JPM EMBI Monitor AUG 2020

Global Index Research
Emerging Markets Bond Index

J.P. Morgan Securities LLC, New York
September 01, 2020
Emerging Markets Bond Index (EMBI®) Monitor

August 2020
August 2020 Month-End Highlights
Argentina and Ecuador in the EMBI indices Serbia exits the EMBIG indices China in the GBI-EM Global and Narrow Indices
S agge ed i c i f Chi a c i ed a he 31 eba a ce, i h he
The debt restructuring resolution for Ecuador settled on August 31st, and Serbia exited the EMBIG indices at the August 31st month-end rebalance as CS c weight rising to 6% in GBI-EM Global Div. and GBI-EM Div. For more
Argentina is expected to settle in early September. Pending the finalization Republic 7 1/4% due 21 no longer satisfied the maturity criteria (less than 13 months). information, please see our publication here.
and settlement of the debt exchanges, they may both be folded into a single There is now a total of 73 countries remaining in EMBIG and EMBIG Diversified.
intra-month rebalance in the index. Details of the index rebalance for both
transactions will be published once official details are made available.
Index Performance Average Rating as of August Month-End

Yield to Spread to IR Dur to IR Dur to
External Debt Indices 1-mo 3-mo YTD 12-mo Yield to Worst Spread to Worst External Debt Moody's/S&P/Fitch
Maturity Maturity Maturity Worst
EMBI Global 0.30% 7.03% 2.06% 3.82% 4.72 385 8.27 4.70 383 8.25 EMBI Global Baa3/BBB-/BBB-
Inv Grade -0.91% 5.06% 5.51% 5.92% 2.95 196 9.39 2.88 190 9.36 EMBI Global Diversified Ba1/BBB-/BBB-
High Yield 2.42% 10.56% -4.24% -0.35% 8.11 743 6.36 8.12 744 6.36 EMBI+ Ba1/BB+/BB+
EMBI Global Div 0.51% 7.91% 1.37% 2.73% 5.06 423 8.01 5.04 422 7.99 EURO EMBIG Diversified Baa2/BBB/BBB
Inv Grade -0.96% 5.08% 6.43% 6.39% 2.86 187 9.45 2.82 184 9.43 NEXGEM B2/B/B
High Yield 2.38% 11.56% -4.58% -1.72% 8.16 750 6.23 8.17 751 6.23 JACI Baa1/BBB+/BBB+
EMBI+ 0.31% 5.56% 3.36% 7.05% 4.85 397 8.85 4.85 397 8.83 Corporate Debt Moody's/S&P/Fitch
Inv Grade -0.77% 4.48% 6.37% 6.97% 3.09 209 9.99 3.08 209 9.97 CEMBI Baa3/BBB-/BBB-
High Yield 2.32% 7.58% -1.82% 6.94% 8.44 775 6.77 8.45 776 6.76 CEMBI Diversified Baa3/BBB-/BBB-
EURO EMBI Global Div 0.70% 3.99% -1.19% -0.74% 1.89 229 6.83 1.89 229 6.83 CEMBI Broad Baa2/BBB-/BBB-
NEXGEM 2.98% 15.12% -1.86% 2.07% 7.16 648 6.16 7.16 648 6.16 CEMBI Broad Diversified Baa3/BBB-/BBB-
JACI 0.40% 4.74% 4.94% 5.95% 3.78 319 4.99 3.14 248 4.81 Local Debt Moody's/S&P/Fitch
GBI-EM Broad Diversified Baa2/BBB+/BBB
GBI-EM Global Diversified Baa1/BBB+/BBB
Yield to SOT to IR Dur to IR Dur to GBI-EM Diversified Baa2/BBB/BBB
Corporate Debt Indices 1-mo 3-mo YTD 12-mo Yield to Worst Spread to Worst
Maturity Maturity Maturity Worst
CEMBI Broad Diversified 0.90% 6.08% 3.08% 6.02% 4.44 388 4.96 4.08 351 4.62 Global Asset Classes Yield(%) YTD(%)
Inv Grade 0.46% 4.94% 4.77% 5.62% 2.99 242 5.62 2.79 213 5.52 US HY Corp JPM HY 6.43 -0.56
High Yield 1.50% 7.69% 0.68% 6.50% 6.53 597 4.04 6.50 608 3.38 EM Sov EMBIG Div 5.06 1.37
CEMBI Diversified 0.91% 5.92% 3.48% 6.24% 4.26 368 5.02 3.80 324 4.63 EM Local Sov GBI-EM Global Div 4.45 -4.39
Inv Grade 0.49% 5.04% 4.79% 5.76% 3.11 250 5.70 2.83 216 5.55 EM Corps CEMBI Broad Div 4.44 3.08
High Yield 1.52% 7.21% 1.24% 6.64% 6.08 553 4.04 5.81 544 3.30 EM Equities EM Free 2.60 0.68
US IG Corp JULI 2.57 7.34
EM Currencies ELMI+ 1.97 -3.02
Modified US Equities S&P 500 1.64 9.74
Local Debt Indices 1-mo 3-mo YTD 12-mo Local Return 1-mo FX Return 1-mo Yield
Duration US Treas U.S. Treasury 0.94 9.22
GBI-EM Global Div* -0.33% 3.16% -4.39% 1.55% -0.25% -0.08% 4.45 5.36 DM Treas GBI DM Div 0.62 6.83
Inv Grade* 0.45% 3.78% -0.35% 5.04% -0.17% 0.62% 3.64 5.59 Euro Credit Maggie 0.43 0.63
GBI-EM Div* -0.48% 3.28% -4.03% 2.49% -0.37% -0.11% 4.54 5.07 Eurozone IG EMU IG 0.33 8.97
ELMI+* 0.63% 3.27% -3.02% 1.75% 0.27% 0.35% 1.97 -
GBI Aggregate Div* -0.37% 3.94% 4.68% 5.11% -1.14% 0.78% 1.06 8.57
GBI Global* -0.63% 3.17% 7.39% 5.41% -1.12% 0.50% 0.60 8.80
*USD unhedged
Index Overview as of August Month-End

EMBI Global/Diversified GBI-EM Global/Diversified NEXGEM CEMBI Broad/Diversified CEMBI/Diversified
Market Cap. US$1246.3 bn Market Cap. US$1529.1 bn Market Cap. Market Cap. Market Cap.
US$127.2 bn US$1169.4 bn US$593.6 bn
EMBI Global GBI-EM Global NEXGEM CEMBI Broad CEMBI
Number of Issuers 168 Number of Issuers 19 Number of Issuers 41 Number of Issuers 701 Number of Issuers 458
Number of Instruments 847 Number of Instruments 238 Number of Instruments 136 Number of Instruments 1663 Number of Instruments 686
Number of Countries 73 Number of Countries 19 Number of Countries 36 Number of Countries 58 Number of Countries 41
Month-End Compostition Rebalancing

EMBI Global/Diversified (847 instr/73 countries) EMBI+ (170 instr/16 countries) NEXGEM (136 instr/36 countries)
Weight % Weight % Weight %
Additions Global Diversified Additions Global Additions Weight %
AE DP World Salaam 6% due 25 Perp 0.13 0.08 CO Republic 3% due 30 0.44 SV Republic 9 1/2% due 52 0.82
AE Finance Department of Sharjah 4% due 50 0.09 0.05 MX UMS 3 1/4% due 30 0.90
AE Sharjah Sukuk 2.942% due 27 0.08 0.05 TR Republic 4 1/4% due 25 0.53
CN China Natl Petroleum Corp 1 1/8% due 23 0.05 0.03 TR Republic 5 1/4% due 30 0.52
CN China Natl Petroleum Corp 1.35% due 25 0.07 0.04
CN China Natl Petroleum Corp 2% due 30 0.04 0.02
CN Huadian Corp 3 3/8% due 25 Perp 0.04 0.02
PA Banco Nacional de Panama 2 1/2% due 30 0.08 0.11
SV Republic 9 1/2% due 52 0.08 0.15
UA Republic 7.253% due 33 0.16 0.27
Adjustments Adjustments Adjustments

None None None
Removals Removals Removals

CN Agric Dev Bank of China FRN due 21 CO Republic 2 5/8% due 23 None
CN Sinopec 2% due 21 TR Republic 4 1/4% due 26
CS Republic 7 1/4% due 21 TR Republic 5 1/8% due 22
TR Eximbank 5% due 21 UA Republic 7 3/4% due 21 EXCH
UA Republic 7 3/4% due 21 EXCH
GBI-EM Broad/Div (323 instr/21 countries) GBI-EM Global / Div (238 instr/19 countries) GBI-EM/Div (179 instr/16 countries)
Weight % Weight % Weight % Weight % Weight % Weight %
Additions Broad Diversified Additions Global Diversified Additions Narrow Diversified
India 5.7700% IGB Aug 2030 0.16 0.10 Malaysia 3.1510% MGII May 2023 0.14 0.19 Malaysia 3.1510% MGII May 2023 0.19 0.26
Malaysia 3.1510% MGII May 2023 0.07 0.14 Hungary 1.5000% HGB Aug 2023 0.13 0.17 Hungary 1.5000% HGB Aug 2023 0.17 0.33
Hungary 1.5000% HGB Aug 2023 0.07 0.12
Removals Removals Removals

Czech 3.8500% CZGB Sep 2021 Czech 3.8500% CZGB Sep 2021 Czech 3.8500% CZGB Sep 2021
Turkey 9.2000% TURKG Sep 2021 Turkey 9.2000% TURKG Sep 2021 Turkey 9.2000% TURKG Sep 2021
1
EMBI® is a service mark of JPMorgan Chase Bank, N.A., registered in the U.S. and other countries. gloria.m.kim@jpmorgan.com
index.research@jpmorgan.com
The certifying analyst(s) is indicated by the notation "AC." See last page of the report for analyst certification and important legal and regulatory disclosures. www.jpmorganmarkets.com
This document is being provided for the exclusive use of yardley.peresman@apertureinvestors.com.

