Developed Markets

Rates & sovereigns

Europe (core): monthly yield rises led by the United Kingdom, Switzerland and Germany suggest renewed duration pressure across core European curves. Stay cautious on long-end duration until momentum stabilizes.
Japan: Long-dated JGBs continue to show volatility across the 30–40yr sector. Prefer shorter JPY duration and avoid concentrated ultra‑long exposure.
United States: The UST <10y indicator remains the anchor rate. Express views via the intermediate belly rather than extending duration into the long end.

Credit

Use the DM corporate movers and “Top DM Corporate by Yield” tables as a watchlist. Many extreme yields reflect liquidity stress or event risk. Prefer higher‑quality spread exposure in Financials, Agencies and Utilities.

Implementation (model)

Overweight: DM IG Financials and Agencies; short/intermediate sovereign carry.
Neutral: US intermediate Treasuries via roll‑down.
Underweight: Long‑end DM duration and distressed high‑yield credits.

Emerging Markets

Hard currency (USD) EM

The USD sovereign yield tables show growing dispersion. Moderate widening in countries such as Brazil, Pakistan and Colombia suggests selective repricing rather than systemic stress. Focus on credits where yields remain elevated but stable or tightening.

Local currency

Local market returns are a joint bet on rates and FX. Default stance favors FX‑hedged local duration unless there is a clear currency thesis.

Implementation (model)

Overweight: Higher‑quality EM IG and sovereigns showing tightening momentum.
Neutral: Broad EM credit beta.
Underweight: Names with widening yields and weak liquidity.

Frontier Markets

Frontier markets remain a tactical sleeve. Recent yield compression in Bolivia, Ghana and Trinidad & Tobago highlights improving risk appetite but liquidity conditions require strict risk budgeting.

Implementation (model)

Overweight (tactical): High‑carry frontier sovereigns with tightening yields.
Underweight: Frontier names where yields are rising and risk premium is building.

Sectors

The sector tables show clear divergence.

Wideners: Technology and Transportation show the largest yield increases, indicating sensitivity to global growth risk.
Tighteners: Energy leads tightening while Utilities and Industrials also improve.

Implementation (model)

Overweight: Energy, Utilities and select Financials.
Neutral: Agencies and core sovereign exposure.
Underweight: Technology and Transportation credit until spreads stabilize.

Global Yield Monitor – March Data

Tables below come directly from the March supporting data report.

FOMC Meeting

Coin — Gape — Gold Price Prediction Ahead of March 18 FOMC Meeting — Gold price holds near $5170 ahead of the March 18 FOMC meeting as traders watch rate signals and key resistance at $5180..

Business Insider — Fed meeting recap: Interest rates hold steady, Jerome Powell stays silent on major controversies — The Federal Reserve held interest rates steady in January. Fed Chair Jerome Powell has faced pressure from Trump to cut rates, and from a....1 month ago

J.P. Morgan — Fed Leaves Rates Unchanged to Start 2026: Is a Cut Coming in March?The Federal Reserve held interest rates steady in January. Learn what investors can expect at the March meeting and how inflation and a....1 month ago

CBS News — Federal Reserve meets Wednesday for its first interest rate decision of 2026. Here's what to expect.Jerome Powell will announce the central bank's next interest rate decision on Jan. 28 amid political and legal turmoil involving the Fed..1 month ago

Reuters — Fed meeting likely to be overshadowed by threats to central bank's independence — Fed meeting likely to be overshadowed by threats to central bank's independence · Threats against Powell, Cook's attempted removal put focus on....1 month ago

Country Average Sovereign+Corporate USD Yields Ordered by Period Change

country	Yield	YieldChange
Qatar	9.27	4.24
United Kingdom	8.92	2.08
Luxembourg	17.46	1.33
Kenya	8.41	0.83
Switzerland	7.37	0.79
Pakistan	7.07	0.60
Brazil	8.52	0.49
Ireland	6.43	0.47
Germany	8.96	0.38
United Arab Emirates	5.68	0.35
Canada	6.92	0.33
Sri Lanka	6.10	0.32
Moldova	10.41	0.30
France	7.19	0.30
Thailand	5.69	0.27
Israel	5.87	0.25
Zambia	5.56	0.24
Turkey	6.89	0.23
Colombia	7.10	0.22
United States	6.97	0.22
Netherlands	7.49	0.22
Australia	5.29	0.22
Macau	5.93	0.21
Bahrain	6.44	0.16
Suriname	7.55	0.16
Egypt	7.51	0.15
Kuwait	5.31	0.15
Jordan	6.29	0.14
Madagascar	6.95	0.14
Ukraine	12.51	0.13
India	5.88	0.13
Saudi Arabia	5.51	0.10
Indonesia	5.43	0.09
Benin	7.42	0.09
Democratic Rep of Congo	6.48	0.09
Ecuador	8.80	0.08
Japan	6.12	0.07
Peru	6.19	0.06
Argentina	7.84	0.05
Singapore	5.44	0.05
Dominican Republic	5.96	0.04
Mexico	6.65	0.03
Cote D'Ivoire (Ivory Coast)	6.77	0.03
Philippines	5.55	0.03
South Africa	6.12	0.02
Malaysia	5.50	0.02
China	6.12	0.02
El Salvador	7.53	0.02
Hong Kong	5.38	0.02
Korea (South)	4.40	0.02
Oman	5.02	0.00
Hungary	5.84	0.00
Lebanon	0.00	0.00
Jamaica	5.88	-0.03
Romania	5.58	-0.03
Taiwan	4.59	-0.03
Burkina Faso	5.96	-0.03
Chile	5.59	-0.05
Tanzania	6.05	-0.05
Costa Rica	5.70	-0.06
Czech Republic	5.53	-0.07
Armenia	6.31	-0.07
Poland	4.86	-0.08
Serbia	5.54	-0.08
Uruguay	5.04	-0.10
Morocco	5.61	-0.10
Kazakhstan	5.27	-0.11
Guatemala	6.03	-0.11
Paraguay	5.40	-0.12
Panama	6.07	-0.13
Nigeria	7.00	-0.15
Angola	8.76	-0.15
Togo	7.81	-0.17
Senegal	16.02	-0.20
Cameroon	7.26	-0.43
Trinidad and Tobago	11.25	-1.02
Ghana	9.78	-1.43
Bolivia	7.80	-2.27

