Previous Reports

MVIS Emerging Markets Aggregate Bond Index

Index Report — August 2019

More

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 3,007 2,033 82 585 307
Issuers 989 863 45 83 27
MCap (bn USD) 3,968 1,476 45 985 1,463
Weight 100.00% 37.17% 1.14% 24.82% 36.88%
Average Coupon 5.52% 5.20% 7.09% 5.20% 6.24%
Average Yield to Maturity 4.68% 4.72% 6.71% 3.90% 5.10%
Yield to Worst 4.63% 4.59% 6.68% 3.90% 5.10%
Average Years to Maturity 9.70 8.76 6.41 12.26 9.18
Average Modified Duration 6.31 5.43 4.18 7.94 6.26

All data as of 31 August 2019

More

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 10.68% 10.20% 7.89% 13.99% 9.10%
1 Month 0.00% 0.50% -2.83% 2.04% -1.73%
3 Months 4.90% 3.62% 2.32% 7.13% 4.80%
1 Year 12.74% 11.10% 10.17% 14.83% 13.19%
3 Years 15.92% 15.35% 18.72% 15.92% 15.78%
All Time 85.90% 110.15% 37.81% 119.00% 52.64%

All data as of 31 August 2019

More

EM Asset Class Continues to Grow

Country Weights

MVIS EM Aggregate Bond Index - MVEMAG

Country Weight
 
Mexico 9.40%
 
Brazil 8.15%
 
Indonesia 6.81%
 
Russia 6.29%
 
Malaysia 4.79%
 
Thailand 4.58%
 
South Africa 4.36%
 
China 3.99%
 
Turkey 3.78%
 
Colombia 3.45%
 
Others 44.41%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Country Weight
     
    Mexico 10.23%
     
    China 9.96%
     
    Brazil 9.86%
     
    Hong Kong 8.18%
     
    United Arab Emirates 7.36%
     
    Russia 7.05%
     
    India 5.65%
     
    Chile 4.29%
     
    Indonesia 4.15%
     
    Turkey 3.20%
     
    Others 30.06%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Country Weight
     
    Malaysia 10.42%
     
    China 10.22%
     
    Mexico 10.11%
     
    Peru 10.11%
     
    India 10.01%
     
    Colombia 9.92%
     
    Russia 9.80%
     
    Brazil 9.71%
     
    South Africa 9.59%
     
    Indonesia 5.08%
     
    Others 5.02%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Country Weight
     
    Mexico 7.26%
     
    Saudi Arabia 7.20%
     
    Turkey 6.70%
     
    Indonesia 6.13%
     
    Qatar 4.98%
     
    Russia 4.29%
     
    Brazil 3.68%
     
    Romania 3.54%
     
    Colombia 3.22%
     
    Philippines 3.19%
     
    Others 49.82%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Country Weight
     
    Thailand 11.13%
     
    Malaysia 10.21%
     
    Indonesia 10.01%
     
    Mexico 9.99%
     
    Brazil 9.37%
     
    Poland 7.97%
     
    South Africa 7.75%
     
    Russia 6.77%
     
    Israel 4.75%
     
    Colombia 4.41%
     
    Others 17.63%

All data as of 31 August 2019

More

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

Sector Weights

MVIS EM Aggregate Bond Index - MVEMAG

Sector Weight
 
Government 61.70%
 
Financial 12.90%
 
Energy 8.36%
 
Basic Materials 4.34%
 
Utilities 4.18%
 
Consumer - Non-cyclical 2.44%
 
Communications 2.38%
 
Industrial 1.98%
 
Consumer - Cyclical 1.05%
 
Diversified 0.62%
 
Technology 0.06%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Sector Weight
     
    Financial 33.56%
     
    Energy 22.27%
     
    Basic Materials 11.65%
     
    Utilities 10.34%
     
    Consumer - Non-cyclical 6.34%
     
    Communications 6.19%
     
    Industrial 5.05%
     
    Consumer - Cyclical 2.78%
     
    Diversified 1.68%
     
    Technology 0.15%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Sector Weight
     
    Financial 37.59%
     
    Utilities 29.47%
     
    Industrial 9.19%
     
    Energy 7.35%
     
    Consumer - Non-cyclical 7.31%
     
    Communications 6.79%
     
    Consumer - Cyclical 1.80%
     
    Basic Materials 0.49%
  • 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 August 2019

More

Value for Risk

Currency Weights

MVIS EM Aggregate Bond Index - MVEMAG

Currency Weight
 
US Dollar (USD) 55.52%
 
Euro (EUR) 6.46%
 
Thai Baht (THB) 4.10%
 
Malaysian Ringgit (MYR) 3.88%
 
Mexican Peso (MXN) 3.80%
 
Indonesian Rupiah (IDR) 3.75%
 
Brazilian Real (BRL) 3.57%
 
South African Rand (ZAR) 2.97%
 
Polish Zloty (PLN) 2.94%
 
Russian Ruble (RUB) 2.61%
 
Others 10.40%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Currency Weight
     
