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MVIS Emerging Markets Aggregate Bond Index

Index Report — September 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 3,575 2,390 105 718 362
Issuers 1,099 955 60 87 33
MCap (bn USD) 4,694 1,669 58 1,212 1,755
Weight 100.00% 35.56% 1.23% 25.82% 37.39%
Average Coupon 5.02% 4.79% 5.64% 4.61% 5.80%
Average Yield to Maturity 4.41% 3.88% 5.59% 3.60% 5.26%
Yield to Worst 4.32% 3.66% 5.51% 3.59% 5.26%
Average Years to Maturity 10.15 9.86 7.45 13.36 8.75
Average Modified Duration 6.52 5.76 4.08 8.62 5.99

All data as of 30 September 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 -3.46% 0.75% -4.10% -2.88% -7.68%
1 Month -2.45% -0.99% -1.64% -2.56% -3.76%
3 Months -1.64% 0.00% -2.22% -1.29% -3.35%
1 Year 3.46% 5.94% 4.63% 3.14% 1.38%
3 Years 18.20% 22.92% 15.21% 19.35% 13.15%
All Time 97.72% 134.84% 45.91% 130.52% 55.76%

All data as of 30 September 2021

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EM Asset Class Continues to Grow

Country Weights

MVIS EM Aggregate Bond Index - MVEMAG

Country Weight
 
Mexico 8.91%
 
Brazil 7.69%
 
Indonesia 6.98%
 
Russia 5.48%
 
Malaysia 4.89%
 
China 4.51%
 
South Africa 4.46%
 
Thailand 4.31%
 
United Arab Emirates 4.08%
 
Israel 3.72%
 
Others 44.97%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Country Weight
     
    China 10.48%
     
    Mexico 10.00%
     
    Brazil 9.89%
     
    Hong Kong 7.94%
     
    United Arab Emirates 7.90%
     
    India 5.91%
     
    Russia 5.24%
     
    Indonesia 4.64%
     
    Chile 4.35%
     
    Saudi Arabia 3.95%
     
    Others 29.69%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Country Weight
     
    China 14.96%
     
    Russia 10.31%
     
    Malaysia 10.18%
     
    Mexico 10.00%
     
    South Africa 9.95%
     
    Thailand 9.76%
     
    Israel 7.53%
     
    Colombia 7.09%
     
    Peru 6.42%
     
    Saudi Arabia 3.73%
     
    Others 10.07%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Country Weight
     
    Mexico 7.06%
     
    Saudi Arabia 6.82%
     
    Turkey 6.45%
     
    Indonesia 5.75%
     
    Qatar 5.54%
     
    United Arab Emirates 4.82%
     
    Romania 4.26%
     
    Russia 3.50%
     
    Brazil 3.32%
     
    Egypt 2.99%
     
    Others 49.49%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Country Weight
     
    Indonesia 10.27%
     
    Malaysia 10.24%
     
    Thailand 9.73%
     
    Mexico 9.11%
     
    Brazil 8.78%
     
    South Africa 8.63%
     
    Poland 7.41%
     
    Russia 6.91%
     
    Israel 5.57%
     
    Czech Republic 4.02%
     
    Others 19.31%

All data as of 30 September 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 63.22%
 
Financial 12.49%
 
Energy 7.80%
 
Basic Materials 4.30%
 
Utilities 3.79%
 
Consumer - Non-cyclical 2.59%
 
Communications 2.30%
 
Industrial 1.99%
 
Consumer - Cyclical 1.03%
 
Diversified 0.43%
 
Technology 0.05%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Sector Weight
     
    Financial 33.75%
     
    Energy 21.62%
     
    Basic Materials 11.99%
     
    Utilities 10.07%
     
    Consumer - Non-cyclical 6.98%
     
    Communications 6.30%
     
    Industrial 5.21%
     
    Consumer - Cyclical 2.79%
     
    Diversified 1.15%
     
    Technology 0.15%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Sector Weight
     
    Financial 40.00%
     
    Utilities 16.94%
     
    Industrial 11.60%
     
    Energy 9.24%
     
    Consumer - Non-cyclical 8.69%
     
    Communications 5.36%
     
    Basic Materials 3.11%
     
    Consumer - Cyclical 3.10%
     
    Diversified 1.97%
  • 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 September 2021

