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Chart: Week ends with Turkey yield contagion spreading to Egypt and Iraq while Venezuela yields keep better.

Source: ML




MidLincoln Counry Eurobond Indexes Update



Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondTURKEY (REPUBLIC OF) 19TURKEY (REPUBLIC OF) 20TURKEY (REPUBLIC OF) 21TURKEY (REPUBLIC OF) 23

Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondPETROLEOS DE VENEZUELA SA MTN RegS 21PETROLEOS DE VENEZUELA SA RegS 22PETROLEOS DE VENEZUELA SA RegS 35VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18

Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondYAPI VE KREDI BANKASI AS RegS 20SAMARCO MINERACAO SA RegS 22TURKIYE GARANTI BANKASI AS RegS 21TURKIYE IS BANKASI AS RegS 17

Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
BondPETROLEOS DE VENEZUELA SA RegS 17PETROLEOS DE VENEZUELA SA MTN RegS 21PETROLEOS DE VENEZUELA SA RegS 22PETROLEOS DE VENEZUELA SA RegS 35

Country Average Sovereign Yield Change USD Eurobonds Weekly
CountryTurkeyIraqEgyptDominican RepublicSouth Africa

Country Average Corporate Yield Change USD Eurobonds Weekly
CountryTurkeySouth AfricaRussian FederationBrazilPeru

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

Top 30 GEM Corporate Eurobonds by Yield
NameODEBRECHT DRILL VIII/IX RegSPETROLEOS DE VENEZUELA SA RegSPETROLEOS DE VENEZUELA SA 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
TURKEY (REPUBLIC OF) 19Turkey3.910.96
TURKEY (REPUBLIC OF) 20Turkey4.110.93
TURKEY (REPUBLIC OF) 19Turkey3.780.93
TURKEY (REPUBLIC OF) 21Turkey4.320.90
TURKEY (REPUBLIC OF) 23Turkey4.430.84
TURKEY REPUBLIC OF (GOVERNMENT) 22Turkey4.470.82
TURKEY (REPUBLIC OF) 24Turkey4.650.74
TURKEY (REPUBLIC OF) 22Turkey4.470.71
TURKEY (REPUBLIC OF) 26Turkey4.700.70
TURKEY (REPUBLIC OF) 26Turkey4.810.68
TURKEY (REPUBLIC OF) 25Turkey4.690.67
TURKEY REPUBLIC OF (GOVERNMENT) 43Turkey5.520.66
TURKEY (REPUBLIC OF) 34Turkey5.410.66
TURKEY (REPUBLIC OF) 36Turkey5.500.65
TURKEY (REPUBLIC OF) 30Turkey4.930.65
TURKEY (REPUBLIC OF) 40Turkey5.580.65
TURKEY (REPUBLIC OF) 41Turkey5.580.63
TURKEY (REPUBLIC OF) 38Turkey5.510.61
TURKEY REPUBLIC OF (GOVERNMENT) 45Turkey5.600.59
EGYPT (ARAB REPUBLIC OF) MTN RegS 25Egypt7.510.59


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

BondCountryYieldYield Change %pts
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela31.25-3.62
PETROLEOS DE VENEZUELA SA RegS 22Venezuela32.12-2.65
PETROLEOS DE VENEZUELA SA RegS 35Venezuela22.53-1.96
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18Venezuela39.67-1.90
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19Venezuela36.70-1.80
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20Venezuela29.79-1.59
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22Venezuela31.97-1.27
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 23Venezuela26.68-1.22
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31Venezuela24.98-1.19
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegS 24Venezuela23.93-1.09
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 25Venezuela22.64-1.05
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 26Venezuela25.91-1.02
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 28Venezuela22.53-0.88
VENEZUELA (BOLVARIAN REPUBLIC OF) 34Venezuela21.14-0.85
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 38Venezuela17.13-0.79
PETROLEOS DE VENEZUELA SA RegS 37Venezuela15.96-0.70
VENEZUELA (BOLIVARIAN REPUBLIC OF) 27Venezuela21.01-0.67
EL SALVADOR REPUBLIC RegS 35El Salvador7.45-0.43
PETROLEOS DE VENEZUELA SA RegS 24Venezuela26.48-0.41
PETROLEOS DE VENEZUELA SA RegS 26Venezuela22.55-0.39


