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Chart: GEM HY Spreads are 90btps higher than US HY while GEM IG spreads are 40btps higher than US BBB rates

Source: Inst. Investor




MidLincoln Counry Eurobond Indexes Update



Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondLEBANON REPUBLIC OF (GOVERNMENT) MTN RegS 18MONGOLIA (GOVERNMENT) RegS 22RUSSIAN (FEDERATION OF) RegS 30LEBANON (REPUBLIC OF) MTN RegS 21

Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondVENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20PETROLEOS DE VENEZUELA SA RegS 24VENEZUELA BOLIVARIAN REPUBLIC OF RegS 26

Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondJBS INVESTMENTS GMBH RegS 24DIGICEL GROUP LTD RegS 20CELULOSA ARAUCO Y CONSTITUCION SA 22GERDAU HOLDINGS INC RegS 20

Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
BondODEBRECHT DRILL VIII/IX RegS 21PETROLEOS DE VENEZUELA SA RegS 17SAMARCO MINERACAO SA RegS 22PETROLEOS DE VENEZUELA SA RegS 24

Country Average Sovereign Yield Change USD Eurobonds Weekly
CountryMongoliaVietnamLebanonTrinidad and TobagoPoland

Country Average Corporate Yield Change USD Eurobonds Weekly
CountryJamaicaChileIsraelThailandMorocco

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
LEBANON REPUBLIC OF (GOVERNMENT) MTN RegS 18Lebanon5.760.18
MONGOLIA (GOVERNMENT) RegS 22Mongolia7.760.11
RUSSIAN (FEDERATION OF) RegS 30Russian Federation2.370.10
LEBANON (REPUBLIC OF) MTN RegS 21Lebanon6.220.09
POLAND (REPUBLIC OF) 19Poland1.690.09
VIETNAM (SOCIALIST REPUBLIC OF) RegS 24Vietnam3.810.07
SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 42China3.670.05
LEBANON (REPUBLIC OF) MTN RegS 26Lebanon6.870.05
CORPORACION NACIONAL DEL COBRE DE RegS 25Chile3.740.05
TRINIDAD AND TOBAGO (REPUBLIC OF) 144A 26Trinidad and Tobago4.050.04
LEBANON REPUBLIC OF (GOVERNMENT) RegS 20Lebanon6.150.04
SRI LANKA (DEMOCRATIC SOCIALIST RE 144A 26Sri Lanka5.850.03
SRI LANKA (DEMOCRATIC SOCIALIST RE RegS 19Sri Lanka4.660.03
LEBANON REPUBLIC OF (GOVERNMENT) MTN RegS 23Lebanon6.510.03
PHILIPPINES (REPUBLIC OF) 21Philippines1.750.03
LEBANON REPUBLIC OF (GOVERNMENT) MTN RegS 22Lebanon6.400.03
POLAND (REPUBLIC OF) 21Poland2.130.03
POLAND (REPUBLIC OF) 22Poland2.270.03
PETROLEOS MEXICANOS MTN 26Mexico4.470.02
THREE GORGES FINANCE I (CAYMAN ISL RegS 26China2.860.02


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

BondCountryYieldYield Change %pts
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18Venezuela35.62-1.54
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20Venezuela27.77-1.30
PETROLEOS DE VENEZUELA SA RegS 24Venezuela25.25-1.24
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 26Venezuela24.57-1.11
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22Venezuela30.13-1.05
PETROLEOS DE VENEZUELA SA RegS 27Venezuela19.24-0.97
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19Venezuela34.58-0.95
PETROLEOS DE VENEZUELA SA RegS 37Venezuela15.76-0.78
ESKOM HOLDINGS SOC LTD MTN RegS 23South Africa6.03-0.75
IRAQ (REPUBLIC OF) RegS 28Iraq8.79-0.75
PETROLEOS DE VENEZUELA SA RegS 22Venezuela29.40-0.71
PETROLEOS DE VENEZUELA SA RegS 35Venezuela20.98-0.64
ESKOM HOLDINGS SOC LTD MTN RegS 25South Africa6.48-0.64
VENEZUELA (BOLVARIAN REPUBLIC OF) 34Venezuela20.41-0.62
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31Venezuela23.42-0.60
ESKOM HOLDINGS LTD RegS 21South Africa5.44-0.60
ZAMBIA (REPUBLIC OF) RegS 24Zambia8.36-0.59
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 28Venezuela21.92-0.49
ZAMBIA (REPUBLIC OF) RegS 27Zambia8.85-0.49
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 23Venezuela26.28-0.46


