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FIXED INCOME
BLOOMBERG USD
EMERGING MARKET
COMPOSITE BOND INDEX
The Bloomberg USD Emerging Market Composite Bond Index is a rules-based, market-value-weighted index engineered to
measure USD fixed-rate sovereign and corporate securities issued from emerging markets. The index includes both investmentgrade and below-investment-grade securities. To be included in the index, a sovereign security must have a minimum par amount
of $250 million; a corporate security must have a minimum par amount of $100 million. Private placement securities are eligible
for inclusion. Bond markets defined as emerging can be found at EMWH <GO>.
TOTAL RETURN
B
loomberg USD Emerging Market
Composite Bond Index (BEM)
B
loomberg USD Investment Grade
Emerging Market Bond Index
(BEMI)
B
loomberg USD High Yield
Emerging Market Bond Index
(BEMH)
Normalized as of 12/31/2009
INDEX CHARACTERISTICS
As of 3/31/2014
Yield-to-Worst
OAS
5.07
314.96
Effective Duration
6.15
Effective Convexity
0.68
Par-Weighted Coupon
6.11
Quality
BBB–
Number of Issues
1,208
Market Capitalization
($ in Trillions)
1.11
BLOOMBERG USD EMERGING
MARKET COMPOSITE BOND INDEX
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MINIMUM AMOUNT OUTSTANDING
Emerging Market Sovereign
USD 250 million
Emerging Market Corporate
USD 100 million
MATURITY INDEXES
1+, 1–3, 3–5, 5–7, 7–10, 10+
MINIMUM QUALITY
Emerging Market Investment-Grade Sov/Corp
Emerging Market High-Yield Sov/Corp
> = BBB> = C<BBB-
INDEX PRICING
Independent and transparent pricing is a key difference of
Bloomberg’s index family versus other index families that
rely on single-dealer pricing or composite pricing across a
small number of dealers. Prices of index constituent bonds in
Bloomberg’s indexes are received from BVAL, Bloomberg’s
securities valuation services. BVAL provides credible,
transparent and defensible valuations across a broad
spectrum of financial instruments, including fixed income,
derivatives and structured notes.
The prices are completely independent, drawing on market
data contributed by more than 4,000 market participants.
This broad global dataset of market observations is combined
with market-leading analytics and Bloomberg’s terms and
conditions databases to produce objective third-party pricing
with deep transparency in how the prices were derived.
BOND TYPES
The following bond types are excluded:
» Convertible
» Perpetuals
» Bonds with non-fixed coupon
(except Greece since 3/2012)
» Inflation-linked bonds
» Survivor puts
SECTOR INDEXES
Communications, Consumer Discretionary, Consumer
Staples, Energy, Financials, Health Care, Industrials,
Materials, Technology, Utilities
REGION INDEXES
LATAM, EME, Pacific
CUSTOM INDEXES
The technology and deep dataset across reference and
pricing data underlying Bloomberg’s global index family
provide a rich tool set for custom index creation. Variables
for customization include:
» Traditional selection criteria such as currency, country of
risk, sectors, ratings or amount outstanding.
» Bloomberg’s proprietary variables such BVAL scores
related to pricing quality and depth or calculated variables
such as option adjusted spreads.
» Caps on issuers or sectors to satisfy diversification or
regulatory needs such as those of UCITS or IRS.
» Enhanced index-weighting methodologies based on
issuer-specific or algorithmic variables.
BLOOMBERG USD EMERGING
MARKET COMPOSITE BOND INDEX
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TABLE 1 – BLOOMBERG GLOBAL BOND INDEX FAMILY
USD Investment-Grade Composite
U.S. Government
U.S. Treasury
Government-Related
U.S. Agency
Non-U.S.
Sovereign
Regional
& Local
U.S. Corporate
MBS
Developed
Banks & Supra
FNMA GNMA
FHLMC
USD Emerging Market Composite
Sovereign
InvestmentGrade
Global High-Yield Corporate Composite
Corporate
High-Yield
InvestmentGrade
U.S.
Non-USD
EUR
High-Yield
GBP
CAD
Covered
Global Investment-Grade Corporate Composite
U.S.
AUD
Europe
EUR
GBP
CHF
CAD
EUR
Scandinavia
NOK
GBP
JPY
SEK
Global Developed Sovereign Bond Composite
U.S.
Non-USD
Canada
Eurozone
Other Europe
Pacific Rim
Austria
Denmark
Australia
Belgium
Norway
Hong Kong
France
Switzerland
Japan
Germany
UK
New Zealand
Greece
Ireland
Italy
Luxembourg
Netherlands
Portugal
Slovakia
Slovenia
Spain
Singapore
SUB-INDEXES
BICS Sectors
All Corporate Indexes
» Communications
» Consumer Discretionary
» Consumer Staples
» Energy
» Financials
» Health Care
» Industrials
» Materials
» Technology
» Utilities
Maturity
»1
+, 1–3, 1–5, 1–10, 5–10, 10+
Quality
All indexes except MBS: AAA, AA, A,
BBB, BB, B, CCC, <CCC
BLOOMBERG USD EMERGING
MARKET COMPOSITE BOND INDEX
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TABLE 1 – BLOOMBERG GLOBAL BOND INDEX FAMILY (CONT.)
Emerging Market Local Currency Composite
EMEA
LATAM
ASIA
Bulgaria
Egypt
Brazil
China
Croatia
Israel
Chile
India
Czech Rep.
Kenya
Colombia
Indonesia
Hungary
Nigeria
Dominican Rep.
Malaysia
Latvia
S. Africa
Jamaica
Philippines
Lithuania
Mexico
S. Korea
Poland
Peru
Taiwan
Russia
Thailand
Romania
Serbia
Turkey
For additional information and licensing opportunities, please contact +1 212 617 5020
bloombergindexes.com
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BLOOMBERG and the Bloomberg USD Emerging Market Composite Bond Index are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates (“collectively, “Bloomberg”) or Bloomberg’s
licensors own all proprietary right in the Bloomberg USD Emerging Market Composite Bond Index. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to the Bloomberg
USD Emerging Market Composite Bond Index. Bloomberg makes no warranty, express or implied, as to the Bloomberg USD Emerging Market Composite Bond Index or any data or values relating thereto or results to be obtained
therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg, its licensors, and its and their respective employees,
contractors, agents, suppliers and vendors shall have no liability or responsibility whatsoever for any injury or damages - whether direct, indirect, consequential, incidental, punitive or otherwise - arising in connection with the
Bloomberg USD Emerging Market Composite Bond Index or any data or values relating thereto - whether arising from their negligence or otherwise. Nothing in the Bloomberg USD Emerging Market Composite Bond Index shall
constitute or be construed as an offering of financial instruments or as investment advice or investment recommendations (i.e., recommendations as to whether or not to “buy”, “sell”, “hold”, or to enter or not to enter into any other
transaction involving any specific interest or interests) by Bloomberg or its affiliates or a recommendation as to an investment or other strategy by Bloomberg or its affiliates. Data and other information available via the Bloomberg USD
Emerging Market Composite Bond Index should not be considered as information sufficient upon which to base an investment decision. Bloomberg and its affiliates do not express an opinion on the future or expected value of any
security or other interest and do not explicitly or implicitly recommend or suggest an investment strategy of any kind.
Bloomberg: BNDX <GO>
The data included in these materials are for illustrative purposes only. ©2014 Bloomberg Finance L.P. All rights reserved. 57734480 DIG 0414