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

BondCountryYieldYield Change %pts
YAPI VE KREDI BANKASI AS RegS 20Turkey5.761.87
SAMARCO MINERACAO SA RegS 22Brazil25.001.79
TURKIYE GARANTI BANKASI AS RegS 21Turkey5.821.67
TURKIYE IS BANKASI AS RegS 17Turkey4.481.67
TURKIYE VAKIFLAR BANKASI TAO MTN RegS 25Turkey4.051.31
AKBANK TAS RegS 22Turkey5.731.31
CAIXA ECONOMICA FEDERAL RegS 17Brazil3.670.49
ESKOM HOLDINGS LTD RegS 21South Africa5.940.39
VALE SA 42Brazil7.180.36
VALE OVERSEAS LIMITED 36Brazil7.690.35
PETROBRAS GLOBAL FINANCE BV 41Brazil8.610.35
VALE OVERSEAS LIMITED 39Brazil7.770.33
PETROBRAS GLOBAL FINANCE BV 40Brazil8.620.31
PETROBRAS GLOBAL FINANCE BV 43Brazil8.180.31
VALE OVERSEAS LIMITED 34Brazil7.900.30
PETROBRAS GLOBAL FINANCE BV 15Brazil8.930.28
STEEL CAPITAL SA RegS 17Russian Federation2.820.27
CENTRAIS ELETRICAS BRASILEIRAS SA RegS 19Brazil6.050.27
PETROBRAS GLOBAL FINANCE BV 44Brazil8.720.27
VALE OVERSEAS LIMITED 22Brazil5.550.25


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

BondCountryYieldYield Change %pts
PETROLEOS DE VENEZUELA SA RegS 17Venezuela52.26-6.16
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela31.32-3.55
PETROLEOS DE VENEZUELA SA RegS 22Venezuela32.12-2.56
PETROLEOS DE VENEZUELA SA RegS 35Venezuela22.43-1.92
DIGICEL GROUP LTD RegS 20Jamaica11.47-1.34
PETROLEOS DE VENEZUELA SA RegS 24Venezuela26.32-0.67
ODEBRECHT DRILL VIII/IX RegS 21Brazil60.72-0.53
PETROLEOS DE VENEZUELA SA RegS 26Venezuela22.45-0.49
PETROLEOS MEXICANOS 18Mexico2.40-0.41
PETROLEOS DE VENEZUELA SA RegS 27Venezuela19.72-0.41
PETROLEOS DE VENEZUELA SA RegS 37Venezuela15.96-0.39
PETROBRAS GLOBAL FINANCE BV 21Brazil6.78-0.37
BANCO NACIONAL DE DESENVOLVIMENTO RegS 20Brazil3.99-0.34
PETROBRAS GLOBAL FINANCE BV 21Brazil7.02-0.33
CENCOSUD SA RegS 21Chile3.07-0.32
EVERGRANDE REAL ESTATE GROUP LTD RegS 18China8.13-0.31
AMERICA MOVIL SAB DE CV 20Mexico1.81-0.29
RELIANCE HOLDINGS USA INC RegS 22India2.99-0.27
EMPRESA NACIONAL DEL PETROLEO ENAP RegS 21Chile3.10-0.25
PETROBRAS GLOBAL FINANCE BV 24Brazil7.65-0.23


Country Average Sovereign Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Turkey4.840.74
Iraq10.290.47
Egypt6.460.44
Dominican Republic5.240.19
South Africa4.440.15
Ethiopia7.190.13
Kenya7.510.13
Russian Federation4.120.10
Lithuania2.230.08
Malaysia3.520.08
Tunisia6.520.08
Brazil4.760.06
Morocco2.930.06
Zambia10.280.06
Hungary3.410.06
Panama2.920.04
Uruguay4.010.04
Costa Rica5.930.04
Croatia (Hrvatska)4.110.03
Romania3.340.03
China2.630.03
Argentina6.130.02
Peru3.460.02
United States0.490.01
Serbia3.620.01
Mongolia7.020.01
Poland2.290.01
Paraguay5.280.00
Philippines2.450.00
Slovak Republic1.73-0.01
Colombia3.67-0.01
Mexico3.91-0.01
Indonesia3.94-0.02
Ecuador10.18-0.02
Cote D'Ivoire (Ivory Coast)6.17-0.02
Lebanon6.35-0.03
Angola10.04-0.04
Vietnam3.97-0.06
Azerbaijan5.01-0.07
Chile2.63-0.07
Ukraine7.99-0.08
Kazakhstan4.59-0.08
Oman4.67-0.09
Pakistan5.69-0.10
Ghana9.81-0.10
Gabon7.99-0.17
Jamaica5.47-0.21
Sri Lanka5.18-0.21
El Salvador7.45-0.43
Venezuela25.73-1.27