Emerging Markets Bond Index Monitor
Jarrad Linzie (44-20) 7134-8717 Kumaran Ram (1-212) 834-4685 Komal R Patel (1-212) 834-3178
jarrad.k.linzie@jpmorgan.com kumaran.m.ram@jpmorgan.com komal.r.patel@jpmorgan.com
August Month-End Composition Rebalancing
Best Performers CEMBI Broad/Diversified Wgt in Index Wgt in Index, Wgt in Index Wgt in Index, (1663 instr/58 countries)
Action (%) Div (%) Action (%) Div (%)
CEMBI Broad/Diversified AE DIB Sukuk 2.95% due 26 Addition 0.12 0.13 PH Jollibee Foods Corp 4 1/8% due 26 Addition 0.03 0.06
MTD(%)
Lithuania (5.38%) AE SIB Sukuk 2.85% due 25 Addition 0.04 0.05 PH Jollibee Foods Corp 4 3/4% due 30 Addition 0.03 0.06
YTD(%)
Azerbaijan (8.85%) AR Telecom 8 1/2% due 25 Addition 0.03 0.07 PH Megaworld 4 1/8% due 27 Addition 0.03 0.06
EMBI Global/Diversified BR Banco Vorantim 4 3/8% due 25 Addition 0.04 0.02 PH PLDT Inc 2 1/2% due 31 Addition 0.03 0.06
MTD(%)
Sri Lanka (11.55%) BR Braskem 8 1/2% due 81 Addition 0.05 0.03 PH PLDT Inc 3.45% due 50 Addition 0.03 0.06
YTD(%)
Uruguay (13.88%) CN Bank of China 1 1/4% due 25 Addition 0.05 0.02 RU Gazprom 3% due 27 Addition 0.09 0.07
NEXGEM CN China Construct Bk 2.45% due 30 Addition 0.17 0.05 SG Sing Telecom 1 7/8% due 30 Addition 0.07 0.12
MTD(%)
Sri Lanka (11.55%) CN China Mengniu Dairy 1 7/8% due 25 Addition 0.04 0.01 TH PTT PCL 3.7% due 70 Addition 0.06 0.14
YTD(%)
Tajikistan (11.58%) CN China Mengniu Dairy 2 1/2% due 30 Addition 0.03 0.01 AR Pampa Energia 7 1/2% due 27 Adjustment 0.05 0.10
EMBI+ CN China Natl Bluestar 3 7/8% due 23 Perp Addition 0.04 0.01 AR Petrobras 7 3/8% due 23 Adjustment 0.03 0.07
MTD(%)
Argentina (4.01%) CN China Oilfield Services 1 7/8% due 25 Addition 0.04 0.01 BR BRF 4 3/4% due 24 Adjustment 0.04 0.02
YTD(%)
Peru (10.56%) CN China Oilfield Services 2 1/2% due 30 Addition 0.03 0.01 RU Koks 7 1/2% due 22 Adjustment 0.04 0.03
EURO EMBIG/Diversified CN New Oriental Edu & Tech 2 1/8% due 25 Addition 0.03 0.01 SG Flextronics Ltd 3 3/4% due 26 Adjustment 0.06 0.11
MTD(%)
Argentina (7.98%) CN Pingan Real Est Cap Ltd 3 1/4% due 25 Addition 0.04 0.01 SG Flextronics Ltd 4 7/8% due 30 Adjustment 0.06 0.11
YTD(%)
Latvia (5.29%) CN Shanghai Const Grp 2 1/4% due 25 Addition 0.05 0.02 AE Emirates Bank 6 3/8% due 20 Perp Removal
GBI-EM Global/Diversified* CO Colombia Telecomm 4.95% due 30 Addition 0.05 0.07 AE SIB Sukuk 3.084% due 21 Removal
MTD(%)
Uruguay Global (2.66%) HK CLP 2 1/8% due 30 Addition 0.07 0.04 BR BRF 3.95% due 23 Removal
YTD(%)
Philippines Global (13.42%) HK Castle Peak Pwr 2.2% due 30 Addition 0.03 0.02 CN China Natl Bluestar Grp 3 1/2% due 21 Removal
JACI/Diversified HK Hong Kong Electric Finance 2 1/4% due 30 Addition 0.04 0.03 CN China South City 6 3/4% due 21 Removal
MTD(%)
Sri Lanka (11.53%) HK New World 5 1/4% due 26 Perp Addition 0.08 0.05 CN ICBC Intl Leasing 2 1/2% due 21 Removal
YTD(%)
Taiwan (6.44%) IN Adani Ports and SEZ 4.2% due 27 Addition 0.07 0.06 CN Industrial Bk 2 3/8% due 21 Removal
IN Reliance 5.4% due 22 Addition 0.14 0.12 CN Road King 4.7% due 21 Removal
IN Reliance 6 1/4% due 40 Addition 0.06 0.05 CN Union Life Insurance 3% due 21 Removal
KR Natl Agri 1 1/4% due 25 Addition 0.04 0.05 CO Colombia Telecomm 5 3/8% due 22 Removal
KZ Tengizchevroil Finance 2 5/8% due 25 Addition 0.04 0.09 HK Far East Cons Intl 3 3/4% due 21 Removal
KZ Tengizchevroil Finance 3 1/4% due 30 Addition 0.07 0.14 KR Natl Agri 1 7/8% due 21 Removal
MO Melco Resorts 5 3/4% due 28 Addition 0.04 0.10 KW Burgan Senior 3 1/8% due 21 Removal
MO Studio City Finance 6 1/2% due 28 Addition 0.05 0.10 KZ Nostrum Oil & Gas 8% due 22 Removal
MO Studio City Finance 6% due 25 Addition 0.05 0.10 MY Press Metal Aluminium 4.8% due 22 Removal
MX Industrias Penoles SAB de CV 4 3/4% due 50 Addition 0.05 0.03 QA QNB Finance 2 1/8% due 21 Removal
NG Africa Finance Corp 3 1/8% due 25 Addition 0.06 0.13 SG BOC Aviation 2 3/8% due 21 Removal
PA AES Panama 4 3/8% due 30 Addition 0.12 0.27 SG Sing Telecom 4 1/2% due 21 Removal
PA Banistmo SA 4 1/4% due 27 Addition 0.03 0.08 TW Hon Hai Precision 2 1/4% due 21 Removal
PH Intl Container 4 3/4% due 30 Addition 0.04 0.08
JACI Wgt in Index Wgt in Index, Wgt in Index Wgt in Index, (1796 instr/17 countries)
CN Agric Bank of China 1 1/2% due 23 - Asia Addition 0.04 0.02 PH Manila Water Co Inc 4 3/8% due 30 - Asia Addition 0.04 0.08
CN Bank of Comm FRN due 07/23 - Asia Addition 0.06 0.02 PH Megaworld 4 1/8% due 27 - Asia Addition 0.03 0.06
CN Bank of Comm FRN due 25 - Asia Addition 0.03 0.02 PH Metropolian Bk & Trust Co 2 1/8% due 26 - Asia Addition 0.04 0.08
CN CCBL International Corp 1.99% due 25 - Asia Addition 0.04 0.02 PH San Miguel Corp 5 1/2% due 25 Perp - Asia Addition 0.04 0.08
CN CIFI Holdings 5.95% due 25 - Asia Addition 0.04 0.02 PH Vista Land 7 1/4% due 27 - Asia Addition 0.02 0.03
CN CMB International 1 7/8% due 25 - Asia Addition 0.07 0.03 TH PTT PCL 3.7% due 70 - Asia Addition 0.06 0.12
CN CMB International 2 3/4% due 30 - Asia Addition 0.03 0.02 CN Beijing Properties Hldgs 5.95% due 23 - Asia Adjustment 0.06 0.03
CN CSC Financial Co.Ltd 1 3/4% due 25 - Asia Addition 0.04 0.02 CN E-House China 7 5/8% due 22 - Asia Adjustment 0.03 0.01
CN Central China Real Est 7 1/4% due 08/24 - Asia Addition 0.03 0.01 CN Fantasia Holdings 7.95% due 22 - Asia Adjustment 0.04 0.02
CN China Construct Bk 1 1/4% due 25 - Asia Addition 0.06 0.03 CN Shui On 6 1/4% due 21 - Asia Adjustment 0.03 0.01
CN China Construct Bk 1% due 23 - Asia Addition 0.04 0.02 HK PCGI 4 3/4% due 24 - Asia Adjustment 0.03 0.05
CN China Everbright Bk FRN due 23 - Asia Addition 0.06 0.03 MY Press Metal Aluminium 4.8% due 22 - Asia Adjustment 0.02 0.04
CN China Intl Cap Corp Ltd 1 3/4% due 23 - Asia Addition 0.04 0.02 PH Intl Container 5 1/2% due 21 Perp - Asia Adjustment 0.02 0.03
CN China State Grid 1 5/8% due 30 - Asia Addition 0.10 0.04 SG Flextronics Ltd 3 3/4% due 26 - Asia Adjustment 0.06 0.12
CN China State Grid 1% due 25 - Asia Addition 0.03 0.01 SG Flextronics Ltd 4 7/8% due 30 - Asia Adjustment 0.06 0.12
CN Country Garden 4.2% due 26 - Asia Addition 0.04 0.02 CN Agric Bank of China 3 7/8% due 21 - Asia Removal
CN Country Garden 4.8% due 30 - Asia Addition 0.04 0.02 CN Agric Bank of China FRN due 21 - Asia Removal
CN Fantasia Holdings 9 1/4% due 23 - Asia Addition 0.03 0.01 CN Agric Dev Bank of China FRN due 21 - Asia Removal
CN Future Land Dev 6% due 24 - Asia Addition 0.02 0.01 CN Anhui Transport 4 7/8% due 21 - Asia Removal
CN Greenland Holdings 6 1/8% due 23 - Asia Addition 0.03 0.02 CN Beijing Cap Polaris 5 5/8% due 21 - Asia Removal
CN Greenland Holdings 7 1/4% due 25 - Asia Addition 0.02 0.01 CN Chalco 4 7/8% due 21 - Asia Removal
CN Hangzhou Fin & Invt Grp 3.2% due 25 - Asia Addition 0.02 0.01 CN China Aoyuan Prop 7.95% due 21 - Asia Removal
CN Huzhou City Invt Dev Grp 3.15% due 23 - Asia Addition 0.03 0.01 CN China Construct Bk FRN due 09/21 - Asia Removal
CN ICBC 1% due 23 - Asia Addition 0.07 0.03 CN China Everbright Bk FRN due 09/21 - Asia Removal
CN ICBC 1.2% due 25 - Asia Addition 0.07 0.03 CN China Intl Cap Corp Ltd FRN due 09/21 - Asia Removal
CN ICBC Intl Hldg 1.7% due 25 - Asia Addition 0.06 0.03 CN China Merchants Bank FRN due 09/21 - Asia Removal
CN KWG Property Ltd 5.95% due 25 - Asia Addition 0.02 0.01 CN China Natl Bluestar Grp 3 1/2% due 21 - Asia Removal
CN Kaisa Group Ltd 11 1/4% due 25 - Asia Addition 0.03 0.01 CN China South City 6 3/4% due 21 - Asia Removal
CN Kaisa Group Ltd 9 3/4% due 23 - Asia Addition 0.04 0.02 CN Chongqing Logistics 3 1/4% due 21 - Asia Removal
CN Overseas Chinese Town 4 1/2% due 23 Perp - Asia Addition 0.04 0.02 CN Gemdale Corp 6% due 21 - Asia Removal
CN Powerlong 6 1/4% due 24 - Asia Addition 0.02 0.01 CN Greenland Holdings FRN due 21 - Asia Removal
CN Qingdao China Prosp 3.35% due 23 - Asia Addition 0.02 0.01 CN Guangzhou 8 7/8% due 21 - Asia Removal
CN Ronshine China 6 3/4% due 24 - Asia Addition 0.02 0.01 CN Huai An Development 6.9% due 22 - Asia Removal
CN SPIC 1 5/8% due 25 - Asia Addition 0.09 0.04 CN Huayuan Prop Co Ltd 8 1/2% due 21 - Asia Removal
CN Shanghai Pudong Bk FRN due 23 - Asia Addition 0.04 0.02 CN ICBC Intl Leasing 2 1/2% due 21 - Asia Removal
CN Sunac China Holdings 6.65% due 24 - Asia Addition 0.04 0.02 CN Industrial Bk 2 3/8% due 21 - Asia Removal
CN Yango Group Co 7 1/2% due 24 - Asia Addition 0.03 0.01 CN JIC Leasing Co Ltd 4.5% due 21 - Asia Removal
CN Yankuang Group 4% due 23 - Asia Addition 0.04 0.02 CN Kunming Dianchi 6.6% due 22 - Asia Removal
CN Yiwu State Owned Cap 3.15% due 23 - Asia Addition 0.04 0.02 CN Minmetals Land 6.4% due 21 - Asia Removal
CN Yunnan Const & Invt Hldg Grp 5.1% due 23 - Asia Addition 0.04 0.02 CN Powerlong 4 7/8% due 21 - Asia Removal
CN Yuzhou 7.85% due 26 - Asia Addition 0.03 0.01 CN Road King 4.7% due 21 - Asia Removal
CN ZhongAn Online P&C Ins Co 3 1/8% due 25 - Asia Addition 0.05 0.02 CN Shanghai Lingang Eco Dev 4 5/8% due 21 - Asia Removal
CN Zhongtai Fin Intl Ltd 3.85% due 23 - Asia Addition 0.03 0.01 CN Shanghai Pudong Bk FRN due 21 - Asia Removal
HK Chong Hing Bank 5 1/2% due 25 Perp - Asia Addition 0.03 0.04 CN Shenzhen Invst Holdings 3.95% due 21 - Asia Removal
HK Goodman Logistics 3% due 30 - Asia Addition 0.03 0.04 CN Sichuan Provincial Invst 4 5/8% due 21 - Asia Removal
IN Adani Ports and SEZ 4.2% due 27 - Asia Addition 0.07 0.12 CN Sinopec 2% due 21 - Asia Removal
IN Reliance 5.4% due 22 - Asia Addition 0.14 0.25 CN Suning App Grp 7 1/2% due 21 - Asia Removal
IN Reliance 6 1/4% due 40 - Asia Addition 0.06 0.11 CN Union Life Insurance 3% due 21 - Asia Removal
KR GS Caltex 1 5/8% due 25 - Asia Addition 0.03 0.04 CN Zhuhai Huafa Grp 5.4% due 21 - Asia Removal
KR Korea South-East Pwr Ltd 1% due 26 - Asia Addition 0.03 0.04 HK AIA Group Ltd FRN due 21 - Asia Removal
KR Mirae Asset Daewoo Co. 2 1/8% due 23 - Asia Addition 0.03 0.04 HK CSI Prop Ltd 5 3/4% due 22 Perp - Asia Removal
KR Mirae Asset Daewoo Co. 2 5/8% due 25 - Asia Addition 0.03 0.04 HK Emperor Intl Hldg 4% due 21 - Asia Removal
KR Natl Agri 1 1/4% due 25 - Asia Addition 0.04 0.06 HK Emperor Intl Hldg 5% due 22 - Asia Removal
MO Melco Resorts 5 3/4% due 28 - Asia Addition 0.05 0.09 HK Far East Cons Intl 3 3/4% due 21 - Asia Removal
MO Studio City Finance 6 1/2% due 28 - Asia Addition 0.05 0.09 KR Export Import Bank 4 3/8% due 21 - Asia Removal
MO Studio City Finance 6% due 25 - Asia Addition 0.05 0.09 KR Natl Agri 1 7/8% due 21 - Asia Removal
PH Globe Telecom Inc 2 1/2% due 30 - Asia Addition 0.03 0.05 SG BOC Aviation 2 3/8% due 21 - Asia Removal
PH Globe Telecom Inc 3% due 35 - Asia Addition 0.03 0.05 SG Sing Telecom 4 1/2% due 21 - Asia Removal
PH Intl Container 5% due 26 Perp - Asia Addition 0.03 0.05 TW Hon Hai Precision 2 1/4% due 21 - Asia Removal
Wgt in Index Wgt in Index, Wgt in Index Wgt in Index,

