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Chart: One version of suggested asset allocation overweights cash, GEM Debt and UK bonds Underweights DM Equities

Source: citi




MidLincoln Country Eurobond Indexes Update



Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondVENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20PETROLEOS DE VENEZUELA SA MTN RegS 21

Top 20 GEM Sovereign Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondECUADOR REPUBLIC OF (GOVERNMENT) RegS 20GHANA (REPUBLIC OF) RegS 23GHANA (REPUBLIC OF) RegS 26ECUADOR (REPUBLIC OF) RegS 24

Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondPETROLEOS DE VENEZUELA SA RegS 17PETROLEOS DE VENEZUELA SA MTN RegS 21PETROLEOS DE VENEZUELA SA RegS 22PETROLEOS DE VENEZUELA SA RegS 35

Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
BondSAMARCO MINERACAO SA RegS 22ODEBRECHT DRILL VIII/IX RegS 21CSN RESOURCES SA RegS 20PETROBRAS GLOBAL FINANCE BV 40

Country Average Sovereign Yield Change USD Eurobonds Weekly
CountryVenezuelaLebanonSri LankaTunisiaTrinidad and Tobago

Country Average Corporate Yield Change USD Eurobonds Weekly
CountryVenezuelaArgentinaIsraelTurkeyRussian Federation

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 (GOVBRAZIL FEDERATIVE REPUBLIC OF

Big Country Table - Stance, Ratings and Datamine


Top 20 Developed Markets Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
BondFRANCE (REPUBLIC OF) 16SPAIN (KINGDOM OF) 16ITALY (REPUBLIC OF) 16JAPAN (GOVERNMENT OF) 5YR #111 18

Top 20 Developed Markets Sovereign Bonds Yields Drops Change USD Eurobonds (Winners) Weekly
BondJAPAN (GOVERNMENT OF) 20YR #51 21JAPAN (GOVERNMENT OF) 20YR #62 23JAPAN (GOVERNMENT OF) 20YR #57 22JAPAN (GOVERNMENT OF) 20YR #60 22

Top 10 Developed Markets Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
BondCountryYieldYield Change %ptsCLAIRES STORES INC 144A 19United States41.51.60MEMORIAL PRODUCTION PARTNERS LP 22United States25.31.30MEMORIAL PRODUCTION PARTNERS LP 21United States28.91.20CONCORDIA HEALTHCARE CORP 144A 22Canada19.41.10PACIFIC DRILLING SA 144A 20United States52.00.50

Top 10 Developed Markets Corporate Bonds Yields Drops Week Change USD Eurobonds (Winners)
BondCountryYieldYield Change %ptsAVAYA INC 144A 21United States47.0-11.00CLEAR CHANNEL COMMUNICATIONS INC 18United States43.8-3.90AVAYA INC 144A 19United States16.7-3.20BANCA MONTE DEI PASCHI DI SIENA SP MTN RegS 20Italy15.4-2.90INTELSAT LUXEMBOURG SA 18Luxembourg37.6-2.20

Top 30 DM Souvereign Eurobonds by Yield
NameISINcountryMaturityCouponYTWFRANCE (REPUBLIC OF)FR0000187361FranceOct 25, 20165.004.69PORTUGAL (REPUBLIC OF)PTOTEBOE0020PortugalFeb 15, 20454.103.86PORTUGAL (REPUBLIC OF)PTOTE5OE0007PortugalApr 15, 20374.103.66

Top 30 DM Corporate Eurobonds by Yield
NameISINcountryMaturityCouponYTWPACIFIC DRILLING SA 144AUS69419BAA35United StatesJun 1, 20205.3852.0AVAYA INC 144AUS053499AJ89United StatesMar 1, 202110.5047.0CLEAR CHANNEL COMMUNICATIONS INCUS184502BT84United StatesJan 15, 201810.0043.8

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

BondCountryYieldYield Change % pts
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18Venezuela32.274.30
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19Venezuela33.223.39
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20Venezuela28.322.47
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela31.202.46
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22Venezuela28.842.23
PETROLEOS DE VENEZUELA SA RegS 22Venezuela29.791.91
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 23Venezuela26.231.44
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31Venezuela22.371.12
VENEZUELA BOLIVARIAN REPUBLIC OF RegS 26Venezuela23.261.06
PETROLEOS DE VENEZUELA SA RegS 35Venezuela21.471.03
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 28Venezuela21.720.94
VENEZUELA (BOLVARIAN REPUBLIC OF) 34Venezuela20.370.92
PETROLEOS DE VENEZUELA SA RegS 27Venezuela18.890.90
PETROLEOS DE VENEZUELA SA RegS 26Venezuela21.230.90
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegS 24Venezuela23.740.87
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 25Venezuela22.630.78
VENEZUELA (BOLIVARIAN REPUBLIC OF) 27Venezuela20.550.72
PETROLEOS DE VENEZUELA SA RegS 24Venezuela24.640.59
PETROLEOS DE VENEZUELA SA RegS 37Venezuela15.310.58
VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 38Venezuela16.660.26


