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Chart: Difference between quality is small on emerging markets

Source: ML, Seekingalpha, JPM




MidLincoln Counry Eurobond Indexes Update



Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondMONGOLIA (GOVERNMENT) RegS 22PETROLEOS DE VENEZUELA SA RegS 24PETROLEOS DE VENEZUELA SA RegS 26PETROLEOS DE VENEZUELA SA RegS 27

Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondZAMBIA (REPUBLIC OF) RegS 24ZAMBIA (REPUBLIC OF) RegS 27PETROLEOS DE VENEZUELA SA RegS 22ESKOM HOLDINGS SOC LTD MTN RegS 23

Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondODEBRECHT DRILL VIII/IX RegS 21PETROLEOS DE VENEZUELA SA RegS 17SAMARCO MINERACAO SA RegS 22PETROLEOS DE VENEZUELA SA RegS 27

Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
BondCSN RESOURCES SA RegS 20GTL TRADE FINANCE INC RegS 24ESKOM HOLDINGS LTD RegS 21VIMPELCOM HOLDINGS NV RegS 22

Country Average Sovereign Yield Change USD Eurobonds Weekly
CountryMongoliaEl SalvadorSlovak RepublicMalaysiaPoland

Country Average Corporate Yield Change USD Eurobonds Weekly
CountryVenezuelaBrazilChileKorea (South)Israel

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

Top 30 GEM Corporate Eurobonds by Yield
NameODEBRECHT DRILL VIII/IX RegSPETROLEOS DE VENEZUELA SA RegSPETROLEOS DE VENEZUELA SA RegS

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

Big Country Table - Stance, Ratings and Datamine


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

BondCountryYieldYield Change % pts
MONGOLIA (GOVERNMENT) RegS 22Mongolia8.211.07
PETROLEOS DE VENEZUELA SA RegS 24Venezuela28.200.57
PETROLEOS DE VENEZUELA SA RegS 26Venezuela23.820.54
PETROLEOS DE VENEZUELA SA RegS 27Venezuela21.080.35
1MDB GLOBAL INVESTMENTS LTD 23Malaysia7.530.23
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela34.030.20
CAIXA ECONOMICA FEDERAL MTN RegS 18Brazil4.130.15
UKRAINE (GOVERNMENT OF) RegS 19Ukraine7.890.14
CAIXA ECONOMICA FEDERAL RegS 19Brazil4.570.13
EGYPT (THE ARAB REPUBLIC OF) RegS 20Egypt5.080.11
SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 20China2.160.10
EL SALVADOR REPUBLIC RegS 35El Salvador7.380.10
RUSSIAN (FEDERATION OF) RegS 30Russian Federation2.300.08
PETRONAS CAPITAL LTD. RegS 19Malaysia1.830.08
POLAND (REPUBLIC OF) 22Poland2.230.07
POLAND (REPUBLIC OF) 21Poland2.030.06
LITHUANIA REPUBLIC OF (GOVERNMENT RegS 21Lithuania2.200.06
SLOVAKIA (REPUBLIC OF) RegS 22Slovak Republic1.730.06
LEBANON REPUBLIC OF (GOVERNMENT) MTN RegS 27Lebanon6.970.06
POLAND (REPUBLIC OF) 19Poland1.540.04


