image

Chart: Sukuk issuance from key markets in H1, 2016 rose 11 percent compared to a year earlier... and even 2 Sukuks will be included with JPM Sov. EMBI

Source: S&P, ML, Zawya




MidLincoln Counry Eurobond Indexes Update



Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondUKRAINE (GOVERNMENT OF) RegS 20UKRAINE (GOVERNMENT OF) RegS 21UKRAINE (GOVERNMENT OF) RegS 22UKRAINE (GOVERNMENT OF) RegS 19

Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondVENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19PETROLEOS DE VENEZUELA SA RegS 22VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20

Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondSAMARCO MINERACAO SA RegS 22PETROLEOS MEXICANOS 18VNESHECONOMBANK MTN RegS 25CAIXA ECONOMICA FEDERAL RegS 17

Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
BondODEBRECHT DRILL VIII/IX RegS 21PETROLEOS DE VENEZUELA SA RegS 17PETROLEOS DE VENEZUELA SA RegS 22PETROLEOS DE VENEZUELA SA MTN RegS 21

Country Average Sovereign Yield Change USD Eurobonds Weekly
CountryUkraineRussian FederationCroatia (Hrvatska)South AfricaChile

Country Average Corporate Yield Change USD Eurobonds Weekly
CountrySouth AfricaRussian FederationArgentinaUnited StatesPeru

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

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

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

Big Country Table - Stance, Ratings and Datamine


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

BondCountryYieldYield Change % pts
UKRAINE (GOVERNMENT OF) RegS 20Ukraine8.460.57
UKRAINE (GOVERNMENT OF) RegS 21Ukraine8.430.47
UKRAINE (GOVERNMENT OF) RegS 22Ukraine8.450.46
UKRAINE (GOVERNMENT OF) RegS 19Ukraine8.320.43
UKRAINE (GOVERNMENT OF) RegS 23Ukraine8.440.36
UKRAINE (GOVERNMENT OF) RegS 24Ukraine8.440.35
UKRAINE (GOVERNMENT OF) RegS 26Ukraine8.450.33
CAIXA ECONOMICA FEDERAL MTN RegS 18Brazil4.440.31
UKRAINE (GOVERNMENT OF) RegS 25Ukraine8.440.30
UKRAINE (GOVERNMENT OF) RegS 27Ukraine8.450.30
ARGENTINA REPUBLIC OF GOVERNMENT RegS 19Argentina3.490.21
ESKOM HOLDINGS SOC LTD MTN RegS 23South Africa5.740.17
VEB FINANCE LTD RegS 20Russian Federation4.500.16
ESKOM HOLDINGS SOC LTD MTN RegS 25South Africa6.240.14
RUSSIAN FEDERATION (GOVERNMENT) RegS 20Russian Federation3.020.13
VEB FINANCE PLC MTN RegS 23Russian Federation5.130.12
VEB FINANCE PLC RegS 22Russian Federation4.890.12
PETROLEOS MEXICANOS MTN 20Mexico3.280.12
TURKEY (REPUBLIC OF) 26Turkey4.410.10
TURKEY (REPUBLIC OF) 26Turkey4.440.10


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

BondCountryYieldYield Change %pts
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18Venezuela38.18-2.24
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19Venezuela36.42-2.02
PETROLEOS DE VENEZUELA SA RegS 22Venezuela31.98-1.86
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20Venezuela29.78-1.68
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22Venezuela32.29-1.54
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31Venezuela25.00-1.46
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela32.59-1.44
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 23Venezuela27.32-1.41
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegS 24Venezuela24.47-1.28
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 26Venezuela26.27-1.25
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 25Venezuela23.15-1.22
PETROLEOS DE VENEZUELA SA RegS 24Venezuela27.01-1.19
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 28Venezuela22.91-1.17
VENEZUELA (BOLVARIAN REPUBLIC OF) 34Venezuela21.64-1.14
PETROLEOS DE VENEZUELA SA RegS 26Venezuela22.77-1.05
VENEZUELA (BOLIVARIAN REPUBLIC OF) 27Venezuela21.68-1.04
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 38Venezuela17.58-0.99
MONGOLIA (GOVERNMENT) RegS 22Mongolia7.23-0.98
ECUADOR REPUBLIC OF (GOVERNMENT) RegS 20Ecuador9.61-0.80
PETROLEOS DE VENEZUELA SA RegS 27Venezuela20.34-0.74