Country Average Sovereign+Corporate USD Yields Ordered By YTD Yield Change

country	Yield	YieldChange
Qatar	9.85	4.81
Luxembourg	17.46	3.44
Senegal	16.02	3.13
United Kingdom	9.12	2.33
Switzerland	7.37	1.73
France	7.19	1.19
China	6.25	0.89
Germany	8.96	0.77
Bahrain	6.40	0.67
Brazil	8.70	0.59
Canada	6.99	0.46
United Arab Emirates	5.61	0.44
Peru	6.17	0.35
Thailand	5.33	0.32
Jordan	6.29	0.29
Kuwait	5.12	0.29
United States	6.96	0.26
Colombia	7.08	0.25
Oman	5.04	0.24
Saudi Arabia	5.45	0.24
Indonesia	5.32	0.22
Hungary	5.84	0.21
Uruguay	5.04	0.18
Morocco	5.63	0.17
Israel	5.88	0.16
Dominican Republic	5.95	0.15
Tanzania	6.05	0.13
Philippines	5.58	0.12
Madagascar	6.95	0.10
Japan	6.12	0.10
Serbia	5.54	0.09
Taiwan	4.45	0.08
South Africa	6.07	0.06
El Salvador	7.53	0.06
Poland	4.86	0.05
Malaysia	5.56	0.04
Turkey	6.81	0.03
Kenya	8.41	0.03
Ireland	5.23	0.03
Macau	5.91	0.02
Kazakhstan	5.33	0.00
Lebanon	0.00	0.00
Mexico	6.63	-0.03
Pakistan	7.07	-0.03
Paraguay	5.40	-0.05
Korea (South)	4.41	-0.05
Czech Republic	5.53	-0.08
Costa Rica	5.70	-0.09
Burkina Faso	5.96	-0.09
Cote D'Ivoire (Ivory Coast)	6.77	-0.11
Zambia	5.56	-0.11
Netherlands	7.40	-0.11
Egypt	7.51	-0.12
Guatemala	5.91	-0.12
Romania	5.58	-0.15
Chile	5.55	-0.16
Hong Kong	5.30	-0.20
Singapore	5.09	-0.21
India	5.80	-0.22
Panama	6.07	-0.24
Australia	5.29	-0.26
Jamaica	5.88	-0.28
Togo	7.81	-0.34
Democratic Rep of Congo	6.48	-0.36
Sri Lanka	6.10	-0.60
Angola	8.94	-0.66
Argentina	7.90	-0.76
Moldova	10.41	-0.76
Nigeria	6.88	-1.01
Ghana	9.78	-1.02
Ukraine	12.82	-2.08
Ecuador	8.81	-2.67
Trinidad and Tobago	13.70	-7.51
Bolivia	7.80	-12.20

Country Average Sovereign+Corporate USD Yields Ordered by Current YTM

country	Yield	YieldChange
Luxembourg	17.46	1.33
Senegal	16.02	-0.20
Ukraine	12.51	0.13
Trinidad and Tobago	11.25	-1.02
Moldova	10.41	0.30
Ghana	9.78	-1.43
Qatar	9.27	4.24
Germany	8.96	0.38
United Kingdom	8.92	2.08
Ecuador	8.80	0.08
Angola	8.76	-0.15
Brazil	8.52	0.49
Kenya	8.41	0.83
Argentina	7.84	0.05
Togo	7.81	-0.17
Bolivia	7.80	-2.27
Suriname	7.55	0.16
El Salvador	7.53	0.02
Egypt	7.51	0.15
Netherlands	7.49	0.22
Benin	7.42	0.09
Switzerland	7.37	0.79
Cameroon	7.26	-0.43
France	7.19	0.30
Colombia	7.10	0.22
Pakistan	7.07	0.60
Nigeria	7.00	-0.15
United States	6.97	0.22
Madagascar	6.95	0.14
Canada	6.92	0.33
Turkey	6.89	0.23
Cote D'Ivoire (Ivory Coast)	6.77	0.03
Mexico	6.65	0.03
Democratic Rep of Congo	6.48	0.09
Bahrain	6.44	0.16
Ireland	6.43	0.47
Armenia	6.31	-0.07
Jordan	6.29	0.14
Peru	6.19	0.06
South Africa	6.12	0.02
China	6.12	0.02
Japan	6.12	0.07
Sri Lanka	6.10	0.32
Panama	6.07	-0.13
Tanzania	6.05	-0.05
Guatemala	6.03	-0.11
Dominican Republic	5.96	0.04
Burkina Faso	5.96	-0.03
Macau	5.93	0.21
Jamaica	5.88	-0.03
India	5.88	0.13
Israel	5.87	0.25
Hungary	5.84	0.00
Costa Rica	5.70	-0.06
Thailand	5.69	0.27
United Arab Emirates	5.68	0.35
Morocco	5.61	-0.10
Chile	5.59	-0.05
Romania	5.58	-0.03
Zambia	5.56	0.24
Philippines	5.55	0.03
Serbia	5.54	-0.08
Czech Republic	5.53	-0.07
Saudi Arabia	5.51	0.10
Malaysia	5.50	0.02
Singapore	5.44	0.05
Indonesia	5.43	0.09
Paraguay	5.40	-0.12
Hong Kong	5.38	0.02
Kuwait	5.31	0.15
Australia	5.29	0.22
Kazakhstan	5.27	-0.11
Uruguay	5.04	-0.10
Oman	5.02	0.00
Poland	4.86	-0.08
Taiwan	4.59	-0.03
Korea (South)	4.40	0.02
Lebanon	0.00	0.00

Country Local Currency Yields Ordered by Period Change

country	Yield	YieldChange
Jersey	11.83	2.06
Turkey	31.60	1.38
Luxembourg	11.13	1.16
Colombia	13.70	0.94
Czech Republic	4.26	0.35
Switzerland	3.55	0.33
Brazil	13.61	0.26
Poland	4.28	0.25
United States	4.59	0.25
Peru	5.53	0.21
Indonesia	6.14	0.20
Denmark	3.46	0.19
United Kingdom	6.42	0.19
Netherlands	4.23	0.18
Spain	3.71	0.17
Italy	3.81	0.17
Hungary	6.41	0.16
France	4.65	0.16
Greece	4.22	0.16
Germany	3.73	0.15
South Africa	8.36	0.14
Norway	4.20	0.12
Austria	3.23	0.11
Slovenia	5.18	0.11
Romania	6.36	0.09
Portugal	3.26	0.08
Ireland	3.29	0.06
Sweden	3.40	0.06
Chile	5.06	0.04
Mexico	8.56	0.04
Finland	3.25	0.04
Belgium	3.42	0.03
Malaysia	3.51	0.02
Israel	3.61	0.02
Canada	3.48	-0.02
Serbia	4.77	-0.03
Australia	4.64	-0.03
China	1.61	-0.04
India	6.54	-0.07
Singapore	1.80	-0.07
Thailand	1.61	-0.08
New Zealand	4.15	-0.09
Japan	2.56	-0.13
Uruguay	6.96	-0.20
Dominican Republic	9.02	-0.21

Country Local Currency Yields Ordered by Yield

country	Yield	YieldChange
Turkey	31.60	1.38
Colombia	13.70	0.94
Brazil	13.61	0.26
Jersey	11.83	2.06
Luxembourg	11.13	1.16
Dominican Republic	9.02	-0.21
Mexico	8.56	0.04
South Africa	8.36	0.14
Uruguay	6.96	-0.20
India	6.54	-0.07
United Kingdom	6.42	0.19
Hungary	6.41	0.16
Romania	6.36	0.09
Indonesia	6.14	0.20
Peru	5.53	0.21
Slovenia	5.18	0.11
Chile	5.06	0.04
Serbia	4.77	-0.03
France	4.65	0.16
Australia	4.64	-0.03
United States	4.59	0.25
Poland	4.28	0.25
Czech Republic	4.26	0.35
Netherlands	4.23	0.18
Greece	4.22	0.16
Norway	4.20	0.12
New Zealand	4.15	-0.09
Italy	3.81	0.17
Germany	3.73	0.15
Spain	3.71	0.17
Israel	3.61	0.02
Switzerland	3.55	0.33
Malaysia	3.51	0.02
Canada	3.48	-0.02
Denmark	3.46	0.19
Belgium	3.42	0.03
Sweden	3.40	0.06
Ireland	3.29	0.06
Portugal	3.26	0.08
Finland	3.25	0.04
Austria	3.23	0.11
Japan	2.56	-0.13
Singapore	1.80	-0.07
China	1.61	-0.04
Thailand	1.61	-0.08