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

BondCountryYieldYield Change %pts
ZAMBIA (REPUBLIC OF) RegS 24Zambia9.52-0.90
ZAMBIA (REPUBLIC OF) RegS 27Zambia9.85-0.77
PETROLEOS DE VENEZUELA SA RegS 22Venezuela33.84-0.70
ESKOM HOLDINGS SOC LTD MTN RegS 23South Africa5.57-0.59
ANGOLA (REPUBLIC OF) RegS 25Angola9.79-0.56
KENYA (REPUBLIC OF) RegS 24Kenya7.23-0.55
KAZMUNAYGAS NATIONAL CO JSC RegS 20Kazakhstan4.12-0.53
STATE OIL CO OF AZERBAIJAN REPUBLI RegS 23Azerbaijan5.11-0.53
ESKOM HOLDINGS LTD RegS 21South Africa4.99-0.50
GABONESE REPUBLIC RegS 24Gabon7.69-0.48
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31Venezuela26.46-0.48
TRANSNET SOC LTD MTN RegS 22South Africa4.05-0.48
IVORY COAST RegS 32Cote D'Ivoire (Ivory Coast)5.68-0.47
PERTAMINA PERSERO PT MTN RegS 23Indonesia3.61-0.44
IRAQ (REPUBLIC OF) RegS 28Iraq9.77-0.42
ESKOM HOLDINGS SOC LTD MTN RegS 25South Africa6.10-0.42
BRAZIL MINAS SPE RegS 28Brazil5.96-0.41
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18Venezuela40.42-0.41
PERTAMINA (PERSERO) PT RegS 22Indonesia3.54-0.40
BANCO NACIONAL DE DESENVOLVIMENTO RegS 23Brazil4.77-0.39


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

BondCountryYieldYield Change %pts
ODEBRECHT DRILL VIII/IX RegS 21Brazil88.3020.80
PETROLEOS DE VENEZUELA SA RegS 17Venezuela66.782.88
SAMARCO MINERACAO SA RegS 22Brazil24.530.96
PETROLEOS DE VENEZUELA SA RegS 27Venezuela21.210.48
PETROLEOS DE VENEZUELA SA RegS 24Venezuela27.750.46
PETROLEOS DE VENEZUELA SA RegS 26Venezuela23.600.32
AMERICA MOVIL SAB DE CV 20Mexico1.840.24
POSCO GROUP RegS 20Korea (South)2.360.13
GRUPO BIMBO SAB DE CV RegS 22Mexico2.920.13
RELIANCE HOLDINGS USA INC RegS 22India2.980.12
BANCO DEL ESTADO DE CHILE RegS 20Chile2.470.12
KOREA GAS CORPORATION RegS 20Korea (South)1.820.12
AMERICA MOVIL SAB DE CV 40Mexico4.390.10
PETROBRAS GLOBAL FINANCE BV 19Brazil5.190.10
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela33.830.10
PETROLEOS DE VENEZUELA SA RegS 37Venezuela17.500.10
KOREA NATIONAL OIL CORP RegS 19Korea (South)1.690.09
CENCOSUD SA RegS 21Chile2.990.09
COCA-COLA FEMSA SAB DE CV 23Mexico2.680.09
GRUPO TELEVISA SA 40Mexico5.220.09


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

BondCountryYieldYield Change %pts
CSN RESOURCES SA RegS 20Brazil18.69-0.91
GTL TRADE FINANCE INC RegS 24Brazil5.84-0.89
ESKOM HOLDINGS LTD RegS 21South Africa4.99-0.63
VIMPELCOM HOLDINGS NV RegS 22Russian Federation4.67-0.58
TURKIYE IS BANKASI AS RegS 17Turkey3.64-0.54
STATE OIL CO OF AZERBAIJAN REPUBLI RegS 23Azerbaijan5.17-0.52
CENTRAIS ELETRICAS BRASILEIRAS SA RegS 19Brazil5.26-0.51
EVERGRANDE REAL ESTATE GROUP LTD RegS 18China7.01-0.50
ECOPETROL SA 23Colombia4.55-0.50
PETROBRAS GLOBAL FINANCE BV 43Brazil7.46-0.50
AKBANK TAS RegS 22Turkey4.95-0.49
TURKIYE GARANTI BANKASI AS RegS 21Turkey4.77-0.48
DIGICEL GROUP LTD RegS 20Jamaica10.93-0.48
PETROBRAS GLOBAL FINANCE BV 41Brazil7.85-0.46
PETROBRAS GLOBAL FINANCE BV 15Brazil8.28-0.46
VNESHECONOMBANK MTN RegS 25Russian Federation5.28-0.45
PERTAMINA PERSERO PT MTN RegS 23Indonesia3.61-0.44
TURKIYE VAKIFLAR BANKASI TAO MTN RegS 25Turkey6.72-0.44
YPF SA RegS 18Argentina4.68-0.43
PETROBRAS GLOBAL FINANCE BV 40Brazil7.98-0.42


