JPM EM Corporate Strategy Daily

Research evidence excerpt

JPM EM Corporate Strategy Daily

J P M O R G A N Global Credit Research

28 July 2026

CEMBI index month-end rebalancing will take place on July 31, 2026 (link). Emerging Markets Corporate

Indian conglomerate Vedanta Resources (VEDLN) has completed a tender offer Strategy

and debt exchange as part of its refinancing exercise. Following the debt exchange, Yang-Myung Hong AC

the VEDLN index weight is expected to decrease by 11bp to 0.19% in the CEMBI (1-212) 834-4274

Broad Div, and by 26bp to 0.45% in the CEMBI Broad Div HY. ym.hong@jpmorgan.com

J.P. Morgan Securities LLC

In the JACI index, following Vedanta Resources’ debt exchange, the VEDLN Alisa Meyers

(1-212) 834-9151

index weight is expected to decrease by 16bp to 0.27% in the JACI, and by 115bp alisa.meyers@jpmorgan.com

to 2.06% in the JACI HY. Please see here for more information. J.P. Morgan Securities LLC

Dhawal U Mehta

Regarding Fixed-to-Variable rate instruments, these types of bonds will remain (91-22) 6157 3779

part of the Index composition provided they satisfy all other Index eligibility dhawal.mehta@jpmchase.com

criteria. These securities will be removed from the Index if they are bought back J.P. Morgan India Private Limited

(called) by the issuer, which is consistent with the treatment of other index

securities. Risk analytics (including yield, spread, avg life, etc) for these securities

will be calculated with reference to the coupon reset date instead of the maturity

date. For additional details, see Index Alert: Fixed-to-Variable Rate Notes will

remain in the Index.

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

your responses. For additional details on this year’s topics, see: 2026 Index

Governance Consultation.

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