Worst Performers Euro EMBIG (192 instr/34 countries)
CEMBI Broad/Diversified LT Republic 1/2% due 50 EUR Addition 0.77 0.80
MTD(%)
Mongolia (-6.26%)
YTD(%)
Tanzania (-21.53%)
EMBI Global/Diversified
MTD(%)
Zambia (-5.86%)
YTD(%)
Lebanon (-65.77%)
NEXGEM
MTD(%)
Zambia (-5.86%) Return Analysis
YTD(%)
Belize (-22.15%) GBI-EM* CEMBI GBI Agg GBI U.S. S&P
EMBI+ EMBIG Div Global Div Broad Div ELMI+* JULI US HY** Div* Global* EMU IG Maggie Treasury EM Free 500 JPMCCI NEXGEM
MTD(%)
Philippines (-2.67%) TR 2004 11.6% 23.0% 10.3% 14.8% 6.0% 11.1% 12.0% 10.1% 16.1% 7.7% 3.7% 26.0% 10.9% 23.1% 16.4%
YTD(%)
Argentina (-11.41%) TR 2005 10.2% 6.3% 6.1% 3.2% 1.4% 2.4% -4.5% -6.5% -8.6% 3.9% 2.9% 34.5% 4.9% 39.8% 11.0%
EURO EMBIG/Diversified TR 2006 9.9% 15.2% 6.5% 12.3% 3.7% 11.6% 7.9% 5.9% 11.5% 1.1% 3.1% 32.6% 15.8% 5.8% 13.1%
MTD(%)
Saudi Arabia (-2.25%) TR 2007 6.2% 18.1% 3.9% 16.0% 5.8% 2.6% 11.4% 10.8% 12.8% 0.5% 9.2% 39.8% 5.5% 23.3% 4.5%
YTD(%)
South Africa (-6.85%) TR 2008 -12.0% -5.2% -15.9% -3.8% 0.8% -26.6% 4.1% 12.0% 4.0% 0.1% 14.3% -53.2% -37.0% -35.0% -40.9%
GBI-EM Global/Diversified* TR 2009 29.8% 22.0% 34.9% 11.7% 18.2% 58.2% 5.8% 1.9% 7.7% 16.0% -3.8% 79.0% 26.5% 20.5% 74.5%
MTD(%)
Turkey (-7.36%) TR 2010 12.2% 15.7% 13.1% 5.7% 9.4% 14.7% 7.4% 6.4% -5.0% 4.8% 6.1% 19.2% 15.1% 13.8% 23.1%
YTD(%)
Brazil Broad (-22.04%) TR 2011 7.3% -1.8% 2.3% -5.2% 8.6% 7.0% 6.4% 7.2% 0.3% 3.1% 9.9% -18.2% 2.1% -4.5% 1.9%
JACI/Diversified TR 2012 17.4% 16.8% 15.0% 7.5% 9.6% 15.4% 4.8% 1.3% 12.4% 12.4% 2.2% 18.6% 16.0% 1.4% 21.6%
MTD(%)
Philippines (-1.41%) TR 2013 -5.3% -9.0% -0.6% -2.0% -0.7% 8.2% -4.6% -4.5% 6.7% 1.8% -3.4% -2.3% 32.4% -5.1% 5.1%
YTD(%)
Maldives (-14.55%) TR 2014 7.4% -5.7% 5.0% -7.0% 8.0% 2.2% 0.1% 0.7% -0.4% 8.3% 6.1% -1.8% 13.7% -22.6% 10.6%
(*unhedged in USD) TR 2015 1.2% -14.9% 1.3% -7.6% 0.3% -5.0% -5.4% -2.6% -8.7% -0.4% 0.9% -14.6% 1.4% -27.4% 0.7%
TR 2016 10.2% 9.9% 9.7% 3.5% 6.1% 18.9% 2.0% 1.6% 0.2% 4.3% 1.1% 11.6% 12.0% 15.0% 14.8%
TR 2017 10.3% 15.2% 8.0% 11.5% 6.3% 7.6% 9.4% 6.8% 14.0% 1.6% 2.5% 37.8% 21.8% 8.2% 15.7%
TR 2018 -4.26% -6.2% -1.6% -3.3% -2.3% -2.4% -2.1% -0.7% -3.9% -0.8% 0.8% -14.2% -4.4% -12.3% -5.8%
TR 2019 15.0% 13.5% 13.1% 5.2% 14.2% 14.1% 7.3% 6.0% 5.0% 5.1% 7.1% 18.9% 31.5% 14.0% 19.2%
YTD 2020 1.37% -4.4% 3.1% -3.0% 7.3% -0.56% 4.7% 7.4% 9.0% 0.6% 9.2% 0.7% 9.7% -14.1% -1.9%
Cum Return 223.8% 156.7% 180.5% 71.1% 166.0% 218.9% 88.1% 83.1% 95.0% 95.7% 99.2% 293.9% 343.2% 10.3% 311.2%
Annualized Return 7.3% 5.8% 6.4% 3.3% 6.0% 7.2% 3.9% 3.7% 4.1% 4.1% 4.2% 8.6% 9.3% 0.6% 8.9%
Annualized Volatility 8.7% 12.1% 7.7% 7.5% 5.5% 9.0% 6.4% 6.0% 9.9% 3.5% 4.4% 21.4% 14.3% 18.7% 13.7%
Sharpe Ratio 0.65 0.35 0.60 0.22 0.79 0.61 0.35 0.35 0.25 0.69 0.60 0.32 0.53 -0.05 0.52
* unhedged in USD; ** US Domestic HY
Correlation Analysis
GBI-EM Global CEMBI Broad
EMBIG Div ELMI+* JULI US HY** GBI Agg Div* GBI Global* EMU IG Maggie U.S. Treasury EM Free S&P 500 JPMCCI NEXGEM
Div Div
EMBIG Div 1.00
GBI-EM Global Div (USD) 0.79 1.00
CEMBI Broad Div 0.93 0.71 1.00
ELMI+* 0.67 0.93 0.63 1.00
JULI 0.74 0.52 0.74 0.37 1.00
US HY 0.78 0.64 0.80 0.59 0.56 1.00
GBI Aggregate Div* 0.63 0.76 0.54 0.74 0.63 0.38 1.00
GBI Global* 0.42 0.49 0.33 0.47 0.57 0.12 0.93 1.00
EMU IG 0.54 0.69 0.48 0.74 0.45 0.35 0.87 0.78 1.00
Maggie 0.68 0.44 0.70 0.31 0.79 0.57 0.42 0.32 0.32 1.00
U.S. Treasury 0.16 0.04 0.09 -0.08 0.49 -0.26 0.46 0.65 0.26 0.20 1.00
EM Free 0.69 0.81 0.68 0.83 0.41 0.72 0.54 0.25 0.53 0.39 -0.20 1.00
S&P 500 0.56 0.60 0.59 0.63 0.31 0.73 0.33 0.07 0.39 0.35 -0.32 0.76 1.00
JPMCCI 0.45 0.51 0.48 0.62 0.18 0.55 0.36 0.15 0.40 0.18 -0.28 0.62 0.49 1.00
NEXGEM 0.88 0.65 0.89 0.61 0.54 0.83 0.42 0.18 0.39 0.58 -0.11 0.68 0.59 0.55 1.00
* unhedged in USD; ** US Domestic HY