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

BondCountryYieldYield Change %pts
SAMARCO MINERACAO SA RegS 22Brazil25.060.53
PETROLEOS MEXICANOS 18Mexico2.420.25
VNESHECONOMBANK MTN RegS 25Russian Federation5.450.17
CAIXA ECONOMICA FEDERAL RegS 17Brazil3.560.15
YPF SA RegS 21Argentina6.340.15
EMPRESA NACIONAL DE TELECOMUNICACI RegS 24Chile4.380.14
VEB FINANCE LTD RegS 20Russian Federation4.470.14
ESKOM HOLDINGS LTD RegS 21South Africa5.110.12
CENCOSUD SA RegS 21Chile3.100.11
GAZ CAPITAL (GAZPROM) MTN RegS 22Russian Federation4.310.09
VIMPELCOM HOLDINGS NV RegS 22Russian Federation4.750.08
VTB CAPITAL SA MTN RegS 18Russian Federation3.330.06
ITAU UNIBANCO HOLDING SA RegS 20Brazil4.120.06
BANCO NACIONAL DE DESENVOLVIMENTO RegS 20Brazil3.830.06
MARFRIG OVERSEAS LTD RegS 20Brazil8.450.06
MYRIAD INTERNATIONAL HLDG BV RegS 20South Africa3.190.05
EVRAZ GROUP SA RegS 21Russian Federation6.040.05
BANK OF CHINA LTD / HONG KONG MTN RegS 25China2.880.05
CITIC PACIFIC LTD MTN RegS 21China2.480.05
GAZ CAPITAL SA RegS 19Russian Federation3.440.05


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

BondCountryYieldYield Change %pts
ODEBRECHT DRILL VIII/IX RegS 21Brazil73.94-14.36
PETROLEOS DE VENEZUELA SA RegS 17Venezuela60.31-6.47
PETROLEOS DE VENEZUELA SA RegS 22Venezuela32.06-1.78
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela32.35-1.48
PETROLEOS DE VENEZUELA SA RegS 24Venezuela26.69-1.06
PETROLEOS DE VENEZUELA SA RegS 35Venezuela22.01-0.99
PETROLEOS DE VENEZUELA SA RegS 26Venezuela22.77-0.83
PETROLEOS DE VENEZUELA SA RegS 27Venezuela20.41-0.80
PETROLEOS DE VENEZUELA SA RegS 37Venezuela16.70-0.80
CSN RESOURCES SA RegS 20Brazil18.27-0.42
VEDANTA RESOURCES PLC RegS 21India9.16-0.40
ECOPETROL SA 25Colombia4.39-0.36
PETROBRAS GLOBAL FINANCE BV 19Brazil4.84-0.35
PETROBRAS GLOBAL FINANCE BV 26Brazil7.23-0.33
GERDAU HOLDINGS INC RegS 20Brazil4.60-0.32
SOUTHERN PERU COPPER 35Mexico5.74-0.26
VALE OVERSEAS LIMITED 22Brazil4.64-0.26
PETROBRAS GLOBAL FINANCE BV 24Brazil6.55-0.25
PERTAMINA PERSERO PT MTN RegS 43Indonesia5.10-0.24
RELIANCE HOLDINGS USA INC RegS 22India2.75-0.23


