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Chart: Carry Trade Returns Fade as GEM Bonds Yield Drop

Source: DB, ML

countryYield
Venezuela24.35
Hong Kong12.70
Angola10.95
Iraq10.44
Zambia9.89
Ecuador9.55
Ukraine9.51
Luxembourg9.49
Ghana9.38
Jamaica9.10
Gabon8.97
Brazil8.45
Ethiopia8.17
Mongolia8.05
Kenya7.66
El Salvador7.03
Argentina6.81
Lebanon6.74
Nigeria6.53
Tunisia6.50
Costa Rica6.43
Cote D'Ivoire (Ivory Coast)6.40
South Africa6.31
United States6.30
Turkey6.19
Senegal6.11
Barbados6.06
Dominican Republic6.03
Trinidad and Tobago6.00
Egypt5.98
Paraguay5.78
New Zealand5.65
Colombia5.60
Sri Lanka5.51
Mexico5.47
Bahrain5.45
Kazakhstan5.42
Azerbaijan5.41
Pakistan5.38
Russian Federation5.13
Singapore5.10
Canada5.04
Indonesia4.87
Peru4.65
Guatemala4.49
Oman4.48
Uruguay4.46
India4.16
Morocco3.98
Croatia (Hrvatska)3.90
Chile3.82
Vietnam3.76
Serbia3.73
China3.57
Philippines3.51
Malaysia3.50
Panama3.37
United Arab Emirates3.07
United Kingdom3.04
Qatar2.92
Greece2.76
Lithuania2.71
Australia2.70
Hungary2.60
Portugal2.57
Romania2.57
Poland2.57
Norway2.52
Thailand2.50
Italy2.30
Korea (South)2.10
Israel2.03
Slovak Republic2.02
Ireland1.83
France1.80
Netherlands1.77
Spain1.61
Germany1.40
Sweden0.92
Switzerland0.57
Denmark0.53
Austria0.49
Finland0.43
Belgium0.36
Japan0.04
Czech Republic-0.19
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    Top 20 GEM Sovereign Bonds Yields Climbs Change USD Eurobonds (Losers) Weekly
    BondUKRAINE (GOVERNMENT OF) RegS 20UKRAINE (GOVERNMENT OF) RegS 19UKRAINE (GOVERNMENT OF) RegS 21PETROLEOS MEXICANOS MTN 26

    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 (BOLVARIAN REPUBLIC OF) RegS 23

    Top 10 GEM Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
    BondPETROLEOS MEXICANOS 18YPF SA RegS 18PETROLEOS MEXICANOS MTN 26YPF SA RegS 24

    Top 10 GEM Corporate Bonds Yields Drops USD Eurobonds (Winners) Weekly
    BondPETROLEOS DE VENEZUELA SA MTN RegS 21PETROLEOS DE VENEZUELA SA RegS 22PETROLEOS DE VENEZUELA SA RegS 24PETROLEOS DE VENEZUELA SA RegS 35

    Country Average Sovereign Yield Change USD Eurobonds Weekly
    CountryUkraineGabonKenyaLithuaniaEl Salvador

    Country Average Corporate Yield Change USD Eurobonds Weekly
    CountryArgentinaTurkeyMexicoSouth AfricaAzerbaijan

    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 MTN RegSPETROLEOS DE VENEZUELA SA 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
    BondITALY (REPUBLIC OF) 16DENMARK (KINGDOM OF) 16CANADA (GOVERNMENT OF) 24IRELAND (REPUBLIC OF) RegS 45

    Top 20 Developed Markets Sovereign Bonds Yields Drops Change USD Eurobonds (Winners) Weekly
    BondSWITZERLAND (CONFEDERATION OF) 17JAPAN (GOVERNMENT OF) 10YR #286 17JAPAN (GOVERNMENT OF) 10YR #287 17JAPAN (GOVERNMENT OF) 10YR #289 17

    Top 10 Developed Markets Corporate Bonds Yields Climbs Week Change USD Eurobonds (Losers)
    BondCountryYieldYield Change %ptsBLK CSH FND TREASURY SL AGENCY -United States0.540.00

    Top 10 Developed Markets Corporate Bonds Yields Drops Week Change USD Eurobonds (Winners)
    BondCountryYieldYield Change %ptsBLK CSH FND TREASURY SL AGENCY -United States0.540.00

    Top 30 DM Souvereign Eurobonds by Yield
    NameISINcountryMaturityCouponYTWPORTUGAL (REPUBLIC OF)PTOTEBOE0020PortugalFeb 15, 20454.103.86PORTUGAL (REPUBLIC OF)PTOTE5OE0007PortugalApr 15, 20374.103.66PORTUGAL (REPUBLIC OF)PTOTETOE0012PortugalJul 21, 20262.883.41

    Top 30 DM Corporate Eurobonds by Yield
    NameISINcountryMaturityCouponYTWAVAYA INC 144AUS053499AJ89United StatesMar 1, 202110.5051.2CLAIRES STORES INC 144AUS179584AM91United StatesMar 15, 20199.0048.2PACIFIC DRILLING SA 144AUS69419BAA35United StatesJun 1, 20205.3847.1