Index Performance Overview: Credit and Maturity Sector Breakouts

Total Return to Maturity Statistics to Worst Statistics
Spread Sprd chg IR Spread Sprd chg IR
External Debt 1-mo 3-mo YTD 12-mo Yield (%) Yield (%) Index Weight
(Trsy,bps) (bps) Duration (Trsy,bps) (bps) Duration
EMBI Global 0.30% 7.03% 2.06% 3.82% 4.72 385 -16 8.27 4.70 383 -17 8.25 100%
Inv Grade -0.91% 5.06% 5.51% 5.92% 2.95 196 -8 9.39 2.88 190 -8 9.36 63.1%
High Yield 2.42% 10.56% -4.24% -0.35% 8.11 743 -46 6.36 8.12 744 -45 6.36 36.9%
AA -1.77% 5.73% 8.97% 6.88% 2.44 139 -4 10.78 2.44 139 -4 10.77 9.3%
A -1.25% 4.43% 8.06% 6.79% 2.58 162 0 8.40 2.51 156 -2 8.37 17.8%
BBB -0.51% 5.21% 3.78% 5.23% 3.23 225 -12 9.51 3.16 218 -12 9.49 36.0%
BB 1.71% 9.56% 2.37% 4.53% 5.85 500 -33 7.46 5.84 499 -33 7.44 15.1%
B 3.18% 10.10% -6.69% -1.13% 7.11 642 -57 5.95 7.11 642 -57 5.95 18.0%
C 1.89% 19.13% -15.78% -15.45% 25.92 2556 -27 3.98 25.92 2556 -27 3.98 3.3%
NR 1.26% 6.50% 5.08% -3.04% 4.80 406 -30 3.44 3.69 318 -42 3.41 0.5%
1-3 years 0.70% 3.82% 0.13% 1.66% 5.88 574 -20 1.93 5.88 575 -20 1.93 12.2%
3-5 years 1.01% 4.55% 1.50% 3.28% 3.48 329 -24 3.56 3.48 329 -24 3.55 15.2%
5-7 years 1.38% 7.36% 2.01% 4.61% 5.14 478 -29 5.10 5.15 479 -29 5.09 14.1%
7-10 years 0.85% 7.60% 1.09% 3.16% 4.80 424 -22 6.91 4.80 425 -22 6.88 18.7%
10+ -0.74% 8.71% 3.57% 4.87% 4.72 359 -12 13.77 4.67 355 -13 13.74 39.8%
EMBI Global Div 0.51% 7.91% 1.37% 2.73% 5.06 423 -17 8.01 5.04 422 -18 7.99 100%
Inv Grade -0.96% 5.08% 6.43% 6.39% 2.86 187 -7 9.45 2.82 184 -8 9.43 55.1%
High Yield 2.38% 11.56% -4.58% -1.72% 8.16 750 -45 6.23 8.17 751 -45 6.23 44.9%
AA -1.67% 5.61% 8.89% 6.81% 2.41 138 -4 10.54 2.41 138 -4 10.53 7.0%
A -1.20% 4.50% 7.99% 6.64% 2.56 158 -2 8.62 2.52 154 -3 8.58 14.1%
BBB -0.71% 5.20% 5.37% 6.13% 3.07 208 -10 9.58 3.02 204 -10 9.55 33.9%
BB 1.47% 9.43% 2.24% 4.43% 5.36 451 -30 7.39 5.34 450 -30 7.37 16.1%
B 3.22% 11.98% -7.00% -2.58% 7.20 652 -58 5.93 7.20 652 -58 5.93 24.3%
C 1.25% 18.93% -19.30% -22.76% 27.71 2737 1 3.82 27.71 2737 1 3.82 3.9%
NR 1.45% 7.89% 5.52% 1.33% 4.48 392 -38 2.97 3.78 341 -47 2.95 0.6%
1-3 years 0.84% 4.83% -0.58% 0.37% 7.28 715 -35 1.96 7.29 715 -35 1.96 13.0%
3-5 years 1.13% 5.43% 0.54% 2.12% 4.20 400 -22 3.54 4.20 400 -22 3.53 15.4%
5-7 years 1.53% 8.39% 1.04% 3.40% 5.70 534 -34 5.04 5.70 534 -33 5.03 14.8%
7-10 years 1.16% 9.06% -0.02% 1.55% 5.54 499 -25 6.79 5.55 499 -25 6.76 18.2%
10+ -0.53% 9.33% 3.52% 4.37% 4.82 370 -12 13.52 4.79 369 -13 13.49 38.7%
EMBI+ 0.31% 5.56% 3.36% 7.05% 4.85 397 -20 8.85 4.85 397 -20 8.83 100%
Inv Grade -0.77% 4.48% 6.37% 6.97% 3.09 209 -11 9.99 3.08 209 -11 9.97 64.5%
High Yield 2.32% 7.58% -1.82% 6.94% 8.44 775 -47 6.77 8.45 776 -47 6.76 35.5%
EURO EMBI Global Div 0.70% 3.99% -1.19% -0.74% 1.89 229 -19 6.83 1.89 229 -19 6.83 100%
Inv Grade 0.19% 3.54% -0.54% -1.26% 1.04 141 -14 7.35 1.04 141 -14 7.35 77.0%
High Yield 2.43% 5.53% -3.69% 1.39% 5.99 650 -37 5.07 5.99 650 -37 5.07 23.0%
AA -0.02% 1.07% 0.06% -0.38% -0.09 42 -9 4.12 -0.09 42 -9 4.12 3.6%
A 0.05% 2.69% 1.42% -0.74% 0.46 76 -13 8.34 0.46 76 -13 8.34 30.7%
BBB 0.32% 4.36% -2.01% -1.75% 1.60 203 -13 6.91 1.60 203 -13 6.91 42.7%
BB 1.75% 3.67% -1.46% -1.20% 3.28 386 -32 5.28 3.28 386 -32 5.28 6.9%
B 2.18% 4.53% -4.32% 0.41% 5.94 643 -40 5.21 5.94 643 -40 5.21 14.6%
C 7.98% 23.45% -2.49% - 27.98 2841 -197 2.92 27.98 2841 -197 2.92 1.6%
NEXGEM 2.98% 15.12% -1.86% 2.07% 7.16 648 -52 6.16 7.16 648 -51 6.16 100%
BB 1.53% 7.49% 6.53% 8.31% 3.48 267 -33 7.20 3.48 267 -33 7.19 18.8%
B 3.53% 16.96% -3.48% 0.69% 7.67 699 -61 6.00 7.67 699 -61 6.00 76.6%
Residual 0.03% 18.86% -8.27% -0.76% 13.88 1349 18 4.52 13.88 1349 18 4.52 4.6%
JACI 0.40% 4.74% 4.94% 5.95% 3.78 319 -9 4.99 3.14 248 -19 4.81 100%
1-3 years 0.76% 3.24% 3.31% 4.79% 3.53 339 -26 1.65 3.41 328 -31 1.57 32.6%
3-5 years 0.98% 4.88% 4.55% 6.20% 3.05 283 -24 3.47 2.98 278 -25 3.36 24.1%
5-7 years 0.96% 5.99% 6.36% 7.79% 2.72 233 -17 5.15 2.64 226 -18 5.00 9.9%
7-10 years 0.30% 5.61% 6.81% 6.93% 2.74 211 -13 7.09 2.70 211 -14 6.99 14.7%
10+ -1.12% 6.05% 6.42% 6.00% 4.58 322 -7 11.03 3.46 234 -15 10.47 18.7%
Total Return to Maturity Statistics to Worst Statistics

Sprd chg IR Spread Sprd chg IR
Corporate Debt 1-mo 3-mo YTD 12-mo Yield (%) SOT (bps) Yield (%) Index Weight
(bps) Duration (Trsy,bps) (bps) Duration
CEMBI Broad Diversified 0.90% 6.08% 3.08% 6.02% 4.44 388 -21 4.96 4.08 351 -27 4.62 100%
Inv Grade 0.46% 4.94% 4.77% 5.62% 2.99 242 -13 5.62 2.79 213 -17 5.52 58.0%
High Yield 1.50% 7.69% 0.68% 6.50% 6.53 597 -31 4.04 6.50 608 -32 3.38 42.0%
AAA -0.07% - - - 1.01 77 -1 4.48 0.98 77 0 4.25 0.1%
AA -0.04% 2.13% 5.45% 5.55% 1.73 141 0 4.73 1.73 114 -6 4.73 2.6%
A -0.02% 4.13% 6.50% 6.77% 2.33 181 -8 5.79 2.25 154 -11 5.67 19.9%
BBB 0.79% 5.58% 3.97% 5.12% 3.39 278 -18 5.60 3.16 251 -22 5.50 35.4%
BB 1.69% 6.93% 3.33% 7.71% 4.99 440 -29 4.66 4.76 423 -35 3.98 20.0%
B 1.56% 7.54% -1.19% 4.43% 6.92 658 -30 3.41 7.01 670 -28 2.84 12.0%
C 1.34% 13.95% -9.29% 7.47% 12.62 1226 -66 2.89 13.22 1294 -74 2.65 5.5%
NR 0.61% 4.07% 1.76% 3.47% 6.60 567 -12 4.42 5.78 528 -15 3.05 4.4%
1-3 years 0.73% 4.05% 2.20% 4.72% 4.37 423 -47 1.92 4.28 415 -50 1.81 22.7%
3-5 years 1.10% 5.41% 1.83% 5.04% 4.22 401 -25 3.48 4.12 393 -27 3.26 27.6%
5-7 years 1.32% 7.00% 2.74% 6.77% 4.48 410 -29 4.90 4.34 399 -33 4.34 15.1%
7-10 years 1.21% 7.27% 4.61% 7.27% 3.67 308 -25 6.62 3.55 302 -26 6.24 18.3%
10+ 0.09% 7.95% 5.75% 7.91% 4.93 361 -15 9.87 4.26 323 -19 9.29 16.4%
CEMBI Diversified 0.91% 5.92% 3.48% 6.24% 4.26 368 -23 5.02 3.80 324 -30 4.63 100%
Inv Grade 0.49% 5.04% 4.79% 5.76% 3.11 250 -15 5.70 2.83 216 -18 5.55 59.2%
High Yield 1.52% 7.21% 1.24% 6.64% 6.08 553 -32 4.04 5.81 544 -37 3.30 40.8%
AAA -0.07% - - - 1.01 77 -1 4.48 0.98 77 0 4.25 0.2%
AA -0.10% 2.64% 6.34% 6.07% 1.68 136 -1 5.01 1.68 109 -8 5.01 2.6%
A -0.13% 4.12% 6.44% 6.85% 2.43 187 -10 6.21 2.30 156 -11 6.02 18.7%
BBB 0.85% 5.67% 4.04% 5.30% 3.48 283 -19 5.51 3.18 253 -22 5.36 37.6%
BB 1.72% 6.75% 3.69% 8.12% 4.75 424 -29 4.46 4.42 401 -39 3.70 20.6%
B 1.67% 7.21% -0.60% 4.64% 6.33 600 -32 3.76 6.36 605 -34 3.01 12.1%
C 1.12% 11.91% -6.43% 8.85% 11.29 1079 -97 2.97 11.75 1146 -113 2.72 4.4%
NR 0.36% 4.37% 2.17% 4.57% 6.61 557 -2 3.83 4.96 449 2 2.75 3.7%
1-3 years 0.72% 3.40% 2.36% 4.52% 3.46 333 -59 1.99 3.38 325 -62 1.91 20.7%
3-5 years 1.12% 5.45% 3.30% 5.91% 3.99 378 -29 3.67 3.87 367 -31 3.45 27.8%
5-7 years 1.39% 6.94% 2.36% 7.24% 4.09 372 -32 5.00 3.87 352 -38 4.31 16.4%
7-10 years 1.40% 7.10% 4.96% 6.90% 3.59 300 -30 6.70 3.42 290 -32 6.19 18.8%
10+ -0.22% 7.66% 5.14% 7.43% 4.91 356 -12 9.28 4.10 309 -16 8.62 16.3%
Total Return unhedged USD
Interest Yield (%)
Local Debt 1-mo 3-mo YTD 12-mo FX Return Local Return Modified Duration Index Weight
Return
GBI-EM Global Diversified* -0.33% 3.16% -4.39% 1.55% -0.08% 0.41% -0.25% 4.45 5.36 100%
Inv Grade* 0.45% 3.78% -0.35% 5.04% 0.62% 0.37% -0.17% 3.64 5.59 100%
GBI-EM Diversified* -0.48% 3.28% -4.03% 2.49% -0.11% 0.41% -0.37% 4.54 5.07 100%
ELMI+* 0.63% 3.27% -3.02% 1.75% 0.35% - 0.27% 1.97 - 100%
GBI Aggregate Diversified* -0.37% 3.94% 4.68% 5.11% 0.78% 0.18% -1.14% 1.06 8.57 100%
GBI Global* -0.63% 3.17% 7.39% 5.41% 0.50% 0.14% -1.12% 0.60 8.80 100%
*USD unhedged

