image

Chart: TOP Yields % among GEM Bonds

mostly from South America

Source: ML




MidLincoln Counry Eurobond Indexes Update



Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondPETROLEOS DE VENEZUELA SA RegS 22PETROLEOS DE VENEZUELA SA MTN RegS 21VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 23VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31

Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondEGYPT (ARAB REPUBLIC OF) MTN RegS 25EGYPT (THE ARAB REPUBLIC OF) RegS 20BRAZIL MINAS SPE RegS 28BANCO NACIONAL DE DESENVOLVIMENTO RegS 19

Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondODEBRECHT DRILL VIII/IX RegS 21PETROLEOS DE VENEZUELA SA RegS 22PETROLEOS DE VENEZUELA SA MTN RegS 21PETROLEOS MEXICANOS MTN 21

Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
BondSAMARCO MINERACAO SA RegS 22PETROLEOS DE VENEZUELA SA RegS 17EVERGRANDE REAL ESTATE GROUP LTD RegS 18YAPI VE KREDI BANKASI AS RegS 20

Country Average Sovereign Yield Change USD Eurobonds Weekly
CountryGhanaVenezuelaZambiaIraqGabon

Country Average Corporate Yield Change USD Eurobonds Weekly
CountryVenezuelaAzerbaijanColombiaMexicoIsrael

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
PETROLEOS DE VENEZUELA SA RegS 22Venezuela33.721.60
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela32.321.07
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 23Venezuela27.660.98
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31Venezuela25.930.95
VENEZUELA (BOLVARIAN REPUBLIC OF) 34Venezuela21.990.85
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 28Venezuela23.370.84
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 26Venezuela26.750.84
GHANA (REPUBLIC OF) RegS 23Ghana10.600.83
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegS 24Venezuela24.730.80
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22Venezuela32.770.80
VENEZUELA (BOLIVARIAN REPUBLIC OF) 27Venezuela21.810.80
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 25Venezuela23.410.77
ZAMBIA (REPUBLIC OF) RegS 24Zambia10.860.70
GHANA (REPUBLIC OF) RegS 26Ghana10.530.68
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 38Venezuela17.770.64
ZAMBIA (REPUBLIC OF) RegS 27Zambia11.000.60
PETROLEOS DE VENEZUELA SA RegS 37Venezuela16.510.55
IRAQ (REPUBLIC OF) RegS 28Iraq10.800.51
PETROLEOS DE VENEZUELA SA RegS 27Venezuela20.210.49
PETROLEOS MEXICANOS MTN 21Mexico4.080.49


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

BondCountryYieldYield Change %pts
EGYPT (ARAB REPUBLIC OF) MTN RegS 25Egypt6.90-0.61
EGYPT (THE ARAB REPUBLIC OF) RegS 20Egypt4.86-0.55
BRAZIL MINAS SPE RegS 28Brazil6.37-0.45
TURKEY (REPUBLIC OF) 19Turkey3.58-0.33
BANCO NACIONAL DE DESENVOLVIMENTO RegS 19Brazil3.72-0.30
PAKISTAN (ISLAMIC REPUBLIC OF) RegS 24Pakistan6.44-0.28
TURKEY (REPUBLIC OF) 19Turkey3.52-0.26
CAIXA ECONOMICA FEDERAL RegS 19Brazil4.44-0.25
TURKEY REPUBLIC OF (GOVERNMENT) 22Turkey4.22-0.25
EL SALVADOR REPUBLIC RegS 35El Salvador7.21-0.24
TURKEY (REPUBLIC OF) 21Turkey4.08-0.24
ESKOM HOLDINGS LTD RegS 21South Africa5.75-0.22
PETROLEOS DE VENEZUELA SA RegS 35Venezuela22.32-0.21
SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 23China2.84-0.21
TURKEY (REPUBLIC OF) 26Turkey4.61-0.20
TURKEY (REPUBLIC OF) 23Turkey4.25-0.18
TURKEY REPUBLIC OF (GOVERNMENT) 43Turkey5.34-0.18
TURKEY (REPUBLIC OF) 20Turkey3.93-0.18
SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 42China3.72-0.17
CNOOC CURTIS FUNDING NO 1 PTY LTD RegS 23China2.86-0.17