Country Average Sovereign Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Ukraine8.430.40
Russian Federation4.030.06
Croatia (Hrvatska)3.750.05
South Africa4.040.02
Chile2.590.01
Serbia3.600.01
Turkey4.490.01
Philippines2.390.00
United States0.510.00
Romania3.13-0.02
Poland2.13-0.03
China2.40-0.04
Vietnam3.57-0.06
Malaysia3.54-0.07
Lebanon6.36-0.07
Uruguay3.72-0.07
Morocco2.90-0.08
Dominican Republic4.85-0.08
Hungary3.21-0.08
Kazakhstan4.39-0.09
Pakistan5.41-0.09
Mexico3.80-0.09
Egypt5.73-0.10
Brazil4.41-0.10
Slovak Republic1.63-0.10
Paraguay5.05-0.10
Argentina5.86-0.11
Costa Rica5.80-0.11
Jamaica5.27-0.11
Indonesia3.64-0.11
Peru3.27-0.12
Colombia3.47-0.12
Panama2.77-0.12
El Salvador7.26-0.12
Sri Lanka5.01-0.12
Cote D'Ivoire (Ivory Coast)5.68-0.13
Lithuania2.04-0.14
Azerbaijan4.74-0.16
Angola9.62-0.17
Oman3.75-0.22
Kenya7.00-0.23
Ethiopia6.90-0.25
Gabon7.41-0.28
Ghana9.57-0.28
Iraq9.42-0.35
Ecuador9.91-0.42
Tunisia5.96-0.43
Zambia9.05-0.63
Mongolia7.23-0.98
Venezuela26.04-1.29


Country Average Corporate Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
South Africa4.190.06
Russian Federation3.980.04
Argentina6.370.02
United States0.510.00
Peru3.110.00
Philippines2.35-0.01
China3.11-0.03
Chile3.30-0.03
Korea (South)2.10-0.04
Malaysia2.15-0.04
Israel3.16-0.04
Thailand2.15-0.05
Turkey4.90-0.07
Qatar2.45-0.07
Mexico4.22-0.09
United Arab Emirates2.97-0.09
India3.73-0.10
Kazakhstan7.20-0.16
Morocco4.11-0.17
Indonesia4.04-0.17
Colombia4.76-0.17
Azerbaijan4.99-0.18
Jamaica10.74-0.19
Brazil8.30-0.47
Venezuela29.16-1.78


Top 30 GEM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 20187.0038.18
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 20197.7536.42
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0032.59
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 202212.7532.29
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7531.98
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 20206.0029.78
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 20239.0027.32
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0027.01
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 202611.7526.27
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 203111.9525.00
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 20248.2524.47
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 20257.6523.15
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 20289.2522.91
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.77
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7522.30
VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 20279.2521.68
VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 20349.3821.64
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3820.34
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 20387.0017.58
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5017.02
ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 20247.9510.21
GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 20268.139.65
ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 20259.509.62
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1199929826EcuadorMar 24, 202010.509.61
GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 20237.889.49
IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 20285.809.42
ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 20278.979.24
ZAMBIA (REPUBLIC OF) RegSXS1056386714ZambiaApr 14, 20248.508.86
UKRAINE (GOVERNMENT OF) RegSXS1303918939UkraineSep 1, 20207.758.46
UKRAINE (GOVERNMENT OF) RegSXS1303927179UkraineSep 1, 20277.758.45