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Value for Risk

Currency Weights

MVIS EM Aggregate Bond Index - MVEMAG

Currency Weight
 
US Dollar (USD) 54.74%
 
Euro (EUR) 6.64%
 
Malaysian Ringgit (MYR) 3.95%
 
Indonesian Rupiah (IDR) 3.84%
 
Thai Baht (THB) 3.76%
 
Mexican Peso (MXN) 3.53%
 
South African Rand (ZAR) 3.35%
 
Brazilian Real (BRL) 3.32%
 
Polish Zloty (PLN) 2.77%
 
Russian Ruble (RUB) 2.71%
 
Others 11.39%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Currency Weight
     
    US Dollar (USD) 94.50%
     
    Euro (EUR) 5.50%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Currency Weight
     
    Chinese Yuan Renminbi (CNY) 11.01%
     
    Russian Ruble (RUB) 10.31%
     
    Malaysian Ringgit (MYR) 10.18%
     
    Mexican Peso (MXN) 10.00%
     
    South African Rand (ZAR) 9.95%
     
    Thai Baht (THB) 9.76%
     
    Hong Kong Dollar (HKD) 8.35%
     
    Israeli Shekel (ILS) 7.53%
     
    Colombian Peso (COP) 7.09%
     
    Peruvian Nuevo Sol (PEN) 6.42%
     
    Others 9.40%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Currency Weight
     
    US Dollar (USD) 81.87%
     
    Euro (EUR) 18.13%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Currency Weight
     
    Indonesian Rupiah (IDR) 10.27%
     
    Malaysian Ringgit (MYR) 10.24%
     
    Thai Baht (THB) 9.73%
     
    Mexican Peso (MXN) 9.11%
     
    Brazilian Real (BRL) 8.78%
     
    South African Rand (ZAR) 8.63%
     
    Polish Zloty (PLN) 7.41%
     
    Russian Ruble (RUB) 6.91%
     
    Israeli Shekel (ILS) 5.57%
     
    Czech Koruna (CZK) 4.02%
     
    Others 19.31%

All data as of 30 September 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 0.66%
1 - 5 Years 37.36%
5 - 10 Years 31.56%
10 - 15 Years 8.05%
15+ Years 22.37%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Maturity Weight
    0 - 1 Year 1.04%
    1 - 5 Years 42.78%
    5 - 10 Years 30.87%
    10 - 15 Years 3.07%
    15+ Years 22.23%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Maturity Weight
    0 - 1 Year 0.00%
    1 - 5 Years 53.58%
    5 - 10 Years 26.87%
    10 - 15 Years 5.30%
    15+ Years 14.25%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Maturity Weight
    0 - 1 Year 0.52%
    1 - 5 Years 25.14%
    5 - 10 Years 31.79%
    10 - 15 Years 9.41%
    15+ Years 33.14%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Maturity Weight
    0 - 1 Year 0.42%
    1 - 5 Years 40.11%
    5 - 10 Years 32.21%
    10 - 15 Years 11.94%
    15+ Years 15.33%

All data as of 30 September 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 0.75%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 0.62%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 0.54%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jul 2023 0.47%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 0.45%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 0.43%
    REPUBLIC OF SOUTH AFRICA ZA 8.00% 31 Jan 2030 0.42%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 0.40%
    MEX BONOS DESARR FIX MX 5.75% 5 Mar 2026 0.39%
    MEXICAN BONOS MX 8.50% 31 May 2029 0.35%
    MEXICAN BONOS MX 7.50% 3 Jun 2027 0.34%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 0.32%
    Subtotal - - - 5.48%
  • MVIS Emerging Markets Corporate Bond (USD&EUR) Index – MVEMCD
     