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

    BondCountryYieldYield Change % pts
    UKRAINE (GOVERNMENT OF) RegS 20Ukraine9.281.15
    UKRAINE (GOVERNMENT OF) RegS 19Ukraine9.181.13
    UKRAINE (GOVERNMENT OF) RegS 21Ukraine9.321.03
    PETROLEOS MEXICANOS MTN 26Mexico5.920.96
    UKRAINE (GOVERNMENT OF) RegS 22Ukraine9.290.91
    PETROLEOS MEXICANOS 25Mexico5.690.84
    ESKOM HOLDINGS SOC LTD MTN RegS 23South Africa7.030.81
    UKRAINE (GOVERNMENT OF) RegS 23Ukraine9.280.80
    LITHUANIA (REPUBLIC OF) RegS 20Lithuania2.540.75
    PETROLEOS MEXICANOS MTN RegS 26Mexico6.020.73
    PETROLEOS MEXICANOS 44Mexico7.290.73
    MEXICO (UNITED MEXICAN STATES) (GO MTN 23Mexico3.920.73
    ESKOM HOLDINGS LTD RegS 21South Africa6.430.72
    PETROLEOS MEXICANOS 23Mexico5.270.71
    PETROLEOS MEXICANOS 45Mexico7.420.71
    PETROLEOS MEXICANOS 35Mexico7.180.70
    MEXICO (UNITED MEXICAN STATES) 25Mexico4.030.69
    DOMINICAN REPUBLIC RegS 21Dominican Republic4.850.69
    PETROLEOS MEXICANOS MTN RegS 47Mexico7.480.68
    PETROLEOS MEXICANOS 24Mexico5.510.68


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

    BondCountryYieldYield Change %pts
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 18Venezuela34.54-2.04
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 19Venezuela34.92-1.88
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 20Venezuela29.31-1.56
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 23Venezuela26.20-1.40
    PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela31.59-1.30
    VENEZUELA BOLIVARIAN REPUBLIC OF RegS 22Venezuela28.89-1.30
    VENEZUELA (BOLIVARIAN REPUBLIC OF) RegS 24Venezuela23.80-1.16
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 25Venezuela22.68-1.12
    PETROLEOS DE VENEZUELA SA RegS 22Venezuela30.11-1.11
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 28Venezuela21.92-1.01
    VENEZUELA (BOLVARIAN REPUBLIC OF) 34Venezuela20.38-0.95
    VENEZUELA (BOLIVARIAN REPUBLIC OF) 27Venezuela20.43-0.93
    VENEZUELA BOLIVARIAN REPUBLIC OF RegS 26Venezuela22.87-0.92
    VENEZUELA BOLIVARIAN REPUBLIC OF RegS 31Venezuela21.90-0.87
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegS 38Venezuela16.66-0.84
    PETROLEOS DE VENEZUELA SA RegS 35Venezuela21.67-0.80
    PETROLEOS DE VENEZUELA SA RegS 27Venezuela19.55-0.63
    PETROLEOS DE VENEZUELA SA RegS 26Venezuela22.21-0.40
    PETROLEOS DE VENEZUELA SA RegS 24Venezuela26.33-0.39
    PETROLEOS DE VENEZUELA SA RegS 37Venezuela15.98-0.25


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

    BondCountryYieldYield Change %pts
    PETROLEOS MEXICANOS 18Mexico3.541.52
    YPF SA RegS 18Argentina5.661.15
    PETROLEOS MEXICANOS MTN 26Mexico5.810.88
    YPF SA RegS 24Argentina7.870.78
    PETROLEOS MEXICANOS 24Mexico5.510.73
    PETROLEOS MEXICANOS MTN RegS 26Mexico6.020.72
    PETROLEOS MEXICANOS 41Mexico7.340.71
    PETROLEOS MEXICANOS MTN RegS 47Mexico7.470.71
    PETROLEOS MEXICANOS 35Mexico7.160.68
    PETROLEOS MEXICANOS 45Mexico7.420.68
    TURKIYE HALK BANKASI AS RegS 21Turkey6.660.68
    PETROLEOS MEXICANOS 23Mexico5.220.66
    PETROLEOS MEXICANOS MTN 20Mexico4.060.66
    PETROLEOS MEXICANOS 46Mexico7.310.66
    YAPI VE KREDI BANKASI AS RegS 20Turkey5.910.66
    PETROLEOS MEXICANOS 22Mexico5.090.65
    TURKIYE GARANTI BANKASI AS RegS 21Turkey5.800.62
    MEXICHEM SAB DE CV RegS 22Mexico4.290.61
    AMERICA MOVIL SAB DE CV 40Mexico5.370.60
    GRUPO TELEVISA SA 40Mexico6.220.60