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

BondCountryYieldYield Change %pts
ECUADOR REPUBLIC OF (GOVERNMENT) RegS 20Ecuador8.77-0.69
GHANA (REPUBLIC OF) RegS 23Ghana8.46-0.58
GHANA (REPUBLIC OF) RegS 26Ghana8.68-0.54
ECUADOR (REPUBLIC OF) RegS 24Ecuador9.05-0.48
ECUADOR REPUBLIC OF (GOVERNMENT) RegS 22Ecuador9.36-0.41
UKRAINE (GOVERNMENT OF) RegS 21Ukraine8.22-0.39
UKRAINE (GOVERNMENT OF) RegS 20Ukraine8.13-0.39
KENYA (REPUBLIC OF) RegS 24Kenya6.92-0.38
UKRAINE (GOVERNMENT OF) RegS 23Ukraine8.28-0.37
ZAMBIA (REPUBLIC OF) RegS 24Zambia8.68-0.36
ARGENTINA REPUBLIC OF GOVERNMENT RegS 19Argentina3.58-0.36
UKRAINE (GOVERNMENT OF) RegS 19Ukraine7.94-0.36
TRANSNET SOC LTD MTN RegS 22South Africa4.78-0.33
SOUTH AFRICA (REPUBLIC OF) 20South Africa2.77-0.33
OMAN SULTANATE OF (GOVERNMENT) RegS 26Oman4.57-0.31
ZAMBIA (REPUBLIC OF) RegS 27Zambia9.04-0.28
UKRAINE (GOVERNMENT OF) RegS 25Ukraine8.35-0.28
UKRAINE (GOVERNMENT OF) RegS 22Ukraine8.27-0.27
UKRAINE (GOVERNMENT OF) RegS 27Ukraine8.39-0.26
SERBIA (REPUBLIC OF) RegS 18Serbia3.05-0.26


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

BondCountryYieldYield Change %pts
PETROLEOS DE VENEZUELA SA RegS 17Venezuela52.2611.79
PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela31.062.32
PETROLEOS DE VENEZUELA SA RegS 22Venezuela29.791.69
PETROLEOS DE VENEZUELA SA RegS 35Venezuela21.811.41
PETROLEOS DE VENEZUELA SA RegS 27Venezuela18.780.86
PETROLEOS DE VENEZUELA SA RegS 26Venezuela20.990.76
PETROLEOS DE VENEZUELA SA RegS 24Venezuela24.640.59
PETROLEOS DE VENEZUELA SA RegS 37Venezuela15.310.58
YPF SA RegS 18Argentina4.510.36
EVERGRANDE REAL ESTATE GROUP LTD RegS 18China7.000.25
YPF SA RegS 21Argentina5.960.16
YPF SA RegS 24Argentina6.790.13
PETROBRAS GLOBAL FINANCE BV 20Brazil4.320.13
ANGLOGOLD ASHANTI HOLDINGS PLC 22South Africa4.680.13
TEVA PHARMACEUTICAL FINANCE NETHER 46Israel4.320.12
MMC FINANCE LTD RegS 20Russian Federation3.960.12
PETROBRAS GLOBAL FINANCE BV 20Brazil4.140.11
PETROBRAS GLOBAL FINANCE BV 19Brazil3.990.11
LUKOIL INTERNATIONAL FINANCE BV RegS 22Russian Federation4.130.10
TEVA PHARMACEUTICAL FINANCE NETHER 26Israel3.290.10


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

BondCountryYieldYield Change %pts
SAMARCO MINERACAO SA RegS 22Brazil22.72-2.56
ODEBRECHT DRILL VIII/IX RegS 21Brazil57.79-1.36
CSN RESOURCES SA RegS 20Brazil17.20-1.00
PETROBRAS GLOBAL FINANCE BV 40Brazil7.76-0.33
PETROLEOS MEXICANOS 18Mexico1.89-0.32
PETROBRAS GLOBAL FINANCE BV 43Brazil7.46-0.31
PETROBRAS GLOBAL FINANCE BV 44Brazil7.83-0.30
PETROBRAS GLOBAL FINANCE BV 41Brazil7.79-0.30
CAIXA ECONOMICA FEDERAL RegS 17Brazil2.86-0.28
PETROLEOS MEXICANOS 35Mexico5.98-0.27
PETROLEOS MEXICANOS 18Mexico2.18-0.27
VALE OVERSEAS LTD 21Brazil4.55-0.23
BBVA BANCOMER SA TEXAS RegS 22Mexico4.30-0.23
KAZKOMMERTSBANK JSC RegS 22Kazakhstan12.92-0.22
PETROLEOS MEXICANOS 24Mexico4.33-0.21
PETROBRAS GLOBAL FINANCE BV 26Brazil6.86-0.19
PETROLEOS MEXICANOS 38Mexico6.26-0.17
VALE OVERSEAS LTD 26Brazil5.51-0.17
PETROBRAS GLOBAL FINANCE BV 19Brazil3.66-0.16
PETROLEOS MEXICANOS 23Mexico4.12-0.16


