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Chart: Turkey Banks are Among Biggest Losers in Corporate Eurobond space last week.

Source: ML




MidLincoln Counry Eurobond Indexes Update



Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondPETROLEOS DE VENEZUELA SA MTN RegS 21VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22

Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondGHANA (REPUBLIC OF) RegS 23IRAQ (REPUBLIC OF) RegS 28ZAMBIA (REPUBLIC OF) RegS 24ARGENTINA REPUBLIC OF GOVERNMENT RegS 19

Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondPETROLEOS DE VENEZUELA SA RegS 17TURKIYE VAKIFLAR BANKASI TAO MTN RegS 25ODEBRECHT DRILL VIII/IX RegS 21PETROLEOS DE VENEZUELA SA MTN RegS 21

Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
BondCSN RESOURCES SA RegS 20VALE OVERSEAS LIMITED 36VALE OVERSEAS LIMITED 34VALE OVERSEAS LIMITED 20

Country Average Sovereign Yield Change USD Eurobonds Weekly
CountryVenezuelaKenyaTunisiaOmanEl Salvador

Country Average Corporate Yield Change USD Eurobonds Weekly
CountryVenezuelaTurkeyJamaicaPeruIndonesia

Top 30 GEM Souvereign Eurobonds by Yield
NameVENEZUELA (BOLVARIAN REPUBLIC OF) RegSVENEZUELA (BOLVARIAN REPUBLIC OF) RegSPETROLEOS DE VENEZUELA SA RegS

Top 30 GEM Corporate Eurobonds by Yield
NameODEBRECHT DRILL VIII/IX RegSPETROLEOS DE VENEZUELA SA RegSPETROLEOS DE VENEZUELA SA RegS

Top 30 GEM Local (reasonably rated) Currency Bonds by Yield
NameBRAZIL FEDERATIVE REPUBLIC OF (GOBRAZIL FEDERATIVE REPUBLIC OF (GOFEDERATIVE REPUBLIC OF BRAZIL

Big Country Table - Stance, Ratings and Datamine


Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly

BondCountryYieldYield Change % pts
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela33.831.51
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19Venezuela38.511.43
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20Venezuela31.561.41
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22Venezuela34.031.26
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18Venezuela40.831.17
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 23Venezuela28.771.11
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegS 24Venezuela25.791.06
PETROLEOS DE VENEZUELA SA RegS 35Venezuela23.351.03
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31Venezuela26.941.01
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 25Venezuela24.421.01
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 26Venezuela27.710.96
VENEZUELA (BOLIVARIAN REPUBLIC OF) 27Venezuela22.760.95
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 28Venezuela24.260.89
PETROLEOS DE VENEZUELA SA RegS 37Venezuela17.400.89
VENEZUELA (BOLVARIAN REPUBLIC OF) 34Venezuela22.840.85
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 38Venezuela18.620.85
PETROLEOS DE VENEZUELA SA RegS 22Venezuela34.540.82
PETROLEOS DE VENEZUELA SA RegS 24Venezuela27.630.71
PETROLEOS DE VENEZUELA SA RegS 27Venezuela20.730.52
PETROLEOS DE VENEZUELA SA RegS 26Venezuela23.280.38


Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)

