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Chart: No Panic! FED sends most of the emerging markets bond prices higher

Source: ML




MidLincoln Country Eurobond Indexes Update



Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondBANCO NACIONAL DE COMERCIO EXTERIO RegS 25UKRAINE (GOVERNMENT OF) RegS 26PETROLEOS MEXICANOS MTN 21EL SALVADOR REPUBLIC RegS 35

Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondVENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22

Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondSAMARCO MINERACAO SA RegS 22CENCOSUD SA RegS 21TRUST F/1401 RegS 26MEXICHEM SAB DE CV RegS 22

Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
BondODEBRECHT DRILL VIII/IX RegS 21PETROLEOS DE VENEZUELA SA RegS 17PETROLEOS DE VENEZUELA SA MTN RegS 21PETROLEOS DE VENEZUELA SA RegS 22

Country Average Sovereign Yield Change USD Eurobonds Weekly
CountryEl SalvadorUkraineTrinidad and TobagoSlovak RepublicUnited States

Country Average Corporate Yield Change USD Eurobonds Weekly
CountryThailandUnited StatesKorea (South)PeruMalaysia

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

Big Country Table - Stance, Ratings and Datamine


Top 20 Developed Markets Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondBELGIUM (KINGDOM OF) 16PORTUGAL (REPUBLIC OF) 16FRANCE (REPUBLIC OF) 16JAPAN (GOVERNMENT OF) 10YR #321 22

Top 20 Developed Markets Sovereign Bonds Yields Drops Change USD Eurobonds (Winners) Weekly
BondITALY (REPUBLIC OF) 44SPAIN (KINGDOM OF) 40SPAIN (KINGDOM OF) 41ITALY (REPUBLIC OF) 46

Top 10 Developed Markets Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondCountryYieldYield Change %ptsCLEAR CHANNEL COMMUNICATIONS INC 18United States58.43.70CONCORDIA HEALTHCARE CORP 144A 23Canada16.43.40CONCORDIA HEALTHCARE CORP 144A 22Canada18.23.20BANCA MONTE DEI PASCHI DI SIENA SP MTN RegS 20Italy19.13.00NAVIOS MARITIME HOLDINGS INC 144A 22United States25.31.50

Top 10 Developed Markets Corporate Bonds Yields Drops Week Change USD Eurobonds (Winners)


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

BondCountryYieldYield Change % pts
BANCO NACIONAL DE COMERCIO EXTERIO RegS 25Mexico3.820.16
UKRAINE (GOVERNMENT OF) RegS 26Ukraine8.410.10
PETROLEOS MEXICANOS MTN 21Mexico3.840.10
EL SALVADOR REPUBLIC RegS 35El Salvador7.360.09
UKRAINE (GOVERNMENT OF) RegS 22Ukraine8.310.09
UKRAINE (GOVERNMENT OF) RegS 27Ukraine8.390.08
UKRAINE (GOVERNMENT OF) RegS 23Ukraine8.350.08
UKRAINE (GOVERNMENT OF) RegS 25Ukraine8.390.08
COMISION FEDERAL DE ELECTRICIDAD RegS 24Mexico3.920.07
UKRAINE (GOVERNMENT OF) RegS 24Ukraine8.380.06
1MDB GLOBAL INVESTMENTS LTD 23Malaysia7.110.06
COMISION FEDERAL DE ELECTRICIDAD RegS 21Mexico3.360.05
TRINIDAD AND TOBAGO (REPUBLIC OF) 144A 26Trinidad and Tobago4.120.05
UKRAINE (GOVERNMENT OF) RegS 21Ukraine8.270.05
SLOVAKIA (REPUBLIC OF) RegS 22Slovak Republic1.790.04
PETRONAS CAPITAL LTD. RegS 19Malaysia1.730.04
MEXICO (UNITED MEXICAN STATES) MTN 31Mexico3.200.03
CORPORACION NACIONAL DEL COBRE DE RegS 20Chile2.340.03
STATE GRID OVERSEAS INVESTMENT 201 RegS 19China1.690.02
POWER SECTOR ASSETS AND LIABILITIE RegS 19Philippines2.000.02


