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Chart: Emerging Markets Bonds Pay Toll on Fed - SA Bonds, Mongolia hit the most

Source: ML




MidLincoln Counry Eurobond Indexes Update



Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondMONGOLIA (GOVERNMENT) RegS 22PETROLEOS DE VENEZUELA SA MTN RegS 21ESKOM HOLDINGS LTD RegS 21ESKOM HOLDINGS SOC LTD MTN RegS 23

Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondPETROLEOS DE VENEZUELA SA RegS 22PETROLEOS DE VENEZUELA SA RegS 37VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22IRAQ (REPUBLIC OF) RegS 28

Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondPETROLEOS DE VENEZUELA SA RegS 17PETROLEOS DE VENEZUELA SA MTN RegS 21ESKOM HOLDINGS LTD RegS 21PETROBRAS GLOBAL FINANCE BV 21

Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
BondODEBRECHT DRILL VIII/IX RegS 21PETROLEOS DE VENEZUELA SA RegS 22POSCO GROUP RegS 20GERDAU HOLDINGS INC RegS 20

Country Average Sovereign Yield Change USD Eurobonds Weekly
CountryMongoliaSouth AfricaArgentinaAzerbaijanSri Lanka

Country Average Corporate Yield Change USD Eurobonds Weekly
CountryVenezuelaSouth AfricaJamaicaBrazilIndonesia

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 MTN 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 22Mongolia8.120.89
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela33.350.76
ESKOM HOLDINGS LTD RegS 21South Africa5.780.73
ESKOM HOLDINGS SOC LTD MTN RegS 23South Africa6.390.65
ESKOM HOLDINGS SOC LTD MTN RegS 25South Africa6.770.53
TRANSNET SOC LTD MTN RegS 22South Africa4.530.53
SOUTH AFRICA (REPUBLIC OF) 20South Africa3.020.44
ARGENTINA REPUBLIC OF GOVERNMENT RegS 19Argentina3.930.44
SOUTH AFRICA (REPUBLIC OF) 24South Africa3.860.43
SOUTH AFRICA (REPUBLIC OF) 26South Africa4.190.39
SOUTH AFRICA (REPUBLIC OF) 22South Africa3.490.39
PETROLEOS DE VENEZUELA SA RegS 27Venezuela20.730.39
SOUTH AFRICA (REPUBLIC OF) 25South Africa4.120.37
PETROLEOS MEXICANOS 22Mexico4.130.29
SOUTH AFRICA (REPUBLIC OF) 44South Africa4.710.26
ARGENTINA REPUBLIC OF GOVERNMENT RegS 28Argentina6.170.26
EGYPT (ARAB REPUBLIC OF) MTN RegS 25Egypt6.670.25
AZERBAIJAN (REPUBLIC OF) RegS 24Azerbaijan4.320.25
PETROLEOS MEXICANOS 35Mexico6.040.25
BANCO NACIONAL DE DESENVOLVIMENTO RegS 19Brazil3.560.25


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

BondCountryYieldYield Change %pts
PETROLEOS DE VENEZUELA SA RegS 22Venezuela31.41-0.57
PETROLEOS DE VENEZUELA SA RegS 37Venezuela16.59-0.43
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22Venezuela31.94-0.35
IRAQ (REPUBLIC OF) RegS 28Iraq9.12-0.30
PETROLEOS DE VENEZUELA SA RegS 24Venezuela26.71-0.30
GHANA (REPUBLIC OF) RegS 26Ghana9.37-0.28
ZAMBIA (REPUBLIC OF) RegS 24Zambia8.61-0.25
GHANA (REPUBLIC OF) RegS 23Ghana9.26-0.23
PETROLEOS DE VENEZUELA SA RegS 35Venezuela22.09-0.21
ZAMBIA (REPUBLIC OF) RegS 27Zambia9.05-0.19
COSTA RICA (REPUBLIC OF) RegS 23Costa Rica4.36-0.18
ROMANIA (REPUBLIC OF) MTN RegS 22Romania2.57-0.17
TURKEY (REPUBLIC OF) 19Turkey3.35-0.17
PETRONAS CAPITAL LTD. RegS 22Malaysia2.19-0.14
ROMANIAN MINISTRY OF FINANCE MTN RegS 24Romania2.72-0.13
JAMAICA (GOVERNMENT) 28Jamaica5.15-0.12
ANGOLA (REPUBLIC OF) RegS 25Angola9.50-0.12
ETHIOPIA FEDERAL DEMOCRATIC REPUB RegS 24Ethiopia6.78-0.12
TURKEY (REPUBLIC OF) 19Turkey3.19-0.12
TRINIDAD AND TOBAGO (REPUBLIC OF) 144A 26Trinidad and Tobago4.13-0.12