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

    BondCountryYieldYield Change %pts
    PETROLEOS DE VENEZUELA SA MTN RegS 21Venezuela31.76-1.14
    PETROLEOS DE VENEZUELA SA RegS 22Venezuela30.11-1.11
    PETROLEOS DE VENEZUELA SA RegS 24Venezuela25.86-0.83
    PETROLEOS DE VENEZUELA SA RegS 35Venezuela21.80-0.67
    VEDANTA RESOURCES PLC RegS 21India7.08-0.64
    PETROLEOS DE VENEZUELA SA RegS 37Venezuela15.88-0.45
    PETROLEOS DE VENEZUELA SA RegS 26Venezuela22.21-0.40
    PETROLEOS DE VENEZUELA SA RegS 27Venezuela19.55-0.39
    KAZAKHSTAN TEMIR ZHOLY FINANCE BV RegS 20Kazakhstan4.20-0.22
    EVERGRANDE REAL ESTATE GROUP LTD RegS 18China7.09-0.15
    TRANSCAPIT (TRANSNEFT) RegS 18Russian Federation2.75-0.09
    GAZ CAPITAL (GAZPROM) MTN RegS 22Russian Federation4.61-0.08
    VIMPELCOM HOLDINGS NV RegS 22Russian Federation5.21-0.08
    PETROBRAS GLOBAL FINANCE BV 19Brazil4.34-0.07
    COUNTRY GARDEN HOLDINGS COMPANY LT RegS 20China5.31-0.06
    EVRAZ GROUP SA RegS 21Russian Federation5.92-0.06
    DEVELOPMENT BANK OF KAZAKHSTAN JSC RegS 22Kazakhstan4.58-0.05
    LUKOIL INTERNATIONAL FINANCE BV RegS 19Russian Federation3.20-0.04
    TNK-BP FINANCE SA RegS 20Russian Federation3.93-0.04
    KAZKOMMERTSBANK JSC RegS 22Kazakhstan12.02-0.03


    Country Average Sovereign Yield Change USD Eurobonds Weekly

    CountryAverage YieldYield Average change % pts
    Ukraine9.230.83
    Gabon8.970.65
    Kenya7.660.64
    Lithuania2.710.64
    El Salvador7.860.61
    Mexico5.080.61
    Ghana9.480.61
    Dominican Republic5.990.55
    Ethiopia8.170.54
    Argentina6.750.51
    South Africa5.070.49
    Cote D'Ivoire (Ivory Coast)6.650.45
    Angola10.950.45
    Romania3.740.45
    Costa Rica6.620.44
    Zambia9.890.43
    Paraguay5.780.43
    Brazil5.200.42
    Peru3.980.38
    Colombia4.290.37
    Chile3.440.36
    Hungary3.440.36
    Poland2.700.36
    Jamaica6.220.35
    Turkey5.410.35
    Iraq10.440.34
    Uruguay4.460.34
    Trinidad and Tobago4.600.32
    Azerbaijan5.160.30
    Panama3.370.27
    Croatia (Hrvatska)3.930.27
    India3.710.25
    China2.750.23
    Malaysia3.620.22
    Serbia3.780.22
    Egypt5.980.21
    Mongolia8.050.20
    Oman4.420.20
    Kazakhstan4.780.18
    Morocco3.250.16
    Slovak Republic2.020.16
    Philippines3.040.15
    Tunisia6.500.14
    Indonesia4.140.13
    Sri Lanka5.550.13
    Russian Federation4.370.10
    Ecuador9.450.10
    Lebanon6.810.09
    Pakistan5.390.08
    Vietnam4.030.04
    United States0.540.00
    Venezuela24.60-1.04


    Country Average Corporate Yield Change USD Eurobonds Weekly

    CountryAverage YieldYield Average change % pts
    Argentina7.070.76
    Turkey6.400.60
    Mexico5.260.56
    South Africa4.790.28
    Azerbaijan5.390.28
    Colombia5.350.28
    Thailand2.670.27
    Chile3.730.25
    Korea (South)2.460.24
    Brazil7.570.24
    Peru3.210.23
    China3.340.15
    Indonesia4.580.14
    United Arab Emirates3.070.12
    Malaysia2.360.11
    India3.750.11
    Philippines2.870.10
    Oman4.680.09
    Morocco4.540.07
    Israel3.710.07
    Qatar2.920.05
    Jamaica13.130.00
    United States0.540.00
    Russian Federation4.33-0.01
    Kazakhstan6.25-0.04
    Venezuela23.88-0.71


    Top 30 GEM Souvereign Eurobonds by Yield

    NameISINcountryMaturityCouponYTW
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AN08VenezuelaOct 13, 20197.7534.92
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AD26VenezuelaDec 1, 20187.0034.54
    PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0031.59
    PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7530.11
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AG56VenezuelaDec 9, 20206.0029.31
    VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AC16VenezuelaAug 23, 202212.7528.89
    PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0026.33
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AA59VenezuelaMay 7, 20239.0026.20
    VENEZUELA (BOLIVARIAN REPUBLIC OF) RegSUSP97475AP55VenezuelaOct 13, 20248.2523.80
    VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AE71VenezuelaOct 21, 202611.7522.87
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegSXS0217249126VenezuelaApr 21, 20257.6522.68
    PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.21
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP17625AB33VenezuelaMay 7, 20289.2521.92
    VENEZUELA BOLIVARIAN REPUBLIC OF RegSUSP17625AD98VenezuelaAug 5, 203111.9521.90
    PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7521.67
    VENEZUELA (BOLIVARIAN REPUBLIC OF)US922646AS37VenezuelaSep 15, 20279.2520.43
    VENEZUELA (BOLVARIAN REPUBLIC OF)US922646BL74VenezuelaJan 13, 20349.3820.38
    PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3819.55
    VENEZUELA (BOLVARIAN REPUBLIC OF) RegSUSP97475AJ95VenezuelaMar 31, 20387.0016.66
    PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5015.98
    ANGOLA (REPUBLIC OF) RegSXS1318576086AngolaNov 12, 20259.5010.95
    IRAQ (REPUBLIC OF) RegSXS0240295575IraqJan 15, 20285.8010.44
    ZAMBIA (REPUBLIC OF) RegSXS1267081575ZambiaJul 30, 20278.9710.03
    ECUADOR REPUBLIC OF (GOVERNMENT) RegSXS1458514673EcuadorMar 28, 202210.759.85
    ZAMBIA (REPUBLIC OF) RegSXS1056386714ZambiaApr 14, 20248.509.75
    GHANA (REPUBLIC OF) RegSXS1108847531GhanaJan 18, 20268.139.56
    ECUADOR (REPUBLIC OF) RegSXS1080330704EcuadorJun 20, 20247.959.54
    GHANA (REPUBLIC OF) RegSXS0956935398GhanaAug 7, 20237.889.40
    UKRAINE (GOVERNMENT OF) RegSXS1303920083UkraineSep 1, 20217.759.32
    UKRAINE (GOVERNMENT OF) RegSXS1303921214UkraineSep 1, 20227.759.29