Top 30 GEM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3573.94
PETROLEOS DE VENEZUELA SA RegSUSP7807HAK16VenezuelaNov 2, 20178.5060.31
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0032.35
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7532.06
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0026.69
SAMARCO MINERACAO SA RegSUSP84050AA46BrazilNov 1, 20224.1325.06
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.77
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7522.01
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3820.41
CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5018.27
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5016.70
KAZKOMMERTSBANK JSC RegSXS0867478124KazakhstanDec 21, 20225.5012.75
DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2510.74
VEDANTA RESOURCES PLC RegSUSG9328DAG54IndiaJun 7, 20218.259.16
MARFRIG OVERSEAS LTD RegSUSG5814RAB45BrazilMay 4, 20209.508.45
PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.858.18
PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.257.84
PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.887.80
PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.757.79
PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.637.34
YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.507.27
PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.757.23
YPF SA RegSUSP989MJAY76ArgentinaApr 4, 20248.757.21
VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.05
EVERGRANDE REAL ESTATE GROUP LTD RegSUSG3225AAD57ChinaOct 30, 20188.756.94
VALE OVERSEAS LIMITEDUS91911TAK97BrazilNov 10, 20396.886.92
VALE OVERSEAS LIMITEDUS91911TAH68BrazilNov 21, 20366.886.78
ECOPETROL SAUS279158AE95ColombiaSep 18, 20437.386.71
TURKIYE VAKIFLAR BANKASI TAO MTN RegSXS1175854923TurkeyFeb 3, 20256.886.64
PETROBRAS GLOBAL FINANCE BVUS71647NAM11BrazilMar 17, 20246.256.55


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

NameISINcountryMaturityCouponYTW
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN6X3BrazilJan 1, 20170.0013.81
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN749BrazilOct 1, 20160.0013.74
BRAZIL FEDERATIVE REPUBLIC OF (GOVBRSTNCLTN707BrazilJul 1, 20170.0013.20
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.75
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.73
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0012.42
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0012.17
BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0012.11
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0011.91
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0011.91
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0011.85
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0011.82
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.5010.10
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.2510.06
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.509.96
TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.009.68
TURKEY (REPUBLIC OF)TRT110226T13TurkeyFeb 11, 202610.609.66
TURKEY GOVERNMENT BONDTRT240724T15TurkeyJul 24, 20249.009.65
TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.809.62
TURKEY (REPUBLIC OF)TRT140922T17TurkeySep 14, 20228.509.52
RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.40
RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.36
RUSSIAN FEDERATION RegSXS0564087541Russian FederationMar 10, 20187.859.10
TURKEY (REPUBLIC OF)TRT150120T16TurkeyJan 15, 202010.509.05
SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.04
TURKEY (REPUBLIC OF)TRT100719T18TurkeyJul 10, 20198.509.04
RUSSIAN FEDERATIONRU000A0JRCJ6Russian FederationMar 15, 20187.509.04
SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.02
RUSSIAN FEDERATIONRU000A0JU9V1Russian FederationMay 15, 20196.709.01
RUSSIAN FEDERATIONRU000A0JS4M5Russian FederationFeb 27, 20197.509.00