Global Bond Yields By Sector Last Month

sector	AverageYTM	YieldChange
Owned No Guarantee	5.27	0.25
Agency	5.67	0.06
Electric	5.76	-0.05
Energy	5.88	-0.10
Industrial Other	6.02	0.14
Capital Goods	6.09	0.22
Local Authority	6.24	-0.02
Reits	6.33	-0.15
Sovereign	6.36	0.06
Banking	6.45	0.18
Financial Institutions	6.50	0.34
Brokerage/Asset Managers/Exchanges	6.53	0.53
Consumer Cyclical	6.59	0.31
Finance Companies	6.72	0.72
Consumer Non-Cyclical	6.81	0.30
Insurance	6.82	0.74
Utility	7.01	0.19
Financial Other	7.26	0.26
Basic Industry	7.30	0.16
Industrial	7.44	0.25
Technology	8.75	0.35
Communications	9.02	0.36
Transportation	10.87	1.26

Global Bond Yields By Yield Change YTD

sector	AverageYTM	YieldChange
Transportation	11.19	1.84
Technology	8.70	1.75
Insurance	6.76	0.94
Finance Companies	6.68	0.79
Communications	9.06	0.73
Brokerage/Asset Managers/Exchanges	6.53	0.55
Consumer Non-Cyclical	6.83	0.49
Financial Institutions	6.49	0.43
Local Authority	5.86	0.32
Owned No Guarantee	5.27	0.28
Banking	6.45	0.28
Capital Goods	5.85	0.20
Basic Industry	7.38	0.15
Consumer Cyclical	6.61	0.12
Agency	5.69	0.11
Industrial Other	6.10	0.11
Industrial	7.47	0.07
Utility	6.95	0.07
Financial Other	7.38	0.04
Sovereign	6.30	0.00
Electric	5.73	-0.04
Reits	6.39	-0.32
Energy	5.87	-0.72

Average Sovereign GEM Yields (last value 5.74)

Average Corporate GEM Yields (last value 5.87)

Average Corporate High Yield GEM Yields (last value 7.38)

Average DM Yields (last value 3.04)

Average UST Yield Less than 10 year duration (last value 3.72)

Average Sovereign GEM Local Yields (last value 5.74)

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

Bond
PAKISTAN (ISLAMIC REPUBLIC OF) RegS 27
KENYA (REPUBLIC OF) RegS 34
SRI LANKA (REPUBLIC OF) PDI RegS 28
KENYA (REPUBLIC OF) RegS 31

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

Bond
BOLIVIA PLURINATIONAL STATE OF RegS 28
SENEGAL (REPUBLIC OF) RegS 31
JAMAICA (GOVERNMENT) 28
PANAMA REPUBLIC OF (GOVERNMENT) 56

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

Bond
COMMERCIAL BANK PSQC RegS 79
RAIZEN FUELS FINANCE SA RegS 34
VESTEL ELEKTRONIK SANAYI VE TICARE RegS 29
CSN ISLANDS XI CORP RegS 28

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

Bond
KOSMOS ENERGY LTD RegS 31
UNITED OVERSEAS BANK LTD MTN RegS 31
DBS GROUP HOLDINGS LTD MTN RegS 31
NETWORK I2I LTD RegS 79

Country Average Sovereign Yield Change USD Eurobonds monthly

Country
Kenya
Pakistan
Zambia
Sri Lanka
Ukraine

Country Average Corporate Yield Change USD Eurobonds monthly

Country
Luxembourg
Qatar
Brazil
Moldova
Turkey

Top 30 GEM Souvereign Eurobonds by Yield

Name
SENEGAL (REPUBLIC OF) RegS
SENEGAL (REPUBLIC OF) RegS
UKRAINE (REPUBLIC OF) A BONDS RegS

Top 30 GEM Corporate Eurobonds by Yield

Name
BRASKEM NETHERLANDS FINANCE BV RegS
VANKE REAL ESTATE HONG KONG CO LTD MTN RegS
COMMERCIAL BANK PSQC RegS

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

Name
TURKEY (REPUBLIC OF)
TURKEY (REPUBLIC OF)
TURKEY (REPUBLIC OF)

Top 20 Developed Markets Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) monthly

Bond
NORWAY KINGDOM OF (GOVERNMENT) 28
NORWAY KINGDOM OF (GOVERNMENT) 29
AUSTRIA (REPUBLIC OF) MTN 27
ITALY (REPUBLIC OF) RegS 28

Top 20 Developed Markets Sovereign Bonds Yields Drops Change USD Eurobonds (Winners) monthly

Bond
JAPAN (GOVERNMENT OF) 40YR #16 63
JAPAN (GOVERNMENT OF) 40YR #15 62
JAPAN (GOVERNMENT OF) 40YR #9 56
JAPAN (GOVERNMENT OF) 30YR #73 51

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

Bond	Country	Yield	Yield Change %pts
ODEON FINCO PLC 144A 27	United Kingdom	50.000000	41.28
PARAMOUNT GLOBAL 57	United States	36.840000	21.26
MICHAELS COMPANIES INC 144A 29	United States	29.140000	20.30
HERENS MIDCO SARL RegS 29	Luxembourg	47.550000	17.45
PARAMOUNT GLOBAL 62	United States	28.930000	16.68

Top 10 Developed Markets Corporate Bonds Yields Drops Week Change USD Eurobonds (Winners)

Bond	Country	Yield	Yield Change %pts
SAKS GLOBAL ENTERPRISES LLC 144A 29	United States	0.000000	-50.00
SERVICE PROPERTIES TRUST 29	United States	-5.000000	-12.67
AMC NETWORKS INC NEVADA 144A 29	United States	-5.000000	-12.66
CHEMOURS COMPANY 27	United States	-5.000000	-9.68
BOMBARDIER INC 144A 28	Canada	-5.000000	-8.73

Top 30 DM Souvereign Eurobonds by Yield

Name	ISIN	country	Maturity	Coupon	YTW
AUSTRALIA (COMMONWEALTH OF) RegS	AU0000097495	Australia	Jun 21, 2051	1.75	5.300000
UK CONV GILT RegS	GB00BPCJD997	United Kingdom	Oct 22, 2053	3.75	5.260000
AUSTRALIA (COMMONWEALTH OF) RegS	AU0000300535	Australia	Jun 21, 2054	4.75	5.260000

Top 30 DM Corporate Eurobonds by Yield

Name	ISIN	country	Maturity	Coupon	YTW
ODEON FINCO PLC 144A	US67585LAA35	United Kingdom	Nov 01, 2027	12.75	50.000000
BRIGHTLINE EAST LLC 144A	US093536AA89	United States	Jan 31, 2030	11.00	50.000000
XEROX HOLDINGS CORP 144A	US98421MAB28	United States	Aug 15, 2028	5.50	50.000000

