image

Chart: Venezuela holding strong to protect bondholders despite the yields indicate restructuring levels

Source: ML




MidLincoln Counry Eurobond Indexes Update



Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondANGOLA (REPUBLIC OF) RegS 25VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18PETROLEOS DE VENEZUELA SA RegS 35ARGENTINA REPUBLIC OF GOVERNMENT RegS 21

Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondEL SALVADOR REPUBLIC RegS 35MONGOLIA (GOVERNMENT) RegS 22PETROLEOS DE VENEZUELA SA RegS 24EGYPT (ARAB REPUBLIC OF) MTN RegS 25

Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondJBS INVESTMENTS GMBH RegS 24SAMARCO MINERACAO SA RegS 22QNB FINANCE LTD RegS 20VALE OVERSEAS LTD 21

Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
BondPETROLEOS DE VENEZUELA SA RegS 17VEDANTA RESOURCES PLC RegS 21EVERGRANDE REAL ESTATE GROUP LTD RegS 18PETROBRAS GLOBAL FINANCE BV 19

Country Average Sovereign Yield Change USD Eurobonds Weekly
CountryAngolaAzerbaijanArgentinaLebanonEthiopia

Country Average Corporate Yield Change USD Eurobonds Weekly
CountryJamaicaUnited StatesPeruQatarArgentina

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
NamePETROLEOS DE VENEZUELA SA RegSODEBRECHT DRILL VIII/IX RegSPETROLEOS DE VENEZUELA SA MTN RegS

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

Big Country Table - Stance, Ratings and Datamine


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

BondCountryYieldYield Change % pts
ANGOLA (REPUBLIC OF) RegS 25Angola10.610.95
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18Venezuela41.990.26
PETROLEOS DE VENEZUELA SA RegS 35Venezuela25.000.22
ARGENTINA REPUBLIC OF GOVERNMENT RegS 21Argentina5.490.17
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19Venezuela39.060.17
ARGENTINA REPUBLIC OF GOVERNMENT RegS 26Argentina6.520.15
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31Venezuela26.490.15
VENEZUELA (BOLIVARIAN REPUBLIC OF) 27Venezuela21.830.12
VEB FINANCE PLC MTN RegS 23Russian Federation5.320.12
AZERBAIJAN (REPUBLIC OF) RegS 24Azerbaijan4.630.11
ARGENTINA (REPUBLIC OF) 38Argentina7.010.10
ARGENTINA REPUBLIC OF GOVERNMENT RegS 46Argentina7.080.10
LEBANON REPUBLIC OF (GOVERNMENT) MTN RegS 23Lebanon6.720.10
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20Venezuela31.970.10
VNESHECONOMBANK MTN RegS 25Russian Federation5.560.09
VEB FINANCE PLC RegS 22Russian Federation5.000.07
SOUTHERN GAS CORRIDOR CJSC RegS 26Azerbaijan5.850.06
LEBANON REPUBLIC OF (GOVERNMENT) MTN RegS 18Lebanon5.380.06
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22Venezuela33.520.06
STATE OIL CO OF AZERBAIJAN REPUBLI RegS 23Azerbaijan5.520.05