Country Average Sovereign Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Mongolia8.211.07
El Salvador7.380.10
Slovak Republic1.730.06
Malaysia3.610.04
Poland2.160.02
United States0.510.01
Lithuania2.170.00
Ecuador10.330.00
Morocco2.98-0.01
Lebanon6.43-0.01
Egypt5.83-0.01
Ukraine8.03-0.03
Philippines2.39-0.04
Pakistan5.51-0.04
China2.44-0.05
Chile2.58-0.06
Venezuela27.33-0.06
Costa Rica5.91-0.07
Hungary3.29-0.08
Uruguay3.80-0.09
Serbia3.59-0.09
Peru3.39-0.09
Panama2.89-0.10
Russian Federation3.97-0.10
Brazil4.51-0.11
Mexico3.89-0.11
Sri Lanka5.13-0.11
Romania3.16-0.13
Paraguay5.15-0.13
Croatia (Hrvatska)3.70-0.14
Colombia3.59-0.16
Vietnam3.63-0.16
Oman3.98-0.17
Ghana9.86-0.19
Indonesia3.75-0.19
Jamaica5.38-0.21
Dominican Republic4.94-0.22
Turkey4.49-0.23
Kazakhstan4.48-0.25
Tunisia6.39-0.26
Argentina5.96-0.28
Ethiopia7.15-0.29
South Africa4.02-0.31
Azerbaijan4.91-0.32
Cote D'Ivoire (Ivory Coast)5.81-0.37
Iraq9.77-0.42
Gabon7.69-0.48
Kenya7.23-0.55
Angola9.79-0.56
Zambia9.68-0.84


Country Average Corporate Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Venezuela30.940.50
Brazil8.770.32
Chile3.330.03
Korea (South)2.140.03
Israel3.200.02
United States0.510.01
Thailand2.20-0.01
Peru3.12-0.02
Morocco4.28-0.04
Malaysia2.19-0.07
Philippines2.36-0.07
United Arab Emirates3.06-0.07
Qatar2.53-0.08
Mexico4.30-0.09
India3.83-0.09
China3.14-0.10
Kazakhstan7.36-0.18
Russian Federation3.94-0.18
Colombia4.93-0.22
Indonesia4.22-0.26
Argentina6.35-0.31
South Africa4.13-0.33
Turkey4.97-0.47
Jamaica10.93-0.48
Azerbaijan5.17-0.52


Top 30 GEM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 20187.0040.42
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 20197.7538.44
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0034.03
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7533.84
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 202212.7533.83
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 20206.0031.46
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 20239.0028.73
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0028.20
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 202611.7527.52
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 203111.9526.46
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 20248.2525.75
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 20257.6524.37
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 20289.2524.08
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0023.82
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7523.00
VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 20349.3822.78
VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 20279.2522.72
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3821.08
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 20387.0018.57
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5017.43
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1199929826EcuadorMar 24, 202010.5010.41
ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 20247.9510.25
GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 20268.139.93
ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 20278.979.85
ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 20259.509.79
GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 20237.889.78
IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 20285.809.77
ZAMBIA (REPUBLIC OF) RegSXS1056386714ZambiaApr 14, 20248.509.52
MONGOLIA (GOVERNMENT) RegSUS60937GAB23MongoliaDec 5, 20225.138.21
UKRAINE (GOVERNMENT OF) RegSXS1303927179UkraineSep 1, 20277.758.15


