JP Morgan has introduced a new emerging markets fixed income index, the JP Morgan Middle East Composite Index (MECISM), that holistically captures the Middle Eastern US dollar-denominated debt market covering sovereign, quasi-sovereign and corporate issuers.
The MECI represents 73% of the Middle Eastern US dollar external debt asset class, tracking 61 issuers and 167 instruments spanning 10 countries. The new addition to the JP Morgan family of fixed income indices has a total market value of US$156.5 billion.
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Stephen Dulake, head of International Credit Research, JP Morgan, said: "The Middle East has become an increasingly important component of the emerging markets debt universe after a decade of prolific issuance. The MECI will be a comprehensive and versatile benchmarking tool for domestic and global investors in Middle Eastern bonds."
MECI closely follows the methodology of J.P. Morgan’s Emerging Markets Bond Index Global (EMBI) and Corporate Emerging Markets Bond Index Broad (CEMBI), which are the most widely used benchmarks for investors in US dollar-denominated emerging markets sovereign and corporate bonds, respectively.
MECI selects issuers that are domiciled in the Middle East region and contains the following countries: Bahrain, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia and United Arab Emirates.
Gloria Kim, head of Global Index Research, JP Morgan, said: "The MECI vastly expands the J.P. Morgan fixed income index coverage of Middle Eastern debt by encapsulating several major sovereign, quasi-sovereign and corporate issuers in the region which are not captured in the flagship J.P. Morgan emerging markets indices such as the EMBI and the CEMBI. It continues a legacy of premier index products developed by J.P. Morgan and underscores the firm’s dedication to developing emerging markets."
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By GlobalDataThe MECI consists of regularly traded, liquid fixed and floating rate instruments that have a minimum face amount outstanding of US$300 million and at least 5 years until maturity at issuance.