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

BondCountryYieldYield Change %pts
EL SALVADOR REPUBLIC RegS 35El Salvador8.01-0.89
MONGOLIA (GOVERNMENT) RegS 22Mongolia8.18-0.59
PETROLEOS DE VENEZUELA SA RegS 24Venezuela27.38-0.55
EGYPT (ARAB REPUBLIC OF) MTN RegS 25Egypt7.30-0.52
CAIXA ECONOMICA FEDERAL RegS 19Brazil4.44-0.47
CAIXA ECONOMICA FEDERAL MTN RegS 18Brazil4.38-0.41
PETROLEOS DE VENEZUELA SA RegS 22Venezuela35.53-0.41
SRI LANKA DEMOCRATIC SOCIALIST (RE RegS 20Sri Lanka5.31-0.38
SRI LANKA DEMOCRATIC SOCIALIST (RE RegS 21Sri Lanka5.79-0.36
SRI LANKA DEMOCRATIC SOCIALIST (RE RegS 22Sri Lanka6.18-0.35
BANQUE CENTRALE DE TUNISIE RegS 25Tunisia6.84-0.35
BANCO NACIONAL DE DESENVOLVIMENTO RegS 19Brazil4.21-0.34
ECUADOR REPUBLIC OF (GOVERNMENT) RegS 20Ecuador10.49-0.33
URUGUAY (ORIENTAL REPUBLIC OF) 24Uruguay2.87-0.32
SRI LANKA (DEMOCRATIC SOCIALIST RE RegS 25Sri Lanka6.94-0.32
ESKOM HOLDINGS LTD RegS 21South Africa5.94-0.32
COSTA RICA REPUBLIC OF (GOVERNMEN RegS 44Costa Rica6.76-0.32
PETROLEOS MEXICANOS 23Mexico4.26-0.32
DOMINICAN REPUBLIC (GOVERNMENT) RegS 45Dominican Republic6.34-0.31
SOUTH AFRICA (REPUBLIC OF) 25South Africa4.14-0.30


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

BondCountryYieldYield Change %pts
JBS INVESTMENTS GMBH RegS 24Brazil7.230.48
SAMARCO MINERACAO SA RegS 22Brazil23.490.45
QNB FINANCE LTD RegS 20Qatar2.460.26
VALE OVERSEAS LTD 21Brazil5.940.24
PETROLEOS DE VENEZUELA SA RegS 22Venezuela35.530.23
PETROBRAS GLOBAL FINANCE BV 21Brazil7.770.19
VALE OVERSEAS LIMITED 22Brazil5.870.15
VNESHECONOMBANK MTN RegS 25Russian Federation5.580.12
VALE OVERSEAS LIMITED 39Brazil7.790.08
RELIANCE HOLDINGS USA INC RegS 22India3.130.07
PETROLEOS DE VENEZUELA SA RegS 35Venezuela25.000.07
EVRAZ GROUP SA RegS 21Russian Federation6.210.06
STATE BANK OF INDIA/LONDON RegS 19India2.220.05
BANCO DE CREDITO DEL PERU RegS 20Peru2.650.05
YPF SA RegS 24Argentina7.370.04
KOREA DEVELOPMENT BANK (THE) 17Korea (South)1.260.02
DIGICEL GROUP LTD RegS 20Jamaica13.480.02
VTB CAPITAL SA MTN RegS 18Russian Federation3.100.02
BANCO DEL ESTADO DE CHILE RegS 20Chile2.550.02
YPF SA RegS 25Argentina7.640.02


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

BondCountryYieldYield Change %pts
PETROLEOS DE VENEZUELA SA RegS 17Venezuela60.96-2.35
VEDANTA RESOURCES PLC RegS 21India12.18-1.08
EVERGRANDE REAL ESTATE GROUP LTD RegS 18China8.25-0.92
PETROBRAS GLOBAL FINANCE BV 19Brazil5.26-0.91
PETROBRAS GLOBAL FINANCE BV 19Brazil5.72-0.82
CENTRAIS ELETRICAS BRASILEIRAS SA RegS 19Brazil6.06-0.72
CSN RESOURCES SA RegS 20Brazil27.23-0.57
GTL TRADE FINANCE INC RegS 24Brazil7.43-0.52
BANCO BRADESCO SA (CAYMAN ISLANDS RegS 21Brazil4.43-0.48
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela35.82-0.46
BANCO NACIONAL DE DESENVOLVIMENTO RegS 19Brazil4.03-0.45
BANCO DO BRASIL (GRAND CAYMAN BRAN RegS 23Brazil5.97-0.41
GAZ CAPITAL (GAZPROM) MTN RegS 22Russian Federation4.22-0.41
GERDAU HOLDINGS INC RegS 20Brazil6.11-0.41
ANGLOGOLD ASHANTI HOLDINGS PLC 22South Africa4.34-0.40
CEMEX FINANCE LLC RegS 24Mexico6.16-0.34
PETROBRAS GLOBAL FINANCE BV 44Brazil8.69-0.34
PETROLEOS DE VENEZUELA SA RegS 37Venezuela16.82-0.34
PETROLEOS MEXICANOS 23Mexico4.21-0.33
MILLICOM INTERNATIONAL CELLULAR SA RegS 21Colombia5.71-0.32