Country Average Sovereign Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Venezuela24.141.44
Lebanon6.630.07
Sri Lanka5.420.05
Tunisia6.180.04
Trinidad and Tobago4.200.02
Mongolia7.280.01
Philippines2.770.00
Peru3.340.00
Turkey4.710.00
Indonesia3.88-0.01
Panama2.89-0.01
United States0.52-0.01
Slovak Republic1.94-0.01
Vietnam3.92-0.01
Malaysia3.50-0.01
Russian Federation4.14-0.01
China2.50-0.02
India3.41-0.02
Lithuania2.01-0.02
Paraguay5.30-0.02
Poland2.32-0.04
Uruguay3.99-0.05
Hungary3.19-0.05
Argentina6.09-0.05
Azerbaijan4.71-0.05
Romania3.26-0.05
Colombia3.68-0.05
Pakistan5.21-0.06
Brazil4.59-0.06
Dominican Republic5.26-0.06
Cote D'Ivoire (Ivory Coast)5.77-0.06
Mexico4.12-0.07
Costa Rica5.95-0.08
Iraq9.07-0.08
Jamaica5.71-0.08
Chile2.89-0.09
Kazakhstan4.38-0.09
Ethiopia7.35-0.10
Morocco3.05-0.12
Egypt5.92-0.15
Serbia3.54-0.15
Gabon7.94-0.16
South Africa4.60-0.16
El Salvador7.44-0.17
Croatia (Hrvatska)3.58-0.17
Angola9.58-0.21
Oman4.15-0.22
Ukraine8.26-0.31
Zambia8.86-0.32
Kenya6.92-0.38
Ecuador9.06-0.53
Ghana8.57-0.56


Country Average Corporate Yield Change USD Eurobonds Weekly

CountryAverage YieldYield Average change % pts
Venezuela26.832.50
Argentina6.090.17
Israel3.300.04
Turkey5.390.03
Russian Federation4.280.02
Morocco4.440.01
Indonesia4.320.01
Qatar2.690.00
Philippines2.660.00
China3.050.00
United States0.52-0.01
Colombia4.86-0.01
Korea (South)2.18-0.01
Chile3.39-0.02
Malaysia2.22-0.02
South Africa4.63-0.03
United Arab Emirates2.92-0.03
Peru2.89-0.04
India3.64-0.04
Thailand2.41-0.06
Kazakhstan6.46-0.07
Jamaica11.90-0.07
Azerbaijan4.82-0.10
Mexico4.44-0.11
Brazil7.47-0.20


Top 30 GEM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 20197.7533.22
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 20187.0032.27
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0031.20
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7529.79
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 202212.7528.84
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 20206.0028.32
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 20239.0026.23
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0024.64
VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 20248.2523.74
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 202611.7523.26
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 20257.6522.63
VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 203111.9522.37
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 20289.2521.72
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7521.47
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0021.23
VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 20279.2520.55
VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 20349.3820.37
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3818.89
VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 20387.0016.66
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5015.31
ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 20259.509.58
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1458514673EcuadorMar 28, 202210.759.36
IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 20285.809.07
ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 20247.959.05
ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 20278.979.04
ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1199929826EcuadorMar 24, 202010.508.77
ZAMBIA (REPUBLIC OF) RegSXS1056386714ZambiaApr 14, 20248.508.68
GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 20268.138.68
GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 20237.888.46
UKRAINE (GOVERNMENT OF) RegSXS1303926528UkraineSep 1, 20267.758.39


Top 30 GEM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3557.79
PETROLEOS DE VENEZUELA SA RegSUSP7807HAK16VenezuelaNov 2, 20178.5052.26
PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0031.06
PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7529.79
PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0024.64
SAMARCO MINERACAO SA RegSUSP84050AA46BrazilNov 1, 20224.1322.72
PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7521.81
PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0020.99
PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3818.78
CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5017.20
PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5015.31
KAZKOMMERTSBANK JSC RegSXS0867478124KazakhstanDec 21, 20225.5012.92
DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2511.90
PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.857.98
PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.257.83
PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.757.79
PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.887.76
VEDANTA RESOURCES PLC RegSUSG9328DAG54IndiaJun 7, 20218.257.75
PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.637.46
MARFRIG HOLDINGS (EUROPE) BV RegSUSN54468AF52BrazilJun 8, 20238.007.30
VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.16
VALE OVERSEAS LIMITEDUS91911TAK97BrazilNov 10, 20396.887.14
YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.507.08
EVERGRANDE REAL ESTATE GROUP LTD RegSUSG3225AAD57ChinaOct 30, 20188.757.00
ECOPETROL SAUS279158AE95ColombiaSep 18, 20437.386.96
TURKIYE VAKIFLAR BANKASI TAO MTN RegSXS1175854923TurkeyFeb 3, 20256.886.92
VALE OVERSEAS LIMITEDUS91911TAH68BrazilNov 21, 20366.886.89
PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.756.86
VALE SAUS91912EAA38BrazilSep 11, 20425.636.80
YPF SA RegSUSP989MJAY76ArgentinaApr 4, 20248.756.79


