 37.25%
    10 - 15 Years 7.83%
    15+ Years 27.14%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Maturity Weight
    0 - 1 Year 1.50%
    1 - 5 Years 41.35%
    5 - 10 Years 30.49%
    10 - 15 Years 11.39%
    15+ Years 15.27%

All data as of 30 November 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 0.65%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 0.64%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 0.57%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2021 0.52%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 0.44%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 0.40%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jan 2020 0.36%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 0.36%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 0.35%
    MEXICAN BONOS MX 8.00% 11 Jun 2020 0.35%
    MEXICAN BONOS MX 6.50% 10 Jun 2021 0.34%
    COLOMBIAN TES CO 10.00% 24 Jul 2024 0.33%
    Subtotal - - - 5.31%
  • MVIS Emerging Markets Corporate Bond (USD&EUR) Index – MVEMCD
     
    Bond Country Coupon Maturity Weight
    KSA SUKUK LTD SA 2.89% 20 Apr 2022 0.44%
    KSA SUKUK LTD SA 3.63% 20 Apr 2027 0.44%
    PETROBRAS GLOBAL FINANCE BR 6.00% 27 Jan 2028 0.37%
    PETROLEOS MEXICANOS MX 6.50% 13 Mar 2027 0.35%
    PETROLEOS MEXICANOS MX 6.75% 21 Sep 2047 0.35%
    BANK OF CHINA HONG KONG HK 5.90% 31 Dec 2049 0.31%
    TEVA PHARMACEUTICALS NE IL 3.15% 1 Oct 2026 0.29%
    PETROBRAS GLOBAL FINANCE BR 7.38% 17 Jan 2027 0.29%
    TEVA PHARMACEUTICALS NE IL 2.20% 21 Jul 2021 0.28%
    1MDB GLOBAL INVESTMENTS MY 4.40% 9 Mar 2023 0.28%
    TEVA PHARMACEUTICALS NE IL 2.80% 21 Jul 2023 0.27%
    QATARI DIAR FINANCE CO QA 5.00% 21 Jul 2020 0.26%
    Subtotal - - - 3.93%
  • MVIS Emerging Markets Corporate Bond (local FX) Index – MVEMCL
     
    Bond Country Coupon Maturity Weight
    SWISS INSURED BR 9.85% 16 Jul 2032 9.87%
    BANCO DE CREDITO DEL PER PE 4.85% 30 Oct 2020 7.23%
    ZAGREBACKI HOLDING DOO HR 3.88% 15 Jul 2023 4.58%
    PT WIJAYA KARYA ID 7.70% 31 Jan 2021 4.44%
    IFC DEVELOPMENT CORPORATE TREA HK 3.40% 26 Mar 2020 3.94%
    EMPRESAS PUBLIC MEDELLIN CO 8.38% 8 Nov 2027 3.53%
    HOUSING DEV FINANCE CORP IN 6.88% 30 Apr 2020 2.97%
    BANCO DAVIVIENDA SA CO 7.50% 24 Oct 2022 2.42%
    EMPRESAS PUBLICAS DE MEDELLIN CO 8.38% 1 Feb 2021 2.15%
    HDFC BANK IN 8.10% 22 Mar 2025 2.12%
    LENOVO GROUP LTD CN 4.95% 10 Jun 2020 2.09%
    PETROLEOS MEXICANOS MX 7.19% 12 Sep 2024 2.03%
    Subtotal - - - 47.37%
  • MVIS Emerging Markets Sovereign Bond (USD&EUR) Index – MVEMSD
     
    Bond Country Coupon Maturity Weight
    RUSSIAN FEDERATION RU 5.25% 23 Jun 2047 0.84%
    QATAR QA 5.10% 23 Apr 2048 0.79%
    SAUDI INTERNATIONAL B SA 4.50% 26 Oct 2046 0.76%
    SAUDI INTERNATIONAL B SA 2.38% 26 Oct 2021 0.68%
    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 0.57%
    REPUBLIC OF COLOMBIA CO 5.00% 15 Jun 2045 0.55%
    BRAZILIAN GOVERNMENT INTERNATI BR 4.25% 7 Jan 2025 0.55%
    SAUDI INTERNATIONAL BOND SA 4.63% 4 Oct 2047 0.53%
    RUSSIAN FOREIGN BOND - EUROBON RU 12.75% 24 Jun 2028 0.52%
    Subtotal - - - 7.63%
  • MVIS Emerging Markets Sovereign Bond (local FX) Index – MVEMSL
     
    Bond Country Coupon Maturity Weight
    LETRA TESOURO NACIONAL BR 0.00% 1 Jul 2020 1.78%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 1.75%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 1.55%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2021 1.42%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 1.20%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 1.09%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jan 2020 0.97%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 0.97%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 0.95%
    MEXICAN BONOS MX 8.00% 11 Jun 2020 0.94%
    MEXICAN BONOS MX 6.50% 10 Jun 2021 0.93%
    COLOMBIAN TES CO 10.00% 24 Jul 2024 0.89%
    Subtotal - - - 14.44%

All data as of 30 November 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 30 November 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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