image

Chart: Emerging Markets Net Debt Financing - Falling, GEM Capex is Falling as well.

Source: FT, ML




MidLincoln Counry Eurobond Indexes Update



Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondGABONESE REPUBLIC RegS 24IRAQ (REPUBLIC OF) RegS 28ESKOM HOLDINGS SOC LTD MTN RegS 23ESKOM HOLDINGS SOC LTD MTN RegS 25

Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondPETROLEOS DE VENEZUELA SA MTN RegS 21PETROLEOS DE VENEZUELA SA RegS 22VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19

Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondPETROLEOS DE VENEZUELA SA RegS 17EVERGRANDE REAL ESTATE GROUP LTD RegS 18CSN RESOURCES SA RegS 20DIGICEL GROUP LTD RegS 20

Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
BondPETROLEOS DE VENEZUELA SA RegS 22PETROLEOS DE VENEZUELA SA MTN RegS 21PETROLEOS DE VENEZUELA SA RegS 35PETROLEOS DE VENEZUELA SA RegS 27

Country Average Sovereign Yield Change USD Eurobonds Weekly
CountryGabonIraqZambiaGhanaEthiopia

Country Average Corporate Yield Change USD Eurobonds Weekly
CountryJamaicaSouth AfricaMoroccoQatarAzerbaijan

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
GABONESE REPUBLIC RegS 24Gabon7.970.56
IRAQ (REPUBLIC OF) RegS 28Iraq9.540.42
ESKOM HOLDINGS SOC LTD MTN RegS 23South Africa6.780.39
ESKOM HOLDINGS SOC LTD MTN RegS 25South Africa7.120.35
ZAMBIA (REPUBLIC OF) RegS 24Zambia8.950.34
ZAMBIA (REPUBLIC OF) RegS 27Zambia9.340.29
GHANA (REPUBLIC OF) RegS 26Ghana9.630.26
ESKOM HOLDINGS LTD RegS 21South Africa6.040.26
ETHIOPIA FEDERAL DEMOCRATIC REPUB RegS 24Ethiopia7.030.25
GHANA (REPUBLIC OF) RegS 23Ghana9.500.24
TRANSNET SOC LTD MTN RegS 22South Africa4.760.23
TURKEY (REPUBLIC OF) 23Turkey4.200.22
OMAN SULTANATE OF (GOVERNMENT) RegS 21Oman3.090.22
KENYA (REPUBLIC OF) RegS 24Kenya7.300.22
TURKEY (REPUBLIC OF) 25Turkey4.580.21
LAMAR FUNDING LTD RegS 25Oman4.500.20
OMAN SULTANATE OF (GOVERNMENT) RegS 26Oman4.430.20
TURKEY REPUBLIC OF (GOVERNMENT) 22Turkey4.210.19
CODELCO USA INC RegS 21Chile2.800.19
INDONESIA (REPUBLIC OF) MTN RegS 26Indonesia3.460.18


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

BondCountryYieldYield Change %pts
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela32.01-1.34
PETROLEOS DE VENEZUELA SA RegS 22Venezuela30.11-1.30
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18Venezuela37.16-1.15
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19Venezuela35.53-1.05
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31Venezuela24.02-0.92
UKRAINE (GOVERNMENT OF) RegS 19Ukraine7.60-0.82
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20Venezuela29.07-0.80
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22Venezuela31.18-0.76
UKRAINE (GOVERNMENT OF) RegS 20Ukraine7.90-0.67
VENEZUELA (BOLVARIAN REPUBLIC OF) 34Venezuela21.03-0.61
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 23Venezuela26.74-0.61
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 26Venezuela25.68-0.61
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegS 24Venezuela23.94-0.56
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 25Venezuela22.65-0.53
PETROLEOS DE VENEZUELA SA RegS 26Venezuela22.27-0.53
PETROLEOS DE VENEZUELA SA RegS 27Venezuela20.21-0.52
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 28Venezuela22.41-0.51
UKRAINE (GOVERNMENT OF) RegS 21Ukraine7.97-0.49
PETROLEOS DE VENEZUELA SA RegS 35Venezuela21.62-0.47
MONGOLIA (GOVERNMENT) RegS 22Mongolia7.65-0.47