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

BondCountryYieldYield Change %pts
PETROLEOS DE VENEZUELA SA RegS 17Venezuela63.643.33
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela33.160.81
ESKOM HOLDINGS LTD RegS 21South Africa5.740.63
PETROBRAS GLOBAL FINANCE BV 21Brazil6.720.43
PETROBRAS GLOBAL FINANCE BV 23Brazil6.810.41
CAIXA ECONOMICA FEDERAL RegS 17Brazil3.960.40
PETROBRAS GLOBAL FINANCE BV 21Brazil6.490.39
SAMARCO MINERACAO SA RegS 22Brazil25.440.38
PETROBRAS GLOBAL FINANCE BV 20Brazil5.560.38
PETROBRAS GLOBAL FINANCE BV 24Brazil6.890.34
BANCO NACIONAL DE DESENVOLVIMENTO RegS 19Brazil3.650.34
BANCO BRADESCO SA (CAYMAN ISLANDS RegS 21Brazil4.630.34
ITAU UNIBANCO HOLDING SA MTN RegS 23Brazil5.010.32
PETROBRAS GLOBAL FINANCE BV 20Brazil5.610.32
PETROBRAS GLOBAL FINANCE BV 43Brazil7.660.32
PETROBRAS GLOBAL FINANCE BV 19Brazil5.150.31
PETROBRAS GLOBAL FINANCE BV 26Brazil7.500.27
VALE OVERSEAS LIMITED 20Brazil4.450.26
BANCO DO BRASIL (GRAND CAYMAN BRAN RegS 23Brazil5.850.25
CENTRAIS ELETRICAS BRASILEIRAS SA RegS 19Brazil5.560.25


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

BondCountryYieldYield Change %pts
ODEBRECHT DRILL VIII/IX RegS 21Brazil72.15-1.79
PETROLEOS DE VENEZUELA SA RegS 22Venezuela31.33-0.73
POSCO GROUP RegS 20Korea (South)2.09-0.23
GERDAU HOLDINGS INC RegS 20Brazil4.41-0.19
KAZAKHSTAN TEMIR ZHOLY FINANCE BV RegS 20Kazakhstan4.49-0.17
YPF SA RegS 18Argentina4.51-0.16
BANCO DE BOGOTA RegS 23Colombia4.87-0.14
BANCO DE CREDITO DEL PERU RegS 20Peru2.51-0.13
PETROLEOS DE VENEZUELA SA RegS 37Venezuela16.58-0.12
ANGLOGOLD ASHANTI HOLDINGS PLC 22South Africa4.16-0.11
TRUST F/1401 RegS 26Mexico4.40-0.10
FIBRIA OVERSEAS FINANCE LTD 24Brazil4.74-0.10
OCP SA RegS 24Morocco4.02-0.09
MILLICOM INTERNATIONAL CELLULAR SA RegS 21Colombia5.41-0.09
PETROLEOS MEXICANOS 19Mexico2.83-0.09
SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 23China2.69-0.08
KOREA GAS CORP MTN RegS 24Korea (South)2.23-0.08
AMERICA MOVIL SA DE CV 35Mexico4.19-0.07
BANK OF CHINA LTD / HONG KONG MTN RegS 25China2.82-0.06
YAPI VE KREDI BANKASI AS RegS 20Turkey4.66-0.06