BondCountryYieldYield Change %pts
GHANA (REPUBLIC OF) RegS 23Ghana9.94-0.66
IRAQ (REPUBLIC OF) RegS 28Iraq10.19-0.61
ZAMBIA (REPUBLIC OF) RegS 24Zambia10.42-0.44
ARGENTINA REPUBLIC OF GOVERNMENT RegS 19Argentina3.65-0.41
GHANA (REPUBLIC OF) RegS 26Ghana10.14-0.39
ZAMBIA (REPUBLIC OF) RegS 27Zambia10.62-0.38
VEB FINANCE LTD RegS 20Russian Federation4.62-0.33
ESKOM HOLDINGS SOC LTD MTN RegS 25South Africa6.52-0.31
DOMINICAN REPUBLIC (GOVERNMENT) RegS 26Dominican Republic5.03-0.29
SOUTH AFRICA (REPUBLIC OF) 20South Africa2.75-0.28
BRAZIL FEDERATIVE REPUBLIC OF (GO 26Brazil4.45-0.28
PETROLEOS MEXICANOS MTN 20Mexico3.30-0.27
ESKOM HOLDINGS LTD RegS 21South Africa5.49-0.26
PETROLEOS MEXICANOS 25Mexico4.39-0.26
CROATIA (REPUBLIC OF) RegS 19Croatia (Hrvatska)3.39-0.25
ESKOM HOLDINGS SOC LTD MTN RegS 23South Africa6.16-0.25
PETROLEOS MEXICANOS 41Mexico6.23-0.25
VEB FINANCE PLC MTN RegS 23Russian Federation5.29-0.25
PETROLEOS MEXICANOS MTN 26Mexico4.66-0.24
BRAZIL FEDERATIVE REPUBLIC OF (GO 23Brazil3.89-0.23


Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)

BondCountryYieldYield Change %pts
PETROLEOS DE VENEZUELA SA RegS 17Venezuela63.9012.78
TURKIYE VAKIFLAR BANKASI TAO MTN RegS 25Turkey7.163.86
ODEBRECHT DRILL VIII/IX RegS 21Brazil67.503.51
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela33.731.89
PETROLEOS DE VENEZUELA SA RegS 37Venezuela17.401.00
PETROLEOS DE VENEZUELA SA RegS 27Venezuela20.730.80
PETROLEOS DE VENEZUELA SA RegS 24Venezuela27.290.78
PETROLEOS DE VENEZUELA SA RegS 22Venezuela34.000.66
DIGICEL GROUP LTD RegS 20Jamaica11.410.58
PETROLEOS DE VENEZUELA SA RegS 26Venezuela23.280.57
PETROLEOS DE VENEZUELA SA RegS 35Venezuela23.220.57
SAMARCO MINERACAO SA RegS 22Brazil23.570.47
JSC NATIONAL KAZMUNAYGAS MTN RegS 21Kazakhstan4.660.25
BANCO DE CREDITO DEL PERU RegS 20Peru2.570.25
EVERGRANDE REAL ESTATE GROUP LTD RegS 18China7.510.24
PERTAMINA PERSERO PT MTN RegS 23Indonesia4.050.23
ECOPETROL SA 23Colombia5.050.22
VEDANTA RESOURCES PLC RegS 21India9.900.21
AKBANK TAS RegS 22Turkey5.440.21
BANCO BRADESCO SA (CAYMAN ISLANDS RegS 21Brazil4.670.20


Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly

BondCountryYieldYield Change %pts
CSN RESOURCES SA RegS 20Brazil19.60-3.91
VALE OVERSEAS LIMITED 36Brazil6.98-0.44
VALE OVERSEAS LIMITED 34Brazil7.42-0.41
VALE OVERSEAS LIMITED 20Brazil4.22-0.40
VALE OVERSEAS LIMITED 39Brazil7.07-0.40
PETROBRAS GLOBAL FINANCE BV 24Brazil7.11-0.39
PETROBRAS GLOBAL FINANCE BV 19Brazil5.09-0.36
PETROBRAS GLOBAL FINANCE BV 20Brazil5.71-0.36
PETROLEOS MEXICANOS 18Mexico2.49-0.35
GERDAU HOLDINGS INC RegS 20Brazil5.31-0.33
PETROBRAS GLOBAL FINANCE BV 23Brazil6.84-0.31
PETROBRAS GLOBAL FINANCE BV 20Brazil5.57-0.31
PETROBRAS GLOBAL FINANCE BV 15Brazil8.74-0.31
PETROBRAS GLOBAL FINANCE BV 21Brazil6.77-0.30
AMERICA MOVIL SAB DE CV 20Mexico1.60-0.29
ESKOM HOLDINGS LTD RegS 21South Africa5.62-0.28
PETROBRAS GLOBAL FINANCE BV 44Brazil8.43-0.28
VEB FINANCE LTD RegS 20Russian Federation4.64-0.27
CENTRAIS ELETRICAS BRASILEIRAS SA RegS 19Brazil5.77-0.27
PTT PCL RegS 22Thailand2.33-0.26