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

BondCountryYieldYield Change %pts
JBS INVESTMENTS GMBH RegS 24Brazil7.120.80
DIGICEL GROUP LTD RegS 20Jamaica11.730.35
CELULOSA ARAUCO Y CONSTITUCION SA 22Chile3.420.31
GERDAU HOLDINGS INC RegS 20Brazil4.450.22
BANCO BRADESCO SA (CAYMAN ISLANDS RegS 21Brazil4.620.17
AMERICA MOVIL SAB DE CV 40Mexico4.470.13
AMERICA MOVIL SAB DE CV 20Mexico1.950.12
TEVA PHARMACEUTICAL FINANCE NETHER 46Israel4.160.11
ITAU UNIBANCO HOLDING SA RegS 20Brazil4.390.08
BANCO DEL ESTADO DE CHILE RegS 20Chile2.380.06
AMERICA MOVIL SA DE CV 35Mexico4.320.05
GRUPO TELEVISA SA 40Mexico5.070.05
EMPRESA NACIONAL DE TELECOMUNICACI RegS 24Chile4.410.05
INVERSIONES CMPC SA RegS 24Chile3.810.05
TEVA PHARMACEUTICAL FINANCE NETHER 26Israel3.090.04
COMISION FEDERAL DE ELECTRICIDAD RegS 24Mexico3.740.04
PETROLEOS MEXICANOS 38Mexico6.120.03
CORPORACION NACIONAL DEL COBRE DE RegS 42Chile4.570.03
HYUNDAI CAPITAL AMERICA RegS 17Korea (South)1.490.01
TEVA PHARMACEUTICAL FINANCE NETHER 23Israel2.750.01


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

BondCountryYieldYield Change %pts
ODEBRECHT DRILL VIII/IX RegS 21Brazil67.24-5.10
PETROLEOS DE VENEZUELA SA RegS 17Venezuela63.00-2.17
SAMARCO MINERACAO SA RegS 22Brazil23.25-1.76
PETROLEOS DE VENEZUELA SA RegS 24Venezuela25.25-0.98
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela31.04-0.97
PETROLEOS DE VENEZUELA SA RegS 37Venezuela15.67-0.73
PETROLEOS DE VENEZUELA SA RegS 27Venezuela19.18-0.71
PETROLEOS DE VENEZUELA SA RegS 22Venezuela29.40-0.71
ESKOM HOLDINGS LTD RegS 21South Africa5.34-0.70
PETROLEOS DE VENEZUELA SA RegS 35Venezuela20.78-0.62
VEDANTA RESOURCES PLC RegS 21India8.60-0.60
EVERGRANDE REAL ESTATE GROUP LTD RegS 18China7.08-0.58
PETROLEOS DE VENEZUELA SA RegS 26Venezuela21.72-0.56
CSN RESOURCES SA RegS 20Brazil18.41-0.44
YPF SA RegS 21Argentina5.96-0.43
TNK-BP FINANCE SA RegS 20Russian Federation3.68-0.33
CBQ FINANCE LTD RegS 19Qatar2.50-0.33
PETROBRAS GLOBAL FINANCE BV 19Brazil4.60-0.32
VNESHECONOMBANK MTN RegS 25Russian Federation5.18-0.32
CENTRAIS ELETRICAS BRASILEIRAS SA RegS 19Brazil5.17-0.31