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

Bond	Country	Yield	Yield Change % pts
PAKISTAN (ISLAMIC REPUBLIC OF) RegS 27	Pakistan	6.870000	0.94
KENYA (REPUBLIC OF) RegS 34	Kenya	8.550000	0.93
SRI LANKA (REPUBLIC OF) PDI RegS 28	Sri Lanka	6.850000	0.89
KENYA (REPUBLIC OF) RegS 31	Kenya	7.480000	0.86
KENYA (REPUBLIC OF) RegS 32	Kenya	7.680000	0.83
PETROLEOS DEL PERU PETROPERU SA RegS 32	Peru	10.630000	0.81
KENYA (REPUBLIC OF) RegS 36	Kenya	9.050000	0.79
PAKISTAN (ISLAMIC REPUBLIC OF) MTN RegS 31	Pakistan	7.960000	0.75
KENYA (REPUBLIC OF) RegS 48	Kenya	9.290000	0.73
PAKISTAN GLOBAL SUKUK PROGRAMME CO MTN RegS 29	Pakistan	7.250000	0.70
UKRAINE (REPUBLIC OF) C BONDS RegS 32	Ukraine	12.060000	0.62
UKRAINE (REPUBLIC OF) A BONDS RegS 29	Ukraine	15.520000	0.58
ZAMBIA (REPUBLIC OF) A bond RegS 33	Zambia	7.170000	0.55
SRI LANKA (REPUBLIC OF) GLB RegS 35	Sri Lanka	8.840000	0.55
PETROLEOS DEL PERU PETROPERU SA RegS 47	Peru	9.570000	0.52
UKRAINE (REPUBLIC OF) C BONDS 144A 32	Ukraine	10.240000	0.49
ARGENTINA REPUBLIC OF GOVERNMENT 41	Argentina	9.630000	0.44
ARGENTINA REPUBLIC OF GOVERNMENT 46	Argentina	9.630000	0.41
UKRAINE (REPUBLIC OF) A BONDS RegS 34	Ukraine	13.860000	0.40
HAZINE MUSTESARLIGI VARLIK KIRALAM RegS 29	Turkey	5.460000	0.38

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

Bond	Country	Yield	Yield Change %pts
BOLIVIA PLURINATIONAL STATE OF RegS 28	Bolivia	7.800000	-2.27
SENEGAL (REPUBLIC OF) RegS 31	Senegal	18.300000	-0.75
JAMAICA (GOVERNMENT) 28	Jamaica	4.060000	-0.36
PANAMA REPUBLIC OF (GOVERNMENT) 56	Panama	6.220000	-0.32
BANCO NACIONAL DE PANAMA RegS 30	Panama	4.990000	-0.31
ANGOLA (REPUBLIC OF) MTN RegS 29	Angola	8.150000	-0.30
PANAMA REPUBLIC OF (GOVERNMENT) 60	Panama	6.150000	-0.30
PANAMA REPUBLIC OF (GOVERNMENT) 54	Panama	6.350000	-0.28
PANAMA REPUBLIC OF (GOVERNMENT) 47	Panama	6.190000	-0.27
PANAMA REPUBLIC OF (GOVERNMENT) 35	Panama	5.440000	-0.26
PANAMA REPUBLIC OF (GOVERNMENT) 50	Panama	6.240000	-0.26
PANAMA REPUBLIC OF (GOVERNMENT) 53	Panama	6.150000	-0.25
PANAMA REPUBLIC OF (GOVERNMENT) 63	Panama	6.180000	-0.24
PANAMA REPUBLIC OF (GOVERNMENT) 38	Panama	5.750000	-0.23
PARAGUAY REPUBLIC OF (GOVERNMENT) RegS 31	Paraguay	4.540000	-0.22
BRAZIL FEDERATIVE REPUBLIC OF (GOV 33	Brazil	5.560000	-0.22
PANAMA REPUBLIC OF (GOVERNMENT) 36	Panama	5.630000	-0.22
BRAZIL FEDERATIVE REPUBLIC OF (GOV 35	Brazil	6.010000	-0.21
PANAMA REPUBLIC OF (GOVERNMENT) 32	Panama	5.190000	-0.21
CORPORACION NACIONAL DEL COBRE DE RegS 30	Chile	4.360000	-0.21

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

Bond	Country	Yield	Yield Change %pts
COMMERCIAL BANK PSQC RegS 79	Qatar	35.690000	28.10
RAIZEN FUELS FINANCE SA RegS 34	Brazil	20.110000	6.56
VESTEL ELEKTRONIK SANAYI VE TICARE RegS 29	Turkey	27.340000	6.50
CSN ISLANDS XI CORP RegS 28	Brazil	15.450000	6.25
RAIZEN FUELS FINANCE SA RegS 35	Brazil	17.790000	5.49
RAIZEN FUELS FINANCE SA RegS 37	Brazil	18.070000	5.40
CSN RESOURCES SA RegS 30	Brazil	15.410000	5.34
PLAYTIKA HOLDING CORP RegS 29	Israel	13.920000	4.51
RAIZEN FUELS FINANCE SA RegS 54	Brazil	15.490000	4.10
CSN RESOURCES SA RegS 32	Brazil	13.610000	3.57
CSN RESOURCES SA RegS 31	Brazil	13.430000	3.32
COSAN OVERSEAS LTD RegS 79	Brazil	8.450000	2.67
ALTICE FINANCING SA RegS 28	Luxembourg	26.400000	2.62
MIZRAHI TEFAHOT BANK LTD 31	Israel	8.350000	2.51
BRASKEM NETHERLANDS FINANCE BV RegS 30	Brazil	31.300000	2.43
OMNIYAT SUKUK 1 LTD RegS 28	United Arab Emirates	9.400000	2.38
ZORLU ENERJI ELEKTRIK URETIM AS RegS 30	Turkey	15.090000	2.04
GOL FINANCE INC RegS 30	Brazil	14.960000	1.92
AEGEA FINANCE SARL RegS 31	Brazil	8.520000	1.77
GLP PTE LTD MTN RegS 28	Singapore	10.250000	1.73

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

Bond	Country	Yield	Yield Change %pts
KOSMOS ENERGY LTD RegS 31	Ghana	14.990000	-4.79
UNITED OVERSEAS BANK LTD MTN RegS 31	Singapore	0.000000	-4.13
DBS GROUP HOLDINGS LTD MTN RegS 31	Singapore	0.000000	-3.97
NETWORK I2I LTD RegS 79	India	4.750000	-2.08
TELEFONICA MOVILES CHILE SA RegS 31	Chile	8.550000	-1.72
CONSOLIDATED ENERGY FINANCE SA RegS 31	Trinidad and Tobago	15.260000	-1.46
CONSOLIDATED ENERGY FINANCE SA RegS 28	Trinidad and Tobago	12.130000	-1.45
IHS HOLDING LTD/KY RegS 30	Nigeria	5.130000	-1.44
METINVEST BV RegS 29	Ukraine	11.690000	-1.19
BORR IHC LTD RegS 28	Mexico	7.690000	-1.11
AIA GROUP LTD MTN RegS 79	Hong Kong	3.680000	-0.77
BORR IHC LTD RegS 30	Mexico	8.700000	-0.77
IHS HOLDING LTD/KY RegS 31	Nigeria	6.290000	-0.66
SIERRACOL ENERGY ANDINA LLC RegS 30	Colombia	8.400000	-0.59
IHS HOLDING LTD/KY RegS 28	Nigeria	5.880000	-0.53
TRIDENT ENERGY FINANCE PLC RegS 29	Brazil	9.780000	-0.48
DIB TIER 1 SUKUK (4) LTD RegS 79	United Arab Emirates	5.650000	-0.44
GOLAR LNG LTD RegS 30	Cameroon	7.260000	-0.43
MOBILIARE LATAM SA RegS 32	Guatemala	6.560000	-0.39
SEPLAT ENERGY PLC RegS 30	Nigeria	6.900000	-0.35