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

BondCountryYieldYield Change %pts
PETROLEOS DE VENEZUELA SA RegS 17Venezuela65.171.53
EVERGRANDE REAL ESTATE GROUP LTD RegS 18China7.660.74
CSN RESOURCES SA RegS 20Brazil18.850.53
DIGICEL GROUP LTD RegS 20Jamaica11.380.43
ANGLOGOLD ASHANTI HOLDINGS PLC 22South Africa4.490.33
CBQ FINANCE LTD RegS 19Qatar2.830.30
ESKOM HOLDINGS LTD RegS 21South Africa6.040.30
VALE OVERSEAS LIMITED 36Brazil7.040.25
QNB FINANCE LTD RegS 20Qatar2.210.25
VALE OVERSEAS LIMITED 34Brazil7.220.22
VALE OVERSEAS LIMITED 39Brazil7.120.21
DP WORLD LTD MTN RegS 37United Arab Emirates5.580.20
ODEBRECHT DRILL VIII/IX RegS 21Brazil72.340.19
GTL TRADE FINANCE INC RegS 24Brazil6.000.19
VALE SA 42Brazil6.870.18
OCP SA RegS 24Morocco4.200.18
PETROLEOS MEXICANOS 19Mexico2.990.16
TAQA ABU DHABI NATL ENER RegS 18United Arab Emirates2.010.16
ECOPETROL SA 23Colombia4.620.16
CORPORACION NACIONAL DEL COBRE DE RegS 22Chile2.960.14


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

BondCountryYieldYield Change %pts
PETROLEOS DE VENEZUELA SA RegS 22Venezuela30.11-1.22
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela32.01-1.15
PETROLEOS DE VENEZUELA SA RegS 35Venezuela21.40-0.73
PETROLEOS DE VENEZUELA SA RegS 27Venezuela19.89-0.59
PETROLEOS DE VENEZUELA SA RegS 26Venezuela22.28-0.52
PETROLEOS DE VENEZUELA SA RegS 24Venezuela26.23-0.48
SAMARCO MINERACAO SA RegS 22Brazil25.01-0.43
PETROBRAS GLOBAL FINANCE BV 19Brazil4.46-0.39
PETROBRAS GLOBAL FINANCE BV 21Brazil6.33-0.39
PETROBRAS GLOBAL FINANCE BV 21Brazil6.12-0.37
CAIXA ECONOMICA FEDERAL RegS 17Brazil3.69-0.27
CEMEX FINANCE LLC RegS 24Mexico5.12-0.25
PETROBRAS GLOBAL FINANCE BV 19Brazil4.92-0.23
PETROBRAS GLOBAL FINANCE BV 15Brazil8.17-0.22
PETROBRAS GLOBAL FINANCE BV 20Brazil5.34-0.22
PETROBRAS GLOBAL FINANCE BV 20Brazil5.39-0.22
YPF SA RegS 18Argentina4.30-0.21
PETROBRAS GLOBAL FINANCE BV 41Brazil7.82-0.21
PETROBRAS GLOBAL FINANCE BV 23Brazil6.60-0.21
AMERICA MOVIL SAB DE CV 20Mexico1.83-0.21


Country Average Sovereign Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Gabon7.970.56
Iraq9.540.42
Zambia9.150.31
Ghana9.570.25
Ethiopia7.030.25
Kenya7.300.22
Oman4.010.21
Vietnam3.740.17
Morocco3.190.17
Turkey4.610.15
South Africa4.630.15
Egypt6.000.11
Cote D'Ivoire (Ivory Coast)5.830.11
Sri Lanka5.280.09
Lebanon6.410.09
Dominican Republic4.980.09
Indonesia3.800.09
Costa Rica5.770.08
Philippines2.490.07
Slovak Republic1.740.07
Ecuador9.970.07
Uruguay3.830.06
Angola9.560.06
Poland2.220.06
Chile2.760.05
Paraguay5.130.05
Panama2.820.04
Azerbaijan4.960.04
Romania3.040.03
Colombia3.650.03
Hungary3.190.03
Peru3.320.03
Brazil4.540.02
Kazakhstan4.450.02
China2.410.01
United States0.530.01
Lithuania2.030.01
Tunisia6.000.00
Mexico3.88-0.01
Malaysia3.50-0.01
Croatia (Hrvatska)3.71-0.02
Serbia3.49-0.06
Pakistan5.04-0.06
Russian Federation3.96-0.09
Trinidad and Tobago4.01-0.12
Jamaica5.78-0.12
Argentina5.96-0.14
El Salvador7.00-0.16
Ukraine8.04-0.46
Mongolia7.65-0.47
Venezuela25.37-0.67