Country Average Corporate Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Turkey5.171.57
South Africa4.580.22
Russian Federation4.100.11
Brazil8.670.09
Peru2.930.08
Malaysia2.300.05
Azerbaijan5.500.05
Korea (South)2.130.04
China3.370.02
United States0.490.01
Qatar2.640.01
Indonesia4.370.00
Argentina6.720.00
India4.030.00
Israel3.51-0.01
United Arab Emirates3.16-0.02
Kazakhstan4.64-0.02
Mexico4.23-0.04
Thailand2.33-0.05
Colombia4.91-0.06
Chile3.35-0.08
Philippines2.43-0.08
Morocco4.32-0.08
Jamaica11.47-1.34
Venezuela27.82-2.02


Top 30 GEM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 20187.0039.67
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 20197.7536.70
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7532.12
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 202212.7531.97
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0031.25
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 20206.0029.79
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 20239.0026.68
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0026.48
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 202611.7525.91
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 203111.9524.98
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 20248.2523.93
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 20257.6522.64
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.55
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 20289.2522.53
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7522.53
VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 20349.3821.14
VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 20279.2521.01
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3819.72
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 20387.0017.13
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5015.96
ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 20278.9710.40
IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 20285.8010.29
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1199929826EcuadorMar 24, 202010.5010.24
ZAMBIA (REPUBLIC OF) RegSXS1056386714ZambiaApr 14, 20248.5010.16
ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 20247.9510.12
ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 20259.5010.04
GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 20268.139.85
GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 20237.889.77
UKRAINE (GOVERNMENT OF) RegSXS1303926528UkraineSep 1, 20267.758.09
UKRAINE (GOVERNMENT OF) RegSXS1303927179UkraineSep 1, 20277.758.09


Top 30 GEM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3560.72
PETROLEOS DE VENEZUELA SA RegSUSP7807HAK16VenezuelaNov 2, 20178.5052.26
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7532.12
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0031.32
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0026.32
SAMARCO MINERACAO SA RegSUSP84050AA46BrazilNov 1, 20224.1325.00
CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5024.02
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.45
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7522.43
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3819.72
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5015.96
DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2511.47
VEDANTA RESOURCES PLC RegSUSG9328DAG54IndiaJun 7, 20218.2510.31
PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.858.93
PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.258.72
MARFRIG OVERSEAS LTD RegSUSG5814RAB45BrazilMay 4, 20209.508.66
PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.888.62
PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.758.61
PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.758.20
PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.638.18
EVERGRANDE REAL ESTATE GROUP LTD RegSUSG3225AAD57ChinaOct 30, 20188.758.13
VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.90
VALE OVERSEAS LIMITEDUS91911TAK97BrazilNov 10, 20396.887.77
VALE OVERSEAS LIMITEDUS91911TAH68BrazilNov 21, 20366.887.69
PETROBRAS GLOBAL FINANCE BVUS71647NAM11BrazilMar 17, 20246.257.65
YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.507.55
YPF SA RegSUSP989MJAY76ArgentinaApr 4, 20248.757.35
PETROBRAS GLOBAL FINANCE BVUS71647NAF69BrazilMay 20, 20234.387.29
VALE SAUS91912EAA38BrazilSep 11, 20425.637.18
ECOPETROL SAUS279158AE95ColombiaSep 18, 20437.387.13


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

NameISINcountryMaturityCouponYTW
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN749BrazilOct 1, 20160.0013.79
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN6X3BrazilJan 1, 20170.0013.72
FEDERATIVE REPUBLIC OF BRAZILBRSTNCLTN707BrazilJul 1, 20170.0013.13
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.79
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.78
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0012.52
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0012.29
BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0012.20
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0011.97
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0011.93
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0011.84
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0011.81
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.5010.71
RUSSIAN FEDERATIONRU000A0JQZ18Russian FederationAug 3, 20166.9010.30
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.2510.25
TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.0010.10
TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.8010.09
TURKEY GOVERNMENT BONDTRT240724T15TurkeyJul 24, 20249.0010.08
TURKEY (REPUBLIC OF)TRT140922T17TurkeySep 14, 20228.5010.05
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.5010.00
TURKEY (REPUBLIC OF)TRT100719T18TurkeyJul 10, 20198.509.73
TURKEY (REPUBLIC OF)TRT150120T16TurkeyJan 15, 202010.509.71
RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.70
RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.63
SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.48
SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.41
SOUTH AFRICA (REPUBLIC OF)ZAG000077488South AfricaFeb 28, 20416.509.40
SOUTH AFRICA (REPUBLIC OF)ZAG000030404South AfricaMar 31, 20366.259.30
TURKEY (REPUBLIC OF)TRT140218T10TurkeyFeb 14, 20186.309.30
TURKEY (REPUBLIC OF)TRT080317T18TurkeyMar 8, 20179.009.25