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

NameISINcountryMaturityCouponYTW
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN6X3BrazilJan 1, 20170.0013.60
BRAZIL FEDERATIVE REPUBLIC OF (GOVBRSTNCLTN707BrazilJul 1, 20170.0012.76
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.14
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.12
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0011.69
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0011.36
BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0011.34
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0011.07
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0011.06
BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0011.04
BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0010.99
TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.009.64
TURKEY (REPUBLIC OF)TRT240724T15TurkeyJul 24, 20249.009.61
TURKEY (REPUBLIC OF)TRT110226T13TurkeyFeb 11, 202610.609.61
TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.809.60
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.259.55
TURKEY (REPUBLIC OF)TRT140922T17TurkeySep 14, 20228.509.50
SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.43
SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.42
SOUTH AFRICA (REPUBLIC OF)ZAG000077488South AfricaFeb 28, 20416.509.38
RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.34
SOUTH AFRICA (REPUBLIC OF)ZAG000030404South AfricaMar 31, 20366.259.31
SOUTH AFRICA (REPUBLIC OF)ZAG000106998South AfricaJan 31, 20308.009.19
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.509.17
RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.10
TURKEY (REPUBLIC OF)TRT150120T16TurkeyJan 15, 202010.509.09
TURKEY (REPUBLIC OF)TRT100719T18TurkeyJul 10, 20198.509.00
BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.508.95
RUSSIAN FEDERATION RegSXS0564087541Russian FederationMar 10, 20187.858.79
SOUTH AFRICA (REPUBLIC OF)ZAG000016320South AfricaDec 21, 202610.508.78