Country Average Corporate Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Jamaica11.380.43
South Africa4.610.21
Morocco4.200.18
Qatar2.570.15
Azerbaijan5.170.10
United Arab Emirates2.800.09
Turkey4.960.07
China3.100.07
Indonesia4.230.07
Philippines2.390.04
Colombia4.830.04
India3.770.03
Korea (South)2.030.02
Malaysia2.150.01
United States0.530.01
Israel3.130.00
Chile3.400.00
Kazakhstan6.48-0.02
Mexico4.30-0.02
Thailand2.20-0.03
Russian Federation4.08-0.05
Brazil8.34-0.06
Argentina6.35-0.09
Peru2.93-0.11
Venezuela29.19-0.42


Top 30 GEM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 20187.0037.16
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 20197.7535.53
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0032.01
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 202212.7531.18
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7530.11
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 20206.0029.07
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 20239.0026.74
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0026.49
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 202611.7525.68
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 203111.9524.02
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 20248.2523.94
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 20257.6522.65
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 20289.2522.41
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.27
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7521.62
VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 20279.2521.24
VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 20349.3821.03
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3820.21
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 20387.0017.44
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5016.54
ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 20247.9510.24
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1199929826EcuadorMar 24, 202010.509.69
GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 20268.139.63
ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 20259.509.56
IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 20285.809.54
GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 20237.889.50
ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 20278.979.34
ZAMBIA (REPUBLIC OF) RegSXS1056386714ZambiaApr 14, 20248.508.95
UKRAINE (GOVERNMENT OF) RegSXS1303926528UkraineSep 1, 20267.758.23
UKRAINE (GOVERNMENT OF) RegSXS1303927179UkraineSep 1, 20277.758.22


Top 30 GEM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3572.34
PETROLEOS DE VENEZUELA SA RegSUSP7807HAK16VenezuelaNov 2, 20178.5065.17
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0032.01
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7530.11
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0026.23
SAMARCO MINERACAO SA RegSUSP84050AA46BrazilNov 1, 20224.1325.01
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.28
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7521.40
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3819.89
CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5018.85
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5016.40
KAZKOMMERTSBANK JSC RegSXS0867478124KazakhstanDec 21, 20225.5012.83
DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2511.38
VEDANTA RESOURCES PLC RegSUSG9328DAG54IndiaJun 7, 20218.259.20
PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.858.17
PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.887.94
PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.257.90
PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.757.82
PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.637.66
EVERGRANDE REAL ESTATE GROUP LTD RegSUSG3225AAD57ChinaOct 30, 20188.757.66
YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.507.39
YPF SA RegSUSP989MJAY76ArgentinaApr 4, 20248.757.31
PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.757.30
VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.22
VALE OVERSEAS LIMITEDUS91911TAK97BrazilNov 10, 20396.887.12
VALE OVERSEAS LIMITEDUS91911TAH68BrazilNov 21, 20366.887.04
VALE SAUS91912EAA38BrazilSep 11, 20425.636.87
ECOPETROL SAUS279158AE95ColombiaSep 18, 20437.386.77
TURKIYE VAKIFLAR BANKASI TAO MTN RegSXS1175854923TurkeyFeb 3, 20256.886.75
PETROBRAS GLOBAL FINANCE BVUS71647NAM11BrazilMar 17, 20246.256.72


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

NameISINcountryMaturityCouponYTW
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN6X3BrazilJan 1, 20170.0013.8
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN749BrazilOct 1, 20160.0013.7
BRAZIL FEDERATIVE REPUBLIC OF (GOVBRSTNCLTN707BrazilJul 1, 20170.0013.2
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.7
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.7
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0012.4
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0012.2
BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0012.1
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0012.0
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0012.0
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0012.0
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0012.0
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.2510.1
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.5010.1
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.5010.0
TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.009.63
TURKEY (REPUBLIC OF)TRT110226T13TurkeyFeb 11, 202610.609.61
TURKEY (REPUBLIC OF)TRT240724T15TurkeyJul 24, 20249.009.61
TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.809.60
SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.58
SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.56
SOUTH AFRICA (REPUBLIC OF)ZAG000077488South AfricaFeb 28, 20416.509.54
TURKEY (REPUBLIC OF)TRT140922T17TurkeySep 14, 20228.509.54
SOUTH AFRICA (REPUBLIC OF)ZAG000030404South AfricaMar 31, 20366.259.45
SOUTH AFRICA (REPUBLIC OF)ZAG000106998South AfricaJan 31, 20308.009.32
TURKEY (REPUBLIC OF)TRT150120T16TurkeyJan 15, 202010.509.11
TURKEY (REPUBLIC OF)TRT100719T18TurkeyJul 10, 20198.509.03
RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.02
RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.01
SOUTH AFRICA (REPUBLIC OF)ZAG000016320South AfricaDec 21, 202610.508.95