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
TurkeyTurkeyUnderweight4.10-5.003.60-6.003.1485.69482.9518752.5120188.4112.4747.0277.738-4.21536.07925.923-2.571BB+Baa3BBB-BB-
BrazilBrazilUnderweight4.70-15.008.58-36.00-1.0265.468417.82841903.93415940.64315.3448.004204.451-3.66334.46234.397-4.757BB+Baa3BBBA-
MexicoMexicoUnderweight3.92-10.004.28-15.002.9975.425811.55521231.98218369.50419.2373.065121.087-2.15922.03245.007-3.593AAAA3BBB+BBB
PhilippinesPhilippinesOverweight2.451.002.51-1.006.7135.32360.4993308.0337348.0625.5342.421101.4235.50418.725-1.459BBBBaa3BBB-BBB
IndonesiaIndonesiaOverweight3.96-10.004.37-14.005.1995.26172.5203895.67711134.86530.7594.601255.077-3.02115.157-2.261BB+Baa3BBB-BBB-
RussiaRussian FederationOverweight4.021.003.99-3.00-3.8335.18629.21731175.99624066.82222.96512.016143.75.37934.755-2.488BB+Ba1BBB-A
ColombiaColombiaOverweight3.68-5.004.97-20.003.3964.39072.5946332.38413850.98616.3723.59848.209-5.75526.30730.232-2.937BBBBaa2BBBBBB+
ChinaChinaOverweight2.596.003.354.006.7624.28997.670711211.92813801.06548.5351.21374.9573.17828.947-1.617AA-Aa3A+AA+
HungaryHungaryOverweight3.35-7.002.74.0916126.69125895.11126.5881.79.8574.76446.19770.486-2.275BBBa1BB+BBB-
PolandPolandUnderweight2.28-12.003.4833.6866491.23926210.05518.8870.36338.019-1.80439.07123.757-2.824A-A2A-A-
South AfricaSouth AfricaUnderweight4.29-31.004.36-20.002.0023.63561.4357323.80913215.43416.158554.86-4.56828.31342.549-3.704BBB-Baa1BBBA
VenezuelaVenezuelaUnderweight27.01-45.0029.84-86.00-73.50803.3616169.67316346.47115.33694.90730.933-4.68122.635BB2B+BB+
PeruPeruOverweight3.44-4.002.85-37.003.8093.21841.3003190.26812187.36221.9982.20331.911-4.57621.0414.945-1.036BBB+A3BBB+BBB+
KazakhstanKazakhstanOverweight4.685.004.666.002.0253.09412.3742203.1424359.64226.4794.89217.683-4.07120.812-18.134BBB+Baa2BBBBBB-
CroatiaCroatia (Hrvatska)Overweight4.08-7.000.453.062048.87421169.42519.622-0.6044.2362.2142.611-3.216BB+Baa3BBBBBB-
LebanonLebanonUnderweight6.37-14.002.53.036754.67118422.45-0.77634.554-22.21619.636123.832-12.039BB1B
UkraineUkraineUnderweight8.07-29.00-5.5482.603085.448277.6011026.6542.685-1.42442.8491.482-3.161BBB-Caa1CCCB-
ArgentinaArgentinaOverweight6.11-26.006.72-6.00-0.3112.11160.2414563.13822458.84715.75420.54342.434-1.71535.667-4.1SDCaa1RDD
LithuaniaLithuaniaUnderweight2.15-15.002.8492.039942.64228210.26819.5550.4832.9290.21332.7217.18-1.282A-Baa1A-BBB-
RomaniaRomaniaUnderweight3.30-8.002.72.0348189.74720526.44822.6252.17419.826-1.11332.037-1.097BBB-Baa3BBB-BB+
ChileChileOverweight2.70-10.003.43-17.002.7111.85042.5142250.47223556.2619.6042.86418.006-1.15423.379-2.668-2.242AA-Aa3A+AA
UruguayUruguayUnderweight3.972.002.81.771956.84521246.89317.2727.4263.416-3.84230.13623.755-3.385BBB-Baa2BBB-BB+
SerbiaSerbiaUnderweight3.61-8.00-0.51.675340.66513380.34913.6434.27.164-4.73638.70872.789-4.103BB-B1B+BB-
MalaysiaMalaysiaOverweight3.44-4.002.245.004.81.53970.9447327.8925631.55330.0172.730.7762.10722.853-3.973A-A3A-A+
Dominican RepublicDominican RepublicUnderweight5.05-30.005.11.431266.19913554.20317.8833.04210.792-2.43614.79-2.701B+B1B