Country Average Sovereign Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Venezuela27.390.99
Kenya7.780.12
Tunisia6.650.12
Oman4.150.09
El Salvador7.280.07
Mongolia7.140.06
Indonesia3.940.06
Pakistan5.550.05
Lebanon6.440.04
Turkey4.720.04
Angola10.350.03
Malaysia3.570.03
Morocco2.990.02
United States0.500.01
Serbia3.690.01
Philippines2.430.00
Ecuador10.330.00
Jamaica5.590.00
Paraguay5.280.00
Ethiopia7.440.00
China2.49-0.01
Kazakhstan4.73-0.01
Costa Rica5.98-0.03
Panama2.99-0.03
Chile2.63-0.04
Egypt5.84-0.04
Lithuania2.17-0.04
Sri Lanka5.05-0.05
Peru3.48-0.05
Azerbaijan5.22-0.06
Vietnam3.79-0.06
Romania3.28-0.07
Hungary3.37-0.07
Slovak Republic1.67-0.09
Mexico4.01-0.11
Ukraine8.06-0.11
Russian Federation4.07-0.13
Cote D'Ivoire (Ivory Coast)6.18-0.13
Brazil4.55-0.14
Gabon8.17-0.14
Poland2.14-0.15
Colombia3.74-0.15
Argentina6.24-0.16
Uruguay3.88-0.16
Croatia (Hrvatska)3.84-0.17
South Africa4.33-0.18
Dominican Republic5.15-0.20
Zambia10.52-0.41
Ghana10.04-0.52
Iraq10.19-0.61


Country Average Corporate Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Venezuela30.442.38
Turkey5.440.90
Jamaica11.410.58
Peru3.140.13
Indonesia4.480.12
Kazakhstan4.750.09
Colombia5.150.08
India3.920.04
China3.240.02
Malaysia2.260.01
United States0.500.01
United Arab Emirates3.130.00
Morocco4.320.00
Qatar2.610.00
Philippines2.43-0.01
Azerbaijan5.69-0.02
Korea (South)2.11-0.05
Russian Federation4.12-0.06
Chile3.30-0.06
Israel3.56-0.08
Mexico4.39-0.09
Argentina6.65-0.09
South Africa4.45-0.15
Thailand2.21-0.16
Brazil8.45-0.18


Top 30 GEM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 20187.0040.83
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 20197.7538.51
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7534.54
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 202212.7534.03
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0033.83
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 20206.0031.56
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 20239.0028.77
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 202611.7527.71
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0027.63
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 203111.9526.94
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 20248.2525.79
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 20257.6524.42
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 20289.2524.26
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7523.35
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0023.28
VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 20349.3822.84
VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 20279.2522.76
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3820.73
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 20387.0018.62
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5017.40
ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 20278.9710.62
ZAMBIA (REPUBLIC OF) RegSXS1056386714ZambiaApr 14, 20248.5010.42
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1199929826EcuadorMar 24, 202010.5010.41
ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 20259.5010.35
ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 20247.9510.25
IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 20285.8010.19
GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 20268.1310.14
GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 20237.889.94
UKRAINE (GOVERNMENT OF) RegSXS1303925470UkraineSep 1, 20257.758.20
UKRAINE (GOVERNMENT OF) RegSXS1303927179UkraineSep 1, 20277.758.18


