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MVIS Emerging Markets Aggregate Bond Index

Index Report — June 2021

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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 3,547 2,390 99 699 359
Issuers 1,089 950 56 84 34
MCap (bn USD) 4,799 1,718 56 1,203 1,822
Weight 100.00% 35.80% 1.17% 25.07% 37.96%
Average Coupon 5.07% 4.87% 5.97% 4.65% 5.86%
Average Yield to Maturity 4.20% 3.74% 5.77% 3.39% 5.03%
Yield to Worst 4.11% 3.50% 5.67% 3.39% 5.03%
Average Years to Maturity 10.23 9.85 7.87 13.63 8.71
Average Modified Duration 6.52 5.77 4.15 8.77 5.98

All data as of 30 June 2021

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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 -1.85% 0.75% -1.92% -1.61% -4.48%
1 Month 0.09% 0.74% -0.67% 0.42% -0.68%
3 Months 3.24% 2.44% 1.80% 3.89% 3.66%
1 Year 7.59% 9.34% 9.30% 7.73% 5.75%
3 Years 21.13% 24.39% 16.14% 23.48% 16.58%
All Time 101.01% 134.84% 49.22% 133.54% 61.16%

All data as of 30 June 2021

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EM Asset Class Continues to Grow

Country Weights

MVIS EM Aggregate Bond Index - MVEMAG

Country Weight
 
Mexico 9.20%
 
Brazil 8.26%
 
Indonesia 6.90%
 
Russia 5.54%
 
Malaysia 4.92%
 
South Africa 4.69%
 
Thailand 4.42%
 
China 4.17%
 
United Arab Emirates 4.03%
 
Israel 3.57%
 
Others 44.30%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Country Weight
     
    Mexico 10.04%
     
    Brazil 10.01%
     
    China 9.65%
     
    Hong Kong 8.01%
     
    United Arab Emirates 7.86%
     
    India 5.97%
     
    Russia 5.63%
     
    Indonesia 4.60%
     
    Chile 4.33%
     
    Saudi Arabia 3.49%
     
    Others 30.41%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Country Weight
     
    Russia 10.15%
     
    Malaysia 10.12%
     
    Colombia 10.07%
     
    China 10.07%
     
    Mexico 9.93%
     
    Thailand 9.90%
     
    South Africa 9.87%
     
    Peru 9.85%
     
    Saudi Arabia 6.09%
     
    Brazil 4.47%
     
    Others 9.47%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Country Weight
     
    Mexico 7.15%
     
    Saudi Arabia 6.92%
     
    Turkey 6.31%
     
    Indonesia 5.79%
     
    United Arab Emirates 4.66%
     
    Qatar 4.55%
     
    Romania 4.15%
     
    Russia 3.52%
     
    Brazil 3.31%
     
    Egypt 3.18%
     
    Others 50.46%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Country Weight
     
    Malaysia 10.09%
     
    Indonesia 10.01%
     
    Brazil 9.99%
     
    Thailand 9.82%
     
    Mexico 9.73%
     
    South Africa 8.68%
     
    Poland 7.17%
     
    Russia 6.66%
     
    Israel 5.21%
     
    Czech Republic 3.92%
     
    Others 18.72%

All data as of 30 June 2021

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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 63.03%
 
Financial 12.42%
 
Energy 7.87%
 
Basic Materials 4.48%
 
Utilities 3.79%
 
Consumer - Non-cyclical 2.55%
 
Communications 2.39%
 
Industrial 1.96%
 
Consumer - Cyclical 1.00%
 
Diversified 0.45%
 
Technology 0.05%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Sector Weight
     
    Financial 33.37%
     
    Energy 21.78%
     
    Basic Materials 12.45%
     
    Utilities 9.94%
     
    Consumer - Non-cyclical 6.82%
     
    Communications 6.47%
     
    Industrial 5.11%
     
    Consumer - Cyclical 2.73%
     
    Diversified 1.20%
     
    Technology 0.15%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Sector Weight
     
    Financial 40.72%
     
    Utilities 19.82%
     
    Industrial 11.50%
     
    Consumer - Non-cyclical 9.57%
     
    Communications 6.34%
     
    Energy 5.88%
     
    Consumer - Cyclical 2.29%
     
    Diversified 2.09%
     
    Basic Materials 1.80%
  • 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 June 2021