Country Average Sovereign Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Mongolia7.760.11
Vietnam3.810.07
Lebanon6.470.05
Trinidad and Tobago4.050.04
Poland2.230.01
United States0.52-0.01
Sri Lanka5.34-0.01
Philippines2.47-0.02
China2.35-0.03
Paraguay5.09-0.04
Dominican Republic4.93-0.05
Malaysia3.45-0.05
Chile2.70-0.06
Costa Rica5.71-0.06
Brazil4.48-0.06
Pakistan4.98-0.06
Panama2.75-0.07
Slovak Republic1.67-0.07
Mexico3.82-0.07
Peru3.25-0.08
Tunisia5.92-0.08
Ecuador9.89-0.08
El Salvador6.91-0.09
Morocco3.10-0.09
Romania2.95-0.09
Uruguay3.73-0.10
Argentina5.84-0.12
India3.12-0.12
Lithuania1.91-0.12
Colombia3.52-0.13
Hungary3.05-0.14
Turkey4.47-0.14
Indonesia3.66-0.15
Jamaica5.63-0.15
Oman3.85-0.16
Russian Federation3.80-0.16
Kazakhstan4.29-0.16
Ukraine7.87-0.17
Ethiopia6.82-0.21
Croatia (Hrvatska)3.50-0.21
Serbia3.27-0.22
Angola9.33-0.23
Egypt5.76-0.24
Cote D'Ivoire (Ivory Coast)5.57-0.26
Azerbaijan4.70-0.26
Kenya6.98-0.32
Gabon7.60-0.37
South Africa4.25-0.38
Ghana9.17-0.40
Zambia8.61-0.54
Venezuela24.64-0.73
Iraq8.79-0.75


Country Average Corporate Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Jamaica11.730.35
Chile3.480.04
Israel3.130.00
Thailand2.200.00
Morocco4.19-0.01
United States0.52-0.01
Korea (South)2.00-0.03
Philippines2.35-0.04
Peru2.88-0.04
United Arab Emirates2.75-0.05
Mexico4.24-0.06
Malaysia2.07-0.08
China3.01-0.09
Qatar2.48-0.09
Kazakhstan6.39-0.10
Colombia4.72-0.11
India3.65-0.12
Turkey4.83-0.13
Indonesia4.06-0.16
Russian Federation3.91-0.17
Brazil8.02-0.25
Azerbaijan4.90-0.27
Argentina6.07-0.28
South Africa4.24-0.37
Venezuela28.26-0.93


Top 30 GEM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 20187.0035.62
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 20197.7534.58
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0031.61
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 202212.7530.13
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7529.40
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 20206.0027.77
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 20239.0026.28
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0025.25
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 202611.7524.57
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 20248.2523.59
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 203111.9523.42
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 20257.6522.31
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 20289.2521.92
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0021.84
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7520.98
VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 20279.2520.89
VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 20349.3820.41
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3819.24
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 20387.0017.25
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5015.76
ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 20247.9510.12
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1458514673EcuadorMar 28, 202210.759.98
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1199929826EcuadorMar 24, 202010.509.65
ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 20259.509.33
GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 20268.139.26
GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 20237.889.08
ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 20278.978.85
IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 20285.808.79
ZAMBIA (REPUBLIC OF) RegSXS1056386714ZambiaApr 14, 20248.508.36
UKRAINE (GOVERNMENT OF) RegSXS1303927179UkraineSep 1, 20277.758.06