    US Dollar (USD) 92.83%
     
    Euro (EUR) 7.17%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Currency Weight
     
    Malaysian Ringgit (MYR) 10.42%
     
    Mexican Peso (MXN) 10.11%
     
    Peruvian Nuevo Sol (PEN) 10.11%
     
    Indian Rupee (INR) 10.01%
     
    Colombian Peso (COP) 9.92%
     
    Russian Ruble (RUB) 9.80%
     
    Brazilian Real (BRL) 9.71%
     
    South African Rand (ZAR) 9.59%
     
    Chinese Yuan Renminbi (CNY) 5.48%
     
    Indonesian Rupiah (IDR) 5.08%
     
    Others 9.77%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Currency Weight
     
    US Dollar (USD) 84.70%
     
    Euro (EUR) 15.30%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Currency Weight
     
    Thai Baht (THB) 11.13%
     
    Malaysian Ringgit (MYR) 10.21%
     
    Indonesian Rupiah (IDR) 10.01%
     
    Mexican Peso (MXN) 9.99%
     
    Brazilian Real (BRL) 9.37%
     
    Polish Zloty (PLN) 7.97%
     
    South African Rand (ZAR) 7.75%
     
    Russian Ruble (RUB) 6.77%
     
    Israeli Shekel (ILS) 4.75%
     
    Colombian Peso (COP) 4.41%
     
    Others 17.63%

All data as of 31 August 2019

More

Emerging Markets are not a Single Asset Class

Credit Ratings

MVIS EM Aggregate Bond Index - MVEMAG

Rating Weight
AAA -
62.50% 
AA+, AA, AA- 3.75%
A+, A, A- 18.24%
BBB+, BBB, BBB- 40.51%
BB+, BB, BB- 18.92%
29.10% 
B+, B, B- 8.74%
CCC+, CCC, CCC- 1.34%
CC+, CC, CC- 0.02%
C+, C, C- 0.07%
Below C- 0.01%
Not Rated 8.40%
8.40% 
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Rating Weight
    AAA -
    61.68% 
    AA+, AA, AA- 2.28%
    A+, A, A- 18.64%
    BBB+, BBB, BBB- 40.76%
    BB+, BB, BB- 20.53%
    33.49% 
    B+, B, B- 10.88%
    CCC+, CCC, CCC- 1.82%
    CC+, CC, CC- 0.06%
    C+, C, C- 0.18%
    Below C- 0.02%
    Not Rated 4.83%
    4.83% 
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Rating Weight
    AAA -
    57.31% 
    AA+, AA, AA- 9.71%
    A+, A, A- 7.12%
    BBB+, BBB, BBB- 40.48%
    BB+, BB, BB- 12.16%
    12.16% 
    B+, B, B- -
    CCC+, CCC, CCC- -
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 30.53%
    30.53% 
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Rating Weight
    AAA -
    59.86% 
    AA+, AA, AA- 7.69%
    A+, A, A- 13.51%
    BBB+, BBB, BBB- 38.66%
    BB+, BB, BB- 17.35%
    38.51% 
    B+, B, B- 18.47%
    CCC+, CCC, CCC- 2.69%
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 1.64%
    1.64% 
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Rating Weight
    AAA -
    65.25% 
    AA+, AA, AA- 2.39%
    A+, A, A- 21.36%
    BBB+, BBB, BBB- 41.50%
    BB+, BB, BB- 18.57%
    18.88% 
    B+, B, B- 0.31%
    CCC+, CCC, CCC- -
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 15.86%
    15.86% 
 
Investment Grade  
 
High Yield  
 
Not Rated

All data as of 31 August 2019

More

Diversify Across Country, Currency, Sector and Credit Quality

Maturity Breakdown

MVIS EM Aggregate Bond Index - MVEMAG

Maturity Weight
0 - 1 Year 0.15%
1 - 5 Years 39.63%
5 - 10 Years 32.66%
10 - 15 Years 7.09%
15+ Years 20.48%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Maturity Weight
    0 - 1 Year 0.21%
    1 - 5 Years 49.06%
    5 - 10 Years 30.52%
    10 - 15 Years 2.00%
    15+ Years 18.22%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Maturity Weight
    0 - 1 Year 0.00%
    1 - 5 Years 46.74%
    5 - 10 Years 35.67%
    10 - 15 Years 11.89%
    15+ Years 5.69%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Maturity Weight
    0 - 1 Year 0.12%
    1 - 5 Years 25.89%
    5 - 10 Years 36.19%
    10 - 15 Years 7.94%
    15+ Years 29.87%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Maturity Weight
    0 - 1 Year 0.12%
    1 - 5 Years 39.16%
    5 - 10 Years 32.34%
    10 - 15 Years 11.49%
    15+ Years 16.88%