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

BondCountryYieldYield Change %pts
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18Venezuela29.85-5.16
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19Venezuela30.93-4.03
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20Venezuela26.15-2.56
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22Venezuela29.11-1.83
PETROLEOS DE VENEZUELA SA RegS 22Venezuela28.90-1.62
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 23Venezuela25.53-1.57
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31Venezuela22.41-1.56
PETROLEOS DE VENEZUELA SA RegS 24Venezuela24.81-1.48
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegS 24Venezuela22.97-1.41
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 26Venezuela23.78-1.39
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela30.74-1.33
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 28Venezuela21.31-1.29
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 25Venezuela21.77-1.29
PETROLEOS DE VENEZUELA SA RegS 35Venezuela20.14-1.22
VENEZUELA (BOLVARIAN REPUBLIC OF) 34Venezuela19.87-1.16
PETROLEOS DE VENEZUELA SA RegS 27Venezuela18.68-1.11
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 38Venezuela16.70-1.09
VENEZUELA (BOLIVARIAN REPUBLIC OF) 27Venezuela20.42-1.05
PETROLEOS DE VENEZUELA SA RegS 37Venezuela15.24-1.01
PETROLEOS DE VENEZUELA SA RegS 26Venezuela21.01-0.94


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

BondCountryYieldYield Change %pts
SAMARCO MINERACAO SA RegS 22Brazil26.001.66
CENCOSUD SA RegS 21Chile3.180.24
TRUST F/1401 RegS 26Mexico4.510.18
MEXICHEM SAB DE CV RegS 22Mexico3.500.17
ANGLOGOLD ASHANTI HOLDINGS PLC 22South Africa4.530.14
PETROLEOS MEXICANOS MTN 21Mexico3.760.11
BANCO SANTANDER MEXICO SA (MEXICO) RegS 22Mexico3.450.10
HYUNDAI CAPITAL AMERICA RegS 17Korea (South)1.560.09
SINO-OCEAN LAND TREASURE FINANCE I RegS 19China2.780.06
BANCO DEL ESTADO DE CHILE RegS 20Chile2.360.06
BANCO NACIONAL DE DESENVOLVIMENTO RegS 20Brazil4.000.06
KAZKOMMERTSBANK JSC RegS 22Kazakhstan12.910.06
WOORI BANK MTN RegS 45Korea (South)4.410.05
BANK OF COMMUNICATIONS CO LTD (HON MTN RegS 18China1.840.04
BANCO DE CREDITO DEL PERU RegS 20Peru2.520.04
PETRONAS CAPITAL LTD. RegS 19Malaysia1.680.04
HYUNDAI CAPITAL AMERICA RegS 19Korea (South)1.780.04
KEB HANA BANK RegS 19Korea (South)1.630.03
BANCOLOMBIA SA 22Colombia4.440.03
PTT PCL RegS 22Thailand2.340.02


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

BondCountryYieldYield Change %pts
ODEBRECHT DRILL VIII/IX RegS 21Brazil62.14-3.07
PETROLEOS DE VENEZUELA SA RegS 17Venezuela52.84-2.72
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela30.83-1.73
PETROLEOS DE VENEZUELA SA RegS 22Venezuela28.75-1.61
DIGICEL GROUP LTD RegS 20Jamaica11.59-1.56
CSN RESOURCES SA RegS 20Brazil19.25-1.19
PETROLEOS DE VENEZUELA SA RegS 35Venezuela20.09-1.17
PETROLEOS DE VENEZUELA SA RegS 24Venezuela24.67-1.15
PETROLEOS DE VENEZUELA SA RegS 37Venezuela15.16-1.09
PETROLEOS DE VENEZUELA SA RegS 26Venezuela20.95-1.00
PETROLEOS DE VENEZUELA SA RegS 27Venezuela18.63-0.95
PETROBRAS GLOBAL FINANCE BV 21Brazil5.41-0.89
PETROBRAS GLOBAL FINANCE BV 21Brazil5.73-0.89
PETROBRAS GLOBAL FINANCE BV 20Brazil4.59-0.84
PETROBRAS GLOBAL FINANCE BV 19Brazil4.03-0.80
VALE OVERSEAS LTD 21Brazil4.59-0.80
ESKOM HOLDINGS LTD RegS 21South Africa5.25-0.79
YPF SA RegS 24Argentina6.75-0.75
VALE OVERSEAS LIMITED 22Brazil4.53-0.71
PETROBRAS GLOBAL FINANCE BV 41Brazil7.61-0.68


