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The iShares JP Morgan USD Emerging Markets Bond UCITS ETF offers investors exposure to the USD-denominated segment of the emerging market (EM) sovereign debt market. Historically, EM government debt has been mostly issued in USD or other developed nation currencies to make it more palatable to global investors. Despite the recent growth in issuance of local currency EM bonds, USD-denominated EM bonds retain the lion’s share of the EM sovereign debt landscape.
The search for higher yield and capital gains vis-à-vis developed bond markets remains the key selling point of emerging market government debt. Notwithstanding shifting perceptions about country risk borne out of the global financial crisis, financial vehicles offering exposure to emerging market debt are still likely to be rolled out as satellite components of an investment portfolio; a yield-enhancing complement to lower-risk core developed market fixed income building blocks. Additionally, investors have also been attracted to EM debt by virtue of its low correlation to traditional (e.g. developed economies) fixed income investments.
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