Contents Emerging Markets Bond Index Global (EMBI® Global): The EMBI Global tracks total returns for
US dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign
Emerging Markets Bond Index Global (EMBI Global) 5 entities: Brady bonds, loans, Eurobonds.
Emerging Markets Bond Index Global Diversified Emerging Markets Bond Index Global Diversified (EMBI® Global Diversified): The EMBI Global
(EMBI Global Diversified) 7 Diversified is a uniquely-weighted version of the EMBI Global. It limits the weights of those index
c ie i h a ge deb ck b i c di g ecified i f he e c ie e igib e c e
Emerging Markets Bond Index Plus (EMBI+) 9 face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical
to those covered by the EMBI Global. August
USD Instrument Level Composition Detail 10
Emerging Markets Bond Index Plus (EMBI+SM): The EMBI+ tracks total returns for US dollar-
Corporate Emerging Markets Bond Index denominated debt instruments of the Emerging Markets: Brady bonds, loans, Eurobonds.
CEMBI Broad 28
Corporate Emerging Markets Bond Index (CEMBISM): The CEMBI tracks total returns of US
CEMBI Broad Diversified 30 dollar-denominated debt instruments issued by corporate entities in Emerging Markets countries. Two
CEMBI 32 variations are available: CEMBI Broad and CEMBI. The CEMBI Broad is the most comprehensive
CEMBI Diversified 34 corporate benchmark followed by the CEMBI, which consists of an investable universe of corporate
CEMBI Instrument Level Composition Detail 36 bonds. Both indices are also available in Diversified versions.
NEXGEM 54
Next Generation Markets Index (NEXGEMSM): The J.P. Morgan Next Generation Markets index
(NEXGEM) tracks total returns for Next Generation markets, which we define as the smaller, less
Central America and Caribbean Index (CACI)
liquid population of emerging market economies, where investment opportunities in the external debt
JPM CACI 60
market are limited relative to the larger BRIC countries.
JPM CACI Diversified 61
J.P. Morgan Asia Credit Index (JACI) 62

Central America and Caribbean Index (CACISM): The J.P. Morgan CACI tracks total returns for US
Middle East Composite Index (MECI) 64 dollar-denominated debt instruments issued by sovereign, quasi-sovereign and corporate entities in the
Central America and Caribbean regions. This index is also available in a diversified version.
EURO Emerging Markets Bond Index
Global (EURO EMBIG) 68
J.P. Morgan Asia Credit Index (JACISM): The JACI tracks total returns for US dollar-denominated
EURO Emerging Markets Bond Index Global bonds issued by Asia sovereign, quasi-sovereign, and corporate borrowers. Countries covered are
Diversified (EURO EMBIG Diversified) 69 Bangladesh, China, Hong Kong, India, Indonesia, Malaysia, Macau, Mongolia, Pakistan, The
Philippines, Taiwan, Thailand, Singapore, South Korea, Sri Lanka and Vietnam.
EURO Instrument Level Composition Detail 70
EURO Emerging Markets Bond Index Global (EURO EMBIGSM): The EURO Emerging Markets
Government Bond Index-Emerging Markets Bond Index Global (EURO EMBIG) tracks total returns for euro-denominated, straight fixed coupon
GBI-EM Broad 74 instruments issued by emerging market sovereign and quasi-sovereign entities.
GBI-EM Global 77
GBI-EM 79 EURO Emerging Markets Bond Index Global Diversified (EURO EMBIGSM Diversified): The
GBI-EM Sub Index Statistics 80 EURO EMBI Global Diversified (EURO EMBIG Diversified) is a uniquely-weighted version of the
JADE 82 EURO EMBI Global, designed for euro-based fixed income fund managers who face ceilings on their
Emerging Local Markets Index Plus (ELMI+) 84 None in the EURO EMBI Global Diversified are
holdings of individual issuers. The countries covered
identical to those covered by the EURO EMBI Global.
EMBI Global Credit Subindices 86
Government Bond Index-Emerging Markets (GBI-EMSM): The GBI-EM is the first comprehensive,
global local Emerging Markets index, and consists of regularly traded, liquid fixed-rate, domestic
currency government bonds to which international investors can gain exposure. Variations of the index
are available to allow investors to select the most appropriate benchmark for their objectives.
J.P. Morgan Asia Diversified (JADE): The JADE tracks local-currency government bonds issued by
emerging and developed Asian countries (excluding Japan). The two main composite series are the
JADE Broad and the JADE Global which provide Diversified exposure to the countries within the Asia
region.
Emerging Local Markets Index Plus (ELMI+ SM): The ELMI+ tracks total returns for local-
currency-denominated money market instruments in 22 Emerging Markets.
EMBISM Global Credit Subindices: The EMBIG Credit Subindices provide a useful performance
benchmark for Emerging Markets investors with different risk appetites.
Global Aggregate Bond Index (GABI): J. P. Morgan Global Aggregate Bond Index (GABI) is a
global fixed income benchmark which unifies all J.P. Morgan bond indices under a single platform. The
GABI was designed using a top-d a ach b a e c a , e e agi g J.P. M ga f ag hi i dice
such as the EMBI®, GBI, and CLOIE which are industry standards in their respective asset classes. .

Global Index Research The image part with relationship ID rId2 was not found in the file.
EMBI Global Emerging Markets Bond Index Global (EMBI Global)