    Top 30 GEM Corporate Eurobonds by Yield

    NameISINcountryMaturityCouponYTW
    ODEBRECHT DRILL VIII/IX RegSUSG67106AA51BrazilJun 30, 20216.3559.87
    PETROLEOS DE VENEZUELA SA MTN RegSUSP7807HAP03VenezuelaNov 17, 20219.0031.76
    PETROLEOS DE VENEZUELA SA RegSUSP7807HAM71VenezuelaFeb 17, 202212.7530.11
    PETROLEOS DE VENEZUELA SA RegSUSP7807HAT25VenezuelaMay 16, 20246.0025.86
    PETROLEOS DE VENEZUELA SA RegSUSP7807HAR68VenezuelaNov 15, 20266.0022.21
    PETROLEOS DE VENEZUELA SA RegSUSP7807HAQ85VenezuelaMay 17, 20359.7521.80
    PETROLEOS DE VENEZUELA SA RegSXS0294364954VenezuelaApr 12, 20275.3819.55
    PETROLEOS DE VENEZUELA SA RegSXS0294367205VenezuelaApr 12, 20375.5015.88
    CSN RESOURCES SA RegSUSL21779AA88BrazilJul 21, 20206.5015.65
    DIGICEL GROUP LTD RegSUSG27631AD56JamaicaSep 30, 20208.2513.13
    KAZKOMMERTSBANK JSC RegSXS0867478124KazakhstanDec 21, 20225.5012.02
    PETROBRAS GLOBAL FINANCE BVUS71647NAN93BrazilJun 5, 21156.858.54
    PETROBRAS GLOBAL FINANCE BVUS71645WAQ42BrazilJan 20, 20406.888.46
    PETROBRAS GLOBAL FINANCE BVUS71647NAK54BrazilMar 17, 20447.258.37
    PETROBRAS GLOBAL FINANCE BVUS71645WAS08BrazilJan 27, 20416.758.35
    YPF SA RegSUSP989MJBE04ArgentinaJul 28, 20258.508.01
    PETROBRAS GLOBAL FINANCE BVUS71647NAA72BrazilMay 20, 20435.637.89
    VOTORANTIM CIMENTOS SA RegSUSP98088AA83BrazilApr 5, 20417.257.89
    TURKIYE VAKIFLAR BANKASI TAO MTN RegSXS1175854923TurkeyFeb 3, 20256.887.88
    YPF SA RegSUSP989MJAY76ArgentinaApr 4, 20248.757.87
    ECOPETROL SAUS279158AE95ColombiaSep 18, 20437.387.69
    PETROBRAS GLOBAL FINANCE BVUS71647NAQ25BrazilMay 23, 20268.757.66
    MARFRIG HOLDINGS (EUROPE) BV RegSUSN54468AF52BrazilJun 8, 20238.007.65
    PETROLEOS MEXICANOS MTN RegSUS71656MBM01MexicoSep 21, 20476.757.47
    PETROLEOS MEXICANOSUS71654QBR20MexicoJan 23, 20456.387.42
    PETROLEOS MEXICANOSUS71654QAZ54MexicoJun 2, 20416.507.34
    PETROLEOS MEXICANOSUS71654QBX97MexicoJan 23, 20465.637.31
    JBS INVESTMENTS GMBH RegSUSA29866AB53BrazilApr 3, 20247.257.25
    VALE OVERSEAS LIMITEDUS91911TAE38BrazilJan 17, 20348.257.22
    ECOPETROL SAUS279158AJ82ColombiaMay 28, 20455.887.22