    Bond Country Coupon Maturity Weight
    PETROLEOS MEXICANOS MX 7.69% 23 Jan 2050 0.45%
    PETROLEOS MEXICANOS MX 6.50% 13 Mar 2027 0.33%
    PETROLEOS MEXICANOS MX 6.75% 21 Sep 2047 0.30%
    SAUDI ARABIAN OIL CO SA 4.38% 16 Apr 2049 0.28%
    SAUDI ARABIAN OIL CO SA 4.25% 16 Apr 2039 0.27%
    PETRONAS CAPITAL LTD MY 4.55% 21 Apr 2050 0.27%
    TEVA PHARMACEUTICALS NE IL 3.15% 1 Oct 2026 0.27%
    PETROLEOS MEXICANOS MX 6.84% 23 Jan 2030 0.27%
    SAUDI ARABIAN OIL CO SA 3.50% 16 Apr 2029 0.26%
    BANK OF CHINA HONG KONG HK 5.90% 31 Dec 2049 0.26%
    SA GLOBAL SUKUK LTD SA 2.69% 17 Jun 2031 0.24%
    1MDB GLOBAL INVESTMENTS MY 4.40% 9 Mar 2023 0.24%
    Subtotal - - - 3.44%
  • MVIS Emerging Markets Corporate Bond (local FX) Index – MVEMCL
     
    Bond Country Coupon Maturity Weight
    RUSSIAN RAILWAYS JSC RU 8.35% 31 Dec 2049 5.29%
    EMPRESAS PUBLIC MEDELLIN CO 8.38% 8 Nov 2027 5.15%
    SAUDI REAL ESTATE SA 2.65% 3 Mar 2031 3.73%
    DELEK GROUP LTD IL 4.30% 20 Feb 2025 3.69%
    CHINA EVERBRIGHT CN 3.70% 18 Jun 2024 2.92%
    BANCO DE CREDITO DEL PER PE 4.65% 17 Sep 2024 2.74%
    FIRST ABU DHABI BANK AE 3.40% 18 Aug 2025 2.57%
    PETROLEOS MEXICANOS MX 7.19% 12 Sep 2024 2.56%
    BANK LEUMI LE-ISRAEL IL 2.02% 28 Feb 2025 2.54%
    EXPORT-IMPORT BANK CHINA CN 2.70% 12 Mar 2024 2.49%
    SWISS INSURED BR 9.85% 16 Jul 2032 2.47%
    ESKOM HOLDINGS SOC LTD ZA 7.85% 2 Apr 2026 2.23%
    Subtotal - - - 38.38%
  • MVIS Emerging Markets Sovereign Bond (USD&EUR) Index – MVEMSD
     
    Bond Country Coupon Maturity Weight
    RUSSIAN FEDERATION RU 5.25% 23 Jun 2047 0.74%
    QATAR QA 5.10% 23 Apr 2048 0.67%
    STATE OF QATAR QA 4.82% 14 Mar 2049 0.64%
    SAUDI INTERNATIONAL B SA 4.50% 26 Oct 2046 0.63%
    STATE OF QATAR QA 4.40% 16 Apr 2050 0.51%
    SAUDI INTERNATIONAL B SA 3.25% 26 Oct 2026 0.50%
    STATE OF ISRAEL IL 3.80% 13 May 2060 0.46%
    REPUBLIC OF ECUADOR EC 1.00% 31 Jul 2035 0.46%
    SAUDI INTERNATIONAL BOND SA 3.63% 4 Mar 2028 0.45%
    SAUDI INTERNATIONAL BOND SA 4.63% 4 Oct 2047 0.44%
    URUGUAY GOVERNMENT INTERNATION UY 5.10% 18 Jun 2050 0.42%
    SAUDI ARABIA SA 4.00% 17 Apr 2025 0.41%
    Subtotal - - - 6.33%
  • MVIS Emerging Markets Sovereign Bond (local FX) Index – MVEMSL
     
    Bond Country Coupon Maturity Weight
    LETRA TESOURO NACIONAL BR 0.00% 1 Jan 2024 2.01%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 1.66%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 1.44%
    LETRA TESOURO NACIONAL BR 0.00% 1 Jul 2023 1.25%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 1.20%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 1.14%
    REPUBLIC OF SOUTH AFRICA ZA 8.00% 31 Jan 2030 1.13%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 1.08%
    MEX BONOS DESARR FIX MX 5.75% 5 Mar 2026 1.04%
    MEXICAN BONOS MX 8.50% 31 May 2029 0.93%
    MEXICAN BONOS MX 7.50% 3 Jun 2027 0.92%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 0.86%
    Subtotal - - - 14.66%

All data as of 30 September 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 September 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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