Country Average Sovereign Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Angola10.610.95
Azerbaijan5.330.07
Argentina6.380.06
Lebanon6.520.00
Ethiopia7.730.00
United States0.470.00
Gabon8.98-0.02
Venezuela27.46-0.02
Russian Federation4.00-0.05
Ghana10.43-0.07
Colombia3.73-0.08
Ukraine8.36-0.08
Morocco3.23-0.09
Chile2.80-0.09
Serbia3.68-0.09
Turkey4.15-0.10
Kazakhstan4.62-0.10
Lithuania2.30-0.10
China2.53-0.12
Indonesia4.06-0.14
Oman4.80-0.14
Brazil4.84-0.15
Cote D'Ivoire (Ivory Coast)6.58-0.15
Croatia (Hrvatska)4.15-0.15
Malaysia3.48-0.15
Panama2.98-0.16
Poland2.40-0.16
Philippines2.44-0.16
Slovak Republic1.79-0.16
Zambia10.75-0.17
Peru3.48-0.17
Mexico4.03-0.17
Hungary3.42-0.17
Vietnam4.20-0.17
Romania3.39-0.18
Iraq10.18-0.19
Jamaica5.94-0.19
Ecuador10.34-0.21
Kenya7.90-0.23
Pakistan6.07-0.23
South Africa4.61-0.24
Uruguay3.95-0.25
Dominican Republic5.35-0.25
Costa Rica6.17-0.28
Paraguay5.40-0.30
Sri Lanka5.83-0.33
Tunisia6.84-0.35
Egypt6.31-0.41
Mongolia8.18-0.59
El Salvador8.01-0.89


Country Average Corporate Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Jamaica13.480.02
United States0.470.00
Peru3.22-0.01
Qatar2.74-0.02
Argentina6.78-0.03
Chile3.59-0.07
Russian Federation4.02-0.08
Turkey3.67-0.10
Korea (South)2.04-0.10
Thailand2.25-0.10
Malaysia2.19-0.11
Azerbaijan5.42-0.11
Kazakhstan4.60-0.13
Morocco4.57-0.13
Philippines2.52-0.15
Indonesia4.51-0.16
United Arab Emirates3.22-0.16
Brazil8.94-0.18
Colombia5.17-0.18
China3.31-0.18
Mexico4.42-0.18
South Africa4.57-0.19
Israel3.60-0.19
India4.22-0.20
Venezuela30.71-0.38


Top 30 GEM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 2018773330941.99
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 2019B4W0DJ539.06
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 2021B7LZ6B535.68
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 2022B40ZFD035.53
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 2022B5B14V533.52
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 2020B0TNFL531.97
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 2023B2RFDV328.48
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 2024BN77SX327.38
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 2026B6VT8G927.05
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 2031B6QHPC326.49
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 2024B4ZW6H725.41
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 2035B7XSMN625.00
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 2025B07CTC324.20
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 2028B2RKVC523.71
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 2026BHBXP4523.49
VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 2034774881922.28
VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 2027533106221.83
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 2027B1VX67320.72
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 2038B29QHQ718.23
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 2037B1VXHC517.15
ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 2027BZ03GH210.88
ZAMBIA (REPUBLIC OF) RegSXS1056386714ZambiaApr 14, 2024BLM785610.61
ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 2025BZ97T1010.61
GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 2026BQT3VF310.50
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1199929826EcuadorMar 24, 2020BWFTB4610.49
GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 2023BCLBH3710.36
ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 2024BNGK5C110.19
IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 2028B0WLS7310.18
GABONESE REPUBLIC RegSXS1003557870GabonDec 12, 2024BH58XQ48.98
UKRAINE (GOVERNMENT OF) RegSXS1303927179UkraineSep 1, 2027BZ1MW148.41


