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MVIS Emerging Markets Aggregate Bond Index

Index Report — November 2019

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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 3,138 2,143 79 591 325
Issuers 1,024 896 45 83 30
MCap (bn USD) 4,118 1,522 45 982 1,569
Weight 100.00% 36.96% 1.09% 23.85% 38.09%
Average Coupon 5.53% 5.19% 7.08% 5.18% 6.30%
Average Yield to Maturity 4.70% 4.63% 6.49% 4.11% 5.08%
Yield to Worst 4.63% 4.46% 6.46% 4.11% 5.08%
Average Years to Maturity 9.61 8.85 6.30 12.26 8.98
Average Modified Duration 6.18 5.34 4.23 7.88 6.10

All data as of 30 November 2019

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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 12.00% 11.88% 11.11% 12.98% 11.49%
1 Month -0.61% 0.37% -1.02% -0.40% -1.66%
3 Months 1.39% 1.57% 3.51% -0.77% 2.58%
1 Year 13.18% 13.10% 11.65% 15.03% 12.10%
3 Years 22.86% 20.07% 26.68% 21.99% 25.94%
All Time 88.12% 113.37% 41.92% 117.06% 55.97%

All data as of 30 November 2019

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EM Asset Class Continues to Grow

Country Weights

MVIS EM Aggregate Bond Index - MVEMAG

Country Weight
 
Mexico 9.32%
 
Brazil 8.27%
 
Indonesia 6.87%
 
Russia 6.62%
 
Malaysia 4.88%
 
South Africa 4.56%
 
Thailand 4.31%
 
China 3.95%
 
Turkey 3.90%
 
United Arab Emirates 3.51%
 
Others 43.81%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Country Weight
     
    Mexico 10.03%
     
    China 9.94%
     
    Brazil 9.82%
     
    Hong Kong 8.44%
     
    United Arab Emirates 7.24%
     
    Russia 7.09%
     
    India 5.88%
     
    Chile 4.23%
     
    Indonesia 4.14%
     
    Turkey 3.20%
     
    Others 30.00%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Country Weight
     
    Malaysia 10.21%
     
    Russia 10.20%
     
    China 10.19%
     
    India 10.12%
     
    Peru 10.00%
     
    South Africa 9.99%
     
    Mexico 9.98%
     
    Brazil 9.73%
     
    Colombia 9.36%
     
    Indonesia 5.22%
     
    Others 5.00%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Country Weight
     
    Mexico 7.23%
     
    Saudi Arabia 7.21%
     
    Turkey 6.96%
     
    Indonesia 6.07%
     
    Qatar 4.85%
     
    Russia 4.31%
     
    Brazil 3.64%
     
    United Arab Emirates 3.49%
     
    Romania 3.27%
     
    Colombia 3.12%
     
    Others 49.84%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Country Weight
     
    Malaysia 10.27%
     
    Indonesia 10.06%
     
    Thailand 10.04%
     
    Mexico 9.93%
     
    Brazil 9.62%
     
    South Africa 7.98%
     
    Poland 7.55%
     
    Russia 7.51%
     
    Israel 4.94%
     
    Colombia 4.07%
     
    Others 18.04%

All data as of 30 November 2019

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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 61.95%
 
Financial 13.08%
 
Energy 8.19%
 
Basic Materials 4.30%
 
Utilities 4.08%
 
Consumer - Non-cyclical 2.51%
 
Communications 2.28%
 
Industrial 1.93%
 
Consumer - Cyclical 0.99%
 
Diversified 0.64%
 
Technology 0.05%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Sector Weight
     
    Financial 34.26%
     
    Energy 21.95%
     
    Basic Materials 11.63%
     
    Utilities 10.14%
     
    Consumer - Non-cyclical 6.58%
     
    Communications 5.98%
     
    Industrial 4.95%
     
    Consumer - Cyclical 2.63%
     
    Diversified 1.74%
     
    Technology 0.14%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Sector Weight
     
    Financial 38.37%
     
    Utilities 29.96%
     
    Industrial 9.16%
     
    Consumer - Non-cyclical 6.90%
     
    Energy 6.73%
     
    Communications 6.58%
     
    Consumer - Cyclical 1.76%
     
    Basic Materials 0.54%
  • 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 2019

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Value for Risk

Currency Weights

MVIS EM Aggregate Bond Index - MVEMAG

Currency Weight
 
US Dollar (USD) 54.60%
 
Euro (EUR) 6.21%
 
Malaysian Ringgit (MYR) 4.02%
 
Mexican Peso (MXN) 3.89%
 
Indonesian Rupiah (IDR) 3.89%
 
Thai Baht (THB) 3.83%
 
Brazilian Real (BRL) 3.77%
 
South African Rand (ZAR) 3.15%
 
Russian Ruble (RUB) 2.97%
 
Polish Zloty (PLN) 2.88%
 
Others 10.79%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Currency Weight
     
    US Dollar (USD) 92.85%
     
    Euro (EUR) 7.15%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Currency Weight
     