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
TurkeyTurkeyUnderweight4.491.004.90-7.003.8005.69482.9518751.18621198.48415.42010.87078.559-3.61635.33621.924-1.993BB+Baa3BBB-BB-
BrazilBrazilUnderweight4.41-10.008.30-47.00-3.7985.468417.82841534.78215048.62917.1167.146206.082-2.02931.98142.944-7.144BB+Baa3BBBA-
MexicoMexicoUnderweight3.80-9.004.22-9.002.4115.425811.55521082.43117905.51920.4213.310128.632-2.56222.28648.637-4.830AAAA3BBB+BBB
PhilippinesPhilippinesOverweight2.390.002.35-1.006.0005.32360.4993310.3127612.58425.0832.900104.1952.61319.466-0.574BBBBaa3BBB-BBB
IndonesiaIndonesiaOverweight3.64-11.004.04-17.004.9005.26172.5203936.95511633.40932.4814.500258.802-2.59013.967-2.698BB+Baa3BBB-BBB-
RussiaRussian FederationOverweight4.036.003.984.00-1.8495.18629.21731132.73925185.53125.5027.901146.3004.23530.692-4.287BB+Ba1BBB-A
ColombiaColombiaOverweight3.47-12.004.76-17.002.5024.39072.5946253.24014171.18517.3505.29148.750-5.98225.53942.155-1.968BBBBaa2BBBBBB+
ChinaChinaOverweight2.40-4.003.11-3.006.4904.28997.670711383.03315095.20744.4251.8001381.4542.60428.357-2.884AA-Aa3A+AA+
HungaryHungaryOverweight3.21-8.002.3004.0916117.72927145.74527.5251.2009.8355.38644.59271.042BBBa1BB+BBB-
PolandPolandUnderweight2.13-3.003.5713.6866473.50127670.46318.8410.48138.003-1.75739.35626.071-3.374A-A2A-A-
South AfricaSouth AfricaUnderweight4.042.004.196.000.6123.63561.4357266.21313166.21314.4036.90055.831-4.36730.13946.222-3.178BBB-Baa1BBBA
VenezuelaVenezuelaUnderweight26.04-129.0029.16-178.00-8.0003.50803.3616185.61115251.50713.053720.03631.416-6.55213.974BB2B+BB+
PeruPeruOverweight3.27-12.003.110.003.7443.21841.3003178.64312580.60320.8003.41832.405-3.88120.4527.543-1.715BBB+A3BBB+BBB+
KazakhstanKazakhstanOverweight4.39-9.007.20-16.000.1353.09412.3742116.15124176.91423.2469.00017.947-3.96418.379-26.952-3.983BBB+Baa2BBBBBB-
CroatiaCroatia (Hrvatska)Overweight3.755.001.9003.062049.92822296.21921.3320.8004.2042.65443.743-2.655BB+Baa3BBBBBB-
LebanonLebanonUnderweight6.36-7.001.0003.036752.79718425.821-1.1552.0004.597-21.33219.529134.941-13.571BB1B
UkraineUkraineUnderweight8.4340.001.4812.603083.5508185.25813.50313.04042.501-2.58637.83390.593-2.914BBB-Caa1CCCB-
ArgentinaArgentinaOverweight5.86-11.006.372.00-1.0072.11160.2414437.85622303.20516.20524.95343.564-1.65735.844-5.976SDCaa1RDD
LithuaniaLithuaniaUnderweight2.04-14.002.7342.039943.02429716.64715.8301.4302.875-3.04733.85139.413-0.658A-Baa1A-BBB-
RomaniaRomaniaUnderweight3.13-2.004.2002.0348181.94421916.39522.7531.50019.869-1.73330.769-3.032BBB-Baa3BBB-BB+
ChileChileOverweight2.591.003.30-3.001.5371.85042.5142235.41923803.28320.0583.52718.196-2.10023.512-1.137-2.325AA-Aa3A+AA
UruguayUruguayUnderweight3.72-7.001.3871.771953.14521944.29614.8709.0803.427-3.94228.46925.729-3.931BBB-Baa2BBB-BB+
SerbiaSerbiaUnderweight3.601.001.7501.675337.38114047.02614.3712.5897.132-4.41140.18875.454-2.825BB-B1B+BB-
MalaysiaMalaysiaOverweight3.54-7.002.15-4.004.4001.53970.9447309.26227278.20028.0223.13131.5232.33620.492-3.667A-A3A-A+
Dominican RepublicDominican RepublicUnderweight4.85-8.005.4001.431271.43315776.94719.9523.34010.098-1.67314.58135.109-2.603B+B1B