Top 30 GEM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
PETROLEOS DE VENEZUELA SA RegSUSP7807HAK16VenezuelaNov 2, 20178.5060.96
ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3560.41
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0035.82
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7535.53
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0027.50
CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5027.23
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7525.00
SAMARCO MINERACAO SA RegSUSP84050AA46BrazilNov 1, 20224.1323.49
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0023.48
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3820.53
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5016.82
DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2513.48
VEDANTA RESOURCES PLC RegSUSG9328DAG54IndiaJun 7, 20218.2512.18
PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.858.81
PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.258.69
PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.758.62
PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.888.59
PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.758.54
MARFRIG OVERSEAS LTD RegSUSG5814RAB45BrazilMay 4, 20209.508.48
EVERGRANDE REAL ESTATE GROUP LTD RegSUSG3225AAD57ChinaOct 30, 20188.758.25
PETROBRAS GLOBAL FINANCE BVUS71647NAM11BrazilMar 17, 20246.258.11
PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.638.06
VALE OVERSEAS LIMITEDUS91911TAK97BrazilNov 10, 20396.887.79
VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.78
PETROBRAS GLOBAL FINANCE BVUS71647NAP42BrazilMay 23, 20218.387.77
PETROBRAS GLOBAL FINANCE BVUS71647NAF69BrazilMay 20, 20234.387.73
YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.507.64
VALE OVERSEAS LIMITEDUS91911TAH68BrazilNov 21, 20366.887.61
PETROBRAS GLOBAL FINANCE BVUS71645WAR25BrazilJan 27, 20215.387.49
GTL TRADE FINANCE INC RegSUSG24422AA83BrazilApr 29, 20245.897.43


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

NameISINcountryMaturityCouponYTW
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN749BrazilOct 1, 20160.0013.87
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN6X3BrazilJan 1, 20170.0013.68
FEDERATIVE REPUBLIC OF BRAZILBRSTNCLTN707BrazilJul 1, 20170.0013.25
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.79
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.78
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0012.56
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0012.37
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0012.32
BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0012.32
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0012.26
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0012.24
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0012.23
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.5011.19
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.2510.83
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.5010.72
RUSSIAN FEDERATIONRU000A0JQZ18Russian FederationAug 3, 20166.9010.13
RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.78
RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.74
SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.53
SOUTH AFRICA (REPUBLIC OF)ZAG000077488South AfricaFeb 28, 20416.509.45
SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.44
SOUTH AFRICA (REPUBLIC OF)ZAG000030404South AfricaMar 31, 20366.259.32
RUSSIAN FEDERATIONRU000A0JRCJ6Russian FederationMar 15, 20187.509.29
RUSSIAN FEDERATION RegSXS0564087541Russian FederationMar 10, 20187.859.27
RUSSIAN FEDERATIONRU000A0JU9V1Russian FederationMay 15, 20196.709.22
RUSSIAN FEDERATIONRU000A0JS4M5Russian FederationFeb 27, 20197.509.21
SOUTH AFRICA (REPUBLIC OF)ZAG000106998South AfricaJan 31, 20308.009.17
RUSSIAN FEDERATIONRU000A0JTG59Russian FederationDec 11, 20196.809.00
TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.808.98
TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.008.98


