WGBIWorld Government Bond Index (Citigroup; New York, NY)
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The flagship WGBI is among the most closely followed indexes globally.
South Africa is the first African state to be included in the WGBI and the 23rd overall.
However, the impact of the 2008-12 global economic storm and now its inclusion in the WGBI have demonstrated the value of this strategy.
Its April 2012 profile has satisfied all three WGBI requirements -- size, credit, and lack of barriers-to-entry.
If South Africa continues to meet all WGBI criteria with the May and June 2012 profiles, it will become the first African government bond market to be included in the WGBI, bringing the number of sovereign markets to 23, effective October 2012.
"If the credit ratings remain below investment-grade on June 24, 2010, the fixing date for the July 2010 Profile, Greece will be removed from the WGBI at the end of June," the memo, dated June 14, said.
Citigroup said there are currently 23 Greek government bonds in the "June 2010 WGBI profile" with a total market value of $213.6 billion.
Citigroup Inc (NYSE :C) has warned South Africa that it could lose its spot in Citigroup's World Government Bond Index (WGBI) if the nation's credit rating is downgraded below investment grade.
The Citigroup Chinese and Sri Lankan Government Bond Indexes, AGBI-Extended, APGBI and other indexes, including the Citigroup World Government Bond Index (WGBI), can be found on the Citigroup Fixed-Income Index Website and can also be accessed from within The Yield Book, Citi's fixed-income analytical software.
The South African Government Bond Index has been included in the Citi World Government Bond Index (WGBI).
With the move, the nation has become the first African government bond market to be incorporated within the bank's WGBI. In April, South Africa became eligible for inclusion in the WGBI, after it satisfied criteria of size, credit quality and lack of barriers to entry.
In a statement, the bank said, 'There are currently 23 Greek government bonds in the June 2010 WGBI profile, comprising a total USD213.6bn in market value and representing 1.34 per cent of the overall WGBI.