Country Average Sovereign Yield Change USD Eurobonds monthly

Country	Average Yield	Yield Average change % pts
Kenya	8.41	0.83
Pakistan	7.36	0.80
Zambia	4.48	0.35
Sri Lanka	6.10	0.32
Ukraine	12.58	0.30
Argentina	9.20	0.30
Ghana	7.17	0.26
Colombia	6.78	0.23
Jordan	6.40	0.16
Bahrain	6.43	0.16
Suriname	7.55	0.16
Egypt	7.51	0.15
Turkey	6.27	0.13
Benin	7.42	0.09
United Arab Emirates	4.96	0.08
Ecuador	8.80	0.08
Indonesia	5.04	0.06
Dominican Republic	6.00	0.05
Nigeria	7.15	0.03
Cote D'Ivoire (Ivory Coast)	6.77	0.03
Saudi Arabia	4.90	0.02
El Salvador	7.53	0.02
China	3.86	0.01
Lebanon	0.00	0.00
Hungary	5.27	-0.02
Peru	5.95	-0.02
India	4.58	-0.02
Romania	5.58	-0.03
Azerbaijan	4.86	-0.03
Philippines	4.92	-0.03
Serbia	5.22	-0.03
South Africa	6.15	-0.04
Oman	5.04	-0.05
Costa Rica	5.70	-0.06
Mexico	6.18	-0.08
Malaysia	4.97	-0.08
Uruguay	5.04	-0.10
Kazakhstan	5.11	-0.10
Jamaica	5.27	-0.10
Poland	4.70	-0.11
Brazil	5.82	-0.11
Morocco	5.22	-0.11
Chile	5.15	-0.11
Angola	9.17	-0.12
Paraguay	5.46	-0.12
Trinidad and Tobago	6.37	-0.16
Guatemala	5.82	-0.17
Latvia	4.74	-0.19
Bulgaria	5.00	-0.20
Senegal	16.02	-0.20
Panama	5.68	-0.22
Bolivia	7.80	-2.27

Country Average Corporate Yield Change USD Eurobonds monthly

Country	Average Yield	Yield Average change % pts
Luxembourg	22.33	2.06
Qatar	5.97	1.26
Brazil	8.37	0.57
Moldova	10.41	0.30
Turkey	7.31	0.30
Israel	5.82	0.28
United Arab Emirates	5.33	0.27
Hungary	6.37	0.23
Bahrain	6.77	0.22
Jamaica	7.72	0.21
Colombia	7.16	0.20
Kuwait	5.17	0.18
Macau	5.69	0.18
Zambia	6.29	0.17
Madagascar	6.95	0.14
Thailand	5.24	0.11
Indonesia	5.67	0.10
Democratic Rep of Congo	6.48	0.09
India	5.44	0.09
Saudi Arabia	5.41	0.07
Oman	4.99	0.07
Mexico	6.03	0.05
Philippines	5.60	0.04
South Africa	5.49	0.04
Malaysia	4.97	0.03
United States	4.86	0.02
Korea (South)	4.40	0.02
China	5.20	0.02
Pakistan	6.19	0.02
Peru	5.48	0.01
Chile	5.41	-0.01
Hong Kong	4.87	-0.01
United Kingdom	5.28	-0.01
Poland	5.25	-0.02
Panama	6.21	-0.02
Taiwan	4.59	-0.03
Burkina Faso	5.96	-0.03
Argentina	7.36	-0.04
Tanzania	6.05	-0.05
Morocco	5.90	-0.07
Armenia	6.31	-0.07
Jordan	4.99	-0.07
Czech Republic	5.37	-0.08
Guatemala	6.12	-0.09
Kazakhstan	5.43	-0.11
Paraguay	5.21	-0.11
Barbados	5.41	-0.12
Dominican Republic	5.34	-0.13
Singapore	4.51	-0.14
Togo	7.81	-0.17
Serbia	6.52	-0.22
Angola	7.94	-0.23
Cameroon	7.26	-0.43
Nigeria	6.62	-0.60
Ukraine	11.69	-1.19
Trinidad and Tobago	13.70	-1.46
Ghana	14.99	-4.79

Top 30 GEM Souvereign Eurobonds by Yield

Name	ISIN	country	Maturity	Coupon	YTW
SENEGAL (REPUBLIC OF) RegS	XS2838363476	Senegal	Jun 10, 2031	7.75	18.300000
SENEGAL (REPUBLIC OF) RegS	XS1619155564	Senegal	May 23, 2033	6.25	16.870000
UKRAINE (REPUBLIC OF) A BONDS RegS	XS2895055981	Ukraine	Feb 01, 2029	4.50	15.520000
UKRAINE (REPUBLIC OF) A BONDS RegS	XS2895056013	Ukraine	Feb 01, 2034	4.50	13.860000
UKRAINE (REPUBLIC OF) A BONDS RegS	XS2895056369	Ukraine	Feb 01, 2035	4.50	13.610000
UKRAINE (REPUBLIC OF) A BONDS RegS	XS2895056526	Ukraine	Feb 01, 2036	4.50	13.450000
UKRAINE (REPUBLIC OF) B BONDS RegS	XS2895056955	Ukraine	Feb 01, 2034	0.00	13.120000
SENEGAL (REPUBLIC OF) RegS	XS1790134362	Senegal	Mar 13, 2048	6.75	12.900000
UKRAINE (REPUBLIC OF) C BONDS RegS	XS3261834314	Ukraine	Feb 01, 2032	4.00	12.060000
UKRAINE (REPUBLIC OF) B BONDS MLB RegS	XS2895057177	Ukraine	Feb 01, 2035	0.00	10.770000
PETROLEOS DEL PERU PETROPERU SA RegS	USP7808BAA54	Peru	Jun 19, 2032	4.75	10.630000
UKRAINE (REPUBLIC OF) B BONDS MLB RegS	XS2895057334	Ukraine	Feb 01, 2036	0.00	10.570000
ANGOLA (REPUBLIC OF) RegS	XS1819680528	Angola	May 08, 2048	9.38	10.540000
ANGOLA (REPUBLIC OF) MTN RegS	XS2083302500	Angola	Nov 26, 2049	9.13	10.470000
UKRAINE (REPUBLIC OF) C BONDS 144A	US903724CH33	Ukraine	Feb 01, 2032	4.00	10.240000
ARGENTINA REPUBLIC OF GOVERNMENT	US040114HV54	Argentina	Jul 09, 2041	3.50	9.630000
ARGENTINA REPUBLIC OF GOVERNMENT	US040114HW38	Argentina	Jul 09, 2046	4.13	9.630000
ARGENTINA REPUBLIC OF GOVERNMENT	US040114HU71	Argentina	Jan 09, 2038	5.00	9.590000
PETROLEOS DEL PERU PETROPERU SA RegS	USP7808BAB38	Peru	Jun 19, 2047	5.63	9.570000
ARGENTINA REPUBLIC OF GOVERNMENT	US040114HT09	Argentina	Jul 09, 2035	4.13	9.540000
KENYA (REPUBLIC OF) 144A	US491798AS39	Kenya	Feb 26, 2039	8.70	9.360000
KENYA (REPUBLIC OF) RegS	XS1781710626	Kenya	Feb 28, 2048	8.25	9.290000
ANGOLA (REPUBLIC OF) MTN RegS	XS2446175577	Angola	Apr 14, 2032	8.75	9.260000
EGYPT (ARAB REPUBLIC OF) MTN RegS	XS2176899701	Egypt	May 29, 2050	8.88	9.200000
EGYPT (ARAB REPUBLIC OF) MTN RegS	XS1953057491	Egypt	Mar 01, 2049	8.70	9.150000
EGYPT (ARAB REPUBLIC OF) MTN RegS	XS1558078496	Egypt	Jan 31, 2047	8.50	9.120000
KENYA (REPUBLIC OF) RegS	XS3010561762	Kenya	Mar 05, 2036	9.50	9.050000
EGYPT (ARAB REPUBLIC OF) MTN RegS	XS1775617464	Egypt	Feb 21, 2048	7.90	9.040000
ECUADOR REPUBLIC OF (GOVERNMENT) 144A	XS3283442625	Ecuador	Jan 29, 2039	9.25	9.030000
ECUADOR REPUBLIC OF (GOVERNMENT) RegS	XS2214239175	Ecuador	Jul 31, 2040	5.00	9.020000

