JPM EM Corporate Strategy Daily

Research evidence excerpt

JPM EM Corporate Strategy Daily

J P M O R G A N Global Credit Research

26 June 2026

CEMBI index month-end rebalancing will take place on June 30, 2026 (link). Emerging Markets Corporate

Saudi Arabia’s midstream gas company, Green Palm Bidco Sarl (GNPALM), Strategy

issued $3.5bn of debt and is eligible to enter CEMBI Broad on June month-end. Yang-Myung Hong AC

GNPALM 41s (XS3394864170) and GNPALM 46s (XS3394864501) are (1-212) 834-4274

expected to enter the CEMBI Broad Div and CEMBI Broad Div IG, with estimated ym.hong@jpmorgan.com

weights of 16 bps and 28 bps, respectively. Moreover, Moldova's sole issuer, J.P. Morgan Securities LLC

Aragvi Finance International DAC (ARAGVI), is expected to exit the CEMBI Alisa Meyers

Narrow indices at June month-end after the recent debt repurchase. With the (1-212) 834-9151

alisa.meyers@jpmorgan.com

exclusion of Moldova, CEMBI Narrow is expected to have 55 countries in the J.P. Morgan Securities LLC

index. Dhawal U Mehta

(91-22) 6157 3779

On the sovereign side, following this month’s phased reduction, the UAE will be dhawal.mehta@jpmchase.com

completely removed from the EMBIGD as it will no longer be eligible for the J.P. J.P. Morgan India Private Limited

Morgan Emerging Markets sovereign debt indices. Following the UAE’s removal,

69 countries are estimated to remain in the flagship EMBI Indices. Please see here

for more information.

In JACI index, a US$2.2bn double-tranche offering from the Republic of the

Philippines (PHILIP) is expected to enter the JACI with a combined weight of

25 bps. The weight of Philippines is estimated to increase by 30 bps to 6.53% at

the month-end rebalance. Please see here for more information.

The 2026 EM Index Governance Survey is now live, please click here to register

your responses.