Monthly total returns, % Historical returns, return components and return volatility
Total return 1-mo return components Return volatility
EMBI Global Index % change over Price Return % for the period of
0.30
Sri Lanka 11.55 August 31, 2020 Aug 31 1-mo 3-mo YTD 12-mo index Price Interest 1-mo 3-mo 12-mo
Venezuela 9.48 EMBI Global 900.02 0.30 7.03 2.06 3.82 135.47 -0.05 0.35 3.60 4.82 11.65
Suriname 8.58 EMBIG ex GCC 132.48 0.71 7.13 1.16 3.30 102.88 0.35 0.36 3.41 4.91 11.89
El Salvador 4.71
Nigeria 4.56 By instrument type
Belize 4.36 Sovereign 930.06 0.26 7.35 1.88 3.78 136.93 -0.09 0.35 3.88 5.24 12.49
Pakistan 4.30 Quasi- Sovereign 625.61 0.41 6.08 2.59 3.94 111.91 0.06 0.35 3.09 3.91 9.73
Senegal 4.21 By credit
Argentina 4.01 Investment Grade 720.90 -0.91 5.06 5.51 5.92 136.99 -1.21 0.30 4.52 4.03 10.40
Egypt 3.41 High Yield 1,005.81 2.42 10.56 -4.24 -0.35 123.44 1.98 0.43 3.25 8.33 15.17
Barbados 3.38
By sub-region
Cameroon 3.19
Africa 1,184.49 2.45 10.40 -1.72 1.79 174.34 1.93 0.51 4.08 9.28 18.19
Ghana 3.07
Turkey Asia 805.34 -0.06 6.09 5.76 5.96 145.95 -0.37 0.31 3.45 3.48 6.77
3.06
Ethiopia 3.00 Europe 1,434.90 1.30 3.45 3.07 7.63 233.87 0.90 0.40 4.31 5.51 10.27
Kenya 2.93 Latin America 738.75 0.57 9.26 -1.26 1.52 103.51 0.22 0.34 5.61 7.91 17.80
Ukraine 2.92 Middle East 605.32 -1.23 6.61 3.91 2.17 115.93 -1.53 0.31 4.92 5.47 11.69
Honduras 2.77 Non-Latin 1,117.94 0.18 6.05 3.63 4.89 183.37 -0.18 0.36 3.30 4.05 9.48
Ivory Coast 2.66 By country
Iraq 2.49 Angola 148.44 0.88 38.98 -15.91 -10.36 78.70 0.09 0.80 10.65 25.76 55.60
Tunisia 2.46 Argentina 176.94 4.01 17.88 -11.41 24.17 36.25 4.01 0.00 30.73 29.36 40.75
Georgia 2.40
Armenia 168.92 1.97 2.45 4.02 8.16 111.81 1.60 0.36 2.23 5.17 11.67
Costa Rica 2.38
Azerbaijan 176.99 1.82 5.92 5.01 7.08 114.40 1.47 0.35 4.17 5.33 14.12
Mongolia 2.25
Oman Barbados 95.56 3.38 13.28 — — 92.30 2.93 0.44 6.36 8.06 —
2.09
Trinidad & Tobago 2.02 Bahrain 118.36 1.71 8.37 0.86 5.33 107.52 1.27 0.43 2.09 4.92 10.77
Armenia 1.97 Belarus 113.97 -2.77 -3.97 -6.79 -4.82 92.98 -3.36 0.61 18.87 12.33 10.59
Gabon 1.92 Belize 142.58 4.36 53.26 -22.15 -20.26 48.38 3.53 0.80 15.53 58.85 62.04
Mexico 1.83 Bolivia 143.38 0.27 3.35 -6.18 -2.85 97.15 -0.14 0.41 3.29 6.10 8.93
Azerbaijan 1.82 Brazil 1,450.59 -0.06 6.92 3.62 4.61 200.65 -0.43 0.37 6.68 8.26 14.80
Guatemala 1.73 Cameroon 171.62 3.19 12.77 1.07 7.23 114.41 2.54 0.64 8.64 9.04 14.21
Bahrain 1.71 Chile 442.20 -1.18 6.49 10.20 6.35 150.47 -1.45 0.27 5.53 4.58 13.25
Namibia 1.54
China 566.31 -0.15 2.76 6.60 6.62 143.63 -0.39 0.24 1.64 1.99 3.87
Vietnam 1.39
Colombia 739.20 -1.56 4.75 4.97 3.78 135.05 -1.89 0.34 8.54 9.09 18.86
South Africa 1.36
Paraguay 1.24 Costa Rica 149.23 2.38 16.26 -4.96 0.11 91.68 1.89 0.49 5.78 10.14 16.60
Jordan 1.24 Ivory Coast 322.42 2.66 7.17 2.75 8.75 185.70 2.21 0.44 5.10 7.46 16.01
Ecuador 1.22 Croatia 196.00 0.24 2.90 4.00 5.07 105.28 -0.15 0.40 1.28 1.72 2.90
Dominican Rep 1.19 Dominican Rep 521.22 1.19 12.04 0.29 2.29 128.62 0.73 0.45 4.55 9.35 22.01
Jamaica 1.08 Ecuador 661.95 1.22 35.52 -45.44 -47.70 61.09 1.22 0.00 4.07 44.92 80.87
Kazakhstan 1.08 Egypt 388.56 3.41 5.76 0.08 4.15 104.42 2.89 0.50 5.25 7.76 15.35
Morocco 1.05 El Salvador 355.02 4.71 17.35 -10.71 -4.83 93.13 4.12 0.56 6.77 13.73 19.73
Angola 0.88 Ethiopia 151.79 3.00 10.33 -2.27 3.56 103.85 2.51 0.48 3.42 8.33 14.83
India 0.82
Gabon 275.66 1.92 14.62 -0.14 10.28 109.81 1.40 0.51 3.46 8.05 25.05
Hungary 0.79
Georgia 277.80 2.40 5.49 4.46 6.47 118.41 1.82 0.57 5.34 5.59 6.76
Mozambique 0.60
Kuwait 0.35 Ghana 309.28 3.07 8.36 -1.20 4.28 106.89 2.45 0.60 6.85 14.57 25.31
Bolivia 0.27 Guatemala 178.59 1.73 8.07 8.10 9.12 119.19 1.38 0.34 4.54 4.58 10.29
Croatia 0.24 Honduras 184.32 2.77 7.49 5.24 7.72 109.64 2.33 0.42 8.34 5.98 11.09
Tajikistan 0.20 Hungary 386.55 0.79 3.94 5.82 6.57 118.59 0.44 0.35 3.04 2.83 6.34
Poland 0.17 India 142.11 0.82 3.74 4.82 4.94 106.95 0.55 0.26 2.99 3.63 7.56
Lithuania 0.15 Indonesia 420.87 -0.50 6.36 7.16 7.40 158.27 -0.81 0.32 5.49 4.61 9.20
Russia 0.15 Iraq 394.95 2.49 6.98 0.08 2.36 138.33 2.01 0.47 3.28 8.88 16.94
Papua New Guinea 0.15
Jamaica 339.79 1.08 17.45 1.52 7.29 125.77 0.63 0.45 4.96 6.35 20.13
Uzbekistan 0.13
Jordan 140.50 1.24 9.15 1.92 7.07 105.24 0.78 0.45 3.58 7.22 13.10
Slovakia -0.03
Kazakhstan 283.06 1.08 7.44 7.13 9.35 121.41 0.76 0.32 7.80 6.24 15.20
Brazil -0.06
China -0.15 Kenya 145.15 2.93 8.98 -1.00 3.47 95.95 2.41 0.51 5.41 9.97 17.63
Indonesia -0.50 Kuwait 119.05 0.35 3.55 7.52 6.29 113.14 0.11 0.24 3.08 3.10 6.13
Malaysia -0.97 Lebanon 103.02 -3.98 -7.03 -65.77 -76.34 19.07 -3.98 0.00 23.36 23.22 60.30
Uruguay -1.07 Lithuania 198.42 0.15 0.93 3.05 3.85 106.14 -0.32 0.48 0.38 0.76 3.33
Chile -1.18 Malaysia 489.81 -0.97 5.96 7.39 6.91 116.09 -1.27 0.30 5.64 5.66 8.13
UAE -1.30 Mexico 778.04 1.83 8.49 -1.78 2.23 128.13 1.42 0.41 7.14 11.08 23.20
Colombia -1.56 Mongolia 198.40 2.25 12.81 4.84 9.45 117.44 1.81 0.44 2.13 5.61 11.10
Romania -1.67
Morocco 156.72 1.05 5.80 4.28 6.28 110.93 0.73 0.32 3.38 4.25 5.76
Peru -1.86
Mozambique 140.66 0.60 8.05 -5.65 0.62 114.49 0.15 0.45 14.20 15.54 21.54
Panama -1.89
Qatar Namibia 165.22 1.54 4.67 1.19 5.28 104.78 1.14 0.39 2.06 4.39 9.33
-2.16
Saudi Arabia -2.36 Nigeria 193.17 4.56 15.33 2.10 5.80 104.55 4.03 0.51 7.71 13.10 28.26
Philippines -2.40 Oman 117.54 2.09 14.86 -1.27 4.87 94.99 1.66 0.42 4.06 10.68 18.76
Belarus -2.77 Pakistan 398.93 4.30 10.49 3.62 8.35 115.30 3.84 0.44 3.28 4.88 8.49
Lebanon -3.98 Panama 1,773.97 -1.89 7.32 7.76 6.35 400.63 -2.22 0.34 7.24 6.42 12.20
Zambia -5.86 Papua New Guinea 116.78 0.15 15.13 0.21 3.68 100.57 -0.50 0.65 9.36 22.01 22.39
Paraguay 174.57 1.24 11.05 9.48 9.87 120.72 0.93 0.31 4.95 4.76 13.14
Source: J.P. Morgan Peru 1,701.75 -1.86 4.47 8.52 6.70 411.48 -2.17 0.32 5.55 5.19 13.85
Philippines 1,052.24 -2.40 2.61 5.72 4.30 162.63 -2.74 0.35 5.85 4.73 9.20
Poland 727.67 0.17 1.70 5.14 5.51 188.95 -0.12 0.28 0.83 1.19 1.64
Qatar 127.85 -2.16 6.55 9.63 7.85 120.39 -2.45 0.30 7.16 6.75 13.93
Romania 187.88 -1.67 3.59 3.33 4.22 121.60 -2.01 0.35 5.25 4.98 9.82
Russia 1,449.47 0.15 1.30 6.54 11.37 242.65 -0.21 0.36 6.58 5.76 11.29
Saudi Arabia 125.60 -2.36 5.96 8.75 6.72 118.65 -2.64 0.29 6.37 6.91 12.31
Senegal 216.52 4.21 10.88 1.81 9.38 112.37 3.76 0.43 5.19 8.82 14.44
` Slovakia 140.98 -0.03 1.62 4.32 4.84 106.48 -0.35 0.32 2.52 2.55 3.81
South Africa 780.55 1.36 7.27 -0.85 -0.97 133.86 0.93 0.42 4.04 9.85 15.55
Sri Lanka 243.62 11.55 55.19 -6.13 -4.37 99.02 11.13 0.38 8.36 29.65 40.99
Suriname 87.22 8.58 94.91 -16.49 -24.94 57.07 7.60 0.90 13.58 43.48 51.09
Tajikistan 108.87 0.20 19.77 11.58 2.87 86.14 -0.44 0.64 5.33 14.23 19.90
Trinidad & Tobago 138.71 2.02 12.70 0.18 4.15 90.62 1.61 0.41 2.74 7.32 9.17
Tunisia 127.87 2.46 8.25 4.66 8.60 91.30 1.98 0.48 3.99 9.50 14.99
Turkey 822.58 3.06 3.67 -0.83 7.22 121.14 2.60 0.45 11.59 11.72 15.18
UAE 119.99 -1.30 4.97 7.25 5.21 113.87 -1.56 0.26 5.01 4.69 9.33
Ukraine 999.80 2.92 7.41 1.59 6.54 165.96 2.38 0.52 4.83 10.89 18.57
Uruguay 570.40 -1.07 10.13 13.88 12.81 157.80 -1.38 0.31 7.41 7.90 17.49
Uzbekistan 117.54 0.13 3.51 3.83 6.13 110.13 -0.23 0.36 2.29 3.26 10.94
Venezuela 152.58 9.48 13.33 -47.31 -63.20 16.18 9.48 0.00 15.53 16.98 51.59
Vietnam 274.43 1.39 6.93 5.42 7.66 114.38 1.07 0.32 2.24 3.02 9.66
Zambia 91.65 -5.86 19.64 -15.19 -9.73 45.71 -7.10 1.34 15.63 23.82 51.70

EMBI Global Emerging Markets Bond Index Global (EMBI Global)

Index country weights, % Composition and statistics
New composition To Maturity Statistics To Worst Statistics