Top 30 GEM Corporate Eurobonds by Yield

Name	ISIN	country	Maturity	Coupon	YTW
BRASKEM NETHERLANDS FINANCE BV RegS	USN15516AB83	Brazil	Jan 10, 2028	4.50	50.000000
VANKE REAL ESTATE HONG KONG CO LTD MTN RegS	XS1713193586	China	Nov 09, 2027	3.98	50.000000
COMMERCIAL BANK PSQC RegS	XS2293694662	Qatar	Dec 31, 2079	4.50	35.690000
BRASKEM NETHERLANDS FINANCE BV RegS	USN15516AD40	Brazil	Jan 31, 2030	4.50	31.300000
VESTEL ELEKTRONIK SANAYI VE TICARE RegS	XS2817919587	Turkey	May 15, 2029	9.75	27.340000
ALTICE FINANCING SA RegS	USL0178WAH53	Luxembourg	Jan 15, 2028	5.00	26.400000
BRASKEM NETHERLANDS FINANCE BV RegS	USN15516AG70	Brazil	Feb 13, 2033	7.25	25.720000
BRASKEM NETHERLANDS FINANCE BV RegS	USN15516AJ10	Brazil	Oct 15, 2034	8.00	24.600000
BRASKEM AMERICA FINANCE CO RegS	USU1065PAA94	Brazil	Jul 22, 2041	7.13	20.730000
RAIZEN FUELS FINANCE SA RegS	USL7909CAC12	Brazil	Mar 05, 2034	6.45	20.110000
ALTICE FINANCING SA RegS	USL0178WAJ10	Luxembourg	Aug 15, 2029	5.75	18.260000
RAIZEN FUELS FINANCE SA RegS	USL7909CAG26	Brazil	Feb 25, 2037	6.70	18.070000
RAIZEN FUELS FINANCE SA RegS	USL7909CAE77	Brazil	Jan 17, 2035	5.70	17.790000
BRASKEM NETHERLANDS FINANCE BV RegS	USN15516AE23	Brazil	Jan 31, 2050	5.88	16.670000
RAIZEN FUELS FINANCE SA RegS	USL7909CAD94	Brazil	Mar 05, 2054	6.95	15.490000
CSN ISLANDS XI CORP RegS	USG2583XAB76	Brazil	Jan 28, 2028	6.75	15.450000
CSN RESOURCES SA RegS	USL21779AL44	Brazil	Dec 05, 2030	8.88	15.410000
CONSOLIDATED ENERGY FINANCE SA RegS	USL1957QAJ96	Trinidad and Tobago	Feb 15, 2031	12.00	15.260000
ZORLU ENERJI ELEKTRIK URETIM AS RegS	XS2926261426	Turkey	Apr 23, 2030	11.00	15.090000
KOSMOS ENERGY LTD RegS	USU5007TAE56	Ghana	Oct 01, 2031	8.75	14.990000
GOL FINANCE INC RegS	USL4441RAL08	Brazil	Jun 06, 2030	14.38	14.960000
PLAYTIKA HOLDING CORP RegS	USU7265LAA36	Israel	Mar 15, 2029	4.25	13.920000
CSN RESOURCES SA RegS	USL21779AK60	Brazil	Apr 08, 2032	5.88	13.610000
CSN RESOURCES SA RegS	USL21779AJ97	Brazil	Jun 10, 2031	4.63	13.430000
TOTAL PLAY TELECOMUNICACIONES SAPI RegS	USP9190PAM07	Mexico	Dec 31, 2032	11.13	13.150000
CONSOLIDATED ENERGY FINANCE SA RegS	USL1957QAG57	Trinidad and Tobago	Oct 15, 2028	5.63	12.130000
METINVEST BV RegS	XS2056723468	Ukraine	Oct 17, 2029	7.75	11.690000
MC BRAZIL DOWNSTREAM TRADING SARL RegS	USL626A6AA24	Brazil	Jun 30, 2031	7.25	11.470000
GLP PTE LTD MTN RegS	XS2340147813	Singapore	Dec 31, 2079	4.50	11.290000
AZUL SECURED FINANCE LLP 144A	US05501WAJ18	Brazil	Feb 15, 2031	9.88	10.800000

