TCX Frontier Index

Widening transparency in frontier markets

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 interactive dashboard below, 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.

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The TCX FI currently covers 62 (active) bonds in 16 different 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 February 2026

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:

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