PanamaPanamaUnderweight2.87-11.006.1031.376047.47820418.01418.8922.44.006-10.40822.78340.36-1.422BBBBaa2BBBA-
Sri LankaSri LankaUnderweight5.40-43.006.51.313880.59111068.99625.93.23121.107-2.03313.333B+B1BB-B+
IraqIraqOverweight9.82-36.001.3150.8345173.81914448.11414.805336.977-9.57140.93
C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight6.19-39.000.8122
LatviaLatviaUnderweight2.2980.753828.36224540.59321.4741.6492.026-2.20735.09534.826-1.192A-Baa1A-BB
EcuadorEcuadorOverweight10.20-14.001.8860.7233102.66311379.64423.7013.00216.279-3.29933.946-3.881B+Caa1BB-
AzerbaijanAzerbaijanOverweight5.08-25.005.453.000.6310.699862.19917745.17828.1888.8949.4595.31929.501BBB-Baa3BBB-
Costa RicaCosta RicaUnderweight5.89-28.003.80.630552.815365.77213.64944.837-3.6413.80642.378BBBaa3BB+
PakistanPakistanUnderweight5.79-28.004.30.6084n/a4886.27913.784190.008-1.29414.84960.825B-Caa1CCC
KenyaKenyaUnderweight7.38-52.006.8560.596065.8993238.51416.5255.21644.076-7.65821.28247.397B+B+B
Slovak RepublicSlovak RepublicOverweight1.74-5.002.8810.539487.52829209.56420.9470.7145.4240.40838.452-1.903
GabonGabonOverweight8.16-82.004.4290.514115.02723811.5228.5762.51.608-2.34622.964BB-BB-
MoroccoMoroccoUnderweight2.87-36.004.40-17.004.3650.49590.8213102.0447931.32430.0721.533.503-3.41627.01965.029-5.663BBB-Ba1BBB-BBB
AngolaAngolaOverweight10.08-53.004.4970.4038106.1497373.0352.872925.115-6.34625.606BB-Ba3BB-BB-
ZambiaZambiaOverweight10.23-52.006.7380.389828.4454235.65831.179715.520.27318.02931.923B+B+
VietnamVietnamUnderweight4.03-17.0060.3652204.4935963.6831.9613.191.5784.820.69962.214BB-B1B+B+
El SalvadorEl SalvadorUnderweight7.88-13.002.50.359326.1528260.98810.3440.66.377-4.3318.043BB-Ba2BB-
ParaguayParaguayUnderweight5.28-12.003.9920.351730.7548716.52614.5544.57.017-1.72524.337-1.171BB-B1B+
EgyptEgyptUnderweight6.02-28.004.0410.3465n/a11193.50411.2891188.434-3.27823.44383.002-11.518CCC+Caa1B-B-
GhanaGhanaUnderweight9.91-52.003.490.317739.2194204.12716.5591226.886-7.03619.20467.471BB+B
MongoliaMongoliaOverweight7.01-117.004.4450.212712.45512335.30321.5127.9752.969-11.07525.442BB-B1B+BB-
Hong KongHong KongUnderweight3.0607AAAAa1AA+AAA
IndiaIndiaUnderweight4.03-18.007.464.85822308.0186265.63530.8055.8191276.267-1.27419.495-7.071BBB-Baa3BBB-BBB+
IsraelIsraelUnderweight3.52-8.003.5241.0819306.87333495.1722.6690.6848.3714.4937.27364.354-3.502A+A1AA-
JamaicaJamaicaUnderweight5.68-26.0012.81-67.001.6750.793813.858783.8912.58472.814-5.03527.09CCC+B3B-
KoreaKorea (South)Overweight2.095.003.2817.93031435.07636601.07335.1352.57550.6417.11821.36536.3440.41
QatarQatarOverweight2.63-12.007.1272.0557196.964143532.44653.311.782.4148.35940.11318.13AAAa2AA-
SingaporeSingaporeOverweight3.0312.8012296.05785198.15949.2710.8075.52320.66222.3921.456AAAAaaAAAAAA
ThailandThailandUnderweight2.3813.003.7122.0484386.29114979.83231.5152.05668.8384.42322.727-1.418BBB+Baa1BBB+BBB
United Arab EmiratesUnited Arab EmiratesOverweight3.18-4.003.1544.3014363.70765149.03928.2442.29.5815.330.651-253.283Aa2BBB+