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
TurkeyTurkeyUnderweight4.15-10.003.67-10.003.1485.69482.9518752.5120188.4112.4747.0277.738-4.21536.07925.923-2.571BB+Baa3BBB-BB-
BrazilBrazilUnderweight4.84-15.008.94-18.00-1.0265.468417.82841903.93415940.64315.3448.004204.451-3.66334.46234.397-4.757BB+Baa3BBBA-
MexicoMexicoUnderweight4.03-17.004.42-18.002.9975.425811.55521231.98218369.50419.2373.065121.087-2.15922.03245.007-3.593AAAA3BBB+BBB
PhilippinesPhilippinesOverweight2.44-16.002.52-15.006.7135.32360.4993308.0337348.0625.5342.421101.4235.50418.725-1.459BBBBaa3BBB-BBB
IndonesiaIndonesiaOverweight4.06-14.004.51-16.005.1995.26172.5203895.67711134.86530.7594.601255.077-3.02115.157-2.261BB+Baa3BBB-BBB-
RussiaRussian FederationOverweight4.00-5.004.02-8.00-3.8335.18629.21731175.99624066.82222.96512.016143.75.37934.755-2.488BB+Ba1BBB-A
ColombiaColombiaOverweight3.73-8.005.17-18.003.3964.39072.5946332.38413850.98616.3723.59848.209-5.75526.30730.232-2.937BBBBaa2BBBBBB+
ChinaChinaOverweight2.53-12.003.31-18.006.7624.28997.670711211.92813801.06548.5351.21374.9573.17828.947-1.617AA-Aa3A+AA+
HungaryHungaryOverweight3.42-17.002.74.0916126.69125895.11126.5881.79.8574.76446.19770.486-2.275BBBa1BB+BBB-
PolandPolandUnderweight2.40-16.003.4833.6866491.23926210.05518.8870.36338.019-1.80439.07123.757-2.824A-A2A-A-
South AfricaSouth AfricaUnderweight4.61-24.004.57-19.002.0023.63561.4357323.80913215.43416.158554.86-4.56828.31342.549-3.704BBB-Baa1BBBA
VenezuelaVenezuelaUnderweight27.46-2.0030.71-38.00-73.50803.3616169.67316346.47115.33694.90730.933-4.68122.635BB2B+BB+
PeruPeruOverweight3.48-17.003.22-1.003.8093.21841.3003190.26812187.36221.9982.20331.911-4.57621.0414.945-1.036BBB+A3BBB+BBB+
KazakhstanKazakhstanOverweight4.62-10.004.60-13.002.0253.09412.3742203.1424359.64226.4794.89217.683-4.07120.812-18.134BBB+Baa2BBBBBB-
CroatiaCroatia (Hrvatska)Overweight4.15-15.000.453.062048.87421169.42519.622-0.6044.2362.2142.611-3.216BB+Baa3BBBBBB-
LebanonLebanonUnderweight6.520.002.53.036754.67118422.45-0.77634.554-22.21619.636123.832-12.039BB1B
UkraineUkraineUnderweight8.36-8.00-5.5482.603085.448277.6011026.6542.685-1.42442.8491.482-3.161BBB-Caa1CCCB-
ArgentinaArgentinaOverweight6.386.006.78-3.00-0.3112.11160.2414563.13822458.84715.75420.54342.434-1.71535.667-4.1SDCaa1RDD
LithuaniaLithuaniaUnderweight2.30-10.002.8492.039942.64228210.26819.5550.4832.9290.21332.7217.18-1.282A-Baa1A-BBB-
RomaniaRomaniaUnderweight3.39-18.002.72.0348189.74720526.44822.6252.17419.826-1.11332.037-1.097BBB-Baa3BBB-BB+
ChileChileOverweight2.80-9.003.59-7.002.7111.85042.5142250.47223556.2619.6042.86418.006-1.15423.379-2.668-2.242AA-Aa3A+AA
UruguayUruguayUnderweight3.95-25.002.81.771956.84521246.89317.2727.4263.416-3.84230.13623.755-3.385BBB-Baa2BBB-BB+
SerbiaSerbiaUnderweight3.68-9.00-0.51.675340.66513380.34913.6434.27.164-4.73638.70872.789-4.103BB-B1B+BB-
MalaysiaMalaysiaOverweight3.48-15.002.19-11.004.81.53970.9447327.8925631.55330.0172.730.7762.10722.853-3.973A-A3A-A+
Dominican RepublicDominican RepublicUnderweight5.35-25.005.11.431266.19913554.20317.8833.04210.792-2.43614.79-2.701B+B1B