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

    NameISINcountryMaturityCouponYTW
    BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN6X3BrazilJan 1, 20170.0013.3
    BRAZIL FEDERATIVE REPUBLIC OF (GOVBRSTNCLTN707BrazilJul 1, 20170.0012.8
    BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF139BrazilJan 1, 201810.0012.2
    BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN723BrazilJan 1, 20180.0012.2
    BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN764BrazilJan 1, 20190.0012.1
    BRAZIL (FEDERATIVE REPUBLIC OF)BRSTNCNTF162BrazilJan 1, 201910.0012.1
    BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF147BrazilJan 1, 202310.0012.0
    BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF1P8BrazilJan 1, 202710.0012.0
    BRAZIL FEDERATIVE REPUBLIC OFBRSTNCNTF170BrazilJan 1, 202510.0012.0
    BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCNTF0N5BrazilJan 1, 202110.0011.9
    BRAZIL FEDERATIVE REPUBLIC OF (GOBRSTNCLTN756BrazilJul 1, 20180.0011.8
    BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BN96BrazilJan 10, 202810.2510.4
    TURKEY (REPUBLIC OF)TRT240724T15TurkeyJul 24, 20249.0010.4
    TURKEY (REPUBLIC OF)TRT110226T13TurkeyFeb 11, 202610.6010.4
    TURKEY (REPUBLIC OF)TRT120325T12TurkeyMar 12, 20258.0010.4
    TURKEY (REPUBLIC OF)TRT270923T11TurkeySep 27, 20238.8010.4
    TURKEY (REPUBLIC OF)TRT140922T17TurkeySep 14, 20228.5010.4
    BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BL31BrazilJan 5, 202212.5010.2
    TURKEY (REPUBLIC OF)TRT150120T16TurkeyJan 15, 202010.509.91
    BRAZIL FEDERATIVE REPUBLIC OF (GOUS105756BT66BrazilJan 5, 20248.509.78
    SOUTH AFRICA (REPUBLIC OF)ZAG000096173South AfricaFeb 28, 20488.759.77
    SOUTH AFRICA (REPUBLIC OF)ZAG000107012South AfricaJan 31, 20378.509.76
    TURKEY (REPUBLIC OF)TRT100719T18TurkeyJul 10, 20198.509.74
    SOUTH AFRICA (REPUBLIC OF)ZAG000077488South AfricaFeb 28, 20416.509.72
    SOUTH AFRICA (REPUBLIC OF)ZAG000030404South AfricaMar 31, 20366.259.64
    SOUTH AFRICA (REPUBLIC OF)ZAG000106998South AfricaJan 31, 20308.009.46
    TURKEY (REPUBLIC OF)TRT140218T10TurkeyFeb 14, 20186.309.40
    RUSSIAN FEDERATIONRU000A0JRJU8Russian FederationJun 14, 20177.409.27
    RUSSIAN FEDERATIONRU000A0JS751Russian FederationApr 19, 20177.409.04
    SOUTH AFRICA (REPUBLIC OF)ZAG000016320South AfricaDec 21, 202610.509.03


