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czech republic sovereign bonds entered j.p. morgan’s local currency emerging market index, the gbi-em global diversified index, on friday.
the country was previously in the gbi-cm (gbi broad) and gbi-dm developed markets indexes. j.p. morgan reclassified the country as a result of gross national income per capita falling below the j.p. morgan index income ceiling for three consecutive years.
the country represents 3.3% of the index. its inclusion resulted in slight decreases in the weightings of south african, turkish and polish bonds, said a news release by j.p. morgan in february, when the czech republic’s inclusion was announced. according to estimates by the investment bank, which sponsors the index, about $207 billion of assets are benchmarked against this index.
“we think that this rotation (of czech republic) from developed to emerging benchmark indices will also lead to a relative increase in the share of u.s. investors in the local market,” mr. sánchez said.
czech bonds also become eligible for a number of other indexes in the gbi-em series, effective friday, including the gbi-em broad diversified, gbi-em global diversified investment grade and gbi-em diversified indexes.
it will also be added to the euro embi global diversified index with a weight of 6.9%. j.p. morgan estimates that $4 billion worth or products track the benchmark.
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The passage contains 78 "n"s.
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