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
TurkeyTurkeyUnderweight4.6115.004.967.003.8005.69482.9518751.18621198.48415.42010.87078.559-3.61635.33621.924-1.993BB+Baa3BBB-BB-
BrazilBrazilUnderweight4.542.008.34-6.00-3.7985.468417.82841534.78215048.62917.1167.146206.082-2.02931.98142.944-7.144BB+Baa3BBBA-
MexicoMexicoUnderweight3.88-1.004.30-2.002.4115.425811.55521082.43117905.51920.4213.310128.632-2.56222.28648.637-4.830AAAA3BBB+BBB
PhilippinesPhilippinesOverweight2.497.002.394.006.0005.32360.4993310.3127612.58425.0832.900104.1952.61319.466-0.574BBBBaa3BBB-BBB
IndonesiaIndonesiaOverweight3.809.004.237.004.9005.26172.5203936.95511633.40932.4814.500258.802-2.59013.967-2.698BB+Baa3BBB-BBB-
RussiaRussian FederationOverweight3.96-9.004.08-5.00-1.8495.18629.21731132.73925185.53125.5027.901146.3004.23530.692-4.287BB+Ba1BBB-A
ColombiaColombiaOverweight3.653.004.834.002.5024.39072.5946253.24014171.18517.3505.29148.750-5.98225.53942.155-1.968BBBBaa2BBBBBB+
ChinaChinaOverweight2.411.003.107.006.4904.28997.670711383.03315095.20744.4251.8001381.4542.60428.357-2.884AA-Aa3A+AA+
HungaryHungaryOverweight3.193.002.3004.0916117.72927145.74527.5251.2009.8355.38644.59271.042BBBa1BB+BBB-
PolandPolandUnderweight2.226.003.5713.6866473.50127670.46318.8410.48138.003-1.75739.35626.071-3.374A-A2A-A-
South AfricaSouth AfricaUnderweight4.6315.004.6121.000.6123.63561.4357266.21313166.21314.4036.90055.831-4.36730.13946.222-3.178BBB-Baa1BBBA
VenezuelaVenezuelaUnderweight25.37-67.0029.19-42.00-8.0003.50803.3616185.61115251.50713.053720.03631.416-6.55213.974BB2B+BB+
PeruPeruOverweight3.323.002.93-11.003.7443.21841.3003178.64312580.60320.8003.41832.405-3.88120.4527.543-1.715BBB+A3BBB+BBB+
KazakhstanKazakhstanOverweight4.452.006.48-2.000.1353.09412.3742116.15124176.91423.2469.00017.947-3.96418.379-26.952-3.983BBB+Baa2BBBBBB-
CroatiaCroatia (Hrvatska)Overweight3.71-2.001.9003.062049.92822296.21921.3320.8004.2042.65443.743-2.655BB+Baa3BBBBBB-
LebanonLebanonUnderweight6.419.001.0003.036752.79718425.821-1.1552.0004.597-21.33219.529134.941-13.571BB1B
UkraineUkraineUnderweight8.04-46.001.4812.603083.5508185.25813.50313.04042.501-2.58637.83390.593-2.914BBB-Caa1CCCB-
ArgentinaArgentinaOverweight5.96-14.006.35-9.00-1.0072.11160.2414437.85622303.20516.20524.95343.564-1.65735.844-5.976SDCaa1RDD
LithuaniaLithuaniaUnderweight2.031.002.7342.039943.02429716.64715.8301.4302.875-3.04733.85139.413-0.658A-Baa1A-BBB-
RomaniaRomaniaUnderweight3.043.004.2002.0348181.94421916.39522.7531.50019.869-1.73330.769-3.032BBB-Baa3BBB-BB+
ChileChileOverweight2.765.003.400.001.5371.85042.5142235.41923803.28320.0583.52718.196-2.10023.512-1.137-2.325AA-Aa3A+AA
UruguayUruguayUnderweight3.836.001.3871.771953.14521944.29614.8709.0803.427-3.94228.46925.729-3.931BBB-Baa2BBB-BB+
SerbiaSerbiaUnderweight3.49-6.001.7501.675337.38114047.02614.3712.5897.132-4.41140.18875.454-2.825BB-B1B+BB-
MalaysiaMalaysiaOverweight3.50-1.002.151.004.4001.53970.9447309.26227278.20028.0223.13131.5232.33620.492-3.667A-A3A-A+
Dominican RepublicDominican RepublicUnderweight4.989.005.4001.431271.43315776.94719.9523.34010.098-1.67314.58135.109-2.603B+B1B