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

Name	ISIN	country	Maturity	Coupon	YTW
TURKEY (REPUBLIC OF)	TRT240227T17	Turkey	Feb 24, 2027	11.00	34.970000
TURKEY (REPUBLIC OF)	TRT110827T16	Turkey	Aug 11, 2027	10.50	34.380000
TURKEY (REPUBLIC OF)	TRT080328T15	Turkey	Mar 08, 2028	12.40	33.230000
TURKEY (REPUBLIC OF)	TRT190728T18	Turkey	Jul 19, 2028	17.30	32.430000
TURKEY (REPUBLIC OF)	TRT081128T15	Turkey	Nov 08, 2028	31.08	32.300000
TURKEY (REPUBLIC OF)	TRT021030T18	Turkey	Oct 02, 2030	33.90	31.590000
TURKEY (REPUBLIC OF)	TRT120929T12	Turkey	Sep 12, 2029	30.00	31.300000
TURKEY (REPUBLIC OF)	TRT131130T14	Turkey	Nov 13, 2030	11.70	30.640000
TURKEY (REPUBLIC OF)	TRT051033T12	Turkey	Oct 05, 2033	26.20	29.210000
TURKEY (REPUBLIC OF)	TRT270934T18	Turkey	Sep 27, 2034	27.70	28.830000
TURKEY (REPUBLIC OF)	TRT130733T17	Turkey	Jul 13, 2033	17.80	28.750000
BRAZIL FEDERATIVE REPUBLIC OF (GO	BRSTNCNTF1P8	Brazil	Jan 01, 2027	10.00	15.870000
COLOMBIA (REPUBLIC OF)	COL17CT04142	Colombia	Feb 27, 2030	12.50	14.350000
NOTA DO TESOURO NACIONAL	BRSTNCNTF2K7	Brazil	Jan 01, 2037	10.00	14.150000
COLOMBIA REPUBLIC OF (GOVERNMENT)	COL17CT03342	Colombia	Sep 18, 2030	7.75	14.120000
COLOMBIA (REPUBLIC OF)	COL17CT03995	Colombia	Aug 22, 2029	11.00	14.080000
COLOMBIA (REPUBLIC OF)	COL17CT03771	Colombia	Mar 26, 2031	7.00	14.080000
COLOMBIA REPUBLIC OF (GOVERNMENT)	COL17CT02914	Colombia	Apr 28, 2028	6.00	14.020000
COLOMBIA (REPUBLIC OF)	COL17CT03490	Colombia	Jun 30, 2032	7.00	13.910000
COLOMBIA (REPUBLIC OF)	COL17CT03672	Colombia	Nov 03, 2027	5.75	13.840000
COLOMBIA (REPUBLIC OF)	COL17CT04084	Colombia	Jan 24, 2035	11.75	13.830000
BRAZIL FEDERATIVE REPUBLIC OF (GOV	BRSTNCNTF238	Brazil	Jan 01, 2035	10.00	13.820000
BRAZIL FEDERATIVE REPUBLIC OF (GOV	BRSTNCNTF212	Brazil	Jan 01, 2033	10.00	13.820000
COLOMBIA (REPUBLIC OF)	COL17CT03862	Colombia	Feb 09, 2033	13.25	13.790000
BRAZIL FEDERATIVE REPUBLIC OF (GOV	BRSTNCLTN8J8	Brazil	Jan 01, 2032	0.00	13.730000
BRAZIL FEDERATIVE REPUBLIC OF (GOV	BRSTNCNTF204	Brazil	Jan 01, 2031	10.00	13.640000
COLOMBIA (REPUBLIC OF)	COL17CT04001	Colombia	Nov 28, 2040	12.75	13.520000
COLOMBIA (REPUBLIC OF)	COL17CT03938	Colombia	Jul 25, 2046	11.50	13.460000
COLOMBIA (REPUBLIC OF)	COL17CT03615	Colombia	Oct 18, 2034	7.25	13.420000
COLOMBIA (REPUBLIC OF)	COL17CT03813	Colombia	May 28, 2042	9.25	13.410000

Top 20 Developed Markets Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) monthly

Bond	Country	Yield	Yield Change % pts
NORWAY KINGDOM OF (GOVERNMENT) 28	Norway	4.130000	0.21
NORWAY KINGDOM OF (GOVERNMENT) 29	Norway	4.170000	0.21
ITALY (REPUBLIC OF) RegS 27	Italy	2.320000	0.21
AUSTRIA (REPUBLIC OF) MTN 27	Austria	2.230000	0.20
ITALY (REPUBLIC OF) RegS 28	Italy	2.450000	0.20
ITALY (REPUBLIC OF) RegS 28	Italy	2.400000	0.20
ITALY (REPUBLIC OF) 28	Italy	2.510000	0.20
ITALY (REPUBLIC OF) RegS 27	Italy	2.380000	0.20
ITALY (REPUBLIC OF) RegS 27	Italy	2.350000	0.20
AUSTRIA (REPUBLIC OF) RegS 27	Austria	2.250000	0.19
ITALY (REPUBLIC OF) RegS 27	Italy	2.260000	0.19
ITALY (REPUBLIC OF) RegS 28	Italy	2.380000	0.19
ITALY (REPUBLIC OF) RegS 28	Italy	2.480000	0.19
ITALY (REPUBLIC OF) RegS 28	Italy	2.450000	0.19
ITALY (REPUBLIC OF) RegS 27	Italy	2.350000	0.19
ITALY (REPUBLIC OF) RegS 28	Italy	2.500000	0.19
ITALY (REPUBLIC OF) 27	Italy	2.370000	0.19
FRANCE (REPUBLIC OF) RegS 27	France	2.350000	0.18
FRANCE (REPUBLIC OF) RegS 27	France	2.340000	0.18
NETHERLANDS (KINGDOM OF) 27	Netherlands	2.210000	0.18

Top 20 Developed Markets Sovereign Bonds Yields Drops Change USD Eurobonds (Winners) monthly

Bond	Country	Yield	Yield Change % pts
JAPAN (GOVERNMENT OF) 40YR #16 63	Japan	4.490000	-0.49
JAPAN (GOVERNMENT OF) 40YR #15 62	Japan	4.630000	-0.48
JAPAN (GOVERNMENT OF) 40YR #9 56	Japan	5.030000	-0.45
JAPAN (GOVERNMENT OF) 30YR #73 51	Japan	4.580000	-0.44
JAPAN (GOVERNMENT OF) 30YR #68 50	Japan	4.430000	-0.43
JAPAN (GOVERNMENT OF) 30YR #72 51	Japan	4.540000	-0.43
JAPAN (GOVERNMENT OF) 30YR #71 51	Japan	4.500000	-0.43
JAPAN (GOVERNMENT OF) 30YR #79 53	Japan	4.280000	-0.42
JAPAN (GOVERNMENT OF) 40YR #14 61	Japan	4.880000	-0.42
JAPAN (GOVERNMENT OF) 40YR #13 60	Japan	5.030000	-0.42
JAPAN (GOVERNMENT OF) 30YR #70 51	Japan	4.450000	-0.42
JAPAN (GOVERNMENT OF) 30YR #69 50	Japan	4.410000	-0.41
JAPAN (GOVERNMENT OF) 30YR #74 52	Japan	4.370000	-0.41
JAPAN (GOVERNMENT OF) 40YR #17 64	Japan	3.990000	-0.40
JAPAN (GOVERNMENT OF) 30YR #78 53	Japan	4.150000	-0.40
JAPAN (GOVERNMENT OF) 40YR #12 59	Japan	5.100000	-0.40
JAPAN (GOVERNMENT OF) 30YR #75 52	Japan	4.190000	-0.39
JAPAN (GOVERNMENT OF) 30YR #66 50	Japan	4.520000	-0.39
JAPAN (GOVERNMENT OF) 30YR #65 49	Japan	4.470000	-0.39
JAPAN (GOVERNMENT OF) 40YR #10 57	Japan	4.520000	-0.38