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

BondCountryYieldYield Change %pts
ODEBRECHT DRILL VIII/IX RegS 21Brazil63.993.27
PETROLEOS DE VENEZUELA SA RegS 22Venezuela33.341.22
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela31.840.52
PETROLEOS MEXICANOS MTN 21Mexico4.020.49
PETROLEOS DE VENEZUELA SA RegS 37Venezuela16.400.44
PETROLEOS MEXICANOS 18Mexico2.840.40
PETROLEOS MEXICANOS 41Mexico6.460.38
PETROLEOS MEXICANOS 45Mexico6.400.37
ECOPETROL SA 25Colombia5.160.35
PETROLEOS MEXICANOS 44Mexico6.270.33
PETROLEOS MEXICANOS 46Mexico6.300.33
PETROLEOS MEXICANOS MTN 20Mexico3.500.32
PETROLEOS MEXICANOS 19Mexico3.370.31
PETROLEOS MEXICANOS 24Mexico4.560.28
PETROLEOS MEXICANOS 23Mexico4.330.28
PETROLEOS MEXICANOS 22Mexico4.290.28
PETROLEOS MEXICANOS 38Mexico6.410.27
PETROLEOS DE VENEZUELA SA RegS 26Venezuela22.710.26
VEB FINANCE LTD RegS 20Russian Federation4.910.26
PETROLEOS MEXICANOS 35Mexico6.220.25


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

BondCountryYieldYield Change %pts
SAMARCO MINERACAO SA RegS 22Brazil23.10-1.90
PETROLEOS DE VENEZUELA SA RegS 17Venezuela51.12-1.14
EVERGRANDE REAL ESTATE GROUP LTD RegS 18China7.27-0.86
YAPI VE KREDI BANKASI AS RegS 20Turkey5.00-0.76
TURKIYE VAKIFLAR BANKASI TAO MTN RegS 25Turkey3.30-0.75
TURKIYE GARANTI BANKASI AS RegS 21Turkey5.09-0.73
DIGICEL GROUP LTD RegS 20Jamaica10.83-0.64
VEDANTA RESOURCES PLC RegS 21India9.69-0.62
VALE OVERSEAS LIMITED 22Brazil5.04-0.51
CSN RESOURCES SA RegS 20Brazil23.51-0.51
AKBANK TAS RegS 22Turkey5.23-0.50
VALE OVERSEAS LTD 21Brazil4.98-0.42
TURKIYE IS BANKASI AS RegS 17Turkey4.07-0.41
VALE OVERSEAS LIMITED 20Brazil4.62-0.34
VALE OVERSEAS LIMITED 39Brazil7.47-0.30
VALE SA 42Brazil6.89-0.29
VALE OVERSEAS LIMITED 36Brazil7.42-0.27
STEEL CAPITAL SA RegS 17Russian Federation2.58-0.24
SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 23China2.86-0.20
PETROBRAS GLOBAL FINANCE BV 19Brazil4.91-0.19


Country Average Sovereign Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Ghana10.570.75
Venezuela26.400.66
Zambia10.930.65
Iraq10.800.51
Gabon8.310.32
Angola10.320.28
Azerbaijan5.280.27
Ethiopia7.440.25
Colombia3.900.23
Mexico4.110.20
Ukraine8.170.18
Ecuador10.330.15
Kenya7.660.15
Cote D'Ivoire (Ivory Coast)6.320.15
Kazakhstan4.740.15
Argentina6.370.14
Dominican Republic5.360.12
Jamaica5.590.12
Panama3.020.10
Russian Federation4.200.08
Peru3.540.08
Costa Rica6.010.08
South Africa4.510.07
Serbia3.680.06
Mongolia7.080.06
Lebanon6.400.05
Chile2.670.04
Morocco2.970.04
Uruguay4.050.04
Hungary3.440.04
Slovak Republic1.760.03
Malaysia3.550.03
Romania3.360.02
Tunisia6.530.01
United States0.490.00
Paraguay5.280.00
Poland2.290.00
Lithuania2.21-0.02
Philippines2.42-0.02
Oman4.62-0.05
Indonesia3.88-0.06
Brazil4.69-0.07
Sri Lanka5.10-0.08
Croatia (Hrvatska)4.01-0.10
China2.52-0.11
Vietnam3.85-0.12
Turkey4.68-0.16
Pakistan5.49-0.20
El Salvador7.21-0.24
Egypt5.88-0.58