Top 30 GEM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3567.24
PETROLEOS DE VENEZUELA SA RegSUSP7807HAK16VenezuelaNov 2, 20178.5063.00
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0031.04
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7529.40
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0025.25
SAMARCO MINERACAO SA RegSUSP84050AA46BrazilNov 1, 20224.1323.25
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0021.72
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7520.78
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3819.18
CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5018.41
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5015.67
KAZKOMMERTSBANK JSC RegSXS0867478124KazakhstanDec 21, 20225.5012.75
DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2511.73
VEDANTA RESOURCES PLC RegSUSG9328DAG54IndiaJun 7, 20218.258.60
PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.858.06
PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.257.84
PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.757.81
PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.887.79
PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.637.63
PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.757.19
JBS INVESTMENTS GMBH RegSUSA29866AB53BrazilApr 3, 20247.257.12
VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.11
YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.507.10
YPF SA RegSUSP989MJAY76ArgentinaApr 4, 20248.757.08
EVERGRANDE REAL ESTATE GROUP LTD RegSUSG3225AAD57ChinaOct 30, 20188.757.08
VALE OVERSEAS LIMITEDUS91911TAK97BrazilNov 10, 20396.887.05
VALE OVERSEAS LIMITEDUS91911TAH68BrazilNov 21, 20366.886.90
VALE SAUS91912EAA38BrazilSep 11, 20425.636.72
TURKIYE VAKIFLAR BANKASI TAO MTN RegSXS1175854923TurkeyFeb 3, 20256.886.71
ECOPETROL SAUS279158AE95ColombiaSep 18, 20437.386.66


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

NameISINcountryMaturityCouponYTW
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN749BrazilOct 1, 20160.0014.1
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN6X3BrazilJan 1, 20170.0013.9
BRAZIL FEDERATIVE REPUBLIC OF (GOVBRSTNCLTN707BrazilJul 1, 20170.0013.1
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.5
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.5
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0012.2
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0011.9
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0011.9
BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0011.9
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0011.9
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0011.9
SOUTH AFRICA (REPUBLIC OF)ZAG000099870South AfricaSep 15, 201613.5011.8
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0011.8
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.2510.0
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.5010.0
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.509.91
TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.009.45
TURKEY (REPUBLIC OF)TRT240724T15TurkeyJul 24, 20249.009.44
TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.809.43
TURKEY (REPUBLIC OF)TRT110226T13TurkeyFeb 11, 202610.609.42
TURKEY (REPUBLIC OF)TRT140922T17TurkeySep 14, 20228.509.39
SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.22
SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.21
SOUTH AFRICA (REPUBLIC OF)ZAG000077488South AfricaFeb 28, 20416.509.18
RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.12
SOUTH AFRICA (REPUBLIC OF)ZAG000030404South AfricaMar 31, 20366.259.11
RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.10
SOUTH AFRICA (REPUBLIC OF)ZAG000106998South AfricaJan 31, 20308.008.96
TURKEY (REPUBLIC OF)TRT150120T16TurkeyJan 15, 202010.508.88
TURKEY (REPUBLIC OF)TRT100719T18TurkeyJul 10, 20198.508.85