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
TurkeyTurkeyUnderweight4.710.005.393.003.8005.69482.9518751.18621198.48415.42010.87078.559-3.61635.33621.924-1.993BB+Baa3BBB-BB-
BrazilBrazilUnderweight4.59-6.007.47-20.00-3.7985.468417.82841534.78215048.62917.1167.146206.082-2.02931.98142.944-7.144BB+Baa3BBBA-
MexicoMexicoUnderweight4.12-7.004.44-11.002.4115.425811.55521082.43117905.51920.4213.310128.632-2.56222.28648.637-4.830AAAA3BBB+BBB
PhilippinesPhilippinesOverweight2.770.002.660.006.0005.32360.4993310.3127612.58425.0832.900104.1952.61319.466-0.574BBBBaa3BBB-BBB
IndonesiaIndonesiaOverweight3.88-1.004.321.004.9005.26172.5203936.95511633.40932.4814.500258.802-2.59013.967-2.698BB+Baa3BBB-BBB-
RussiaRussian FederationOverweight4.14-1.004.282.00-1.8495.18629.21731132.73925185.53125.5027.901146.3004.23530.692-4.287BB+Ba1BBB-A
ColombiaColombiaOverweight3.68-5.004.86-1.002.5024.39072.5946253.24014171.18517.3505.29148.750-5.98225.53942.155-1.968BBBBaa2BBBBBB+
ChinaChinaOverweight2.50-2.003.050.006.4904.28997.670711383.03315095.20744.4251.8001381.4542.60428.357-2.884AA-Aa3A+AA+
HungaryHungaryOverweight3.19-5.002.3004.0916117.72927145.74527.5251.2009.8355.38644.59271.042BBBa1BB+BBB-
PolandPolandUnderweight2.32-4.003.5713.6866473.50127670.46318.8410.48138.003-1.75739.35626.071-3.374A-A2A-A-
South AfricaSouth AfricaUnderweight4.60-16.004.63-3.000.6123.63561.4357266.21313166.21314.4036.90055.831-4.36730.13946.222-3.178BBB-Baa1BBBA
VenezuelaVenezuelaUnderweight24.14144.0026.83250.00-8.0003.50803.3616185.61115251.50713.053720.03631.416-6.55213.974BB2B+BB+
PeruPeruOverweight3.340.002.89-4.003.7443.21841.3003178.64312580.60320.8003.41832.405-3.88120.4527.543-1.715BBB+A3BBB+BBB+
KazakhstanKazakhstanOverweight4.38-9.006.46-7.000.1353.09412.3742116.15124176.91423.2469.00017.947-3.96418.379-26.952-3.983BBB+Baa2BBBBBB-
CroatiaCroatia (Hrvatska)Overweight3.58-17.001.9003.062049.92822296.21921.3320.8004.2042.65443.743-2.655BB+Baa3BBBBBB-
LebanonLebanonUnderweight6.637.001.0003.036752.79718425.821-1.1552.0004.597-21.33219.529134.941-13.571BB1B
UkraineUkraineUnderweight8.26-31.001.4812.603083.5508185.25813.50313.04042.501-2.58637.83390.593-2.914BBB-Caa1CCCB-
ArgentinaArgentinaOverweight6.09-5.006.0917.00-1.0072.11160.2414437.85622303.20516.20524.95343.564-1.65735.844-5.976SDCaa1RDD
LithuaniaLithuaniaUnderweight2.01-2.002.7342.039943.02429716.64715.8301.4302.875-3.04733.85139.413-0.658A-Baa1A-BBB-
RomaniaRomaniaUnderweight3.26-5.004.2002.0348181.94421916.39522.7531.50019.869-1.73330.769-3.032BBB-Baa3BBB-BB+
ChileChileOverweight2.89-9.003.39-2.001.5371.85042.5142235.41923803.28320.0583.52718.196-2.10023.512-1.137-2.325AA-Aa3A+AA
UruguayUruguayUnderweight3.99-5.001.3871.771953.14521944.29614.8709.0803.427-3.94228.46925.729-3.931BBB-Baa2BBB-BB+
SerbiaSerbiaUnderweight3.54-15.001.7501.675337.38114047.02614.3712.5897.132-4.41140.18875.454-2.825BB-B1B+BB-
MalaysiaMalaysiaOverweight3.50-1.002.22-2.004.4001.53970.9447309.26227278.20028.0223.13131.5232.33620.492-3.667A-A3A-A+
Dominican RepublicDominican RepublicUnderweight5.26-6.005.4001.431271.43315776.94719.9523.34010.098-1.67314.58135.109-2.603B+B1B
PanamaPanamaUnderweight2.89-1.006.1001.376055.75522861.40639.9310.8004.086-6.06920.04236.362-0.574BBBBaa2BBBA-
Sri LankaSri LankaUnderweight5.425.005.0001.313884.80711127.25930.0784.06021.252-0.79313.590B+B1BB-B+
IraqIraqOverweight9.07-8.007.1540.8345148.41116323.3237.9212.00036.067-14.44333.063
C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight5.77-6.000.8122
LatviaLatviaUnderweight3.2040.753828.17725883.26920.1821.5721.976-2.02436.02731.920-1.104A-Baa1A-BB
EcuadorEcuadorOverweight9.06-53.00-4.4970.723394.01410698.29615.4010.80316.529-2.32930.416-0.599B+Caa1BB-
AzerbaijanAzerbaijanOverweight4.71-5.004.82-10.00-2.9910.699835.14117486.51125.70418.0009.492-0.18527.927BBB-Baa3BBB-
Costa RicaCosta RicaUnderweight5.95-8.004.2500.630556.90816088.60914.9353.0004.900-4.21114.537BBBaa3BB+
PakistanPakistanUnderweight5.21-6.004.5000.6084n/a5173.96014.1664.500189.870-1.13515.74558.449B-Caa1CCC
KenyaKenyaUnderweight6.92-38.005.9820.596064.6883338.35114.1735.80045.478-8.27320.52053.109B+B+B
Slovak RepublicSlovak RepublicOverweight1.94-1.003.3470.539489.79731012.83421.7200.6615.418-0.98338.459-2.121
GabonGabonOverweight7.94-16.003.1820.514114.16619149.89129.0092.5001.881-7.20219.824BB-BB-
MoroccoMoroccoUnderweight3.05-12.004.441.002.2560.49590.8213108.0968349.71234.7881.30033.8270.42325.27163.809-4.361BBB-Ba1BBB-BBB
AngolaAngolaOverweight9.58-21.002.5140.403881.4977380.793-1.07919.19425.868-11.58821.571BB-Ba3BB-BB-
ZambiaZambiaOverweight8.86-32.003.4250.389819.1173917.73826.45114.30016.717-3.80716.91655.466B+B+
VietnamVietnamUnderweight3.92-1.006.3000.3652201.3616399.67426.6372.00092.6370.56221.658BB-B1B+B+
El SalvadorEl SalvadorUnderweight7.44-17.002.5000.359327.3278558.82711.1661.8506.403-3.02718.476BB-Ba2BB-
ParaguayParaguayUnderweight5.30-2.002.8930.351726.8048905.02415.0354.5007.115-1.23921.75622.157-2.597BB-B1B+
EgyptEgyptUnderweight5.92-15.003.2560.3465n/a12113.09410.61110.23390.203-5.33921.77780.803-11.119CCC+Caa1B-B-
GhanaGhanaUnderweight8.57-56.004.5320.317738.1714390.97416.77312.36927.573-7.22020.96772.075BB+B
MongoliaMongoliaOverweight7.281.000.4060.212711.65212133.48319.2053.7103.014-10.65225.965BB-B1B+BB-
Hong KongHong KongUnderweight3.0607AAAAa1AA+AAA
IndiaIndiaUnderweight3.41-2.003.64-4.007.4544.85822288.7156598.97031.2445.1371309.713-1.50620.982-6.959BBB-Baa3BBB-BBB+
IsraelIsraelUnderweight3.304.002.8471.0819306.19434335.65323.8750.4548.5284.04537.25362.598-3.593A+A1AA-
JamaicaJamaicaUnderweight5.71-8.0011.90-7.002.2060.793814.0578990.92513.2675.3002.829-2.86627.963CCC+B3B-
KoreaKorea (South)Overweight2.18-1.002.6687.93031321.19637699.19335.1711.74850.8358.24520.91135.3400.625
QatarQatarOverweight2.690.003.4012.0557170.860129511.84852.6922.578-5.03632.395-122.512AAAa2AA-
SingaporeSingaporeOverweight1.7732.8012294.56086853.68647.0811.3435.58421.16421.6772.065AAAAaaAAAAAA
ThailandThailandUnderweight2.41-6.002.9892.0484409.72416706.32433.4521.57868.9817.95322.307-0.050BBB+Baa1BBB+BBB
United Arab EmiratesUnited Arab EmiratesOverweight2.92-3.002.3704.3014325.13567946.48824.7503.2029.856-0.97627.156-273.575Aa2BBB+