Country Average Corporate Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Venezuela28.060.24
Azerbaijan5.710.21
Colombia5.070.16
Mexico4.380.14
Israel3.640.13
Peru3.020.08
Russian Federation4.170.08
Thailand2.370.04
Argentina6.750.02
Kazakhstan4.660.02
South Africa4.600.02
Philippines2.440.01
Chile3.350.00
United States0.490.00
Morocco4.320.00
Indonesia4.36-0.01
Qatar2.62-0.02
Brazil8.64-0.03
United Arab Emirates3.13-0.03
Korea (South)2.09-0.05
Malaysia2.25-0.05
China3.22-0.14
India3.88-0.16
Turkey4.54-0.63
Jamaica10.83-0.64


Top 30 GEM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 20187.0039.66
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 20197.7537.08
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7533.72
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 202212.7532.77
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0032.32
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 20206.0030.15
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 20239.0027.66
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0026.92
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 202611.7526.75
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 203111.9525.93
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 20248.2524.73
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 20257.6523.41
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 20289.2523.37
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.90
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7522.32
VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 20349.3821.99
VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 20279.2521.81
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3820.21
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 20387.0017.77
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5016.51
ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 20278.9711.00
ZAMBIA (REPUBLIC OF) RegSXS1056386714ZambiaApr 14, 20248.5010.86
IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 20285.8010.80
GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 20237.8810.60
GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 20268.1310.53
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1199929826EcuadorMar 24, 202010.5010.41
ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 20259.5010.32
ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 20247.9510.25
GABONESE REPUBLIC RegSXS1003557870GabonDec 12, 20246.388.31
UKRAINE (GOVERNMENT OF) RegSXS1303927179UkraineSep 1, 20277.758.29


Top 30 GEM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3563.99
PETROLEOS DE VENEZUELA SA RegSUSP7807HAK16VenezuelaNov 2, 20178.5051.12
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7533.34
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0031.84
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0026.51
CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5023.51
SAMARCO MINERACAO SA RegSUSP84050AA46BrazilNov 1, 20224.1323.10
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.71
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7522.65
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3819.93
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5016.40
DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2510.83
VEDANTA RESOURCES PLC RegSUSG9328DAG54IndiaJun 7, 20218.259.69
PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.859.05
PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.258.71
PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.888.63
MARFRIG OVERSEAS LTD RegSUSG5814RAB45BrazilMay 4, 20209.508.62
PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.758.51
PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.638.18
PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.758.10
VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.83
YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.507.64
PETROBRAS GLOBAL FINANCE BVUS71647NAM11BrazilMar 17, 20246.257.50
VALE OVERSEAS LIMITEDUS91911TAK97BrazilNov 10, 20396.887.47
VALE OVERSEAS LIMITEDUS91911TAH68BrazilNov 21, 20366.887.42
YPF SA RegSUSP989MJAY76ArgentinaApr 4, 20248.757.37
ECOPETROL SAUS279158AE95ColombiaSep 18, 20437.387.36
EVERGRANDE REAL ESTATE GROUP LTD RegSUSG3225AAD57ChinaOct 30, 20188.757.27
PETROBRAS GLOBAL FINANCE BVUS71647NAF69BrazilMay 20, 20234.387.15
PETROBRAS GLOBAL FINANCE BVUS71647NAP42BrazilMay 23, 20218.387.07


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

NameISINcountryMaturityCouponYTW
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN749BrazilOct 1, 20160.0013.90
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN6X3BrazilJan 1, 20170.0013.81
FEDERATIVE REPUBLIC OF BRAZILBRSTNCLTN707BrazilJul 1, 20170.0013.25
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.94
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.91
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0012.64
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0012.39
BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0012.31
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0012.05
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0011.99
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0011.88
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0011.87
RUSSIAN FEDERATIONRU000A0JQZ18Russian FederationAug 3, 20166.9011.05
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.5010.64
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.2510.36
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.5010.26
RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.70
RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.69
TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.009.61
TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.809.58
TURKEY GOVERNMENT BONDTRT240724T15TurkeyJul 24, 20249.009.57
TURKEY (REPUBLIC OF)TRT140922T17TurkeySep 14, 20228.509.56
SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.47
SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.40
SOUTH AFRICA (REPUBLIC OF)ZAG000077488South AfricaFeb 28, 20416.509.39
TURKEY (REPUBLIC OF)TRT100719T18TurkeyJul 10, 20198.509.34
SOUTH AFRICA (REPUBLIC OF)ZAG000030404South AfricaMar 31, 20366.259.30
TURKEY (REPUBLIC OF)TRT150120T16TurkeyJan 15, 202010.509.23
RUSSIAN FEDERATIONRU000A0JRCJ6Russian FederationMar 15, 20187.509.20
RUSSIAN FEDERATION RegSXS0564087541Russian FederationMar 10, 20187.859.17