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Value for Risk

Currency Weights

MVIS EM Aggregate Bond Index - MVEMAG

Currency Weight
 
US Dollar (USD) 54.40%
 
Euro (EUR) 6.47%
 
Malaysian Ringgit (MYR) 3.95%
 
Brazilian Real (BRL) 3.84%
 
Thai Baht (THB) 3.84%
 
Mexican Peso (MXN) 3.81%
 
Indonesian Rupiah (IDR) 3.80%
 
South African Rand (ZAR) 3.41%
 
Polish Zloty (PLN) 2.72%
 
Russian Ruble (RUB) 2.65%
 
Others 11.11%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Currency Weight
     
    US Dollar (USD) 94.40%
     
    Euro (EUR) 5.60%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Currency Weight
     
    Russian Ruble (RUB) 10.15%
     
    Malaysian Ringgit (MYR) 10.12%
     
    Colombian Peso (COP) 10.07%
     
    Mexican Peso (MXN) 9.93%
     
    Thai Baht (THB) 9.90%
     
    South African Rand (ZAR) 9.87%
     
    Peruvian Nuevo Sol (PEN) 9.85%
     
    Hong Kong Dollar (HKD) 7.86%
     
    Chinese Yuan Renminbi (CNY) 6.49%
     
    Saudi Arabian Riyal (SAR) 6.09%
     
    Others 9.66%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Currency Weight
     
    US Dollar (USD) 82.18%
     
    Euro (EUR) 17.82%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Currency Weight
     
    Malaysian Ringgit (MYR) 10.09%
     
    Indonesian Rupiah (IDR) 10.01%
     
    Brazilian Real (BRL) 9.99%
     
    Thai Baht (THB) 9.82%
     
    Mexican Peso (MXN) 9.73%
     
    South African Rand (ZAR) 8.68%
     
    Polish Zloty (PLN) 7.17%
     
    Russian Ruble (RUB) 6.66%
     
    Israeli Shekel (ILS) 5.21%
     
    Czech Koruna (CZK) 3.92%
     
    Others 18.72%

All data as of 30 June 2021

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Emerging Markets are not a Single Asset Class

Maturity Breakdown

MVIS EM Aggregate Bond Index - MVEMAG

Maturity Weight
0 - 1 Year 0.65%
1 - 5 Years 37.26%
5 - 10 Years 31.75%
10 - 15 Years 8.21%
15+ Years 22.13%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Maturity Weight
    0 - 1 Year 0.50%
    1 - 5 Years 42.81%
    5 - 10 Years 31.39%
    10 - 15 Years 3.05%
    15+ Years 22.25%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Maturity Weight
    0 - 1 Year 0.88%
    1 - 5 Years 44.35%
    5 - 10 Years 33.96%
    10 - 15 Years 7.33%
    15+ Years 13.48%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Maturity Weight
    0 - 1 Year 0.06%
    1 - 5 Years 25.88%
    5 - 10 Years 31.07%
    10 - 15 Years 9.80%
    15+ Years 33.19%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Maturity Weight
    0 - 1 Year 1.17%
    1 - 5 Years 39.33%
    5 - 10 Years 32.47%
    10 - 15 Years 12.06%
    15+ Years 14.97%

All data as of 30 June 2021

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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 Jan 2024 0.81%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 0.62%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 0.61%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 0.53%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 0.48%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jul 2023 0.43%
    REPUBLIC OF SOUTH AFRICA ZA 8.00% 31 Jan 2030 0.43%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 0.41%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jul 2022 0.37%
    MEX BONOS DESARR FIX MX 5.75% 5 Mar 2026 0.36%
    MEXICAN BONOS MX 8.50% 31 May 2029 0.34%
    MEXICAN BONOS MX 7.50% 3 Jun 2027 0.34%
    Subtotal - - - 5.73%
  • MVIS Emerging Markets Corporate Bond (USD&EUR) Index – MVEMCD
     