Country Average Sovereign Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Mongolia8.120.89
South Africa4.480.45
Argentina6.100.23
Azerbaijan4.920.18
Sri Lanka5.180.18
Egypt5.890.16
Colombia3.620.15
Morocco3.020.12
Chile2.700.11
Brazil4.520.11
Mexico3.890.09
Kenya7.080.08
Indonesia3.720.08
Ukraine8.500.07
Oman3.800.05
Cote D'Ivoire (Ivory Coast)5.730.04
Uruguay3.760.04
Slovak Republic1.670.04
Tunisia6.000.04
Kazakhstan4.430.04
Dominican Republic4.890.04
Paraguay5.080.03
Poland2.160.03
Peru3.300.02
Philippines2.410.02
Russian Federation4.050.02
United States0.520.01
Panama2.780.01
China2.400.00
Gabon7.410.00
Vietnam3.570.00
Venezuela26.030.00
Ecuador9.90-0.01
Croatia (Hrvatska)3.73-0.02
Lithuania2.02-0.02
Pakistan5.10-0.02
Malaysia3.52-0.03
Turkey4.46-0.03
Lebanon6.32-0.04
Hungary3.16-0.04
Serbia3.55-0.05
Jamaica5.90-0.06
El Salvador7.16-0.10
Costa Rica5.68-0.12
Angola9.50-0.12
Ethiopia6.78-0.12
Trinidad and Tobago4.13-0.12
Romania3.01-0.13
Zambia8.83-0.22
Ghana9.32-0.26
Iraq9.12-0.30


Country Average Corporate Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Venezuela29.600.44
South Africa4.400.21
Jamaica10.950.21
Brazil8.400.14
Indonesia4.160.11
Azerbaijan5.070.08
Thailand2.230.08
Mexico4.320.08
Israel3.120.07
Argentina6.440.06
Chile3.350.05
Russian Federation4.030.04
India3.740.02
United States0.520.01
United Arab Emirates2.710.01
Colombia4.790.01
China3.030.00
Philippines2.350.00
Korea (South)2.010.00
Turkey4.89-0.01
Kazakhstan6.50-0.01
Malaysia2.14-0.01
Qatar2.42-0.03
Peru3.04-0.07
Morocco4.02-0.09


Top 30 GEM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 20187.0038.31
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 20197.7536.58
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0033.35
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 202212.7531.94
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7531.41
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 20206.0029.87
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 20239.0027.35
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0026.71
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 202611.7526.29
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 203111.9524.94
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 20248.2524.50
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 20257.6523.18
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 20289.2522.92
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.80
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7522.09
VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 20279.2521.69
VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 20349.3821.64
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3820.73
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 20387.0017.78
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5016.59
ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 20247.9510.11
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1199929826EcuadorMar 24, 202010.509.69
ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 20259.509.50
GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 20268.139.37
GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 20237.889.26
IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 20285.809.12
ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 20278.979.05
ZAMBIA (REPUBLIC OF) RegSXS1056386714ZambiaApr 14, 20248.508.61
UKRAINE (GOVERNMENT OF) RegSXS1303918939UkraineSep 1, 20207.758.57
UKRAINE (GOVERNMENT OF) RegSXS1303927179UkraineSep 1, 20277.758.53