    Big Country Table - Stance, Ratings and Datamine

    NCountryNaCountryStanceAvg Sovereign YieldSov. Yield Avg Wk Change btpsAvg Corporate YieldCorp. Yield Avg Wk Change btpsGDP GrowthTotal GDP $ bnGDP per capita PPP $Savings to GDPInflationPopulationCurrent Account to GDPBudget Revenue to GDPGov Debt to GDPBudget Balance to GDPSandP RatingMoodysFitchDgong
    AngolaAngolaOverweight10.9545.002.51481.4977380.793-1.07919.19425.868-11.58821.571BB-Ba3BB-BB-
    ArgentinaArgentinaOverweight6.7551.007.0776.00-1.007437.85622303.20516.20524.95343.564-1.65735.844-5.976SDCaa1RDD
    AzerbaijanAzerbaijanOverweight5.1630.005.3928.00-2.99135.14117486.51125.70418.0009.492-0.18527.927BBB-Baa3BBB-
    BrazilBrazilUnderweight5.2042.007.5724.00-3.7981534.78215048.62917.1167.146206.082-2.02931.98142.944-7.144BB+Baa3BBBA-
    ChileChileOverweight3.4436.003.7325.001.537235.41923803.28320.0583.52718.196-2.10023.512-1.137-2.325AA-Aa3A+AA
    ChinaChinaOverweight2.7523.003.3415.006.49011383.03315095.20744.4251.8001381.4542.60428.357-2.884AA-Aa3A+AA+
    ColombiaColombiaOverweight4.2937.005.3528.002.502253.24014171.18517.3505.29148.750-5.98225.53942.155-1.968BBBBaa2BBBBBB+
    Costa RicaCosta RicaUnderweight6.6244.004.25056.90816088.60914.9353.0004.900-4.21114.537BBBaa3BB+
    C?te dIvoireCote D'Ivoire (Ivory Coast)Overweight6.6545.00
    CroatiaCroatia (Hrvatska)Overweight3.9327.001.90049.92822296.21921.3320.8004.2042.65443.743-2.655BB+Baa3BBBBBB-
    Dominican RepublicDominican RepublicUnderweight5.9955.005.40071.43315776.94719.9523.34010.098-1.67314.58135.109-2.603B+B1B
    EcuadorEcuadorOverweight9.4510.00-4.49794.01410698.29615.4010.80316.529-2.32930.416-0.599B+Caa1BB-
    EgyptEgyptUnderweight5.9821.003.256n/a12113.09410.61110.23390.203-5.33921.77780.803-11.119CCC+Caa1B-B-
    El SalvadorEl SalvadorUnderweight7.8661.002.50027.3278558.82711.1661.8506.403-3.02718.476BB-Ba2BB-
    GabonGabonOverweight8.9765.003.18214.16619149.89129.0092.5001.881-7.20219.824BB-BB-
    GhanaGhanaUnderweight9.4861.004.53238.1714390.97416.77312.36927.573-7.22020.96772.075BB+B
    HungaryHungaryOverweight3.4436.002.300117.72927145.74527.5251.2009.8355.38644.59271.042BBBa1BB+BBB-
    IndonesiaIndonesiaOverweight4.1413.004.5814.004.900936.95511633.40932.4814.500258.802-2.59013.967-2.698BB+Baa3BBB-BBB-
    IraqIraqOverweight10.4434.007.154148.41116323.3237.9212.00036.067-14.44333.063
    KazakhstanKazakhstanOverweight4.7818.006.25-4.000.135116.15124176.91423.2469.00017.947-3.96418.379-26.952-3.983BBB+Baa2BBBBBB-
    KenyaKenyaUnderweight7.6664.005.98264.6883338.35114.1735.80045.478-8.27320.52053.109B+B+B
    LatviaLatviaUnderweight3.20428.17725883.26920.1821.5721.976-2.02436.02731.920-1.104A-Baa1A-BB
    LebanonLebanonUnderweight6.819.001.00052.79718425.821-1.1552.0004.597-21.33219.529134.941-13.571BB1B
    LithuaniaLithuaniaUnderweight2.7164.002.73443.02429716.64715.8301.4302.875-3.04733.85139.413-0.658A-Baa1A-BBB-
    MalaysiaMalaysiaOverweight3.6222.002.3611.004.400309.26227278.20028.0223.13131.5232.33620.492-3.667A-A3A-A+
    MexicoMexicoUnderweight5.0861.005.2656.002.4111082.43117905.51920.4213.310128.632-2.56222.28648.637-4.830AAAA3BBB+BBB
    MongoliaMongoliaOverweight8.0520.000.40611.65212133.48319.2053.7103.014-10.65225.965BB-B1B+BB-
    MoroccoMoroccoUnderweight3.2516.004.547.002.256108.0968349.71234.7881.30033.8270.42325.27163.809-4.361BBB-Ba1BBB-BBB
    PakistanPakistanUnderweight5.398.004.500n/a5173.96014.1664.500189.870-1.13515.74558.449B-Caa1CCC
    PanamaPanamaUnderweight3.3727.006.10055.75522861.40639.9310.8004.086-6.06920.04236.362-0.574BBBBaa2BBBA-
    ParaguayParaguayUnderweight5.7843.002.89326.8048905.02415.0354.5007.115-1.23921.75622.157-2.597BB-B1B+
    PeruPeruOverweight3.9838.003.2123.003.744178.64312580.60320.8003.41832.405-3.88120.4527.543-1.715BBB+A3BBB+BBB+
    PhilippinesPhilippinesOverweight3.0415.002.8710.006.000310.3127612.58425.0832.900104.1952.61319.466-0.574BBBBaa3BBB-BBB
    PolandPolandUnderweight2.7036.003.571473.50127670.46318.8410.48138.003-1.75739.35626.071-3.374A-A2A-A-
    RomaniaRomaniaUnderweight3.7445.004.200181.94421916.39522.7531.50019.869-1.73330.769-3.032BBB-Baa3BBB-BB+
    RussiaRussian FederationOverweight4.3710.004.33-1.00-1.8491132.73925185.53125.5027.901146.3004.23530.692-4.287BB+Ba1BBB-A
    SerbiaSerbiaUnderweight3.7822.001.75037.38114047.02614.3712.5897.132-4.41140.18875.454-2.825BB-B1B+BB-
    Slovak RepublicSlovak RepublicOverweight2.0216.003.34789.79731012.83421.7200.6615.418-0.98338.459-2.121
    South AfricaSouth AfricaUnderweight5.0749.004.7928.000.612266.21313166.21314.4036.90055.831-4.36730.13946.222-3.178BBB-Baa1BBBA
    Sri LankaSri LankaUnderweight5.5513.005.00084.80711127.25930.0784.06021.252-0.79313.590B+B1BB-B+
    TurkeyTurkeyUnderweight5.4135.006.4060.003.800751.18621198.48415.42010.87078.559-3.61635.33621.924-1.993BB+Baa3BBB-BB-
    UkraineUkraineUnderweight9.2383.001.48183.5508185.25813.50313.04042.501-2.58637.83390.593-2.914BBB-Caa1CCCB-
    UruguayUruguayUnderweight4.4634.001.38753.14521944.29614.8709.0803.427-3.94228.46925.729-3.931BBB-Baa2BBB-BB+
    VenezuelaVenezuelaUnderweight24.60-104.0023.88-71.00-8.000185.61115251.50713.053720.03631.416-6.55213.974BB2B+BB+
    VietnamVietnamUnderweight4.034.006.300201.3616399.67426.6372.00092.6370.56221.658BB-B1B+B+
    ZambiaZambiaOverweight9.8943.003.42519.1173917.73826.45114.30016.717-3.80716.91655.466B+B+
    Hong KongHong KongUnderweightAAAAa1AA+AAA
    IndiaIndiaUnderweight3.7125.003.7511.007.4542288.7156598.97031.2445.1371309.713-1.50620.982-6.959BBB-Baa3BBB-BBB+
    IsraelIsraelUnderweight3.717.002.847306.19434335.65323.8750.4548.5284.04537.25362.598-3.593A+A1AA-
    JamaicaJamaicaUnderweight6.2235.0013.130.002.20614.0578990.92513.2675.3002.829-2.86627.963CCC+B3B-
    KoreaKorea (South)Overweight2.4624.002.6681321.19637699.19335.1711.74850.8358.24520.91135.3400.625
    QatarQatarOverweight2.925.003.401170.860129511.84852.6922.578-5.03632.395-122.512AAAa2AA-
    SingaporeSingaporeOverweight1.773294.56086853.68647.0811.3435.58421.16421.6772.065AAAAaaAAAAAA
    ThailandThailandUnderweight2.6727.002.989409.72416706.32433.4521.57868.9817.95322.307-0.050BBB+Baa1BBB+BBB
    United Arab EmiratesUnited Arab EmiratesOverweight3.0712.002.370325.13567946.48824.7503.2029.856-0.97627.156-273.575Aa2BBB+