Country Average Sovereign Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
El Salvador7.360.09
Ukraine8.270.05
Trinidad and Tobago4.120.05
Slovak Republic1.790.04
United States0.530.00
Lithuania1.98-0.03
Malaysia3.47-0.04
Pakistan5.05-0.04
China2.40-0.06
Poland2.30-0.08
Mexico4.08-0.10
Tunisia5.94-0.10
Uruguay3.87-0.10
India3.26-0.12
Chile2.87-0.13
Oman4.00-0.16
Philippines2.51-0.16
Russian Federation3.83-0.17
Paraguay5.22-0.17
Morocco3.10-0.17
Romania2.98-0.18
Cote D'Ivoire (Ivory Coast)5.71-0.19
Costa Rica5.88-0.20
Lebanon6.51-0.20
Croatia (Hrvatska)3.38-0.21
Vietnam3.88-0.22
Kazakhstan4.32-0.22
Serbia3.26-0.22
Jamaica5.63-0.23
Indonesia3.67-0.23
Panama2.82-0.24
Dominican Republic5.01-0.25
Peru3.29-0.27
Azerbaijan4.78-0.29
Iraq9.02-0.29
Brazil4.53-0.30
Turkey4.39-0.30
Egypt5.63-0.30
Hungary2.92-0.31
Colombia3.57-0.31
South Africa4.20-0.41
Argentina5.82-0.42
Sri Lanka5.17-0.45
Kenya6.83-0.47
Ethiopia6.62-0.49
Ecuador9.81-0.49
Zambia8.54-0.63
Angola9.13-0.64
Gabon7.61-0.70
Ghana8.95-0.71
Mongolia7.69-0.79
Venezuela23.52-1.71


Country Average Corporate Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Thailand2.250.01
United States0.530.00
Korea (South)2.06-0.01
Peru2.94-0.01
Malaysia2.14-0.04
Qatar2.53-0.05
China3.08-0.05
Israel3.19-0.06
Chile3.50-0.07
India3.68-0.07
Mexico4.46-0.07
Philippines2.45-0.07
United Arab Emirates2.78-0.09
Kazakhstan6.48-0.10
Russian Federation3.94-0.12
Turkey4.82-0.16
Colombia4.82-0.21
Indonesia4.16-0.23
South Africa4.31-0.29
Azerbaijan5.04-0.34
Morocco4.27-0.37
Brazil7.90-0.45
Argentina5.85-0.62
Venezuela26.49-1.43
Jamaica11.59-1.56


Top 30 GEM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 20197.7530.93
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0030.74
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 20187.0029.85
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 202212.7529.11
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7528.90
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 20206.0026.15
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 20239.0025.53
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0024.81
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 202611.7523.78
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 20248.2522.97
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 203111.9522.41
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 20257.6521.77
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 20289.2521.31
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0021.01
VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 20279.2520.42
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7520.14
VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 20349.3819.87
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3818.68
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 20387.0016.70
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5015.24
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1458514673EcuadorMar 28, 202210.759.92
ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 20247.959.84
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1199929826EcuadorMar 24, 202010.509.68
ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 20259.509.13
GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 20268.139.06
IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 20285.809.02
GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 20237.888.83
ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 20278.978.74
UKRAINE (GOVERNMENT OF) RegSXS1303926528UkraineSep 1, 20267.758.41
UKRAINE (GOVERNMENT OF) RegSXS1303925470UkraineSep 1, 20257.758.39