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
TurkeyTurkeyUnderweight4.470.004.830.003.8005.69482.9518751.18621198.48415.42010.87078.559-3.61635.33621.924-1.993BB+Baa3BBB-BB-
BrazilBrazilUnderweight4.480.008.020.00-3.7985.468417.82841534.78215048.62917.1167.146206.082-2.02931.98142.944-7.144BB+Baa3BBBA-
MexicoMexicoUnderweight3.820.004.240.002.4115.425811.55521082.43117905.51920.4213.310128.632-2.56222.28648.637-4.830AAAA3BBB+BBB
PhilippinesPhilippinesOverweight2.470.002.350.006.0005.32360.4993310.3127612.58425.0832.900104.1952.61319.466-0.574BBBBaa3BBB-BBB
IndonesiaIndonesiaOverweight3.660.004.060.004.9005.26172.5203936.95511633.40932.4814.500258.802-2.59013.967-2.698BB+Baa3BBB-BBB-
RussiaRussian FederationOverweight3.800.003.910.00-1.8495.18629.21731132.73925185.53125.5027.901146.3004.23530.692-4.287BB+Ba1BBB-A
ColombiaColombiaOverweight3.520.004.720.002.5024.39072.5946253.24014171.18517.3505.29148.750-5.98225.53942.155-1.968BBBBaa2BBBBBB+
ChinaChinaOverweight2.350.003.010.006.4904.28997.670711383.03315095.20744.4251.8001381.4542.60428.357-2.884AA-Aa3A+AA+
HungaryHungaryOverweight3.050.002.3004.0916117.72927145.74527.5251.2009.8355.38644.59271.042BBBa1BB+BBB-
PolandPolandUnderweight2.230.003.5713.6866473.50127670.46318.8410.48138.003-1.75739.35626.071-3.374A-A2A-A-
South AfricaSouth AfricaUnderweight4.250.004.240.000.6123.63561.4357266.21313166.21314.4036.90055.831-4.36730.13946.222-3.178BBB-Baa1BBBA
VenezuelaVenezuelaUnderweight24.640.0028.260.00-8.0003.50803.3616185.61115251.50713.053720.03631.416-6.55213.974BB2B+BB+
PeruPeruOverweight3.250.002.880.003.7443.21841.3003178.64312580.60320.8003.41832.405-3.88120.4527.543-1.715BBB+A3BBB+BBB+
KazakhstanKazakhstanOverweight4.290.006.390.000.1353.09412.3742116.15124176.91423.2469.00017.947-3.96418.379-26.952-3.983BBB+Baa2BBBBBB-
CroatiaCroatia (Hrvatska)Overweight3.500.001.9003.062049.92822296.21921.3320.8004.2042.65443.743-2.655BB+Baa3BBBBBB-
LebanonLebanonUnderweight6.470.001.0003.036752.79718425.821-1.1552.0004.597-21.33219.529134.941-13.571BB1B
UkraineUkraineUnderweight7.870.001.4812.603083.5508185.25813.50313.04042.501-2.58637.83390.593-2.914BBB-Caa1CCCB-
ArgentinaArgentinaOverweight5.840.006.070.00-1.0072.11160.2414437.85622303.20516.20524.95343.564-1.65735.844-5.976SDCaa1RDD
LithuaniaLithuaniaUnderweight1.910.002.7342.039943.02429716.64715.8301.4302.875-3.04733.85139.413-0.658A-Baa1A-BBB-
RomaniaRomaniaUnderweight2.950.004.2002.0348181.94421916.39522.7531.50019.869-1.73330.769-3.032BBB-Baa3BBB-BB+
ChileChileOverweight2.700.003.480.001.5371.85042.5142235.41923803.28320.0583.52718.196-2.10023.512-1.137-2.325AA-Aa3A+AA
UruguayUruguayUnderweight3.730.001.3871.771953.14521944.29614.8709.0803.427-3.94228.46925.729-3.931BBB-Baa2BBB-BB+
SerbiaSerbiaUnderweight3.270.001.7501.675337.38114047.02614.3712.5897.132-4.41140.18875.454-2.825BB-B1B+BB-
MalaysiaMalaysiaOverweight3.450.002.070.004.4001.53970.9447309.26227278.20028.0223.13131.5232.33620.492-3.667A-A3A-A+
Dominican RepublicDominican RepublicUnderweight4.930.005.4001.431271.43315776.94719.9523.34010.098-1.67314.58135.109-2.603B+B1B