Mexico 10.13 Face O/S Market cap Yield Spread Avg life IR Dur Yield Spread Avg life IR Dur
Indonesia 9.08 August 31, 2020 (US$ mil) (US$ mil) (%) (%) (bps) (yrs) (yrs) (%) (bps) (yrs) (yrs)
China 7.87
EMBI Global 1,168,510 1,246,322 100.00 4.72 385 12.72 8.27 4.70 383 12.37 8.25
Saudi Arabia 6.37
UAE EMBIG ex GCC 944,198 988,365 79.30 5.18 434 12.53 7.94 5.16 432 12.14 7.92
5.99
Turkey 5.06 By instrument type
Qatar 4.59 Sovereign 872,781 928,074 74.47 4.82 396 12.88 8.55 4.82 396 12.75 8.53
Russia 4.15
Quasi- Sovereign 295,728 318,247 25.53 4.45 355 12.26 7.48 4.32 344 11.17 7.44
Brazil 3.26
Philippines 2.63 By credit
Chile 2.58 Investment Grade 665,887 786,942 63.14 2.95 196 13.59 9.39 2.88 190 13.13 9.36
Colombia 2.58 High Yield 502,623 459,380 36.86 8.11 743 11.57 6.36 8.12 744 11.43 6.36
Panama 2.14 By sub-region
Egypt 1.99 Africa 100,705 99,284 7.97 7.46 671 12.37 6.63 7.46 671 12.37 6.63
South Africa 1.96 Asia 256,500 292,845 23.50 3.13 225 10.71 7.58 2.92 207 9.80 7.56
Peru 1.70
Europe 183,130 201,982 16.21 4.54 378 9.48 6.61 4.54 378 9.48 6.61
Bahrain 1.69
Latin America 380,316 383,448 30.77 5.69 480 15.63 9.34 5.69 480 15.52 9.31
Malaysia 1.69
Oman 1.64 Middle East 247,857 268,763 21.56 3.77 285 12.87 9.36 3.74 283 12.66 9.35
Argentina 1.52 Non-Latin 788,193 862,873 69.23 4.19 333 11.32 7.80 4.13 329 10.96 7.79
Kazakhstan 1.52 By country
Uruguay 1.46 Angola 8,000 6,935 0.56 11.12 1043 15.30 6.27 11.12 1043 15.30 6.27
Ukraine 1.42 Argentina 41,981 18,980 1.52 21.92 2147 16.18 4.61 21.92 2147 16.18 4.61
Dominican Rep 1.36
Armenia 1,000 1,105 0.09 3.49 303 6.82 5.57 3.49 303 6.82 5.57
Sri Lanka 0.92
Azerbaijan 6,077 6,959 0.56 3.02 256 6.10 5.06 3.02 256 6.10 5.06
Romania 0.88
Ecuador 0.85 Barbados 531 533 0.04 6.62 619 6.83 5.27 6.62 619 6.83 5.27
Nigeria 0.85 Bahrain 19,075 21,054 1.69 4.94 432 8.10 5.62 4.94 432 8.10 5.62
Poland 0.78 Belarus 3,750 3,606 0.29 7.31 685 6.46 4.91 7.31 685 6.46 4.91
Ghana 0.70 Belize 530 234 0.02 15.39 1473 11.47 6.75 15.39 1473 11.47 6.75
Hungary 0.68 Bolivia 2,000 1,893 0.15 6.10 577 4.56 3.78 6.10 577 4.56 3.78
El Salvador 0.56 Brazil 36,378 40,670 3.26 4.02 314 12.18 8.04 4.01 314 11.80 8.01
Azerbaijan 0.56
Cameroon 750 815 0.07 7.55 734 4.21 3.37 7.55 734 4.21 3.37
Angola 0.56
Paraguay Chile 27,949 32,202 2.58 2.82 175 16.91 12.03 2.81 175 16.14 11.91
0.53
Kenya 0.50 China 89,300 98,040 7.87 2.91 209 8.15 5.31 1.89 126 6.08 5.27
India 0.50 Colombia 27,161 32,171 2.58 3.51 250 15.82 10.66 3.50 249 15.59 10.52
Costa Rica 0.49 Costa Rica 6,500 6,077 0.49 7.38 649 14.59 7.45 7.38 649 14.59 7.45
Jamaica 0.46 Ivory Coast 3,301 3,383 0.27 5.81 523 8.61 6.39 5.81 523 8.61 6.39
Guatemala 0.46 Croatia 3,800 4,342 0.35 1.02 87 2.90 2.68 1.02 87 2.90 2.68
Pakistan 0.43
Dominican Rep 16,000 16,963 1.36 5.71 478 16.47 8.59 5.71 478 16.47 8.59
Kuwait 0.41
Ecuador 20,391 10,634 0.85 28.44 2813 5.63 3.14 28.44 2813 5.63 3.14
Jordan 0.40
Croatia 0.35 Egypt 24,000 24,784 1.99 7.32 649 13.77 6.70 7.32 649 13.77 6.70
Belarus 0.29 El Salvador 7,252 6,996 0.56 8.27 745 15.68 7.32 8.27 745 14.44 7.31
Iraq 0.27 Ethiopia 1,000 1,025 0.08 5.95 575 4.28 3.64 5.95 575 4.28 3.64
Ivory Coast 0.27 Gabon 2,436 2,415 0.19 6.82 639 6.24 4.80 6.82 639 6.24 4.80
Trinidad & Tobago 0.27 Georgia 500 525 0.04 4.90 477 1.86 1.71 4.90 477 1.86 1.71
Mongolia 0.25 Ghana 9,000 8,696 0.70 8.81 806 15.21 6.72 8.81 806 15.21 6.72
Senegal 0.22
Guatemala 5,000 5,767 0.46 3.88 295 12.89 8.52 3.87 295 12.09 8.49
Morocco 0.21
Lebanon Honduras 1,800 2,007 0.16 3.98 350 6.46 5.21 3.96 349 5.75 5.16
0.20
Gabon 0.19 Hungary 6,674 8,476 0.68 2.02 128 6.36 5.56 2.02 128 6.36 5.56
Honduras 0.16 India 5,950 6,274 0.50 2.60 212 6.43 5.66 2.60 212 6.43 5.66
Bolivia 0.15 Indonesia 95,434 113,220 9.08 3.19 220 13.84 9.49 3.18 220 13.62 9.48
Lithuania 0.13 Iraq 3,531 3,402 0.27 7.41 716 3.49 2.90 7.41 716 3.49 2.90
Zambia 0.13 Jamaica 4,480 5,774 0.46 5.08 414 17.07 9.88 5.08 414 17.07 9.88
Slovakia 0.13
Jordan 4,750 4,934 0.40 5.91 518 11.30 7.01 5.91 518 11.30 7.01
Namibia 0.10
Kazakhstan 15,192 18,966 1.52 3.23 225 13.43 9.34 3.23 225 13.43 9.34
Vietnam 0.09
Armenia 0.09 Kenya 6,100 6,274 0.50 7.21 657 9.94 5.87 7.21 657 9.94 5.87
Uzbekistan 0.09 Kuwait 4,500 5,170 0.41 1.30 88 6.55 5.87 1.30 88 6.55 5.87
Ethiopia 0.08 Lebanon 15,264 2,469 0.20 85.79 8562 6.33 1.75 85.79 8562 6.33 1.75
Tunisia 0.08 Lithuania 1,500 1,634 0.13 0.40 27 1.41 1.38 0.40 27 1.41 1.38
Cameroon 0.07 Malaysia 17,750 21,049 1.69 2.57 150 13.29 9.76 2.56 150 11.07 9.70
Mozambique 0.06 Mexico 122,675 126,297 10.13 5.54 459 17.82 9.33 5.55 460 17.77 9.32
Barbados 0.04
Mongolia 2,900 3,104 0.25 4.24 410 2.78 2.49 4.24 410 2.78 2.49
Georgia 0.04
Papua New Guinea 0.04 Morocco 2,250 2,559 0.21 3.22 229 8.94 6.70 3.22 229 8.94 6.70
Tajikistan 0.04 Mozambique 900 781 0.06 9.35 878 9.29 6.54 9.35 878 9.29 6.54
Suriname 0.03 Namibia 1,250 1,288 0.10 4.46 421 3.56 3.11 4.46 421 3.56 3.11
Belize 0.02 Nigeria 10,368 10,579 0.85 7.48 671 13.65 7.42 7.48 671 13.65 7.42
Oman 21,000 20,497 1.64 6.33 561 10.52 6.15 6.33 561 10.52 6.15
Source: J.P. Morgan Pakistan 5,000 5,326 0.43 5.49 517 4.08 3.36 5.49 517 4.08 3.36
Panama 21,109 26,628 2.14 2.87 179 18.03 11.93 2.86 179 18.90 11.87
Papua New Guinea 500 517 0.04 7.95 745 8.09 5.67 7.95 745 8.09 5.67
Paraguay 5,360 6,548 0.53 3.49 246 15.65 10.32 3.49 246 15.35 10.30
Peru 15,882 21,227 1.70 2.47 151 13.53 10.08 2.47 151 14.00 10.06
Philippines 25,617 32,761 2.63 2.25 139 12.28 9.25 2.25 139 12.28 9.25
Poland 8,750 9,666 0.78 0.51 30 3.01 2.85 0.51 30 3.01 2.85
Qatar 44,900 57,250 4.59 2.54 145 16.17 11.50 2.54 145 16.17 11.50
Romania 10,019 11,009 0.88 3.55 247 14.17 9.18 3.55 247 14.17 9.18
Russia 41,312 51,764 4.15 2.90 199 11.39 8.36 2.90 199 11.39 8.36
Saudi Arabia 68,500 79,362 6.37 2.83 181 14.53 10.21 2.83 181 14.53 10.21
Senegal 2,600 2,705 0.22 6.20 531 15.92 8.74 6.20 531 15.92 8.74
Slovakia 1,500 1,614 0.13 -0.005 -13 1.72 1.66 -0.005 -13 1.72 1.66
South Africa 24,750 24,481 1.96 5.78 495 12.58 7.26 5.78 495 12.58 7.26
Sri Lanka 13,050 11,423 0.92 10.00 962 5.66 4.15 10.00 962 5.66 4.15
Suriname 550 324 0.03 21.88 2155 6.15 3.73 21.88 2155 6.15 3.73
Tajikistan 500 443 0.04 10.07 974 5.78 4.35 10.07 974 5.78 4.35
Trinidad & Tobago 3,220 3,344 0.27 4.80 441 6.07 5.03 4.67 429 5.63 4.90
Tunisia 1,000 940 0.08 7.26 705 4.41 3.79 7.26 705 4.41 3.79
Turkey 64,850 63,094 5.06 6.80 610 9.90 5.96 6.80 610 9.90 5.96
UAE 66,337 74,624 5.99 2.81 181 13.59 9.69 2.66 168 12.78 9.66
Ukraine 16,707 17,684 1.42 6.80 631 6.95 5.02 6.80 631 6.95 5.02
Uruguay 13,568 18,177 1.46 2.84 170 20.20 13.14 2.84 169 20.42 13.13
Uzbekistan 1,000 1,095 0.09 3.23 279 5.96 5.13 3.23 279 5.96 5.13
Venezuela 0 0 0.00 312.29 31216 5.91 0.38 312.29 31216 5.91 0.38
Vietnam 1,000 1,132 0.09 1.58 138 4.21 3.82 1.58 138 4.21 3.82
Zambia 3,000 1,625 0.13 28.65 2842 4.18 2.72 28.65 2842 4.18 2.72

EMBI Global Diversified Emerging Markets Bond Index Global Diversified (EMBI Global Diversified)