Top 30 GEM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3572.15
PETROLEOS DE VENEZUELA SA RegSUSP7807HAK16VenezuelaNov 2, 20178.5063.64
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0033.16
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7531.33
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0026.71
SAMARCO MINERACAO SA RegSUSP84050AA46BrazilNov 1, 20224.1325.44
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.80
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7522.13
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3820.48
CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5018.32
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5016.58
KAZKOMMERTSBANK JSC RegSXS0867478124KazakhstanDec 21, 20225.5012.82
DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2510.95
VEDANTA RESOURCES PLC RegSUSG9328DAG54IndiaJun 7, 20218.259.23
MARFRIG OVERSEAS LTD RegSUSG5814RAB45BrazilMay 4, 20209.508.49
PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.858.39
PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.258.05
PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.888.05
PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.758.03
PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.637.66
PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.757.50
YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.507.41
YPF SA RegSUSP989MJAY76ArgentinaApr 4, 20248.757.31
VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.00
EVERGRANDE REAL ESTATE GROUP LTD RegSUSG3225AAD57ChinaOct 30, 20188.756.92
VALE OVERSEAS LIMITEDUS91911TAK97BrazilNov 10, 20396.886.91
PETROBRAS GLOBAL FINANCE BVUS71647NAM11BrazilMar 17, 20246.256.89
PETROBRAS GLOBAL FINANCE BVUS71647NAF69BrazilMay 20, 20234.386.81
VALE OVERSEAS LIMITEDUS91911TAH68BrazilNov 21, 20366.886.79
ECOPETROL SAUS279158AE95ColombiaSep 18, 20437.386.72


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

NameISINcountryMaturityCouponYTW
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN6X3BrazilJan 1, 20170.0013.8
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN749BrazilOct 1, 20160.0013.7
BRAZIL FEDERATIVE REPUBLIC OF (GOVBRSTNCLTN707BrazilJul 1, 20170.0013.2
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.7
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.7
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0012.4
BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0012.1
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0012.1
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0011.9
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0011.9
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0011.9
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0011.9
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.2510.1
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.5010.1
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.5010.0
SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.69
SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.67
SOUTH AFRICA (REPUBLIC OF)ZAG000077488South AfricaFeb 28, 20416.509.65
TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.009.58
SOUTH AFRICA (REPUBLIC OF)ZAG000030404South AfricaMar 31, 20366.259.57
TURKEY (REPUBLIC OF)TRT110226T13TurkeyFeb 11, 202610.609.56
TURKEY GOVERNMENT BONDTRT240724T15TurkeyJul 24, 20249.009.55
TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.809.55
TURKEY (REPUBLIC OF)TRT140922T17TurkeySep 14, 20228.509.50
SOUTH AFRICA (REPUBLIC OF)ZAG000106998South AfricaJan 31, 20308.009.42
RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.32
RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.27
RUSSIAN FEDERATION RegSXS0564087541Russian FederationMar 10, 20187.859.07
SOUTH AFRICA (REPUBLIC OF)ZAG000016320South AfricaDec 21, 202610.509.06
TURKEY (REPUBLIC OF)TRT100719T18TurkeyJul 10, 20198.509.05