Top 30 GEM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3562.14
PETROLEOS DE VENEZUELA SA RegSUSP7807HAK16VenezuelaNov 2, 20178.5052.84
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0030.83
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7528.75
SAMARCO MINERACAO SA RegSUSP84050AA46BrazilNov 1, 20224.1326.00
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0024.67
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0020.95
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7520.09
CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5019.25
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3818.63
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5015.16
KAZKOMMERTSBANK JSC RegSXS0867478124KazakhstanDec 21, 20225.5012.91
DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2511.59
VEDANTA RESOURCES PLC RegSUSG9328DAG54IndiaJun 7, 20218.258.38
PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.857.95
PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.257.92
PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.887.84
PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.637.64
PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.757.61
VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.36
VALE OVERSEAS LIMITEDUS91911TAH68BrazilNov 21, 20366.887.21
VALE OVERSEAS LIMITEDUS91911TAK97BrazilNov 10, 20396.887.21
EVERGRANDE REAL ESTATE GROUP LTD RegSUSG3225AAD57ChinaOct 30, 20188.757.12
PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.757.12
YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.507.00
VALE SAUS91912EAA38BrazilSep 11, 20425.636.92
ECOPETROL SAUS279158AE95ColombiaSep 18, 20437.386.84
JBS INVESTMENTS GMBH RegSUSA29866AB53BrazilApr 3, 20247.256.78
YPF SA RegSUSP989MJAY76ArgentinaApr 4, 20248.756.75
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, 20170.0013.7
BRAZIL FEDERATIVE REPUBLIC OF (GOVBRSTNCLTN707BrazilJul 1, 20170.0013.0
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN749BrazilOct 1, 20160.0012.7
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.2
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.2
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0011.9
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0011.8
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0011.8
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0011.7
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0011.6
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0011.6
BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0011.6
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.259.73
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.509.61
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.509.60
TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.809.30
TURKEY (REPUBLIC OF)TRT240724T15TurkeyJul 24, 20249.009.30
TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.009.30
RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.28
TURKEY (REPUBLIC OF)TRT110226T13TurkeyFeb 11, 202610.609.27
RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.26
TURKEY (REPUBLIC OF)TRT140922T17TurkeySep 14, 20228.509.20
SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.19
SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.17
SOUTH AFRICA (REPUBLIC OF)ZAG000077488South AfricaFeb 28, 20416.509.14
SOUTH AFRICA (REPUBLIC OF)ZAG000030404South AfricaMar 31, 20366.259.05
SOUTH AFRICA (REPUBLIC OF)ZAG000106998South AfricaJan 31, 20308.008.89
TURKEY (REPUBLIC OF)TRT150120T16TurkeyJan 15, 202010.508.70
RUSSIAN FEDERATION RegSXS0564087541Russian FederationMar 10, 20187.858.69
TURKEY (REPUBLIC OF)TRT100719T18TurkeyJul 10, 20198.508.67


