Emerging Markets Strategic Initiatives
Historical valuations relative to Developed Markets
Local currency
Ashmore
External debt
Index: 72 countries, 171 issuers, 955 bonds
Index: 20 countries, 20 issuers, 292 bonds
800
8.00
EMBI GD spread over UST, bps
GBI-EM GD yield (%)
Difference: GBI-EM vs GBI global (%)
7.50
gggg
700
7.00
6.50
600
6.00
500
5.50
5.00
400
4.50
4.00
300
3.50
200
3.00
2011 2012 2013 2014 2015 2016 2017
2018 2019 2020 2021
2010 2011
2012
2013
2014 2015 2016 2017 2018 2019
2020 2021
Corporate debt
Index: 60 countries, 832 issuers, 2, 123 bonds
Equities
110
5.0
700
og
CEMBI BD spread over UST, bps
600
MSCI EM vs World (Jan 2011=100, lhs)
4.5
100
EM vs DM growth premium (IMF, %, rhs)
4.0
90
3.5
0505
500
3.0
80
400
2.5
70
2.0
300
60
1.5
1.0
200
50
0.5
100
40
0.0
2011 2012 2013 2014 2015
2016
2017
2018 2019 2020 2021
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
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