Top 30 GEM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3588.30
PETROLEOS DE VENEZUELA SA RegSUSP7807HAK16VenezuelaNov 2, 20178.5066.78
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7533.84
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0033.83
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0027.75
SAMARCO MINERACAO SA RegSUSP84050AA46BrazilNov 1, 20224.1324.53
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0023.60
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7523.00
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3821.21
CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5018.69
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5017.50
KAZKOMMERTSBANK JSC RegSXS0867478124KazakhstanDec 21, 20225.5012.81
DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2510.93
VEDANTA RESOURCES PLC RegSUSG9328DAG54IndiaJun 7, 20218.259.56
MARFRIG OVERSEAS LTD RegSUSG5814RAB45BrazilMay 4, 20209.508.39
PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.858.28
PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.258.02
PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.887.98
PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.757.85
PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.757.56
PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.637.46
YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.507.27
YPF SA RegSUSP989MJAY76ArgentinaApr 4, 20248.757.25
VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.21
VALE OVERSEAS LIMITEDUS91911TAK97BrazilNov 10, 20396.887.07
EVERGRANDE REAL ESTATE GROUP LTD RegSUSG3225AAD57ChinaOct 30, 20188.757.01
VALE OVERSEAS LIMITEDUS91911TAH68BrazilNov 21, 20366.886.92
ECOPETROL SAUS279158AE95ColombiaSep 18, 20437.386.90
PETROBRAS GLOBAL FINANCE BVUS71647NAM11BrazilMar 17, 20246.256.80
TURKIYE VAKIFLAR BANKASI TAO MTN RegSXS1175854923TurkeyFeb 3, 20256.886.72


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

NameISINcountryMaturityCouponYTW
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN6X3BrazilJan 1, 20170.0013.82
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN749BrazilOct 1, 20160.0013.79
BRAZIL FEDERATIVE REPUBLIC OF (GOVBRSTNCLTN707BrazilJul 1, 20170.0013.30
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.66
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.64
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0012.34
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0012.10
BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0012.03
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0011.87
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0011.86
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0011.83
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0011.79
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.5010.34
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.2510.21
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.5010.16
TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.009.46
TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.809.45
TURKEY (REPUBLIC OF)TRT110226T13TurkeyFeb 11, 202610.609.44
TURKEY GOVERNMENT BONDTRT240724T15TurkeyJul 24, 20249.009.43
TURKEY (REPUBLIC OF)TRT140922T17TurkeySep 14, 20228.509.37
RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.37
RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.32
RUSSIAN FEDERATION RegSXS0564087541Russian FederationMar 10, 20187.859.13
SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.09
RUSSIAN FEDERATIONRU000A0JRCJ6Russian FederationMar 15, 20187.509.08
SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.05
SOUTH AFRICA (REPUBLIC OF)ZAG000077488South AfricaFeb 28, 20416.509.03
RUSSIAN FEDERATIONRU000A0JS4M5Russian FederationFeb 27, 20197.509.02
RUSSIAN FEDERATIONRU000A0JU9V1Russian FederationMay 15, 20196.709.01
TURKEY (REPUBLIC OF)TRT100719T18TurkeyJul 10, 20198.508.97