    Malaysian Ringgit (MYR) 10.21%
     
    Russian Ruble (RUB) 10.20%
     
    Indian Rupee (INR) 10.12%
     
    Peruvian Nuevo Sol (PEN) 10.00%
     
    South African Rand (ZAR) 9.99%
     
    Mexican Peso (MXN) 9.98%
     
    Brazilian Real (BRL) 9.73%
     
    Colombian Peso (COP) 9.36%
     
    Chinese Yuan Renminbi (CNY) 5.47%
     
    Indonesian Rupiah (IDR) 5.22%
     
    Others 9.72%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Currency Weight
     
    US Dollar (USD) 85.03%
     
    Euro (EUR) 14.97%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Currency Weight
     
    Malaysian Ringgit (MYR) 10.27%
     
    Indonesian Rupiah (IDR) 10.06%
     
    Thai Baht (THB) 10.04%
     
    Mexican Peso (MXN) 9.93%
     
    Brazilian Real (BRL) 9.62%
     
    South African Rand (ZAR) 7.98%
     
    Polish Zloty (PLN) 7.55%
     
    Russian Ruble (RUB) 7.51%
     
    Israeli Shekel (ILS) 4.94%
     
    Colombian Peso (COP) 4.07%
     
    Others 18.04%

All data as of 30 November 2019

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Emerging Markets are not a Single Asset Class

Credit Ratings

MVIS EM Aggregate Bond Index - MVEMAG

Rating Weight
AAA -
60.94% 
AA+, AA, AA- 3.92%
A+, A, A- 17.66%
BBB+, BBB, BBB- 39.36%
BB+, BB, BB- 19.50%
29.67% 
B+, B, B- 8.72%
CCC+, CCC, CCC- 1.42%
CC+, CC, CC- -
C+, C, C- 0.02%
Below C- 0.01%
Not Rated 9.39%
9.39% 
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Rating Weight
    AAA -
    60.68% 
    AA+, AA, AA- 2.19%
    A+, A, A- 18.17%
    BBB+, BBB, BBB- 40.32%
    BB+, BB, BB- 21.01%
    34.69% 
    B+, B, B- 10.58%
    CCC+, CCC, CCC- 3.02%
    CC+, CC, CC- -
    C+, C, C- 0.06%
    Below C- 0.02%
    Not Rated 4.63%
    4.63% 
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Rating Weight
    AAA -
    56.89% 
    AA+, AA, AA- 9.73%
    A+, A, A- 7.08%
    BBB+, BBB, BBB- 40.08%
    BB+, BB, BB- 12.98%
    12.98% 
    B+, B, B- -
    CCC+, CCC, CCC- -
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 30.13%
    30.13% 
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Rating Weight
    AAA -
    60.00% 
    AA+, AA, AA- 8.84%
    A+, A, A- 13.30%
    BBB+, BBB, BBB- 37.86%
    BB+, BB, BB- 18.12%
    38.87% 
    B+, B, B- 19.50%
    CCC+, CCC, CCC- 1.25%
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 1.12%
    1.12% 
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Rating Weight
    AAA -
    61.91% 
    AA+, AA, AA- 2.36%
    A+, A, A- 20.20%
    BBB+, BBB, BBB- 39.35%
    BB+, BB, BB- 19.07%
    19.49% 
    B+, B, B- 0.42%
    CCC+, CCC, CCC- -
    CC+, CC, CC- -
    C+, C, C- -
    Below C- -
    Not Rated 18.59%
    18.59% 
 
Investment Grade  
 
High Yield  
 
Not Rated

All data as of 30 November 2019

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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 0.44%
1 - 5 Years 39.79%
5 - 10 Years 31.82%
10 - 15 Years 7.72%
15+ Years 20.24%
  • MVIS EM Corporate Bond (USD&EUR) - MVEMCD

    Maturity Weight
    0 - 1 Year 0.94%
    1 - 5 Years 48.38%
    5 - 10 Years 29.47%
    10 - 15 Years 2.75%
    15+ Years 18.46%
  • MVIS EM Corporate Bond (local FX) - MVEMCL

    Maturity Weight
    0 - 1 Year 0.00%
    1 - 5 Years 50.90%
    5 - 10 Years 31.31%
    10 - 15 Years 12.09%
    15+ Years 5.69%
  • MVIS EM Sovereign Bond (USD&EUR) - MVEMSD

    Maturity Weight
    0 - 1 Year 0.05%
    1 - 5 Years 26.34%
    5 - 10 Years 35.35%
    10 - 15 Years 8.36%
    15+ Years 29.90%
  • MVIS EM Sovereign Bond (local FX) - MVEMSL

    Maturity Weight
    0 - 1 Year 0.20%
    1 - 5 Years 39.55%
    5 - 10 Years 31.90%
    10 - 15 Years 12.02%
    15+ Years 16.33%