Top 30 GEM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3567.50
PETROLEOS DE VENEZUELA SA RegSUSP7807HAK16VenezuelaNov 2, 20178.5063.90
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7534.00
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0033.73
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0027.29
SAMARCO MINERACAO SA RegSUSP84050AA46BrazilNov 1, 20224.1323.57
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0023.28
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7523.22
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3820.73
CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5019.60
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5017.40
KAZKOMMERTSBANK JSC RegSXS0867478124KazakhstanDec 21, 20225.5013.13
DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2511.41
VEDANTA RESOURCES PLC RegSUSG9328DAG54IndiaJun 7, 20218.259.90
PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.858.74
MARFRIG OVERSEAS LTD RegSUSG5814RAB45BrazilMay 4, 20209.508.54
PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.258.43
PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.888.40
PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.758.31
PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.637.96
PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.757.88
YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.507.58
EVERGRANDE REAL ESTATE GROUP LTD RegSUSG3225AAD57ChinaOct 30, 20188.757.51
VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.42
YPF SA RegSUSP989MJAY76ArgentinaApr 4, 20248.757.39
ECOPETROL SAUS279158AE95ColombiaSep 18, 20437.387.29
TURKIYE VAKIFLAR BANKASI TAO MTN RegSXS1175854923TurkeyFeb 3, 20256.887.16
PETROBRAS GLOBAL FINANCE BVUS71647NAM11BrazilMar 17, 20246.257.11
VALE OVERSEAS LIMITEDUS91911TAK97BrazilNov 10, 20396.887.07
VALE OVERSEAS LIMITEDUS91911TAH68BrazilNov 21, 20366.886.98


Top 30 GEM Local (reasonably rated) Currency Bonds by Yield

NameISINcountryMaturityCouponYTW
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN6X3BrazilJan 1, 20170.0013.82
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN749BrazilOct 1, 20160.0013.79
FEDERATIVE REPUBLIC OF BRAZILBRSTNCLTN707BrazilJul 1, 20170.0013.30
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.80
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.76
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0012.48
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0012.22
BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0012.14
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0011.93
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0011.91
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0011.83
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0011.81
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.5010.52
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.2510.29
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.5010.26
TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.809.68
TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.009.68
TURKEY (REPUBLIC OF)TRT110226T13TurkeyFeb 11, 202610.609.68
TURKEY GOVERNMENT BONDTRT240724T15TurkeyJul 24, 20249.009.67
TURKEY (REPUBLIC OF)TRT140922T17TurkeySep 14, 20228.509.65
RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.41
RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.35
TURKEY (REPUBLIC OF)TRT100719T18TurkeyJul 10, 20198.509.25
TURKEY (REPUBLIC OF)TRT150120T16TurkeyJan 15, 202010.509.22
SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.21
RUSSIAN FEDERATIONRU000A0JRCJ6Russian FederationMar 15, 20187.509.17
RUSSIAN FEDERATION RegSXS0564087541Russian FederationMar 10, 20187.859.17
SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.16
RUSSIAN FEDERATIONRU000A0JU9V1Russian FederationMay 15, 20196.709.15
SOUTH AFRICA (REPUBLIC OF)ZAG000077488South AfricaFeb 28, 20416.509.15


