NEW YORK -- J.P. Morgan & Co. said it is offering investors its emerging markets bond index to track total returns of major sovereign restructured bonds denominated in dollars.

The bonds are securities issued in exchange for bank loans or new money in a negotiated restructuring of external bank debt.

The index currently includes issues totaling about $50 billion of outstanding debt issued by Mexico, Venezuela, Brazil, the Philippines, and Nigeria.

An Expanding Market

The company said that when Treasury Secretary Nicholas Brady's plans for Argentina, Brazil, and the Philippines are implemented, the size of the market covered by the index will more than double.

The index comprises liquid instruments. Mexican debt currently dominates, although this is expected to change after Argentine, Brazilian, and Philippine Brady bonds are issued.

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