PanamaPanamaUnderweight2.824.006.1001.376055.75522861.40639.9310.8004.086-6.06920.04236.362-0.574BBBBaa2BBBA-
Sri LankaSri LankaUnderweight5.289.005.0001.313884.80711127.25930.0784.06021.252-0.79313.590B+B1BB-B+
IraqIraqOverweight9.5442.007.1540.8345148.41116323.3237.9212.00036.067-14.44333.063
C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight5.8311.000.8122
LatviaLatviaUnderweight3.2040.753828.17725883.26920.1821.5721.976-2.02436.02731.920-1.104A-Baa1A-BB
EcuadorEcuadorOverweight9.977.00-4.4970.723394.01410698.29615.4010.80316.529-2.32930.416-0.599B+Caa1BB-
AzerbaijanAzerbaijanOverweight4.964.005.1710.00-2.9910.699835.14117486.51125.70418.0009.492-0.18527.927BBB-Baa3BBB-
Costa RicaCosta RicaUnderweight5.778.004.2500.630556.90816088.60914.9353.0004.900-4.21114.537BBBaa3BB+
PakistanPakistanUnderweight5.04-6.004.5000.6084n/a5173.96014.1664.500189.870-1.13515.74558.449B-Caa1CCC
KenyaKenyaUnderweight7.3022.005.9820.596064.6883338.35114.1735.80045.478-8.27320.52053.109B+B+B
Slovak RepublicSlovak RepublicOverweight1.747.003.3470.539489.79731012.83421.7200.6615.418-0.98338.459-2.121
GabonGabonOverweight7.9756.003.1820.514114.16619149.89129.0092.5001.881-7.20219.824BB-BB-
MoroccoMoroccoUnderweight3.1917.004.2018.002.2560.49590.8213108.0968349.71234.7881.30033.8270.42325.27163.809-4.361BBB-Ba1BBB-BBB
AngolaAngolaOverweight9.566.002.5140.403881.4977380.793-1.07919.19425.868-11.58821.571BB-Ba3BB-BB-
ZambiaZambiaOverweight9.1531.003.4250.389819.1173917.73826.45114.30016.717-3.80716.91655.466B+B+
VietnamVietnamUnderweight3.7417.006.3000.3652201.3616399.67426.6372.00092.6370.56221.658BB-B1B+B+
El SalvadorEl SalvadorUnderweight7.00-16.002.5000.359327.3278558.82711.1661.8506.403-3.02718.476BB-Ba2BB-
ParaguayParaguayUnderweight5.135.002.8930.351726.8048905.02415.0354.5007.115-1.23921.75622.157-2.597BB-B1B+
EgyptEgyptUnderweight6.0011.003.2560.3465n/a12113.09410.61110.23390.203-5.33921.77780.803-11.119CCC+Caa1B-B-
GhanaGhanaUnderweight9.5725.004.5320.317738.1714390.97416.77312.36927.573-7.22020.96772.075BB+B
MongoliaMongoliaOverweight7.65-47.000.4060.212711.65212133.48319.2053.7103.014-10.65225.965BB-B1B+BB-
Hong KongHong KongUnderweight3.0607AAAAa1AA+AAA
IndiaIndiaUnderweight3.773.007.4544.85822288.7156598.97031.2445.1371309.713-1.50620.982-6.959BBB-Baa3BBB-BBB+
IsraelIsraelUnderweight3.130.002.8471.0819306.19434335.65323.8750.4548.5284.04537.25362.598-3.593A+A1AA-
JamaicaJamaicaUnderweight5.78-12.0011.3843.002.2060.793814.0578990.92513.2675.3002.829-2.86627.963CCC+B3B-
KoreaKorea (South)Overweight2.032.002.6687.93031321.19637699.19335.1711.74850.8358.24520.91135.3400.625
QatarQatarOverweight2.5715.003.4012.0557170.860129511.84852.6922.578-5.03632.395-122.512AAAa2AA-
SingaporeSingaporeOverweight1.7732.8012294.56086853.68647.0811.3435.58421.16421.6772.065AAAAaaAAAAAA
ThailandThailandUnderweight2.20-3.002.9892.0484409.72416706.32433.4521.57868.9817.95322.307-0.050BBB+Baa1BBB+BBB
United Arab EmiratesUnited Arab EmiratesOverweight2.809.002.3704.3014325.13567946.48824.7503.2029.856-0.97627.156-273.575Aa2BBB+