Big Country Table - Stance, Ratings and Datamine

NCountryNaCountryStanceAvg Sovereign YieldSov. Yield Avg Wk Change btpsAvg Corporate YieldCorp. Yield Avg Wk Change btpsGDP GrowthCountry Weight in Sov IndexCountry Weight in Corp IndexTotal GDP $ bnGDP per capita PPP $Savings to GDPInflationPopulationCurrent Account to GDPBudget Revenue to GDPGov Debt to GDPBudget Balance to GDPSandP RatingMoodysFitchDgong
TurkeyTurkeyUnderweight4.724.005.4490.003.8005.69482.9518751.18621198.48415.42010.87078.559-3.61635.33621.924-1.993BB+Baa3BBB-BB-
BrazilBrazilUnderweight4.55-14.008.45-18.00-3.7985.468417.82841534.78215048.62917.1167.146206.082-2.02931.98142.944-7.144BB+Baa3BBBA-
MexicoMexicoUnderweight4.01-11.004.39-9.002.4115.425811.55521082.43117905.51920.4213.310128.632-2.56222.28648.637-4.830AAAA3BBB+BBB
PhilippinesPhilippinesOverweight2.430.002.43-1.006.0005.32360.4993310.3127612.58425.0832.900104.1952.61319.466-0.574BBBBaa3BBB-BBB
IndonesiaIndonesiaOverweight3.946.004.4812.004.9005.26172.5203936.95511633.40932.4814.500258.802-2.59013.967-2.698BB+Baa3BBB-BBB-
RussiaRussian FederationOverweight4.07-13.004.12-6.00-1.8495.18629.21731132.73925185.53125.5027.901146.3004.23530.692-4.287BB+Ba1BBB-A
ColombiaColombiaOverweight3.74-15.005.158.002.5024.39072.5946253.24014171.18517.3505.29148.750-5.98225.53942.155-1.968BBBBaa2BBBBBB+
ChinaChinaOverweight2.49-1.003.242.006.4904.28997.670711383.03315095.20744.4251.8001381.4542.60428.357-2.884AA-Aa3A+AA+
HungaryHungaryOverweight3.37-7.002.3004.0916117.72927145.74527.5251.2009.8355.38644.59271.042BBBa1BB+BBB-
PolandPolandUnderweight2.14-15.003.5713.6866473.50127670.46318.8410.48138.003-1.75739.35626.071-3.374A-A2A-A-
South AfricaSouth AfricaUnderweight4.33-18.004.45-15.000.6123.63561.4357266.21313166.21314.4036.90055.831-4.36730.13946.222-3.178BBB-Baa1BBBA
VenezuelaVenezuelaUnderweight27.3999.0030.44238.00-8.0003.50803.3616185.61115251.50713.053720.03631.416-6.55213.974BB2B+BB+
PeruPeruOverweight3.48-5.003.1413.003.7443.21841.3003178.64312580.60320.8003.41832.405-3.88120.4527.543-1.715BBB+A3BBB+BBB+
KazakhstanKazakhstanOverweight4.73-1.004.759.000.1353.09412.3742116.15124176.91423.2469.00017.947-3.96418.379-26.952-3.983BBB+Baa2BBBBBB-
CroatiaCroatia (Hrvatska)Overweight3.84-17.001.9003.062049.92822296.21921.3320.8004.2042.65443.743-2.655BB+Baa3BBBBBB-
LebanonLebanonUnderweight6.444.001.0003.036752.79718425.821-1.1552.0004.597-21.33219.529134.941-13.571BB1B
UkraineUkraineUnderweight8.06-11.001.4812.603083.5508185.25813.50313.04042.501-2.58637.83390.593-2.914BBB-Caa1CCCB-
ArgentinaArgentinaOverweight6.24-16.006.65-9.00-1.0072.11160.2414437.85622303.20516.20524.95343.564-1.65735.844-5.976SDCaa1RDD
LithuaniaLithuaniaUnderweight2.17-4.002.7342.039943.02429716.64715.8301.4302.875-3.04733.85139.413-0.658A-Baa1A-BBB-
RomaniaRomaniaUnderweight3.28-7.004.2002.0348181.94421916.39522.7531.50019.869-1.73330.769-3.032BBB-Baa3BBB-BB+
ChileChileOverweight2.63-4.003.30-6.001.5371.85042.5142235.41923803.28320.0583.52718.196-2.10023.512-1.137-2.325AA-Aa3A+AA
UruguayUruguayUnderweight3.88-16.001.3871.771953.14521944.29614.8709.0803.427-3.94228.46925.729-3.931BBB-Baa2BBB-BB+
SerbiaSerbiaUnderweight3.691.001.7501.675337.38114047.02614.3712.5897.132-4.41140.18875.454-2.825BB-B1B+BB-