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

    BondCountryYieldYield Change % pts
    ITALY (REPUBLIC OF) 16Italy2.091.16
    DENMARK (KINGDOM OF) 16Denmark1.730.95
    CANADA (GOVERNMENT OF) 25Canada1.350.28
    CANADA (GOVERNMENT OF) 24Canada1.240.28
    IRELAND (REPUBLIC OF) RegS 45Ireland1.760.28
    CANADA (GOVERNMENT OF) 27Canada1.540.27
    CANADA (GOVERNMENT OF) 25Canada1.350.27
    CANADA (GOVERNMENT OF) 27Canada1.540.27
    CANADA (GOVERNMENT OF) 26Canada1.430.27
    CANADA (GOVERNMENT OF) 29Canada1.710.27
    FRANCE (REPUBLIC OF) RegS 45France1.490.26
    CANADA (GOVERNMENT OF) 41Canada2.080.26
    FRANCE (REPUBLIC OF) 36France1.270.25
    BELGIUM (KINGDOM OF) 38Belgium1.290.25
    CANADA (GOVERNMENT OF) 64Canada2.030.25
    BELGIUM (KINGDOM OF) 47Belgium1.560.25
    CANADA (GOVERNMENT OF) 48Canada2.060.25
    BELGIUM (KINGDOM OF) RegS 45Belgium1.440.25
    CANADA (GOVERNMENT OF) 33Canada1.900.25
    CANADA (GOVERNMENT OF) 37Canada2.030.25


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

    BondCountryYieldYield Change % pts
    SWITZERLAND (CONFEDERATION OF) 17Switzerland-0.95-0.15
    FINLAND (REPUBLIC OF) 17Finland-0.65-0.15
    JAPAN (GOVERNMENT OF) 10YR #286 17Japan-0.34-0.14
    JAPAN (GOVERNMENT OF) 10YR #287 17Japan-0.33-0.13
    JAPAN (GOVERNMENT OF) 10YR #289 17Japan-0.31-0.11
    IRELAND (REPUBLIC OF) 17Ireland-0.40-0.10
    JAPAN (GOVERNMENT OF) 5YR #111 18Japan-0.30-0.10
    JAPAN (GOVERNMENT OF) 5YR #110 18Japan-0.30-0.10
    JAPAN (GOVERNMENT OF) 10YR #290 18Japan-0.29-0.09
    JAPAN (GOVERNMENT OF) 10YR #291 18Japan-0.29-0.09
    AUSTRIA (REPUBLIC OF) 18Austria-0.59-0.09
    JAPAN (GOVERNMENT OF) 2YR #364 18Japan-0.28-0.08
    JAPAN (GOVERNMENT OF) 2YR #365 18Japan-0.28-0.08
    FRANCE (REPUBLIC OF) 17France-0.58-0.08
    ITALY (REPUBLIC OF) RegS 18Italy-0.08-0.08
    JAPAN (GOVERNMENT OF) 5YR #112 18Japan-0.28-0.08
    JAPAN (GOVERNMENT OF) 20YR #39 18Japan-0.28-0.08
    JAPAN (GOVERNMENT OF) 5YR #114 18Japan-0.28-0.08
    JAPAN (GOVERNMENT OF) 10YR #292 18Japan-0.28-0.08
    AUSTRIA (REPUBLIC OF) MTN 17Austria-0.38-0.08


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

    BondCountryYieldYield Change %pts
    BLK CSH FND TREASURY SL AGENCY -United States0.540.00


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

    BondCountryYieldYield Change %pts
    BLK CSH FND TREASURY SL AGENCY -United States0.540.00