All data as of 31 August 2019

More

All-in-One Choice, No Assembly Required

Top Components

  • MVIS Emerging Markets Aggregate Bond Index – MVEMAG
     
    Bond Country Coupon Maturity Weight
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 0.67%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 0.50%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 0.49%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2021 0.49%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 0.43%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 0.41%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 0.39%
    MEXICAN BONOS MX 7.50% 3 Jun 2027 0.38%
    MEXICAN BONOS MX 6.50% 10 Jun 2021 0.33%
    MEXICAN BONOS MX 6.50% 9 Jun 2022 0.33%
    MEXICAN BONOS MX 8.00% 7 Dec 2023 0.32%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jul 2021 0.31%
    Subtotal - - - 5.05%
  • MVIS Emerging Markets Corporate Bond (USD&EUR) Index – MVEMCD
     
    Bond Country Coupon Maturity Weight
    PETROBRAS GLOBAL FINANCE BR 6.00% 27 Jan 2028 0.42%
    PETROLEOS MEXICANOS MX 6.75% 21 Sep 2047 0.40%
    PETROLEOS MEXICANOS MX 6.50% 13 Mar 2027 0.39%
    SAUDI ARABIAN OIL CO SA 4.38% 16 Apr 2049 0.33%
    SAUDI ARABIAN OIL CO SA 4.25% 16 Apr 2039 0.33%
    PETROBRAS GLOBAL FINANCE BR 7.38% 17 Jan 2027 0.31%
    BANK OF CHINA HONG KONG HK 5.90% 31 Dec 2049 0.31%
    SAUDI ARABIAN OIL CO SA 3.50% 16 Apr 2029 0.31%
    1MDB GLOBAL INVESTMENTS MY 4.40% 9 Mar 2023 0.28%
    PETROBRAS GLOBAL FINANCE BR 8.75% 23 May 2026 0.27%
    TEVA PHARMACEUTICALS NE IL 2.20% 21 Jul 2021 0.27%
    ABU DHABI CRUDE OIL AE 4.60% 2 Nov 2047 0.26%
    Subtotal - - - 3.88%
  • MVIS Emerging Markets Corporate Bond (local FX) Index – MVEMCL
     
    Bond Country Coupon Maturity Weight
    SWISS INSURED BR 9.85% 16 Jul 2032 9.71%
    PT WIJAYA KARYA ID 7.70% 31 Jan 2021 5.08%
    ZAGREBACKI HOLDING DOO HR 3.88% 15 Jul 2023 5.02%
    EMPRESAS PUBLIC MEDELLIN CO 8.38% 8 Nov 2027 3.84%
    HDFC BANK IN 8.10% 22 Mar 2025 3.79%
    BANCO DE CREDITO DEL PER PE 4.85% 30 Oct 2020 3.64%
    TELEFONICA DEL PERU S.A. PE 7.38% 10 Apr 2027 3.28%
    ALICORP SAA PE 6.88% 17 Apr 2027 3.19%
    NTPC LTD IN 7.25% 3 May 2022 3.15%
    NTPC LTD IN 7.38% 10 Aug 2021 3.08%
    BANCO DAVIVIENDA SA CO 7.50% 24 Oct 2022 2.43%
    PETROLEOS MEXICANOS MX 7.19% 12 Sep 2024 2.32%
    Subtotal - - - 48.53%
  • MVIS Emerging Markets Sovereign Bond (USD&EUR) Index – MVEMSD
     
    Bond Country Coupon Maturity Weight
    RUSSIAN FEDERATION RU 5.25% 23 Jun 2047 0.85%
    QATAR QA 5.10% 23 Apr 2048 0.82%
    STATE OF QATAR QA 4.82% 14 Mar 2049 0.80%
    SAUDI INTERNATIONAL B SA 4.50% 26 Oct 2046 0.78%
    SAUDI INTERNATIONAL B SA 3.25% 26 Oct 2026 0.60%
    SAUDI INTERNATIONAL B SA 2.38% 26 Oct 2021 0.57%
    SAUDI INTERNATIONAL BOND SA 3.63% 4 Mar 2028 0.56%
    REPUBLIC OF COLOMBIA CO 5.00% 15 Jun 2045 0.56%
    SAUDI INTERNATIONAL BOND SA 4.63% 4 Oct 2047 0.55%
    MEXICO GOVERNMENT INTERNATIONA MX 4.75% 8 Mar 2044 0.51%
    KUWAIT INTL BOND KW 3.50% 20 Mar 2027 0.51%
    SAUDI ARABIA SA 4.00% 17 Apr 2025 0.51%
    Subtotal - - - 7.62%
  • MVIS Emerging Markets Sovereign Bond (local FX) Index – MVEMSL
     
    Bond Country Coupon Maturity Weight
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 1.81%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 1.36%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 1.34%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2021 1.33%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 1.15%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 1.10%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 1.05%
    MEXICAN BONOS MX 7.50% 3 Jun 2027 1.04%
    MEXICAN BONOS MX 6.50% 10 Jun 2021 0.90%
    MEXICAN BONOS MX 6.50% 9 Jun 2022 0.90%
    MEXICAN BONOS MX 8.00% 7 Dec 2023 0.86%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jul 2021 0.83%
    Subtotal - - - 13.67%

All data as of 31 August 2019

More

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 August 2019. 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.

More