Credit Suisse launches emerging market corporate bond index

By Susanna Moon

Chicago, Oct. 18 - Credit Suisse said it established the Credit Suisse Emerging Market Corporate Bond index, a performance benchmark for dollar-denominated fixed-income issues from Latin America, Eastern Europe and Asia.

The index comprises corporate bonds of 366 issuers with a market value of $275 billion and allows investors to compare the performance of different asset classes, maturity buckets and corporate sectors, according to a press release.

Prices are updated daily.

"The growth of corporate bond issuance in emerging markets creates the need to expand performance monitoring beyond the sovereign bond market," Damien Wood, the head of Credit Suisse's Asia credit research team, said in the release.

Bond rating categories include high-grade (investment-grade), high-yield (between CCC and BBB-) and distressed (CCC or lower) asset classes.

About 79% of the securities in the index are classified as "corporate." Other securities are those from companies that are majority-owned or implicitly backed by their government and are classified as "quasi-sovereign."

Credit Suisse is a Zurich-based financial services company.

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