JPMorgan considers cutting China, India share in EM Bond Index
The Wall Street bank has been soliciting feedback from clients on amendments to its GBI-EM Global Diversified index, the benchmark for local-currency developing-nation debt that's tracked by more than $200 billion of funds, documents seen by Bloomberg show.
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One of the proposals envisages lowering a cap on individual countries from 10% to 8.5%, a move that could increase the average yield of the benchmark as nations with higher borrowing costs gain a bigger presence, according to the documents. While a loftier yield implies greater risks, it also means higher potential returns.
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JPMorgan considers cutting China, India share in EM Bond Index
JPMorgan is considering lowering the country cap in its GBI-EM index from 10% to 8.5%, potentially reducing China and India's weight while boosting smaller emerging markets. The proposal aims to diversify exposure and enhance index yield.
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The amendments are preliminary proposals, the documents show, and are not guaranteed to be adopted. In a consultation last year, JPMorgan initially floated a methodology change which would have resulted in China's index share falling to 6%, only to later withdraw the proposal.
If the latest amendments are implemented, however, the weighting reductions would affect the largest bond sellers in emerging markets, including Indonesia, Mexico and Malaysia, as well as China and India, according to the documents. Brazil, South Africa, Poland and Colombia would be among the biggest beneficiaries, they show.
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JPMorgan is also previewing a new frontier local markets index, with $344 billion of debt across 521 bonds eligible, according to the documents. The new frontier gauge would cover 21 markets across 20 currencies.
A spokesperson for JPMorgan declined to comment when contacted by Bloomberg.
JPMorgan's index is the main benchmark for developing-nation debt funds and changes to its composition can affect
global investment flows
. Chinese bonds were phased into JPMorgan's indexes in 2020 while Indian debt was added last year.
Bloomberg LP, the parent company of Bloomberg News, also offers index products for various asset classes through Bloomberg Index Services Ltd.
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