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

BondCountryYieldYield Change % pts
FRANCE (REPUBLIC OF) 16France4.693.13
SPAIN (KINGDOM OF) 16Spain1.700.85
ITALY (REPUBLIC OF) 16Italy-0.00.20
ITALY (REPUBLIC OF) 16Italy0.130.13
JAPAN (GOVERNMENT OF) 5YR #111 18Japan-0.20.10
ITALY (REPUBLIC OF) 17Italy-0.10.10
JAPAN (GOVERNMENT OF) 5YR #109 18Japan-0.20.10
SPAIN (KINGDOM OF) 18Spain-0.10.10
JAPAN (GOVERNMENT OF) 5YR #110 18Japan-0.20.10
JAPAN (GOVERNMENT OF) 10YR #289 17Japan-0.20.10
SWITZERLAND (CONFEDERATION OF) 23Switzerland-0.60.10
SWITZERLAND (CONFEDERATION OF) 18Switzerland-0.90.10
UNITED KINGDOM (GOVERNMENT OF) 26United Kingdom1.080.07
UK CONV GILT RegS 28United Kingdom1.220.07
UK CONV GILT RegS 21United Kingdom0.470.07
UK CONV GILT RegS 27United Kingdom1.180.07
UK CONV GILT RegS 23United Kingdom0.730.07
UK CONV GILT RegS 22United Kingdom0.610.07
UK CONV GILT RegS 21United Kingdom0.450.06
UK CONV GILT RegS 22United Kingdom0.510.06


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

BondCountryYieldYield Change % pts
JAPAN (GOVERNMENT OF) 20YR #51 21Japan-0.2-0.10
JAPAN (GOVERNMENT OF) 20YR #62 23Japan-0.2-0.10
JAPAN (GOVERNMENT OF) 20YR #57 22Japan-0.2-0.10
JAPAN (GOVERNMENT OF) 20YR #60 22Japan-0.2-0.10
JAPAN (GOVERNMENT OF) 20YR #59 22Japan-0.2-0.10
JAPAN (GOVERNMENT OF) 10YR #322 22Japan-0.2-0.10
JAPAN (GOVERNMENT OF) 10YR #316 21Japan-0.2-0.10
JAPAN (GOVERNMENT OF) 20YR #53 21Japan-0.2-0.10
SPAIN (KINGDOM OF) 17Spain-0.2-0.10
JAPAN (GOVERNMENT OF) 10YR #326 22Japan-0.2-0.10
GERMANY (FEDERAL REPUBLIC OF) 22Germany-0.5-0.10
FINLAND (REPUBLIC OF) 23Finland-0.2-0.10
FRANCE (REPUBLIC OF) 20France-0.5-0.10
GERMANY (FEDERAL REPUBLIC OF) 24Germany-0.3-0.10
JAPAN (GOVERNMENT OF) 10YR #317 21Japan-0.2-0.10
JAPAN (GOVERNMENT OF) 10YR #323 22Japan-0.2-0.10
JAPAN (GOVERNMENT OF) 10YR #319 21Japan-0.2-0.10
FRANCE (REPUBLIC OF) 23France-0.2-0.10
GERMANY (FEDERAL REPUBLIC OF) 21Germany-0.6-0.10
BELGIUM (KINGDOM OF) 19Belgium-0.6-0.10