PanamaPanamaUnderweight2.98-16.006.1031.376047.47820418.01418.8922.44.006-10.40822.78340.36-1.422BBBBaa2BBBA-
Sri LankaSri LankaUnderweight5.83-33.006.51.313880.59111068.99625.93.23121.107-2.03313.333B+B1BB-B+
IraqIraqOverweight10.18-19.001.3150.8345173.81914448.11414.805336.977-9.57140.93
C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight6.58-15.000.8122
LatviaLatviaUnderweight2.2980.753828.36224540.59321.4741.6492.026-2.20735.09534.826-1.192A-Baa1A-BB
EcuadorEcuadorOverweight10.34-21.001.8860.7233102.66311379.64423.7013.00216.279-3.29933.946-3.881B+Caa1BB-
AzerbaijanAzerbaijanOverweight5.337.005.42-11.000.6310.699862.19917745.17828.1888.8949.4595.31929.501BBB-Baa3BBB-
Costa RicaCosta RicaUnderweight6.17-28.003.80.630552.815365.77213.64944.837-3.6413.80642.378BBBaa3BB+
PakistanPakistanUnderweight6.07-23.004.30.6084n/a4886.27913.784190.008-1.29414.84960.825B-Caa1CCC
KenyaKenyaUnderweight7.90-23.006.8560.596065.8993238.51416.5255.21644.076-7.65821.28247.397B+B+B
Slovak RepublicSlovak RepublicOverweight1.79-16.002.8810.539487.52829209.56420.9470.7145.4240.40838.452-1.903
GabonGabonOverweight8.98-2.004.4290.514115.02723811.5228.5762.51.608-2.34622.964BB-BB-
MoroccoMoroccoUnderweight3.23-9.004.57-13.004.3650.49590.8213102.0447931.32430.0721.533.503-3.41627.01965.029-5.663BBB-Ba1BBB-BBB
AngolaAngolaOverweight10.6195.004.4970.4038106.1497373.0352.872925.115-6.34625.606BB-Ba3BB-BB-
ZambiaZambiaOverweight10.75-17.006.7380.389828.4454235.65831.179715.520.27318.02931.923B+B+
VietnamVietnamUnderweight4.20-17.0060.3652204.4935963.6831.9613.191.5784.820.69962.214BB-B1B+B+
El SalvadorEl SalvadorUnderweight8.01-89.002.50.359326.1528260.98810.3440.66.377-4.3318.043BB-Ba2BB-
ParaguayParaguayUnderweight5.40-30.003.9920.351730.7548716.52614.5544.57.017-1.72524.337-1.171BB-B1B+
EgyptEgyptUnderweight6.31-41.004.0410.3465n/a11193.50411.2891188.434-3.27823.44383.002-11.518CCC+Caa1B-B-
GhanaGhanaUnderweight10.43-7.003.490.317739.2194204.12716.5591226.886-7.03619.20467.471BB+B
MongoliaMongoliaOverweight8.18-59.004.4450.212712.45512335.30321.5127.9752.969-11.07525.442BB-B1B+BB-
Hong KongHong KongUnderweight3.0607AAAAa1AA+AAA
IndiaIndiaUnderweight4.22-20.007.464.85822308.0186265.63530.8055.8191276.267-1.27419.495-7.071BBB-Baa3BBB-BBB+
IsraelIsraelUnderweight3.60-19.003.5241.0819306.87333495.1722.6690.6848.3714.4937.27364.354-3.502A+A1AA-
JamaicaJamaicaUnderweight5.94-19.0013.482.001.6750.793813.858783.8912.58472.814-5.03527.09CCC+B3B-
KoreaKorea (South)Overweight2.04-10.003.2817.93031435.07636601.07335.1352.57550.6417.11821.36536.3440.41
QatarQatarOverweight2.74-2.007.1272.0557196.964143532.44653.311.782.4148.35940.11318.13AAAa2AA-
SingaporeSingaporeOverweight3.0312.8012296.05785198.15949.2710.8075.52320.66222.3921.456AAAAaaAAAAAA
ThailandThailandUnderweight2.25-10.003.7122.0484386.29114979.83231.5152.05668.8384.42322.727-1.418BBB+Baa1BBB+BBB
United Arab EmiratesUnited Arab EmiratesOverweight3.22-16.003.1544.3014363.70765149.03928.2442.29.5815.330.651-253.283Aa2BBB+