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

Bond	Country	Yield	Yield Change %pts
ODEON FINCO PLC 144A 27	United Kingdom	50.000000	41.28
PARAMOUNT GLOBAL 57	United States	36.840000	21.26
MICHAELS COMPANIES INC 144A 29	United States	29.140000	20.30
HERENS MIDCO SARL RegS 29	Luxembourg	47.550000	17.45
PARAMOUNT GLOBAL 62	United States	28.930000	16.68
HERTZ CORPORATION (THE) 144A 29	United States	28.650000	10.40
HOLOGIC INC 144A 28	United States	14.650000	9.99
XEROX CORPORATION 144A 31	United States	33.930000	8.70
VIVION INVESTMENTS SARL MTN RegS 28	Luxembourg	7.050000	7.47
STAPLES INC 144A 30	United States	26.390000	7.45
MPH ACQUISITION HOLDINGS LLC 144A 31	United States	17.500000	7.33
LBM ACQUISITION LLC 144A 29	United States	16.050000	7.19
CENTRAL PARENT INC 144A 29	United States	22.570000	6.38
FMC CORPORATION 55	United States	21.030000	6.08
OWENS & MINOR INC 144A 30	United States	29.970000	5.66
XEROX HOLDINGS CORP 144A 28	United States	50.000000	5.15
LOARRE INVESTMENTS SARL RegS 29	Spain	7.920000	5.13
CENTRAL PARENT LLC 144A 29	United States	22.020000	5.03
CSC HOLDINGS LLC 144A 27	United States	21.780000	4.79
XEROX HOLDINGS CORP 144A 29	United States	50.000000	4.67

Top 10 Developed Markets Corporate Bonds Yields Drops Week Change USD Eurobonds (Winners)

Bond	Country	Yield	Yield Change %pts
SAKS GLOBAL ENTERPRISES LLC 144A 29	United States	0.000000	-50.00
SERVICE PROPERTIES TRUST 29	United States	-5.000000	-12.67
AMC NETWORKS INC NEVADA 144A 29	United States	-5.000000	-12.66
CHEMOURS COMPANY 27	United States	-5.000000	-9.68
BOMBARDIER INC 144A 28	Canada	-5.000000	-8.73
CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 28	United States	1.130000	-6.65
LHMC FINCO 2 SARL RegS 30	Luxembourg	-5.000000	-5.03
CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 29	United States	4.190000	-3.67
GENESIS ENERGY LP 28	United States	2.970000	-3.38
DISH DBS CORP 144A 26	United States	7.210000	-2.22
SABRE GLBL INC 144A 30	United States	15.640000	-1.86
MCAFEE CORP 144A 30	United States	13.030000	-1.76
B&G FOODS INC 144A 28	United States	8.580000	-1.72
CIVITAS RESOURCES INC 144A 28	United States	3.820000	-1.57
SABRE GLBL INC 144A 30	United States	16.020000	-1.56
NCR ATLEOS CORP 144A 29	United States	4.250000	-1.52
CHS/COMMUNITY HEALTH SYSTEMS INC 144A 30	United States	9.420000	-1.48
CHS/COMMUNITY HEALTH SYSTEMS INC 144A 29	United States	7.930000	-1.45
SABRE GLBL INC 144A 29	United States	16.180000	-1.40
TRANSOCEAN INTERNATIONAL LTD 144A 31	United States	6.520000	-1.36

Top 30 DM Souvereign Eurobonds by Yield

Name	ISIN	country	Maturity	Coupon	YTW
AUSTRALIA (COMMONWEALTH OF) RegS	AU0000097495	Australia	Jun 21, 2051	1.75	5.300000
UK CONV GILT RegS	GB00BPCJD997	United Kingdom	Oct 22, 2053	3.75	5.260000
AUSTRALIA (COMMONWEALTH OF) RegS	AU0000300535	Australia	Jun 21, 2054	4.75	5.260000
UK CONV GILT RegS	GB00BM8Z2V59	United Kingdom	Jul 31, 2053	1.50	5.260000
UK CONV GILT RegS	GB00BLH38158	United Kingdom	Jul 31, 2051	1.25	5.260000
UK CONV GILT RegS	GB00BPSNBB36	United Kingdom	Jul 31, 2054	4.38	5.250000
UK CONV GILT RegS	GB00BJLR0J16	United Kingdom	Oct 22, 2054	1.63	5.250000
UK CONV GILT RegS	GB00B06YGN05	United Kingdom	Dec 07, 2055	4.25	5.240000
UK CONV GILT RegS	GB00BD0XH204	United Kingdom	Jul 22, 2057	1.75	5.240000
UK CONV GILT RegS	GB00BT7J0241	United Kingdom	Jan 31, 2056	5.38	5.240000
AUSTRALIA (COMMONWEALTH OF) RegS	AU000XCLWAS7	Australia	Mar 21, 2047	3.00	5.230000
UK CONV GILT RegS	GB00B6RNH572	United Kingdom	Jul 22, 2052	3.75	5.230000
UK CONV GILT RegS	GB00BMF9LF76	United Kingdom	Oct 22, 2063	4.00	5.220000
UK CONV GILT RegS	GB00B54QLM75	United Kingdom	Jan 22, 2060	4.00	5.220000
UK CONV GILT RegS	GB00BFWFPP71	United Kingdom	Jan 22, 2049	1.75	5.210000
UK CONV GILT RegS	GB00BMBL1F74	United Kingdom	Oct 22, 2050	0.63	5.210000
UK CONV GILT RegS	GB00B39R3707	United Kingdom	Dec 07, 2049	4.25	5.200000
UK CONV GILT RegS	GB00BDCHBW80	United Kingdom	Jul 22, 2047	1.50	5.200000
UK CONV GILT RegS	GB00BYYMZX75	United Kingdom	Jul 22, 2065	2.50	5.180000
UK CONV GILT RegS	GB00BBJNQY21	United Kingdom	Jul 22, 2068	3.50	5.170000
UK CONV GILT RegS	GB00B128DP45	United Kingdom	Dec 07, 2046	4.25	5.160000
UK CONV GILT RegS	GB00BNNGP775	United Kingdom	Jan 31, 2046	0.88	5.160000
UK CONV GILT RegS	GB00BN65R313	United Kingdom	Jan 22, 2045	3.50	5.130000
NEW ZEALAND (GOVERNMENT OF)	NZGOVDT554C2	New Zealand	May 15, 2054	5.00	5.120000
NEW ZEALAND (GOVERNMENT OF)	NZGOVDT551C8	New Zealand	May 15, 2051	2.75	5.110000
UK CONV GILT RegS	GB00B84Z9V04	United Kingdom	Jan 22, 2044	3.25	5.110000
JAPAN (GOVERNMENT OF) 40YR #12	JP1400121K57	Japan	Mar 20, 2059	0.50	5.100000
UK CONV GILT RegS	GB00BPJJKP77	United Kingdom	Oct 22, 2043	4.75	5.090000
UK CONV GILT RegS	GB00B1VWPJ53	United Kingdom	Dec 07, 2042	4.50	5.030000
AUSTRALIA (COMMONWEALTH OF) RegS	AU0000018442	Australia	May 21, 2041	2.75	5.030000

MidLincoln Global Fixed Income Strategy

Average Sovereign GEM Local Yields (last value 5.74)

Top-line stance (next 4–8 weeks)

Strategy Interpretation – March 2026

Developed Markets

Rates & sovereigns

Credit

Implementation (model)

Emerging Markets

Hard currency (USD) EM

Local currency

Implementation (model)

Frontier Markets

Implementation (model)

Sectors

Implementation (model)

Global Yield Monitor – March Data

Country Average Sovereign+Corporate USD Yields Ordered by Period Change

Country Average Sovereign+Corporate USD Yields Ordered By YTD Yield Change

Country Average Sovereign+Corporate USD Yields Ordered by Current YTM

Country Local Currency Yields Ordered by Period Change

Country Local Currency Yields Ordered by Yield

Global Bond Yields By Sector Last Month

Global Bond Yields By Yield Change YTD