The iBoxx USD Liquid Emerging Markets Sovereigns Index is designed to measure the performance of USD-denominated sovereign bonds issued by the 20 largest and most liquid emerging market central governments or central banks, with a minimum amount outstanding of USD 500 million. Bonds must have a minimum initial time to maturity of two years at issuance and a remaining time to maturity of at least 1.25 years at rebalancing. Bonds must maintain a minimum average rating of CCC and be clearable through Clearstream, Euroclear or Hong Kong CMU.