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
TurkeyTurkeyUnderweight4.46-3.004.89-1.003.8005.69482.9518751.18621198.48415.42010.87078.559-3.61635.33621.924-1.993BB+Baa3BBB-BB-
BrazilBrazilUnderweight4.5211.008.4014.00-3.7985.468417.82841534.78215048.62917.1167.146206.082-2.02931.98142.944-7.144BB+Baa3BBBA-
MexicoMexicoUnderweight3.899.004.328.002.4115.425811.55521082.43117905.51920.4213.310128.632-2.56222.28648.637-4.830AAAA3BBB+BBB
PhilippinesPhilippinesOverweight2.412.002.350.006.0005.32360.4993310.3127612.58425.0832.900104.1952.61319.466-0.574BBBBaa3BBB-BBB
IndonesiaIndonesiaOverweight3.728.004.1611.004.9005.26172.5203936.95511633.40932.4814.500258.802-2.59013.967-2.698BB+Baa3BBB-BBB-
RussiaRussian FederationOverweight4.052.004.034.00-1.8495.18629.21731132.73925185.53125.5027.901146.3004.23530.692-4.287BB+Ba1BBB-A
ColombiaColombiaOverweight3.6215.004.791.002.5024.39072.5946253.24014171.18517.3505.29148.750-5.98225.53942.155-1.968BBBBaa2BBBBBB+
ChinaChinaOverweight2.400.003.030.006.4904.28997.670711383.03315095.20744.4251.8001381.4542.60428.357-2.884AA-Aa3A+AA+
HungaryHungaryOverweight3.16-4.002.3004.0916117.72927145.74527.5251.2009.8355.38644.59271.042BBBa1BB+BBB-
PolandPolandUnderweight2.163.003.5713.6866473.50127670.46318.8410.48138.003-1.75739.35626.071-3.374A-A2A-A-
South AfricaSouth AfricaUnderweight4.4845.004.4021.000.6123.63561.4357266.21313166.21314.4036.90055.831-4.36730.13946.222-3.178BBB-Baa1BBBA
VenezuelaVenezuelaUnderweight26.030.0029.6044.00-8.0003.50803.3616185.61115251.50713.053720.03631.416-6.55213.974BB2B+BB+
PeruPeruOverweight3.302.003.04-7.003.7443.21841.3003178.64312580.60320.8003.41832.405-3.88120.4527.543-1.715BBB+A3BBB+BBB+
KazakhstanKazakhstanOverweight4.434.006.50-1.000.1353.09412.3742116.15124176.91423.2469.00017.947-3.96418.379-26.952-3.983BBB+Baa2BBBBBB-
CroatiaCroatia (Hrvatska)Overweight3.73-2.001.9003.062049.92822296.21921.3320.8004.2042.65443.743-2.655BB+Baa3BBBBBB-
LebanonLebanonUnderweight6.32-4.001.0003.036752.79718425.821-1.1552.0004.597-21.33219.529134.941-13.571BB1B
UkraineUkraineUnderweight8.507.001.4812.603083.5508185.25813.50313.04042.501-2.58637.83390.593-2.914BBB-Caa1CCCB-
ArgentinaArgentinaOverweight6.1023.006.446.00-1.0072.11160.2414437.85622303.20516.20524.95343.564-1.65735.844-5.976SDCaa1RDD
LithuaniaLithuaniaUnderweight2.02-2.002.7342.039943.02429716.64715.8301.4302.875-3.04733.85139.413-0.658A-Baa1A-BBB-
RomaniaRomaniaUnderweight3.01-13.004.2002.0348181.94421916.39522.7531.50019.869-1.73330.769-3.032BBB-Baa3BBB-BB+
ChileChileOverweight2.7011.003.355.001.5371.85042.5142235.41923803.28320.0583.52718.196-2.10023.512-1.137-2.325AA-Aa3A+AA
UruguayUruguayUnderweight3.764.001.3871.771953.14521944.29614.8709.0803.427-3.94228.46925.729-3.931BBB-Baa2BBB-BB+
SerbiaSerbiaUnderweight3.55-5.001.7501.675337.38114047.02614.3712.5897.132-4.41140.18875.454-2.825BB-B1B+BB-
MalaysiaMalaysiaOverweight3.52-3.002.14-1.004.4001.53970.9447309.26227278.20028.0223.13131.5232.33620.492-3.667A-A3A-A+
Dominican RepublicDominican RepublicUnderweight4.894.005.4001.431271.43315776.94719.9523.34010.098-1.67314.58135.109-2.603B+B1B