MalaysiaMalaysiaOverweight3.573.002.261.004.4001.53970.9447309.26227278.20028.0223.13131.5232.33620.492-3.667A-A3A-A+
Dominican RepublicDominican RepublicUnderweight5.15-20.005.4001.431271.43315776.94719.9523.34010.098-1.67314.58135.109-2.603B+B1B
PanamaPanamaUnderweight2.99-3.006.1001.376055.75522861.40639.9310.8004.086-6.06920.04236.362-0.574BBBBaa2BBBA-
Sri LankaSri LankaUnderweight5.05-5.005.0001.313884.80711127.25930.0784.06021.252-0.79313.590B+B1BB-B+
IraqIraqOverweight10.19-61.007.1540.8345148.41116323.3237.9212.00036.067-14.44333.063
C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight6.18-13.000.8122
LatviaLatviaUnderweight3.2040.753828.17725883.26920.1821.5721.976-2.02436.02731.920-1.104A-Baa1A-BB
EcuadorEcuadorOverweight10.330.00-4.4970.723394.01410698.29615.4010.80316.529-2.32930.416-0.599B+Caa1BB-
AzerbaijanAzerbaijanOverweight5.22-6.005.69-2.00-2.9910.699835.14117486.51125.70418.0009.492-0.18527.927BBB-Baa3BBB-
Costa RicaCosta RicaUnderweight5.98-3.004.2500.630556.90816088.60914.9353.0004.900-4.21114.537BBBaa3BB+
PakistanPakistanUnderweight5.555.004.5000.6084n/a5173.96014.1664.500189.870-1.13515.74558.449B-Caa1CCC
KenyaKenyaUnderweight7.7812.005.9820.596064.6883338.35114.1735.80045.478-8.27320.52053.109B+B+B
Slovak RepublicSlovak RepublicOverweight1.67-9.003.3470.539489.79731012.83421.7200.6615.418-0.98338.459-2.121
GabonGabonOverweight8.17-14.003.1820.514114.16619149.89129.0092.5001.881-7.20219.824BB-BB-
MoroccoMoroccoUnderweight2.992.004.320.002.2560.49590.8213108.0968349.71234.7881.30033.8270.42325.27163.809-4.361BBB-Ba1BBB-BBB
AngolaAngolaOverweight10.353.002.5140.403881.4977380.793-1.07919.19425.868-11.58821.571BB-Ba3BB-BB-
ZambiaZambiaOverweight10.52-41.003.4250.389819.1173917.73826.45114.30016.717-3.80716.91655.466B+B+
VietnamVietnamUnderweight3.79-6.006.3000.3652201.3616399.67426.6372.00092.6370.56221.658BB-B1B+B+
El SalvadorEl SalvadorUnderweight7.287.002.5000.359327.3278558.82711.1661.8506.403-3.02718.476BB-Ba2BB-
ParaguayParaguayUnderweight5.280.002.8930.351726.8048905.02415.0354.5007.115-1.23921.75622.157-2.597BB-B1B+
EgyptEgyptUnderweight5.84-4.003.2560.3465n/a12113.09410.61110.23390.203-5.33921.77780.803-11.119CCC+Caa1B-B-
GhanaGhanaUnderweight10.04-52.004.5320.317738.1714390.97416.77312.36927.573-7.22020.96772.075BB+B
MongoliaMongoliaOverweight7.146.000.4060.212711.65212133.48319.2053.7103.014-10.65225.965BB-B1B+BB-
Hong KongHong KongUnderweight3.0607AAAAa1AA+AAA
IndiaIndiaUnderweight3.924.007.4544.85822288.7156598.97031.2445.1371309.713-1.50620.982-6.959BBB-Baa3BBB-BBB+
IsraelIsraelUnderweight3.56-8.002.8471.0819306.19434335.65323.8750.4548.5284.04537.25362.598-3.593A+A1AA-
JamaicaJamaicaUnderweight5.590.0011.4158.002.2060.793814.0578990.92513.2675.3002.829-2.86627.963CCC+B3B-
KoreaKorea (South)Overweight2.11-5.002.6687.93031321.19637699.19335.1711.74850.8358.24520.91135.3400.625
QatarQatarOverweight2.610.003.4012.0557170.860129511.84852.6922.578-5.03632.395-122.512AAAa2AA-
SingaporeSingaporeOverweight1.7732.8012294.56086853.68647.0811.3435.58421.16421.6772.065AAAAaaAAAAAA
ThailandThailandUnderweight2.21-16.002.9892.0484409.72416706.32433.4521.57868.9817.95322.307-0.050BBB+Baa1BBB+BBB
United Arab EmiratesUnited Arab EmiratesOverweight3.130.002.3704.3014325.13567946.48824.7503.2029.856-0.97627.156-273.575Aa2BBB+