All data as of 30 November 2019

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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
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2023 0.64%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 0.55%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 0.53%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2021 0.46%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 0.42%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 0.40%
    MEXICAN BONOS MX 7.50% 3 Jun 2027 0.37%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 0.37%
    MEXICAN BONOS MX 6.50% 9 Jun 2022 0.34%
    MEXICAN BONOS MX 8.00% 7 Dec 2023 0.32%
    MEXICAN BONOS MX 6.50% 10 Jun 2021 0.30%
    MEX BONOS DESARR FIX RT MX 7.25% 9 Dec 2021 0.30%
    Subtotal - - - 5.00%
  • MVIS Emerging Markets Corporate Bond (USD&EUR) Index – MVEMCD
     
    Bond Country Coupon Maturity Weight
    PETROLEOS MEXICANOS MX 7.69% 23 Jan 2050 0.55%
    PETROLEOS MEXICANOS MX 6.75% 21 Sep 2047 0.37%
    PETROLEOS MEXICANOS MX 6.50% 13 Mar 2027 0.36%
    PETROBRAS GLOBAL FINANCE BR 5.09% 15 Jan 2030 0.32%
    SAUDI ARABIAN OIL CO SA 4.38% 16 Apr 2049 0.30%
    BANK OF CHINA HONG KONG HK 5.90% 31 Dec 2049 0.30%
    SAUDI ARABIAN OIL CO SA 4.25% 16 Apr 2039 0.30%
    PETROLEOS MEXICANOS MX 6.84% 23 Jan 2030 0.29%
    SAUDI ARABIAN OIL CO SA 3.50% 16 Apr 2029 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 3.15% 1 Oct 2026 0.27%
    Subtotal - - - 3.89%
  • MVIS Emerging Markets Corporate Bond (local FX) Index – MVEMCL
     
    Bond Country Coupon Maturity Weight
    SWISS INSURED BR 9.85% 16 Jul 2032 9.73%
    EMPRESAS PUBLIC MEDELLIN CO 8.38% 8 Nov 2027 5.59%
    PT WIJAYA KARYA ID 7.70% 31 Jan 2021 5.22%
    ZAGREBACKI HOLDING DOO HR 3.88% 15 Jul 2023 5.00%
    BANCO DE CREDITO DEL PER PE 4.65% 17 Sep 2024 4.15%
    HDFC BANK IN 8.10% 22 Mar 2025 3.78%
    NTPC LTD IN 7.25% 3 May 2022 3.20%
    NTPC LTD IN 7.38% 10 Aug 2021 3.14%
    TELEFONICA DEL PERU S.A. PE 7.38% 10 Apr 2027 2.97%
    ALICORP SAA PE 6.88% 17 Apr 2027 2.88%
    PETROLEOS MEXICANOS MX 7.19% 12 Sep 2024 2.30%
    BANCO DAVIVIENDA SA CO 7.50% 24 Oct 2022 2.25%
    Subtotal - - - 50.21%
  • MVIS Emerging Markets Sovereign Bond (USD&EUR) Index – MVEMSD
     
    Bond Country Coupon Maturity Weight
    RUSSIAN FEDERATION RU 5.25% 23 Jun 2047 0.89%
    QATAR QA 5.10% 23 Apr 2048 0.79%
    STATE OF QATAR QA 4.82% 14 Mar 2049 0.76%
    SAUDI INTERNATIONAL B SA 4.50% 26 Oct 2046 0.74%
    SAUDI INTERNATIONAL B SA 3.25% 26 Oct 2026 0.58%
    SAUDI INTERNATIONAL B SA 2.38% 26 Oct 2021 0.56%
    SAUDI INTERNATIONAL BOND SA 3.63% 4 Mar 2028 0.54%
    REPUBLIC OF COLOMBIA CO 5.00% 15 Jun 2045 0.53%
    SAUDI INTERNATIONAL BOND SA 4.63% 4 Oct 2047 0.52%
    KUWAIT INTL BOND KW 3.50% 20 Mar 2027 0.49%
    SAUDI ARABIA SA 4.00% 17 Apr 2025 0.49%
    URUGUAY GOVERNMENT INTERNATION UY 5.10% 18 Jun 2050 0.49%
    Subtotal - - - 7.38%
  • 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 1.68%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2025 1.43%
    SOUTH AFRICA GOVERNMENT BOND ZA 10.50% 21 Dec 2026 1.38%
    BRAZIL NOTAS DO TESOURO NACION BR 10.00% 1 Jan 2021 1.20%
    NOTA DO TESOURO NACIONAL BR 10.00% 1 Jan 2027 1.10%
    SOUTH AFRICA GOVERNMENT BOND ZA 8.75% 28 Feb 2048 1.06%
    MEXICAN BONOS MX 7.50% 3 Jun 2027 0.98%
    MEXICAN BONOS MX 10.00% 5 Dec 2024 0.97%
    MEXICAN BONOS MX 6.50% 9 Jun 2022 0.90%
    MEXICAN BONOS MX 8.00% 7 Dec 2023 0.83%
    MEXICAN BONOS MX 6.50% 10 Jun 2021 0.79%
    MEX BONOS DESARR FIX RT MX 7.25% 9 Dec 2021 0.79%
    Subtotal - - - 13.11%

All data as of 30 November 2019

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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 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.

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