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

BondCountryYieldYield Change %pts
CLAIRES STORES INC 144A 19United States41.51.60
MEMORIAL PRODUCTION PARTNERS LP 22United States25.31.30
MEMORIAL PRODUCTION PARTNERS LP 21United States28.91.20
CONCORDIA HEALTHCARE CORP 144A 22Canada19.41.10
PACIFIC DRILLING SA 144A 20United States52.00.50
CONCORDIA HEALTHCARE CORP 144A 23Canada17.10.40
SAIC INC 20United States3.850.36
COMMUNITY HEALTH SYSTEMS INC 19United States9.120.34
NETFLIX INC 25United States4.140.33
VALEANT PHARMACEUTICALS INTERNATIO 144A 21United States9.000.26
NETFLIX INC 22United States3.550.25
ALERE INC 18United States5.850.23
NETFLIX INC 24United States4.110.22
INVENTIV HEALTH INC 144A 18United States7.560.22
RR DONNELLEY & SONS CO 22United States6.550.21
CLEAR CHANNEL COMMUNICATIONS INC 21United States17.80.20
CLEAR CHANNEL COMMUNICATIONS INC 19United States18.40.20
LAUREATE EDUCATION INC 144A 19United States12.00.20
VALEANT PHARMACEUTICALS INTERNATIO 144A 23United States9.280.20
CALUMET SPECIALTY PRODUCTS PARTNER 21United States11.80.20


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

BondCountryYieldYield Change %pts
AVAYA INC 144A 21United States47.0-11.00
CLEAR CHANNEL COMMUNICATIONS INC 18United States43.8-3.90
AVAYA INC 144A 19United States16.7-3.20
BANCA MONTE DEI PASCHI DI SIENA SP MTN RegS 20Italy15.4-2.90
INTELSAT LUXEMBOURG SA 18Luxembourg37.6-2.20
INTELSAT LUXEMBOURG SA 21Luxembourg40.4-1.90
AMERICAN ENERGY - PERMIAN BASIN LL 144A 20United States15.0-1.80
SANCHEZ ENERGY CORP 21United States8.45-1.55
SANCHEZ ENERGY CORP 23United States8.20-1.41
INTELSAT LUXEMBOURG SA 23Luxembourg33.7-1.40
MURRAY ENERGY CORP 144A 21United States20.7-1.40
EP ENERGY LLC/EVEREST ACQUISITION 20United States17.3-1.30
AMERICAN ENERGY-PERMIAN BASIN LLC 144A 21United States14.0-1.30
WEATHERFORD INTERNATIONAL LTD 22United States5.79-1.04
GENON ENERGY INC 18United States21.7-1.00
MEG ENERGY CORP 144A 23Canada8.91-0.93
SPRINT NEXTEL CORPORATION 21United States7.09-0.91
PRECISION DRILLING CORP 20Canada7.38-0.85
EP ENER/EVEREST 23United States13.6-0.80
SPRINT CORP 21United States6.27-0.76


Top 30 DM Souvereign Eurobonds by Yield

NameISINcountryMaturityCouponYTW
FRANCE (REPUBLIC OF)FR0000187361FranceOct 25, 20165.004.69
PORTUGAL (REPUBLIC OF)PTOTEBOE0020PortugalFeb 15, 20454.103.86
PORTUGAL (REPUBLIC OF)PTOTE5OE0007PortugalApr 15, 20374.103.66
PORTUGAL (REPUBLIC OF)PTOTETOE0012PortugalJul 21, 20262.883.41
PORTUGAL (REPUBLIC OF)PTOTEROE0014PortugalFeb 15, 20303.883.39
PORTUGAL (REPUBLIC OF)PTOTEKOE0011PortugalOct 15, 20252.883.10
AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAP3AustraliaJun 21, 20393.252.98
PORTUGAL (REPUBLIC OF)PTOTESOE0013PortugalOct 17, 20222.202.88
AUSTRALIA (COMMONWEALTH OF) RegSAU3TB0000192AustraliaApr 21, 20373.752.87
AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAM0AustraliaJun 21, 20352.752.81
PORTUGAL (REPUBLIC OF)PTOTEQOE0015PortugalFeb 15, 20245.652.79
SPAIN (KINGDOM OF)ES00000128E2SpainJul 30, 20663.452.68
AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAG2AustraliaApr 21, 20334.502.66
PORTUGAL (REPUBLIC OF)PTOTEAOE0021PortugalOct 25, 20234.952.61
ITALY (REPUBLIC OF)IT0005162828ItalyMar 1, 20472.702.49
AUSTRALIA (COMMONWEALTH OF) RegSAU3TB0000150AustraliaApr 21, 20293.252.46
ITALY (REPUBLIC OF)IT0005083057ItalySep 1, 20463.252.46
ITALY (REPUBLIC OF)IT0004923998ItalySep 1, 20444.752.43
AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAR9AustraliaMay 21, 20282.252.40
AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAQ1AustraliaNov 21, 20272.752.36
ITALY (REPUBLIC OF)IT0004532559ItalySep 1, 20405.002.33
AUSTRALIA (COMMONWEALTH OF) RegSAU3TB0000135AustraliaApr 21, 20274.752.30
ITALY (REPUBLIC OF)IT0004286966ItalyAug 1, 20395.002.28
AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAI8AustraliaApr 21, 20264.252.25
AUSTRALIA (COMMONWEALTH OF)AU3TB0000168AustraliaApr 21, 20253.252.21
SPAIN (KINGDOM OF)ES00000128C6SpainOct 31, 20462.902.21
AUSTRALIA (COMMONWEALTH OF)AU3TB0000143AustraliaApr 21, 20242.752.14
ITALY (REPUBLIC OF) RegSIT0003934657ItalyFeb 1, 20374.002.14
SPAIN (KINGDOM OF)ES00000124H4SpainOct 31, 20445.152.13
AUSTRALIA (COMMONWEALTH OF)AU3TB0000101AustraliaApr 21, 20235.502.03


