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Morocco Secures Top Weight in JPMorgan’s New GBI‑EM Edge Index, Boosting Bond Market Visibility
JPMorgan is set to launch its new Government Bond Index‑Emerging Markets Edge (GBI‑EM Edge) before the end of September. The benchmark tracks local‑currency sovereign debt from 26 emerging economies, covering roughly $330 bn of outstanding bonds. Morocco is among the highest‑weighted countries in the new index, alongside Egypt, Vietnam, Kazakhstan, Bangladesh, Pakistan, Nigeria and Sri Lanka. Africa alone accounts for about 45 % of the index’s total weight. To qualify, sovereign bonds must meet strict criteria, including a minimum issuance of $250 m and a remaining maturity of at least two and a half years, with a per‑country cap of 8 %. The GBI‑EM Edge offers a nominal average return of around 10.4 %, roughly 440 basis points above the bank’s traditional emerging‑market local index, positioning Morocco’s bond market for increased inflows of foreign institutional capital.
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Wall Street’s New GBI‑EM Edge Index
JPMorgan is set to launch its Government Bond Index‑Emerging Markets Edge (GBI‑EM Edge) before the end of September. Nearly twenty years after its benchmark for frontier markets in hard currency – NEXGEM – this new Wall Street gauge tracks sovereign debt denominated in local currency across 26 emerging economies, covering a total outstanding of roughly $330 bn.
Why Morocco Matters
Morocco ranks among the countries with the highest weightings in the new index, side‑by‑side with Egypt, Vietnam, Kazakhstan, Bangladesh, Pakistan, Nigeria and Sri Lanka. Africa alone contributes about 45 % of the index’s total weight. This strategic placement gives the Moroccan bond market a prominent international showcase.
Eligibility & Weight Caps
To qualify for the GBI‑EM Edge, sovereign bonds must meet strict requirements:
- Minimum issuance of $250 m
- Remaining maturity of at least 2.5 years
- Each country’s weight is capped at 8 % of the index
Implications for Moroccan Investors
The index offers a nominal average return of around 10.4 %, roughly 440 basis points above JPMorgan’s traditional emerging‑market local index. This outperformance is expected to attract fresh foreign institutional capital, strengthening liquidity and visibility for Morocco’s debt market.
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