The iBoxx USD Belt & Road High Yield is designed to measure the performance of high yield USD-denominated bonds from 64 countries along The Silk Road Economic Belt and the 21st century Maritime Silk Road, with a minimum amount outstanding of USD 500 million for sovereigns and USD 250 million for corporates and sub-sovereigns. Securities must have a minimum initial time to maturity of 18 months at issuance and a remaining time to maturity of at least one year at rebalancing for sovereign bonds, while corporate and sub-sovereign bonds have no minimum remaining time to maturity at rebalancing. Sovereign bonds must have a rating of at least CCC, while corporate and sub-sovereign bonds must have a rating of at least C. The index excludes China and countries under EU or U.S. financial sanctions.