BofA Merrill Lynch Global Broad Market Index
Price | 06-Jul
The Global Broad Market Index tracks the performance of investment grade public debt issued in the major domestic and eurobond markets, including 'global' bonds. Qualifying currencies and minimum issue size requirements for local currency sovereign debt are: AUD 1 billion, CAD 1 billion, CHF 500 million, DKK 5 billion, EUR 1 billion, (EUR equivalent for euro legacy currencies), GBP 500 million, JPY 200 billion, NZD 1 billion, SEK 5 billion, and USD 1 billion. Qualifying currencies and minimum issue size requirements for non-sovereign debt and foreign currency sovereign debt are: AUD 100 million, CAD 100 million, EUR 100 million (EUR equivalent for euro legacy currencies), GBP 100 million, JPY 20 billion, and USD 150 million (USD 25 million per tranche for asset-backed securities). Qualifying bonds must have at least one year remaining term to maturity and a fixed coupon schedule. Bonds must be rated investment grade based on a composite of Moody's and S&P. (Moody's and S&P senior unsecured debt and Pfandbrief issuer ratings are used for Quasi-Government, Mortgage and Pfandbrief securities that do not have individual bond ratings.) In addition to their own rating requirements, qualifying issuers (other than Supranationals) must be domiciled in a country having an investment grade foreign currency long-term debt rating (based on a composite of Moody's and S&P). The index is re-balanced on the last calendar day of the month. Issues that meet the qualifying criteria are included in the index for the following month. Issues that no longer meet the criteria during the course of the month remain in the index until the next month-end re-balancing at which point they are dropped from the index. Additional sub-indices are available that segment the Index by maturity and sector (All Non-Sovereign, Quasi-Government, Collateralized and Corporate). The inception date of the Index is December 31, 1996.