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
TurkeyTurkeyUnderweight4.49-23.004.97-47.003.8005.69482.9518751.18621198.48415.42010.87078.559-3.61635.33621.924-1.993BB+Baa3BBB-BB-
BrazilBrazilUnderweight4.51-11.008.7732.00-3.7985.468417.82841534.78215048.62917.1167.146206.082-2.02931.98142.944-7.144BB+Baa3BBBA-
MexicoMexicoUnderweight3.89-11.004.30-9.002.4115.425811.55521082.43117905.51920.4213.310128.632-2.56222.28648.637-4.830AAAA3BBB+BBB
PhilippinesPhilippinesOverweight2.39-4.002.36-7.006.0005.32360.4993310.3127612.58425.0832.900104.1952.61319.466-0.574BBBBaa3BBB-BBB
IndonesiaIndonesiaOverweight3.75-19.004.22-26.004.9005.26172.5203936.95511633.40932.4814.500258.802-2.59013.967-2.698BB+Baa3BBB-BBB-
RussiaRussian FederationOverweight3.97-10.003.94-18.00-1.8495.18629.21731132.73925185.53125.5027.901146.3004.23530.692-4.287BB+Ba1BBB-A
ColombiaColombiaOverweight3.59-16.004.93-22.002.5024.39072.5946253.24014171.18517.3505.29148.750-5.98225.53942.155-1.968BBBBaa2BBBBBB+
ChinaChinaOverweight2.44-5.003.14-10.006.4904.28997.670711383.03315095.20744.4251.8001381.4542.60428.357-2.884AA-Aa3A+AA+
HungaryHungaryOverweight3.29-8.002.3004.0916117.72927145.74527.5251.2009.8355.38644.59271.042BBBa1BB+BBB-
PolandPolandUnderweight2.162.003.5713.6866473.50127670.46318.8410.48138.003-1.75739.35626.071-3.374A-A2A-A-
South AfricaSouth AfricaUnderweight4.02-31.004.13-33.000.6123.63561.4357266.21313166.21314.4036.90055.831-4.36730.13946.222-3.178BBB-Baa1BBBA
VenezuelaVenezuelaUnderweight27.33-6.0030.9450.00-8.0003.50803.3616185.61115251.50713.053720.03631.416-6.55213.974BB2B+BB+
PeruPeruOverweight3.39-9.003.12-2.003.7443.21841.3003178.64312580.60320.8003.41832.405-3.88120.4527.543-1.715BBB+A3BBB+BBB+
KazakhstanKazakhstanOverweight4.48-25.007.36-18.000.1353.09412.3742116.15124176.91423.2469.00017.947-3.96418.379-26.952-3.983BBB+Baa2BBBBBB-
CroatiaCroatia (Hrvatska)Overweight3.70-14.001.9003.062049.92822296.21921.3320.8004.2042.65443.743-2.655BB+Baa3BBBBBB-
LebanonLebanonUnderweight6.43-1.001.0003.036752.79718425.821-1.1552.0004.597-21.33219.529134.941-13.571BB1B
UkraineUkraineUnderweight8.03-3.001.4812.603083.5508185.25813.50313.04042.501-2.58637.83390.593-2.914BBB-Caa1CCCB-
ArgentinaArgentinaOverweight5.96-28.006.35-31.00-1.0072.11160.2414437.85622303.20516.20524.95343.564-1.65735.844-5.976SDCaa1RDD
LithuaniaLithuaniaUnderweight2.170.002.7342.039943.02429716.64715.8301.4302.875-3.04733.85139.413-0.658A-Baa1A-BBB-
RomaniaRomaniaUnderweight3.16-13.004.2002.0348181.94421916.39522.7531.50019.869-1.73330.769-3.032BBB-Baa3BBB-BB+
ChileChileOverweight2.58-6.003.333.001.5371.85042.5142235.41923803.28320.0583.52718.196-2.10023.512-1.137-2.325AA-Aa3A+AA
UruguayUruguayUnderweight3.80-9.001.3871.771953.14521944.29614.8709.0803.427-3.94228.46925.729-3.931BBB-Baa2BBB-BB+
SerbiaSerbiaUnderweight3.59-9.001.7501.675337.38114047.02614.3712.5897.132-4.41140.18875.454-2.825BB-B1B+BB-
MalaysiaMalaysiaOverweight3.614.002.19-7.004.4001.53970.9447309.26227278.20028.0223.13131.5232.33620.492-3.667A-A3A-A+
Dominican RepublicDominican RepublicUnderweight4.94-22.005.4001.431271.43315776.94719.9523.34010.098-1.67314.58135.109-2.603B+B1B