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
TurkeyTurkeyUnderweight4.39-30.004.82-16.003.8005.69482.9518751.18621198.48415.42010.87078.559-3.61635.33621.924-1.993BB+Baa3BBB-BB-
BrazilBrazilUnderweight4.53-30.007.90-45.00-3.7985.468417.82841534.78215048.62917.1167.146206.082-2.02931.98142.944-7.144BB+Baa3BBBA-
MexicoMexicoUnderweight4.08-10.004.46-7.002.4115.425811.55521082.43117905.51920.4213.310128.632-2.56222.28648.637-4.830AAAA3BBB+BBB
PhilippinesPhilippinesOverweight2.51-16.002.45-7.006.0005.32360.4993310.3127612.58425.0832.900104.1952.61319.466-0.574BBBBaa3BBB-BBB
IndonesiaIndonesiaOverweight3.67-23.004.16-23.004.9005.26172.5203936.95511633.40932.4814.500258.802-2.59013.967-2.698BB+Baa3BBB-BBB-
RussiaRussian FederationOverweight3.83-17.003.94-12.00-1.8495.18629.21731132.73925185.53125.5027.901146.3004.23530.692-4.287BB+Ba1BBB-A
ColombiaColombiaOverweight3.57-31.004.82-21.002.5024.39072.5946253.24014171.18517.3505.29148.750-5.98225.53942.155-1.968BBBBaa2BBBBBB+
ChinaChinaOverweight2.40-6.003.08-5.006.4904.28997.670711383.03315095.20744.4251.8001381.4542.60428.357-2.884AA-Aa3A+AA+
HungaryHungaryOverweight2.92-31.002.3004.0916117.72927145.74527.5251.2009.8355.38644.59271.042BBBa1BB+BBB-
PolandPolandUnderweight2.30-8.003.5713.6866473.50127670.46318.8410.48138.003-1.75739.35626.071-3.374A-A2A-A-
South AfricaSouth AfricaUnderweight4.20-41.004.31-29.000.6123.63561.4357266.21313166.21314.4036.90055.831-4.36730.13946.222-3.178BBB-Baa1BBBA
VenezuelaVenezuelaUnderweight23.52-171.0026.49-143.00-8.0003.50803.3616185.61115251.50713.053720.03631.416-6.55213.974BB2B+BB+
PeruPeruOverweight3.29-27.002.94-1.003.7443.21841.3003178.64312580.60320.8003.41832.405-3.88120.4527.543-1.715BBB+A3BBB+BBB+
KazakhstanKazakhstanOverweight4.32-22.006.48-10.000.1353.09412.3742116.15124176.91423.2469.00017.947-3.96418.379-26.952-3.983BBB+Baa2BBBBBB-
CroatiaCroatia (Hrvatska)Overweight3.38-21.001.9003.062049.92822296.21921.3320.8004.2042.65443.743-2.655BB+Baa3BBBBBB-
LebanonLebanonUnderweight6.51-20.001.0003.036752.79718425.821-1.1552.0004.597-21.33219.529134.941-13.571BB1B
UkraineUkraineUnderweight8.275.001.4812.603083.5508185.25813.50313.04042.501-2.58637.83390.593-2.914BBB-Caa1CCCB-
ArgentinaArgentinaOverweight5.82-42.005.85-62.00-1.0072.11160.2414437.85622303.20516.20524.95343.564-1.65735.844-5.976SDCaa1RDD
LithuaniaLithuaniaUnderweight1.98-3.002.7342.039943.02429716.64715.8301.4302.875-3.04733.85139.413-0.658A-Baa1A-BBB-
RomaniaRomaniaUnderweight2.98-18.004.2002.0348181.94421916.39522.7531.50019.869-1.73330.769-3.032BBB-Baa3BBB-BB+
ChileChileOverweight2.87-13.003.50-7.001.5371.85042.5142235.41923803.28320.0583.52718.196-2.10023.512-1.137-2.325AA-Aa3A+AA
UruguayUruguayUnderweight3.87-10.001.3871.771953.14521944.29614.8709.0803.427-3.94228.46925.729-3.931BBB-Baa2BBB-BB+
SerbiaSerbiaUnderweight3.26-22.001.7501.675337.38114047.02614.3712.5897.132-4.41140.18875.454-2.825BB-B1B+BB-
MalaysiaMalaysiaOverweight3.47-4.002.14-4.004.4001.53970.9447309.26227278.20028.0223.13131.5232.33620.492-3.667A-A3A-A+
Dominican RepublicDominican RepublicUnderweight5.01-25.005.4001.431271.43315776.94719.9523.34010.098-1.67314.58135.109-2.603B+B1B
PanamaPanamaUnderweight2.82-24.006.1001.376055.75522861.40639.9310.8004.086-6.06920.04236.362-0.574BBBBaa2BBBA-
Sri LankaSri LankaUnderweight5.17-45.005.0001.313884.80711127.25930.0784.06021.252-0.79313.590B+B1BB-B+
IraqIraqOverweight9.02-29.007.1540.8345148.41116323.3237.9212.00036.067-14.44333.063
C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight5.71-19.000.8122
LatviaLatviaUnderweight3.2040.753828.17725883.26920.1821.5721.976-2.02436.02731.920-1.104A-Baa1A-BB
EcuadorEcuadorOverweight9.81-49.00-4.4970.723394.01410698.29615.4010.80316.529-2.32930.416-0.599B+Caa1BB-
AzerbaijanAzerbaijanOverweight4.78-29.005.04-34.00-2.9910.699835.14117486.51125.70418.0009.492-0.18527.927BBB-Baa3BBB-
Costa RicaCosta RicaUnderweight5.88-20.004.2500.630556.90816088.60914.9353.0004.900-4.21114.537BBBaa3BB+
PakistanPakistanUnderweight5.05-4.004.5000.6084n/a5173.96014.1664.500189.870-1.13515.74558.449B-Caa1CCC
KenyaKenyaUnderweight6.83-47.005.9820.596064.6883338.35114.1735.80045.478-8.27320.52053.109B+B+B
Slovak RepublicSlovak RepublicOverweight1.794.003.3470.539489.79731012.83421.7200.6615.418-0.98338.459-2.121
GabonGabonOverweight7.61-70.003.1820.514114.16619149.89129.0092.5001.881-7.20219.824BB-BB-
MoroccoMoroccoUnderweight3.10-17.004.27-37.002.2560.49590.8213108.0968349.71234.7881.30033.8270.42325.27163.809-4.361BBB-Ba1BBB-BBB
AngolaAngolaOverweight9.13-64.002.5140.403881.4977380.793-1.07919.19425.868-11.58821.571BB-Ba3BB-BB-
ZambiaZambiaOverweight8.54-63.003.4250.389819.1173917.73826.45114.30016.717-3.80716.91655.466B+B+
VietnamVietnamUnderweight3.88-22.006.3000.3652201.3616399.67426.6372.00092.6370.56221.658BB-B1B+B+
El SalvadorEl SalvadorUnderweight7.369.002.5000.359327.3278558.82711.1661.8506.403-3.02718.476BB-Ba2BB-
ParaguayParaguayUnderweight5.22-17.002.8930.351726.8048905.02415.0354.5007.115-1.23921.75622.157-2.597BB-B1B+
EgyptEgyptUnderweight5.63-30.003.2560.3465n/a12113.09410.61110.23390.203-5.33921.77780.803-11.119CCC+Caa1B-B-
GhanaGhanaUnderweight8.95-71.004.5320.317738.1714390.97416.77312.36927.573-7.22020.96772.075BB+B
MongoliaMongoliaOverweight7.69-79.000.4060.212711.65212133.48319.2053.7103.014-10.65225.965BB-B1B+BB-
Hong KongHong KongUnderweight3.0607AAAAa1AA+AAA
IndiaIndiaUnderweight3.26-12.003.68-7.007.4544.85822288.7156598.97031.2445.1371309.713-1.50620.982-6.959BBB-Baa3BBB-BBB+
IsraelIsraelUnderweight3.19-6.002.8471.0819306.19434335.65323.8750.4548.5284.04537.25362.598-3.593A+A1AA-
JamaicaJamaicaUnderweight5.63-23.0011.59-156.002.2060.793814.0578990.92513.2675.3002.829-2.86627.963CCC+B3B-
KoreaKorea (South)Overweight2.06-1.002.6687.93031321.19637699.19335.1711.74850.8358.24520.91135.3400.625
QatarQatarOverweight2.53-5.003.4012.0557170.860129511.84852.6922.578-5.03632.395-122.512AAAa2AA-
SingaporeSingaporeOverweight1.7732.8012294.56086853.68647.0811.3435.58421.16421.6772.065AAAAaaAAAAAA
ThailandThailandUnderweight2.251.002.9892.0484409.72416706.32433.4521.57868.9817.95322.307-0.050BBB+Baa1BBB+BBB
United Arab EmiratesUnited Arab EmiratesOverweight2.78-9.002.3704.3014325.13567946.48824.7503.2029.856-0.97627.156-273.575Aa2BBB+