    Top 30 DM Souvereign Eurobonds by Yield

    NameISINcountryMaturityCouponYTW
    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
    AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAP3AustraliaJun 21, 20393.253.25
    AUSTRALIA (COMMONWEALTH OF) RegSAU3TB0000192AustraliaApr 21, 20373.753.15
    AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAM0AustraliaJun 21, 20352.753.10
    PORTUGAL (REPUBLIC OF)PTOTEKOE0011PortugalOct 15, 20252.883.03
    ITALY (REPUBLIC OF)IT0005162828ItalyMar 1, 20472.703.02
    ITALY (REPUBLIC OF)IT0005083057ItalySep 1, 20463.253.02
    SPAIN (KINGDOM OF)ES00000128E2SpainJul 30, 20663.453.01
    ITALY (REPUBLIC OF)IT0004923998ItalySep 1, 20444.753.01
    AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAG2AustraliaApr 21, 20334.502.92
    ITALY (REPUBLIC OF)IT0004532559ItalySep 1, 20405.002.91
    PORTUGAL (REPUBLIC OF)PTOTESOE0013PortugalOct 17, 20222.202.88
    ITALY (REPUBLIC OF)IT0004286966ItalyAug 1, 20395.002.84
    PORTUGAL (REPUBLIC OF)PTOTEQOE0015PortugalFeb 15, 20245.652.79
    AUSTRALIA (COMMONWEALTH OF) RegSAU3TB0000150AustraliaApr 21, 20293.252.69
    ITALY (REPUBLIC OF) RegSIT0003934657ItalyFeb 1, 20374.002.66
    AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAR9AustraliaMay 21, 20282.252.62
    PORTUGAL (REPUBLIC OF)PTOTEAOE0021PortugalOct 25, 20234.952.61
    SPAIN (KINGDOM OF)ES00000128C6SpainOct 31, 20462.902.60
    AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAQ1AustraliaNov 21, 20272.752.57
    SPAIN (KINGDOM OF)ES00000124H4SpainOct 31, 20445.152.51
    ITALY (REPUBLIC OF)IT0003535157ItalyAug 1, 20345.002.51
    AUSTRALIA (COMMONWEALTH OF) RegSAU3TB0000135AustraliaApr 21, 20274.752.51
    AUSTRALIA (COMMONWEALTH OF) RegSAU000XCLWAI8AustraliaApr 21, 20264.252.46
    ITALY (REPUBLIC OF)IT0003256820ItalyFeb 1, 20335.752.43
    AUSTRALIA (COMMONWEALTH OF)AU3TB0000168AustraliaApr 21, 20253.252.41
    SPAIN (KINGDOM OF)ES00000121S7SpainJul 30, 20414.702.37


    Top 30 DM Corporate Eurobonds by Yield

    NameISINcountryMaturityCouponYTW
    AVAYA INC 144AUS053499AJ89United StatesMar 1, 202110.5051.2
    CLAIRES STORES INC 144AUS179584AM91United StatesMar 15, 20199.0048.2
    PACIFIC DRILLING SA 144AUS69419BAA35United StatesJun 1, 20205.3847.1
    CLEAR CHANNEL COMMUNICATIONS INCUS184502BT84United StatesJan 15, 201810.0042.4
    INTELSAT LUXEMBOURG SAUS458204AP96LuxembourgJun 1, 20217.7540.4
    INTELSAT LUXEMBOURG SAUS458204AN49LuxembourgJun 1, 20186.7535.1
    INTELSAT LUXEMBOURG SAUS458204AQ79LuxembourgJun 1, 20238.1333.0
    CONCORDIA HEALTHCARE CORP 144AUS206519AB61CanadaOct 21, 20229.5031.9
    MEMORIAL PRODUCTION PARTNERS LPUS586049AE88United StatesAug 1, 20226.8829.4
    CONCORDIA HEALTHCARE CORP 144AUS206519AA88CanadaApr 15, 20237.0028.3
    GENON ENERGY INCUS37244DAC39United StatesOct 15, 20189.5027.5
    NAVIOS MARITIME HOLDINGS INC 144AUS639365AG06United StatesJan 15, 20227.3823.5
    MEMORIAL PRODUCTION PARTNERS LPUS586049AB40United StatesMay 1, 20210.0021.9
    GENON ENERGY INCUS37244DAF69United StatesOct 15, 20209.8820.9
    CLEAR CHANNEL COMMUNICATIONS INCUS184502BL58United StatesDec 15, 20199.0020.1
    CLEAR CHANNEL COMMUNICATIONS INCUS184502BN15United StatesMar 1, 202111.2519.8
    EP ENERGY LLC/EVEREST ACQUISITIONUS29977HAB69United StatesMay 1, 20209.3819.2
    MURRAY ENERGY CORP 144AUS62704PAF09United StatesApr 15, 202111.2519.2
    HEXION INCUS428303AM35United StatesNov 15, 20209.0019.2
    CLEAR CHANNEL COMMUNICATIONS INCUS184502BG63United StatesMar 1, 20219.0018.9
    INTELSAT JACKSON HOLDINGS SAUS45824TAE55LuxembourgApr 1, 20197.2518.9
    CHS/COMMUNITY HEALTH SYSTEMS INCUS12543DAQ34United StatesJul 15, 20207.1318.7
    IHEARTCOMMUNICATIONS INCUS45174HAC16United StatesMar 15, 202310.6318.2
    AMERICAN ENERGY - PERMIAN BASIN LL 144AUS02563LAB45United StatesNov 1, 20207.1318.0
    COMMUNITY HEALTH SYSTEMS INCUS12543DAL47United StatesNov 15, 20198.0017.9
    AVAYA INC 144AUS053499AG41United StatesApr 1, 20197.0017.2
    IHEARTCOMMUNICATIONS INCUS45174HAA59United StatesSep 15, 20229.0016.8
    AMERICAN ENERGY-PERMIAN BASIN LLC 144AUS02563LAC28United StatesNov 1, 20217.3816.5
    CHS/COMMUNITY HEALTH SYSTEMS INCUS12543DAV29United StatesFeb 1, 20226.8816.4
    INTELSAT JACKSON HOLDINGS SAUS45824TAC99LuxembourgOct 15, 20207.2516.3