PanamaPanamaUnderweight2.781.006.1001.376055.75522861.40639.9310.8004.086-6.06920.04236.362-0.574BBBBaa2BBBA-
Sri LankaSri LankaUnderweight5.1818.005.0001.313884.80711127.25930.0784.06021.252-0.79313.590B+B1BB-B+
IraqIraqOverweight9.12-30.007.1540.8345148.41116323.3237.9212.00036.067-14.44333.063
C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight5.734.000.8122
LatviaLatviaUnderweight3.2040.753828.17725883.26920.1821.5721.976-2.02436.02731.920-1.104A-Baa1A-BB
EcuadorEcuadorOverweight9.90-1.00-4.4970.723394.01410698.29615.4010.80316.529-2.32930.416-0.599B+Caa1BB-
AzerbaijanAzerbaijanOverweight4.9218.005.078.00-2.9910.699835.14117486.51125.70418.0009.492-0.18527.927BBB-Baa3BBB-
Costa RicaCosta RicaUnderweight5.68-12.004.2500.630556.90816088.60914.9353.0004.900-4.21114.537BBBaa3BB+
PakistanPakistanUnderweight5.10-2.004.5000.6084n/a5173.96014.1664.500189.870-1.13515.74558.449B-Caa1CCC
KenyaKenyaUnderweight7.088.005.9820.596064.6883338.35114.1735.80045.478-8.27320.52053.109B+B+B
Slovak RepublicSlovak RepublicOverweight1.674.003.3470.539489.79731012.83421.7200.6615.418-0.98338.459-2.121
GabonGabonOverweight7.410.003.1820.514114.16619149.89129.0092.5001.881-7.20219.824BB-BB-
MoroccoMoroccoUnderweight3.0212.004.02-9.002.2560.49590.8213108.0968349.71234.7881.30033.8270.42325.27163.809-4.361BBB-Ba1BBB-BBB
AngolaAngolaOverweight9.50-12.002.5140.403881.4977380.793-1.07919.19425.868-11.58821.571BB-Ba3BB-BB-
ZambiaZambiaOverweight8.83-22.003.4250.389819.1173917.73826.45114.30016.717-3.80716.91655.466B+B+
VietnamVietnamUnderweight3.570.006.3000.3652201.3616399.67426.6372.00092.6370.56221.658BB-B1B+B+
El SalvadorEl SalvadorUnderweight7.16-10.002.5000.359327.3278558.82711.1661.8506.403-3.02718.476BB-Ba2BB-
ParaguayParaguayUnderweight5.083.002.8930.351726.8048905.02415.0354.5007.115-1.23921.75622.157-2.597BB-B1B+
EgyptEgyptUnderweight5.8916.003.2560.3465n/a12113.09410.61110.23390.203-5.33921.77780.803-11.119CCC+Caa1B-B-
GhanaGhanaUnderweight9.32-26.004.5320.317738.1714390.97416.77312.36927.573-7.22020.96772.075BB+B
MongoliaMongoliaOverweight8.1289.000.4060.212711.65212133.48319.2053.7103.014-10.65225.965BB-B1B+BB-
Hong KongHong KongUnderweight3.0607AAAAa1AA+AAA
IndiaIndiaUnderweight3.742.007.4544.85822288.7156598.97031.2445.1371309.713-1.50620.982-6.959BBB-Baa3BBB-BBB+
IsraelIsraelUnderweight3.127.002.8471.0819306.19434335.65323.8750.4548.5284.04537.25362.598-3.593A+A1AA-
JamaicaJamaicaUnderweight5.90-6.0010.9521.002.2060.793814.0578990.92513.2675.3002.829-2.86627.963CCC+B3B-
KoreaKorea (South)Overweight2.010.002.6687.93031321.19637699.19335.1711.74850.8358.24520.91135.3400.625
QatarQatarOverweight2.42-3.003.4012.0557170.860129511.84852.6922.578-5.03632.395-122.512AAAa2AA-
SingaporeSingaporeOverweight1.7732.8012294.56086853.68647.0811.3435.58421.16421.6772.065AAAAaaAAAAAA
ThailandThailandUnderweight2.238.002.9892.0484409.72416706.32433.4521.57868.9817.95322.307-0.050BBB+Baa1BBB+BBB
United Arab EmiratesUnited Arab EmiratesOverweight2.711.002.3704.3014325.13567946.48824.7503.2029.856-0.97627.156-273.575Aa2BBB+