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
TurkeyTurkeyUnderweight4.68-16.004.54-63.003.8005.69482.9518751.18621198.48415.42010.87078.559-3.61635.33621.924-1.993BB+Baa3BBB-BB-
BrazilBrazilUnderweight4.69-7.008.64-3.00-3.7985.468417.82841534.78215048.62917.1167.146206.082-2.02931.98142.944-7.144BB+Baa3BBBA-
MexicoMexicoUnderweight4.1120.004.3814.002.4115.425811.55521082.43117905.51920.4213.310128.632-2.56222.28648.637-4.830AAAA3BBB+BBB
PhilippinesPhilippinesOverweight2.42-2.002.441.006.0005.32360.4993310.3127612.58425.0832.900104.1952.61319.466-0.574BBBBaa3BBB-BBB
IndonesiaIndonesiaOverweight3.88-6.004.36-1.004.9005.26172.5203936.95511633.40932.4814.500258.802-2.59013.967-2.698BB+Baa3BBB-BBB-
RussiaRussian FederationOverweight4.208.004.178.00-1.8495.18629.21731132.73925185.53125.5027.901146.3004.23530.692-4.287BB+Ba1BBB-A
ColombiaColombiaOverweight3.9023.005.0716.002.5024.39072.5946253.24014171.18517.3505.29148.750-5.98225.53942.155-1.968BBBBaa2BBBBBB+
ChinaChinaOverweight2.52-11.003.22-14.006.4904.28997.670711383.03315095.20744.4251.8001381.4542.60428.357-2.884AA-Aa3A+AA+
HungaryHungaryOverweight3.444.002.3004.0916117.72927145.74527.5251.2009.8355.38644.59271.042BBBa1BB+BBB-
PolandPolandUnderweight2.290.003.5713.6866473.50127670.46318.8410.48138.003-1.75739.35626.071-3.374A-A2A-A-
South AfricaSouth AfricaUnderweight4.517.004.602.000.6123.63561.4357266.21313166.21314.4036.90055.831-4.36730.13946.222-3.178BBB-Baa1BBBA
VenezuelaVenezuelaUnderweight26.4066.0028.0624.00-8.0003.50803.3616185.61115251.50713.053720.03631.416-6.55213.974BB2B+BB+
PeruPeruOverweight3.548.003.028.003.7443.21841.3003178.64312580.60320.8003.41832.405-3.88120.4527.543-1.715BBB+A3BBB+BBB+
KazakhstanKazakhstanOverweight4.7415.004.662.000.1353.09412.3742116.15124176.91423.2469.00017.947-3.96418.379-26.952-3.983BBB+Baa2BBBBBB-
CroatiaCroatia (Hrvatska)Overweight4.01-10.001.9003.062049.92822296.21921.3320.8004.2042.65443.743-2.655BB+Baa3BBBBBB-
LebanonLebanonUnderweight6.405.001.0003.036752.79718425.821-1.1552.0004.597-21.33219.529134.941-13.571BB1B
UkraineUkraineUnderweight8.1718.001.4812.603083.5508185.25813.50313.04042.501-2.58637.83390.593-2.914BBB-Caa1CCCB-
ArgentinaArgentinaOverweight6.3714.006.752.00-1.0072.11160.2414437.85622303.20516.20524.95343.564-1.65735.844-5.976SDCaa1RDD
LithuaniaLithuaniaUnderweight2.21-2.002.7342.039943.02429716.64715.8301.4302.875-3.04733.85139.413-0.658A-Baa1A-BBB-
RomaniaRomaniaUnderweight3.362.004.2002.0348181.94421916.39522.7531.50019.869-1.73330.769-3.032BBB-Baa3BBB-BB+
ChileChileOverweight2.674.003.350.001.5371.85042.5142235.41923803.28320.0583.52718.196-2.10023.512-1.137-2.325AA-Aa3A+AA
UruguayUruguayUnderweight4.054.001.3871.771953.14521944.29614.8709.0803.427-3.94228.46925.729-3.931BBB-Baa2BBB-BB+
SerbiaSerbiaUnderweight3.686.001.7501.675337.38114047.02614.3712.5897.132-4.41140.18875.454-2.825BB-B1B+BB-
MalaysiaMalaysiaOverweight3.553.002.25-5.004.4001.53970.9447309.26227278.20028.0223.13131.5232.33620.492-3.667A-A3A-A+
Dominican RepublicDominican RepublicUnderweight5.3612.005.4001.431271.43315776.94719.9523.34010.098-1.67314.58135.109-2.603B+B1B