Top 30 DM Corporate Eurobonds by Yield

NameISINcountryMaturityCouponYTW
PACIFIC DRILLING SA 144AUS69419BAA35United StatesJun 1, 20205.3852.0
AVAYA INC 144AUS053499AJ89United StatesMar 1, 202110.5047.0
CLEAR CHANNEL COMMUNICATIONS INCUS184502BT84United StatesJan 15, 201810.0043.8
CLAIRES STORES INC 144AUS179584AM91United StatesMar 15, 20199.0041.5
INTELSAT LUXEMBOURG SAUS458204AP96LuxembourgJun 1, 20217.7540.4
INTELSAT LUXEMBOURG SAUS458204AN49LuxembourgJun 1, 20186.7537.6
INTELSAT LUXEMBOURG SAUS458204AQ79LuxembourgJun 1, 20238.1333.7
MEMORIAL PRODUCTION PARTNERS LPUS586049AB40United StatesMay 1, 20217.6328.9
MEMORIAL PRODUCTION PARTNERS LPUS586049AE88United StatesAug 1, 20226.8825.3
NAVIOS MARITIME HOLDINGS INC 144AUS639365AG06United StatesJan 15, 20227.3825.1
GENON ENERGY INCUS37244DAC39United StatesOct 15, 20189.5021.7
MURRAY ENERGY CORP 144AUS62704PAF09United StatesApr 15, 202111.2520.7
CONCORDIA HEALTHCARE CORP 144AUS206519AB61CanadaOct 21, 20229.5019.4
HEXION INCUS428303AM35United StatesNov 15, 20209.0019.0
CLEAR CHANNEL COMMUNICATIONS INCUS184502BN15United StatesMar 1, 202111.2518.8
GENON ENERGY INCUS37244DAF69United StatesOct 15, 20209.8818.6
CLEAR CHANNEL COMMUNICATIONS INCUS184502BL58United StatesDec 15, 20199.0018.4
CLEAR CHANNEL COMMUNICATIONS INCUS184502BG63United StatesMar 1, 20219.0017.8
EP ENERGY LLC/EVEREST ACQUISITIONUS29977HAB69United StatesMay 1, 20209.3817.3
IHEARTCOMMUNICATIONS INCUS45174HAC16United StatesMar 15, 202310.6317.3
CONCORDIA HEALTHCARE CORP 144AUS206519AA88CanadaApr 15, 20237.0017.1
AVAYA INC 144AUS053499AG41United StatesApr 1, 20197.0016.7
INTELSAT JACKSON HOLDINGS SAUS45824TAE55LuxembourgApr 1, 20197.2516.4
IHEARTCOMMUNICATIONS INCUS45174HAA59United StatesSep 15, 20229.0016.0
BANCA MONTE DEI PASCHI DI SIENA SP MTN RegSXS0503326083ItalyApr 21, 20205.0015.4
AMERICAN ENERGY - PERMIAN BASIN LL 144AUS02563LAB45United StatesNov 1, 20207.1315.0
INTELSAT JACKSON HOLDINGS SAUS45824TAG04LuxembourgApr 1, 20217.5014.9
INTELSAT JACKSON HOLDINGS SAUS45824TAC99LuxembourgOct 15, 20207.2514.8
CALIFORNIA RESOURCES CORP 144AUS13057QAG29United StatesDec 15, 20228.0014.3
HARLAND CLARKE HOLDINGS CORP 144AUS412690AE97United StatesMar 1, 20219.2514.0