PanamaPanamaUnderweight2.750.006.1001.376055.75522861.40639.9310.8004.086-6.06920.04236.362-0.574BBBBaa2BBBA-
Sri LankaSri LankaUnderweight5.340.005.0001.313884.80711127.25930.0784.06021.252-0.79313.590B+B1BB-B+
IraqIraqOverweight8.790.007.1540.8345148.41116323.3237.9212.00036.067-14.44333.063
C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight5.570.000.8122
LatviaLatviaUnderweight3.2040.753828.17725883.26920.1821.5721.976-2.02436.02731.920-1.104A-Baa1A-BB
EcuadorEcuadorOverweight9.920.00-4.4970.723394.01410698.29615.4010.80316.529-2.32930.416-0.599B+Caa1BB-
AzerbaijanAzerbaijanOverweight4.700.004.900.00-2.9910.699835.14117486.51125.70418.0009.492-0.18527.927BBB-Baa3BBB-
Costa RicaCosta RicaUnderweight5.710.004.2500.630556.90816088.60914.9353.0004.900-4.21114.537BBBaa3BB+
PakistanPakistanUnderweight4.980.004.5000.6084n/a5173.96014.1664.500189.870-1.13515.74558.449B-Caa1CCC
KenyaKenyaUnderweight6.980.005.9820.596064.6883338.35114.1735.80045.478-8.27320.52053.109B+B+B
Slovak RepublicSlovak RepublicOverweight1.670.003.3470.539489.79731012.83421.7200.6615.418-0.98338.459-2.121
GabonGabonOverweight7.600.003.1820.514114.16619149.89129.0092.5001.881-7.20219.824BB-BB-
MoroccoMoroccoUnderweight3.100.004.190.002.2560.49590.8213108.0968349.71234.7881.30033.8270.42325.27163.809-4.361BBB-Ba1BBB-BBB
AngolaAngolaOverweight9.330.002.5140.403881.4977380.793-1.07919.19425.868-11.58821.571BB-Ba3BB-BB-
ZambiaZambiaOverweight8.610.003.4250.389819.1173917.73826.45114.30016.717-3.80716.91655.466B+B+
VietnamVietnamUnderweight3.810.006.3000.3652201.3616399.67426.6372.00092.6370.56221.658BB-B1B+B+
El SalvadorEl SalvadorUnderweight6.910.002.5000.359327.3278558.82711.1661.8506.403-3.02718.476BB-Ba2BB-
ParaguayParaguayUnderweight5.090.002.8930.351726.8048905.02415.0354.5007.115-1.23921.75622.157-2.597BB-B1B+
EgyptEgyptUnderweight5.760.003.2560.3465n/a12113.09410.61110.23390.203-5.33921.77780.803-11.119CCC+Caa1B-B-
GhanaGhanaUnderweight9.170.004.5320.317738.1714390.97416.77312.36927.573-7.22020.96772.075BB+B
MongoliaMongoliaOverweight7.760.000.4060.212711.65212133.48319.2053.7103.014-10.65225.965BB-B1B+BB-
Hong KongHong KongUnderweight3.0607AAAAa1AA+AAA
IndiaIndiaUnderweight3.120.003.650.007.4544.85822288.7156598.97031.2445.1371309.713-1.50620.982-6.959BBB-Baa3BBB-BBB+
IsraelIsraelUnderweight3.130.002.8471.0819306.19434335.65323.8750.4548.5284.04537.25362.598-3.593A+A1AA-
JamaicaJamaicaUnderweight5.630.0011.730.002.2060.793814.0578990.92513.2675.3002.829-2.86627.963CCC+B3B-
KoreaKorea (South)Overweight2.000.002.6687.93031321.19637699.19335.1711.74850.8358.24520.91135.3400.625
QatarQatarOverweight2.480.003.4012.0557170.860129511.84852.6922.578-5.03632.395-122.512AAAa2AA-
SingaporeSingaporeOverweight1.7732.8012294.56086853.68647.0811.3435.58421.16421.6772.065AAAAaaAAAAAA
ThailandThailandUnderweight2.200.002.9892.0484409.72416706.32433.4521.57868.9817.95322.307-0.050BBB+Baa1BBB+BBB
United Arab EmiratesUnited Arab EmiratesOverweight2.750.002.3704.3014325.13567946.48824.7503.2029.856-0.97627.156-273.575Aa2BBB+