PanamaPanamaUnderweight3.0210.006.1001.376055.75522861.40639.9310.8004.086-6.06920.04236.362-0.574BBBBaa2BBBA-
Sri LankaSri LankaUnderweight5.10-8.005.0001.313884.80711127.25930.0784.06021.252-0.79313.590B+B1BB-B+
IraqIraqOverweight10.8051.007.1540.8345148.41116323.3237.9212.00036.067-14.44333.063
C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight6.3215.000.8122
LatviaLatviaUnderweight3.2040.753828.17725883.26920.1821.5721.976-2.02436.02731.920-1.104A-Baa1A-BB
EcuadorEcuadorOverweight10.3315.00-4.4970.723394.01410698.29615.4010.80316.529-2.32930.416-0.599B+Caa1BB-
AzerbaijanAzerbaijanOverweight5.2827.005.7121.00-2.9910.699835.14117486.51125.70418.0009.492-0.18527.927BBB-Baa3BBB-
Costa RicaCosta RicaUnderweight6.018.004.2500.630556.90816088.60914.9353.0004.900-4.21114.537BBBaa3BB+
PakistanPakistanUnderweight5.49-20.004.5000.6084n/a5173.96014.1664.500189.870-1.13515.74558.449B-Caa1CCC
KenyaKenyaUnderweight7.6615.005.9820.596064.6883338.35114.1735.80045.478-8.27320.52053.109B+B+B
Slovak RepublicSlovak RepublicOverweight1.763.003.3470.539489.79731012.83421.7200.6615.418-0.98338.459-2.121
GabonGabonOverweight8.3132.003.1820.514114.16619149.89129.0092.5001.881-7.20219.824BB-BB-
MoroccoMoroccoUnderweight2.974.004.320.002.2560.49590.8213108.0968349.71234.7881.30033.8270.42325.27163.809-4.361BBB-Ba1BBB-BBB
AngolaAngolaOverweight10.3228.002.5140.403881.4977380.793-1.07919.19425.868-11.58821.571BB-Ba3BB-BB-
ZambiaZambiaOverweight10.9365.003.4250.389819.1173917.73826.45114.30016.717-3.80716.91655.466B+B+
VietnamVietnamUnderweight3.85-12.006.3000.3652201.3616399.67426.6372.00092.6370.56221.658BB-B1B+B+
El SalvadorEl SalvadorUnderweight7.21-24.002.5000.359327.3278558.82711.1661.8506.403-3.02718.476BB-Ba2BB-
ParaguayParaguayUnderweight5.280.002.8930.351726.8048905.02415.0354.5007.115-1.23921.75622.157-2.597BB-B1B+
EgyptEgyptUnderweight5.88-58.003.2560.3465n/a12113.09410.61110.23390.203-5.33921.77780.803-11.119CCC+Caa1B-B-
GhanaGhanaUnderweight10.5775.004.5320.317738.1714390.97416.77312.36927.573-7.22020.96772.075BB+B
MongoliaMongoliaOverweight7.086.000.4060.212711.65212133.48319.2053.7103.014-10.65225.965BB-B1B+BB-
Hong KongHong KongUnderweight3.0607AAAAa1AA+AAA
IndiaIndiaUnderweight3.88-16.007.4544.85822288.7156598.97031.2445.1371309.713-1.50620.982-6.959BBB-Baa3BBB-BBB+
IsraelIsraelUnderweight3.6413.002.8471.0819306.19434335.65323.8750.4548.5284.04537.25362.598-3.593A+A1AA-
JamaicaJamaicaUnderweight5.5912.0010.83-64.002.2060.793814.0578990.92513.2675.3002.829-2.86627.963CCC+B3B-
KoreaKorea (South)Overweight2.09-5.002.6687.93031321.19637699.19335.1711.74850.8358.24520.91135.3400.625
QatarQatarOverweight2.62-2.003.4012.0557170.860129511.84852.6922.578-5.03632.395-122.512AAAa2AA-
SingaporeSingaporeOverweight1.7732.8012294.56086853.68647.0811.3435.58421.16421.6772.065AAAAaaAAAAAA
ThailandThailandUnderweight2.374.002.9892.0484409.72416706.32433.4521.57868.9817.95322.307-0.050BBB+Baa1BBB+BBB
United Arab EmiratesUnited Arab EmiratesOverweight3.13-3.002.3704.3014325.13567946.48824.7503.2029.856-0.97627.156-273.575Aa2BBB+