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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 was 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 market.
The search for higher yield and capital gains vis-à-vis developed bond markets remains the key selling point of EM government debt. Financial vehicles offering exposure to EM 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 (i.e. developed economies) fixed income investments.
Europe-based investors considering this ETF should take into account a fair array of risk considerations including: currency, country and duration.
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