PanamaPanamaUnderweight2.89-10.006.1001.376055.75522861.40639.9310.8004.086-6.06920.04236.362-0.574BBBBaa2BBBA-
Sri LankaSri LankaUnderweight5.13-11.005.0001.313884.80711127.25930.0784.06021.252-0.79313.590B+B1BB-B+
IraqIraqOverweight9.77-42.007.1540.8345148.41116323.3237.9212.00036.067-14.44333.063
C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight5.81-37.000.8122
LatviaLatviaUnderweight3.2040.753828.17725883.26920.1821.5721.976-2.02436.02731.920-1.104A-Baa1A-BB
EcuadorEcuadorOverweight10.330.00-4.4970.723394.01410698.29615.4010.80316.529-2.32930.416-0.599B+Caa1BB-
AzerbaijanAzerbaijanOverweight4.91-32.005.17-52.00-2.9910.699835.14117486.51125.70418.0009.492-0.18527.927BBB-Baa3BBB-
Costa RicaCosta RicaUnderweight5.91-7.004.2500.630556.90816088.60914.9353.0004.900-4.21114.537BBBaa3BB+
PakistanPakistanUnderweight5.51-4.004.5000.6084n/a5173.96014.1664.500189.870-1.13515.74558.449B-Caa1CCC
KenyaKenyaUnderweight7.23-55.005.9820.596064.6883338.35114.1735.80045.478-8.27320.52053.109B+B+B
Slovak RepublicSlovak RepublicOverweight1.736.003.3470.539489.79731012.83421.7200.6615.418-0.98338.459-2.121
GabonGabonOverweight7.69-48.003.1820.514114.16619149.89129.0092.5001.881-7.20219.824BB-BB-
MoroccoMoroccoUnderweight2.98-1.004.28-4.002.2560.49590.8213108.0968349.71234.7881.30033.8270.42325.27163.809-4.361BBB-Ba1BBB-BBB
AngolaAngolaOverweight9.79-56.002.5140.403881.4977380.793-1.07919.19425.868-11.58821.571BB-Ba3BB-BB-
ZambiaZambiaOverweight9.68-84.003.4250.389819.1173917.73826.45114.30016.717-3.80716.91655.466B+B+
VietnamVietnamUnderweight3.63-16.006.3000.3652201.3616399.67426.6372.00092.6370.56221.658BB-B1B+B+
El SalvadorEl SalvadorUnderweight7.3810.002.5000.359327.3278558.82711.1661.8506.403-3.02718.476BB-Ba2BB-
ParaguayParaguayUnderweight5.15-13.002.8930.351726.8048905.02415.0354.5007.115-1.23921.75622.157-2.597BB-B1B+
EgyptEgyptUnderweight5.83-1.003.2560.3465n/a12113.09410.61110.23390.203-5.33921.77780.803-11.119CCC+Caa1B-B-
GhanaGhanaUnderweight9.86-19.004.5320.317738.1714390.97416.77312.36927.573-7.22020.96772.075BB+B
MongoliaMongoliaOverweight8.21107.000.4060.212711.65212133.48319.2053.7103.014-10.65225.965BB-B1B+BB-
Hong KongHong KongUnderweight3.0607AAAAa1AA+AAA
IndiaIndiaUnderweight3.83-9.007.4544.85822288.7156598.97031.2445.1371309.713-1.50620.982-6.959BBB-Baa3BBB-BBB+
IsraelIsraelUnderweight3.202.002.8471.0819306.19434335.65323.8750.4548.5284.04537.25362.598-3.593A+A1AA-
JamaicaJamaicaUnderweight5.38-21.0010.93-48.002.2060.793814.0578990.92513.2675.3002.829-2.86627.963CCC+B3B-
KoreaKorea (South)Overweight2.143.002.6687.93031321.19637699.19335.1711.74850.8358.24520.91135.3400.625
QatarQatarOverweight2.53-8.003.4012.0557170.860129511.84852.6922.578-5.03632.395-122.512AAAa2AA-
SingaporeSingaporeOverweight1.7732.8012294.56086853.68647.0811.3435.58421.16421.6772.065AAAAaaAAAAAA
ThailandThailandUnderweight2.20-1.002.9892.0484409.72416706.32433.4521.57868.9817.95322.307-0.050BBB+Baa1BBB+BBB
United Arab EmiratesUnited Arab EmiratesOverweight3.06-7.002.3704.3014325.13567946.48824.7503.2029.856-0.97627.156-273.575Aa2BBB+