The TCX Frontier Index (“TCX FI”) is an informative index tracking the performance of frontier currency-linked Eurobonds issued by multilateral development finance institutions. It aims to increase transparency around frontier-currency fixed-income instruments and support the sustainable growth of local markets.

In the below, interactive dashboard, you can see the development of the TCX FI over time and its performance and volatility compared to other indices. You can also zoom in to certain periods and consult the constituents of the index.


For best view, please open in full-screen mode.

The TCX FI currently covers 86 (active) bonds in 20 frontier currencies* where TCX acted as hedging counterparty to the issuer. TCX calculates bond price information from the valuation of the bond’s hedges outstanding in its books.
*As of January 2024

The proceeds of the frontier currency-linked Eurobonds fund institutions whose mission is to create impact in developing countries whilst applying the highest ESG criteria in the industry. Settled in euros or dollars, the bonds provide an accessible road to frontier currency exposure with minimal credit risk and no transfer and convertibility risk.

More information about the TCX FI development may be found in the report: Frontier currency Eurobonds and the TCX Frontier Index: Sustainable market creation.

In the table below, the characteristcs of the TCX FI can be seen in the context of the Frontier Markets Debt universe*:
*As of July 2021
On April 29th, 2021, we hosted a webinar to introduce the TCX FI. Please find a recording of this webinar here:

The development of the TCX FI was made possible through the support of KfW on behalf of the German Ministry of Economic Cooperation and Development, BMZ.

Performance disclaimer
This website lists an informative calculation (“the index”, or the “TCX FI”)  based on the outstanding note issuances that TCX Investment Management, Company B.V. (“TCX” or “The Fund”)  has hedged on behalf of (some of) its shareholders. The data shown is calculated through a proxy for the ‘dirty price’ for the notes, which is obtained from the mark-to-market (“MTM”) of the Local Currency Leg of the corresponding hedges and the notes notional amount. The MTM is calculated based on regularly updated internal valuation curves. Other information comes from either TCX’s back office or is publicly available on Bloomberg or other sources. 

This website, including all of its features, content, and services, is provided for informational purposes only. Unless otherwise explicitly stated, all features, content, and services of this website reflect the opinion of TCX, and have been researched and expressed to the best of its knowledge and belief. Though TCX believes these figures to be reliable and accurate, it does not guarantee their completeness or accuracy. TCX does not accept any liability for claims related to acts of any party based on the information provided. Additionally, the information enclosed does not constitute an offer, or a solicitation of an offer, to conclude any transaction at the prices noted. The prices are prepared as of a particular date and time as stated and do not always reflect the latest changes. Past performance of an informative index  is not an indication or guarantee of future results.

General disclaimer
It is not possible to invest directly in an index. Exposure to an asset class represented by an index may be available through investable instruments based on that index. TCX Investment Management, B.V. does not sponsor, endorse, sell, promote or manage any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. TCX Investment Management, B.V. makes no representation nor assurance that investment products based on an index will accurately track index performance or provide positive investment returns. TCX Investment Management, B.V. is not an investment advisor, and TCX Investment Management, B.V. makes no representation regarding the advisability of investing in any such investment fund or other investment vehicle.

A decision to invest in any such investment fund or other investment vehicle should not be made in reliance on any of the statements set forth in this website. Prospective investors are advised to make an investment in any such fund or other vehicle only after carefully considering the risks associated with investing in such funds, as detailed in an offering memorandum or similar document that is prepared by or on behalf of the issuer of the investment fund or other investment product or vehicle. TCX Investment Management, B.V. is not a tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by TCX Investment Management, B.V. to buy, sell, or hold such security, nor is it considered to be investment advice.

“TCX FI” is a registered trademark of TCX Investment Management, B.V. All trademarks, trade names and other product and service names and logos on this website, whether registered or unregistered, are the property of their respective owners and protected by applicable laws.