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

BondCountryYieldYield Change % pts
BELGIUM (KINGDOM OF) 16Belgium2.111.42
PORTUGAL (REPUBLIC OF) 16Portugal2.050.80
FRANCE (REPUBLIC OF) 16France0.220.09
JAPAN (GOVERNMENT OF) 10YR #321 22Japan-0.160.04
JAPAN (GOVERNMENT OF) 10YR #324 22Japan-0.160.04
JAPAN (GOVERNMENT OF) 10YR #320 21Japan-0.160.04
JAPAN (GOVERNMENT OF) 10YR #319 21Japan-0.160.04
JAPAN (GOVERNMENT OF) 10YR #323 22Japan-0.160.04
JAPAN (GOVERNMENT OF) 10YR #322 22Japan-0.160.04
JAPAN (GOVERNMENT OF) 2YR #360 18Japan-0.260.04
JAPAN (GOVERNMENT OF) 10YR #318 21Japan-0.170.03
JAPAN (GOVERNMENT OF) 20YR #48 20Japan-0.170.03
JAPAN (GOVERNMENT OF) 10YR #315 21Japan-0.170.03
JAPAN (GOVERNMENT OF) 10YR #317 21Japan-0.170.03
JAPAN (GOVERNMENT OF) 20YR #47 20Japan-0.170.03
JAPAN (GOVERNMENT OF) 10YR #316 21Japan-0.170.03
DENMARK (KINGDOM OF) 16Denmark-0.370.03
JAPAN (GOVERNMENT OF) 10YR #312 20Japan-0.180.02
JAPAN (GOVERNMENT OF) 10YR #310 20Japan-0.180.02
JAPAN (GOVERNMENT OF) 10YR #313 21Japan-0.180.02


Top 20 Developed Markets Sovereign Bonds Yields Drops Change USD Eurobonds (Winners) Weekly