    Bond Country Coupon Maturity Weight
    PETROLEOS MEXICANOS MX 7.69% 23 Jan 2050 0.46%
    PETROLEOS MEXICANOS MX 6.50% 13 Mar 2027 0.33%
    PETROLEOS MEXICANOS MX 6.75% 21 Sep 2047 0.31%
    SAUDI ARABIAN OIL CO SA 4.38% 16 Apr 2049 0.28%
    PETRONAS CAPITAL LTD MY 4.55% 21 Apr 2050 0.28%
    SAUDI ARABIAN OIL CO SA 4.25% 16 Apr 2039 0.27%
    TEVA PHARMACEUTICALS NE IL 3.15% 1 Oct 2026 0.27%
    BANK OF CHINA HONG KONG HK 5.90% 31 Dec 2049 0.27%
    PETROLEOS MEXICANOS MX 6.84% 23 Jan 2030 0.27%
    SAUDI ARABIAN OIL CO SA 3.50% 16 Apr 2029 0.27%
    PETROBRAS GLOBAL FINANCE BR 5.09% 15 Jan 2030 0.25%
    1MDB GLOBAL INVESTMENTS MY 4.40% 9 Mar 2023 0.25%
    Subtotal - - - 3.51%
  • MVIS Emerging Markets Corporate Bond (local FX) Index – MVEMCL
     
    Bond Country Coupon Maturity Weight
    EMPRESAS PUBLIC MEDELLIN CO 8.38% 8 Nov 2027 7.27%
    SAUDI REAL ESTATE SA 2.65% 3 Mar 2031 6.09%
    RUSSIAN RAILWAYS JSC RU 7.25% 31 Dec 2049 5.14%
    SWISS INSURED BR 9.85% 16 Jul 2032 4.47%
    FIRST ABU DHABI BANK AE 3.40% 18 Aug 2025 4.28%
    BANCO DE CREDITO DEL PER PE 4.65% 17 Sep 2024 4.18%
    ALICORP SAA PE 6.88% 17 Apr 2027 2.93%
    EXPORT-IMPORT BANK CHINA CN 2.70% 12 Mar 2024 2.85%
    BANCO DAVIVIENDA SA CO 7.50% 24 Oct 2022 2.80%
    ZAGREBACKI HOLDING DOO HR 3.88% 15 Jul 2023 2.75%
    TELEFONICA DEL PERU S.A. PE 7.38% 10 Apr 2027 2.74%
    PETROLEOS MEXICANOS MX 7.19% 12 Sep 2024 2.59%
    Subtotal - - - 48.09%
  • MVIS Emerging Markets Sovereign Bond (USD&EUR) Index – MVEMSD
     
    Bond Country Coupon Maturity Weight
    RUSSIAN FEDERATION RU 5.25% 23 Jun 2047 0.73%
    QATAR QA 5.10% 23 Apr 2048 0.67%
    STATE OF QATAR QA 4.82% 14 Mar 2049 0.65%
    SAUDI INTERNATIONAL B SA 4.50% 26 Oct 2046 0.64%
    STATE OF QATAR QA 4.40% 16 Apr 2050 0.51%
    SAUDI INTERNATIONAL B SA 3.25% 26 Oct 2026 0.50%
    REPUBLIC OF ECUADOR EC 0.50% 31 Jul 2035 0.48%
    STATE OF ISRAEL IL 3.80% 13 May 2060 0.48%
    SAUDI INTERNATIONAL BOND SA 3.63% 4 Mar 2028 0.46%
    SAUDI INTERNATIONAL BOND SA 4.63% 4 Oct 2047 0.45%
    URUGUAY GOVERNMENT INTERNATION UY 5.10% 18 Jun 2050 0.43%
    KUWAIT INTL BOND KW 3.50% 20 Mar 2027 0.42%
    Subtotal - - - 6.42%
  • MVIS Emerging Markets Sovereign Bond (local FX) Index – MVEMSL
     
    Bond Country Coupon Maturity Weight
    LETRA TESOURO NACIONAL BR 0.00% 1 Jan 2024 2.12%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 1.63%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 1.61%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 1.41%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 1.27%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jul 2023 1.13%
    REPUBLIC OF SOUTH AFRICA ZA 8.00% 31 Jan 2030 1.13%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 1.09%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jul 2022 0.98%
    MEX BONOS DESARR FIX MX 5.75% 5 Mar 2026 0.95%
    MEXICAN BONOS MX 8.50% 31 May 2029 0.91%
    MEXICAN BONOS MX 7.50% 3 Jun 2027 0.90%
    Subtotal - - - 15.13%

All data as of 30 June 2021

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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 June 2021. 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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