PanamaPanamaUnderweight2.77-12.006.1001.376055.75522861.40639.9310.8004.086-6.06920.04236.362-0.574BBBBaa2BBBA-
Sri LankaSri LankaUnderweight5.01-12.005.0001.313884.80711127.25930.0784.06021.252-0.79313.590B+B1BB-B+
IraqIraqOverweight9.42-35.007.1540.8345148.41116323.3237.9212.00036.067-14.44333.063
C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight5.68-13.000.8122
LatviaLatviaUnderweight3.2040.753828.17725883.26920.1821.5721.976-2.02436.02731.920-1.104A-Baa1A-BB
EcuadorEcuadorOverweight9.91-42.00-4.4970.723394.01410698.29615.4010.80316.529-2.32930.416-0.599B+Caa1BB-
AzerbaijanAzerbaijanOverweight4.74-16.004.99-18.00-2.9910.699835.14117486.51125.70418.0009.492-0.18527.927BBB-Baa3BBB-
Costa RicaCosta RicaUnderweight5.80-11.004.2500.630556.90816088.60914.9353.0004.900-4.21114.537BBBaa3BB+
PakistanPakistanUnderweight5.41-9.004.5000.6084n/a5173.96014.1664.500189.870-1.13515.74558.449B-Caa1CCC
KenyaKenyaUnderweight7.00-23.005.9820.596064.6883338.35114.1735.80045.478-8.27320.52053.109B+B+B
Slovak RepublicSlovak RepublicOverweight1.63-10.003.3470.539489.79731012.83421.7200.6615.418-0.98338.459-2.121
GabonGabonOverweight7.41-28.003.1820.514114.16619149.89129.0092.5001.881-7.20219.824BB-BB-
MoroccoMoroccoUnderweight2.90-8.004.11-17.002.2560.49590.8213108.0968349.71234.7881.30033.8270.42325.27163.809-4.361BBB-Ba1BBB-BBB
AngolaAngolaOverweight9.62-17.002.5140.403881.4977380.793-1.07919.19425.868-11.58821.571BB-Ba3BB-BB-
ZambiaZambiaOverweight9.05-63.003.4250.389819.1173917.73826.45114.30016.717-3.80716.91655.466B+B+
VietnamVietnamUnderweight3.57-6.006.3000.3652201.3616399.67426.6372.00092.6370.56221.658BB-B1B+B+
El SalvadorEl SalvadorUnderweight7.26-12.002.5000.359327.3278558.82711.1661.8506.403-3.02718.476BB-Ba2BB-
ParaguayParaguayUnderweight5.05-10.002.8930.351726.8048905.02415.0354.5007.115-1.23921.75622.157-2.597BB-B1B+
EgyptEgyptUnderweight5.73-10.003.2560.3465n/a12113.09410.61110.23390.203-5.33921.77780.803-11.119CCC+Caa1B-B-
GhanaGhanaUnderweight9.57-28.004.5320.317738.1714390.97416.77312.36927.573-7.22020.96772.075BB+B
MongoliaMongoliaOverweight7.23-98.000.4060.212711.65212133.48319.2053.7103.014-10.65225.965BB-B1B+BB-
Hong KongHong KongUnderweight3.0607AAAAa1AA+AAA
IndiaIndiaUnderweight3.73-10.007.4544.85822288.7156598.97031.2445.1371309.713-1.50620.982-6.959BBB-Baa3BBB-BBB+
IsraelIsraelUnderweight3.16-4.002.8471.0819306.19434335.65323.8750.4548.5284.04537.25362.598-3.593A+A1AA-
JamaicaJamaicaUnderweight5.27-11.0010.74-19.002.2060.793814.0578990.92513.2675.3002.829-2.86627.963CCC+B3B-
KoreaKorea (South)Overweight2.10-4.002.6687.93031321.19637699.19335.1711.74850.8358.24520.91135.3400.625
QatarQatarOverweight2.45-7.003.4012.0557170.860129511.84852.6922.578-5.03632.395-122.512AAAa2AA-
SingaporeSingaporeOverweight1.7732.8012294.56086853.68647.0811.3435.58421.16421.6772.065AAAAaaAAAAAA
ThailandThailandUnderweight2.15-5.002.9892.0484409.72416706.32433.4521.57868.9817.95322.307-0.050BBB+Baa1BBB+BBB
United Arab EmiratesUnited Arab EmiratesOverweight2.97-9.002.3704.3014325.13567946.48824.7503.2029.856-0.97627.156-273.575Aa2BBB+