BondCountryYieldYield Change % pts
ITALY (REPUBLIC OF) 44Italy2.16-0.23
SPAIN (KINGDOM OF) 40Spain1.80-0.23
SPAIN (KINGDOM OF) 41Spain1.84-0.23
ITALY (REPUBLIC OF) 46Italy2.20-0.23
SPAIN (KINGDOM OF) 46Spain2.03-0.23
ITALY (REPUBLIC OF) 47Italy2.23-0.23
SPAIN (KINGDOM OF) 66Spain2.55-0.23
SPAIN (KINGDOM OF) 37Spain1.65-0.22
ITALY (REPUBLIC OF) 40Italy2.07-0.22
SPAIN (KINGDOM OF) 44Spain1.96-0.22
GERMANY (FEDERAL REPUBLIC OF) 25Germany-0.30-0.20
ITALY (REPUBLIC OF) RegS 37Italy1.88-0.20
ITALY (REPUBLIC OF) 39Italy2.02-0.20
ITALY (REPUBLIC OF) 31Italy1.52-0.19
ITALY (REPUBLIC OF) 34Italy1.75-0.19
SPAIN (KINGDOM OF) 32Spain1.36-0.19
UK CONV GILT RegS 30United Kingdom0.99-0.19
ITALY (REPUBLIC OF) 33Italy1.63-0.19
BELGIUM (KINGDOM OF) 41Belgium0.81-0.18
FINLAND (REPUBLIC OF) 42Finland0.56-0.18


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

BondCountryYieldYield Change %pts
CLEAR CHANNEL COMMUNICATIONS INC 18United States58.43.70
CONCORDIA HEALTHCARE CORP 144A 23Canada16.43.40
CONCORDIA HEALTHCARE CORP 144A 22Canada18.23.20
BANCA MONTE DEI PASCHI DI SIENA SP MTN RegS 20Italy19.13.00
NAVIOS MARITIME HOLDINGS INC 144A 22United States25.31.50
PACIFIC DRILLING SA 144A 20United States50.31.10
BOMBARDIER INC MTN RegS 21Canada6.710.56
BAYTEX ENERGY CORP 22Canada9.710.56
CALUMET SPECIALTY PRODUCTS PARTNER 144A 21United States7.940.55
BANCA MONTE DEI PASCHI DI SIENA SP MTN RegS 19Italy4.530.53
KINETIC CONCEPTS INC / KCI USA INC 19United States12.40.40
NRG ENERGY INC 18United States2.470.39
BOMBARDIER INC 144A 18Canada5.090.38
BOMBARDIER INC 144A 18Canada4.370.34
TELECOM ITALIA CAPITAL 18Italy2.650.33
BANCA POPOLARE DI VICENZA SCPA MTN RegS 20Italy6.510.32
SANCHEZ ENERGY CORP 23United States11.20.30
ARC PROPERTIES OPERATING PARTNERSH 19United States2.770.29
DCP MIDSTREAM OPERATING LP 17United States3.210.29
BOMBARDIER INC 144A 22Canada8.340.28


Top 10 Developed Markets Corporate Bonds Yields Drops Week Change USD Eurobonds (Winners)

BondCountryYieldYield Change %pts
INTELSAT LUXEMBOURG SA 23Luxembourg35.7-3.20
INTELSAT LUXEMBOURG SA 21Luxembourg44.0-2.50
HEXION INC 18United States12.3-2.10
BLUELINE RENTAL FINANCE CORP 144A 19United States14.1-2.10
INTELSAT LUXEMBOURG SA 18Luxembourg34.4-1.70
AK STEEL CORPORATION 20United States8.74-1.46
TARGA RESOURCES PARTNERS LP 18United States2.25-1.45
EP ENERGY LLC/EVEREST ACQUISITION 20United States22.4-1.40
TRONOX FINANCE LLC 20United States8.88-1.22
DENBURY RESOURCES INC 22United States13.7-1.20
AK STEEL CORPORATION 21United States9.02-1.18
LAUREATE EDUCATION INC 144A 19United States11.7-1.10
HEXION US FINANCE CORP 20United States11.0-1.00
CMA CGM SA RegS 18France12.1-1.00
AMERICAN ENERGY-PERMIAN BASIN LLC 144A 21United States16.0-1.00
ICAHN ENTERPRISES LP 20United States6.13-0.99
UNITED STATES STEEL CORP 20United States7.74-0.97
SPRINT CORP 23United States7.98-0.92
COMSTOCK RESOURCES INC 20United States12.9-0.90
TECK RESOURCES LTD 22Canada5.52-0.84