Index % change over Price Return % for the period of
EMBI Global Div 0.51
Sri Lanka 11.55 August 31, 2020 Aug 31 1-mo 3-mo YTD 12-mo index Price Interest 1-mo 3-mo 12-mo
Venezuela 9.48 EMBI Global Div 958.37 0.51 7.91 1.37 2.73 149.26 0.14 0.37 3.33 4.88 11.91
Suriname 8.58 EMBIG Div ex GCC 134.20 0.77 8.03 0.61 2.10 103.59 0.39 0.38 3.23 4.96 12.17
El Salvador 4.71
By instrument type
Nigeria 4.56
Sovereign 294.17 0.57 8.33 0.82 2.29 108.98 0.20 0.37 3.42 5.35 12.79
Belize 4.36
Quasi- Sovereign 261.03 0.29 6.24 3.67 4.65 104.96 -0.06 0.35 3.18 3.34 8.92
Pakistan 4.30
By credit
Senegal 4.21
Investment Grade 712.21 -0.96 5.08 6.43 6.39 137.25 -1.27 0.31 4.57 4.01 9.95
Argentina 4.01
High Yield 1,189.80 2.38 11.56 -4.58 -1.72 156.03 1.93 0.44 2.78 7.67 15.46
Egypt 3.41
Barbados 3.38 By sub-region
Cameroon 3.19 Africa 1,193.96 2.47 10.87 -1.96 1.90 174.58 1.94 0.52 4.12 9.45 18.86
Ghana 3.07 Asia 771.69 0.47 8.14 4.42 4.81 138.77 0.14 0.33 3.60 4.43 8.02
Turkey 3.06 Europe 1,363.05 1.01 3.86 3.69 7.11 234.51 0.61 0.40 3.36 4.48 9.32
Ethiopia 3.00 Latin America 868.05 0.21 9.68 -0.33 1.23 127.12 -0.13 0.34 5.09 6.87 16.20
Kenya 2.93 Middle East 576.36 -0.67 7.03 1.07 -1.01 109.70 -1.00 0.33 4.12 5.23 11.95
Ukraine 2.92 Non-Latin 1,042.54 0.66 7.08 2.15 3.43 173.11 0.27 0.38 3.00 4.48 10.41
Honduras 2.77 By country
Ivory Coast 2.66 Angola 148.44 0.88 38.98 -15.91 -10.36 78.70 0.09 0.80 10.65 25.76 55.60
Iraq 2.49 Argentina 176.93 4.01 17.88 -11.41 24.17 36.25 4.01 0.00 30.73 29.36 40.75
Tunisia 2.46 Armenia 168.92 1.97 2.45 4.02 8.16 111.81 1.60 0.36 2.23 5.17 11.67
Georgia 2.40 Azerbaijan 176.99 1.82 5.92 5.01 7.08 114.40 1.47 0.35 4.17 5.33 14.12
Costa Rica 2.38 Barbados 95.56 3.38 13.28 — — 92.30 2.93 0.44 6.36 8.06 —
Mongolia 2.25 Bahrain 118.36 1.71 8.37 0.86 5.33 107.52 1.27 0.43 2.09 4.92 10.77
Oman 2.09 Belarus 113.97 -2.77 -3.97 -6.79 -4.82 92.98 -3.36 0.61 18.87 12.33 10.59
Trinidad & Tobago 2.02 Belize 142.58 4.36 53.26 -22.15 -20.26 48.38 3.53 0.80 15.53 58.85 62.04
Armenia 1.97
Bolivia 143.38 0.27 3.35 -6.18 -2.85 97.15 -0.14 0.41 3.29 6.10 8.93
Gabon 1.92
Brazil 1,450.52 -0.06 6.92 3.62 4.61 200.64 -0.43 0.37 6.68 8.26 14.80
Mexico 1.83
Cameroon 171.62 3.19 12.77 1.07 7.23 114.41 2.54 0.64 8.64 9.04 14.21
Azerbaijan 1.82
Chile 442.20 -1.18 6.49 10.20 6.35 150.47 -1.45 0.27 5.53 4.58 13.25
Guatemala 1.73
China 566.31 -0.15 2.76 6.60 6.62 143.63 -0.39 0.24 1.64 1.99 3.87
Bahrain 1.71
Namibia Colombia 739.20 -1.56 4.75 4.97 3.78 135.05 -1.89 0.34 8.54 9.09 18.86
1.54
Vietnam 1.39 Costa Rica 149.23 2.38 16.26 -4.96 0.11 91.68 1.89 0.49 5.78 10.14 16.60
South Africa 1.36 Ivory Coast 322.42 2.66 7.17 2.75 8.75 185.70 2.21 0.44 5.10 7.46 16.01
Paraguay 1.24 Croatia 196.00 0.24 2.90 4.00 5.07 105.28 -0.15 0.40 1.28 1.72 2.90
Jordan 1.24 Dominican Rep 521.22 1.19 12.04 0.29 2.29 128.62 0.73 0.45 4.55 9.35 22.01
Ecuador 1.22 Ecuador 661.95 1.22 35.52 -45.44 -47.70 61.09 1.22 0.00 4.07 44.92 80.87
Dominican Rep 1.19 Egypt 388.56 3.41 5.76 0.08 4.15 104.42 2.89 0.50 5.25 7.76 15.35
Jamaica 1.08 El Salvador 355.02 4.71 17.35 -10.71 -4.83 93.13 4.12 0.56 6.77 13.73 19.73
Kazakhstan 1.08 Ethiopia 151.79 3.00 10.33 -2.27 3.56 103.85 2.51 0.48 3.42 8.33 14.83
Morocco 1.05 Gabon 275.66 1.92 14.62 -0.14 10.28 109.81 1.40 0.51 3.46 8.05 25.05
Angola 0.88 Georgia 277.80 2.40 5.49 4.46 6.47 118.41 1.82 0.57 5.34 5.59 6.76
India 0.82 Ghana 309.28 3.07 8.36 -1.20 4.28 106.89 2.45 0.60 6.85 14.57 25.31
Hungary 0.79 Guatemala 178.59 1.73 8.07 8.10 9.12 119.19 1.38 0.34 4.54 4.58 10.29
Mozambique 0.60 Honduras 184.32 2.77 7.49 5.24 7.72 109.64 2.33 0.42 8.34 5.98 11.09
Kuwait 0.35 Hungary 386.55 0.79 3.94 5.82 6.57 118.59 0.44 0.35 3.04 2.83 6.34
Bolivia 0.27 India 142.11 0.82 3.74 4.82 4.94 106.95 0.55 0.26 2.99 3.63 7.56
Croatia 0.24
Indonesia 420.87 -0.50 6.36 7.16 7.40 158.27 -0.81 0.32 5.49 4.61 9.20
Tajikistan 0.20
Iraq 394.95 2.49 6.98 0.08 2.36 138.33 2.01 0.47 3.28 8.88 16.94
Poland 0.17
Jamaica 339.79 1.08 17.45 1.52 7.29 125.77 0.63 0.45 4.96 6.35 20.13
Lithuania 0.15
Jordan 140.50 1.24 9.15 1.92 7.07 105.24 0.78 0.45 3.58 7.22 13.10
Russia 0.15
Kazakhstan 283.06 1.08 7.44 7.13 9.35 121.41 0.76 0.32 7.80 6.24 15.20
Papua New Guinea 0.15
Kenya 145.15 2.93 8.98 -1.00 3.47 95.95 2.41 0.51 5.41 9.97 17.63
Uzbekistan 0.13
Slovakia Kuwait 119.05 0.35 3.55 7.52 6.29 113.14 0.11 0.24 3.08 3.10 6.13
-0.03
Brazil -0.06 Lebanon 103.03 -3.98 -7.03 -65.77 -76.34 19.04 -3.98 0.00 23.36 23.22 60.30
China -0.15 Lithuania 198.42 0.15 0.93 3.05 3.85 106.14 -0.32 0.48 0.38 0.76 3.33
Indonesia -0.50 Malaysia 489.81 -0.97 5.96 7.39 6.91 116.09 -1.27 0.30 5.64 5.66 8.13
Malaysia -0.97 Mexico 778.03 1.83 8.49 -1.78 2.23 128.13 1.42 0.41 7.14 11.08 23.20
Uruguay -1.07 Mongolia 198.40 2.25 12.81 4.84 9.45 117.44 1.81 0.44 2.13 5.61 11.10
Chile -1.18 Morocco 156.72 1.05 5.80 4.28 6.28 110.93 0.73 0.32 3.38 4.25 5.76
UAE -1.30 Mozambique 140.66 0.60 8.05 -5.65 0.62 114.49 0.15 0.45 14.20 15.54 21.54
Colombia -1.56 Namibia 165.22 1.54 4.67 1.19 5.28 104.78 1.14 0.39 2.06 4.39 9.33
Romania -1.67 Nigeria 193.17 4.56 15.33 2.10 5.80 104.55 4.03 0.51 7.71 13.10 28.26
Peru -1.86 Oman 117.54 2.09 14.86 -1.27 4.87 94.99 1.66 0.42 4.06 10.68 18.76
Panama -1.89 Pakistan 398.93 4.30 10.49 3.62 8.35 115.30 3.84 0.44 3.28 4.88 8.49
Qatar -2.16 Panama 1,773.97 -1.89 7.32 7.76 6.35 400.63 -2.22 0.34 7.24 6.42 12.20
Saudi Arabia -2.36 Papua New Guinea 116.78 0.15 15.13 0.21 3.68 100.57 -0.50 0.65 9.36 22.01 22.39
Philippines -2.40 Paraguay 174.57 1.24 11.05 9.48 9.87 120.72 0.93 0.31 4.95 4.76 13.14
Belarus -2.77 Peru 1,701.75 -1.86 4.47 8.52 6.70 411.48 -2.17 0.32 5.55 5.19 13.85
Lebanon -3.98
Philippines 1,052.21 -2.40 2.61 5.72 4.30 162.62 -2.74 0.35 5.85 4.73 9.20
Zambia -5.86
Poland 727.67 0.17 1.70 5.14 5.51 188.95 -0.12 0.28 0.83 1.19 1.64
Qatar 127.85 -2.16 6.55 9.63 7.85 120.39 -2.45 0.30 7.16 6.75 13.93
Source: J.P. Morgan Romania 187.88 -1.67 3.59 3.33 4.22 121.60 -2.01 0.35 5.25 4.98 9.82
Russia 1,449.46 0.15 1.30 6.54 11.37 242.65 -0.21 0.36 6.58 5.76 11.29
Saudi Arabia 125.60 -2.36 5.96 8.75 6.72 118.65 -2.64 0.29 6.37 6.91 12.31
Senegal 216.52 4.21 10.88 1.81 9.38 112.37 3.76 0.43 5.19 8.82 14.44
Slovakia 140.98 -0.03 1.62 4.32 4.84 106.48 -0.35 0.32 2.52 2.55 3.81
South Africa 780.55 1.36 7.27 -0.85 -0.97 133.86 0.93 0.42 4.04 9.85 15.55
Sri Lanka 243.62 11.55 55.19 -6.13 -4.37 99.02 11.13 0.38 8.36 29.65 40.99
Suriname 87.22 8.58 94.91 -16.49 -24.94 57.07 7.60 0.90 13.58 43.48 51.09
Tajikistan 108.87 0.20 19.77 11.58 2.87 86.14 -0.44 0.64 5.33 14.23 19.90
Trinidad & Tobago 138.71 2.02 12.70 0.18 4.15 90.62 1.61 0.41 2.74 7.32 9.17
Tunisia 127.87 2.46 8.25 4.66 8.60 91.30 1.98 0.48 3.99 9.50 14.99
Turkey 822.60 3.06 3.67 -0.83 7.22 121.15 2.60 0.45 11.59 11.72 15.18
UAE 119.99 -1.30 4.97 7.25 5.21 113.87 -1.56 0.26 5.01 4.69 9.33
Ukraine 999.51 2.92 7.41 1.59 6.54 165.91 2.38 0.52 4.83 10.89 18.57
Uruguay 570.94 -1.07 10.13 13.88 12.81 157.95 -1.38 0.31 7.41 7.90 17.49
Uzbekistan 117.54 0.13 3.51 3.83 6.13 110.13 -0.23 0.36 2.29 3.26 10.94
Venezuela 152.58 9.48 13.33 -47.31 -63.20 16.18 9.48 0.00 15.53 16.98 51.59
Vietnam 274.43 1.39 6.93 5.42 7.66 114.38 1.07 0.32 2.24 3.02 9.66
Zambia 91.65 -5.86 19.64 -15.19 -9.73 45.71 -7.10 1.34 15.63 23.82 51.70

EMBI Global Diversified Emerging Markets Bond Index Global Diversified (EMBI Global Diversified)
Indonesia 4.65 Face O/S Market cap Yield Spread Avg life IR Dur Yield Spread Avg life IR Dur
Mexico 4.63 August 31, 2020 (US$ mil) (US$ mil) (%) (%) (bps) (yrs) (yrs) (%) (bps) (yrs) (yrs)
China 4.16 EMBI Global Div 674,672 712,150 100.00 5.06 423 12.10 8.01 5.04 422 11.78 7.99
Saudi Arabia 3.89
EMBIG Div ex GCC 569,162 592,337 83.18 5.42 460 11.99 7.82 5.41 460 11.65 7.80
UAE 3.72
Qatar 3.64 By instrument type
Russia 3.48 Sovereign 543,368 567,917 79.75 5.31 449 12.20 8.11 5.31 449 12.07 8.10
Turkey 3.19 Quasi- Sovereign 131,305 144,233 20.25 4.05 316 11.66 7.61 3.94 307 10.53 7.57
Philippines 3.13
By credit
Brazil 2.99
Peru 2.98 Investment Grade 327,858 392,681 55.14 2.86 187 13.46 9.45 2.82 184 13.03 9.43
Panama 2.97 High Yield 346,815 319,469 44.86 8.16 750 10.81 6.23 8.17 751 10.69 6.23
Colombia 2.94 By sub-region
Chile 2.88 Africa 86,481 84,918 11.92 7.61 688 12.24 6.57 7.61 688 12.24 6.57
Malaysia 2.71 Asia 117,049 132,163 18.56 3.29 245 10.13 7.43 3.15 233 9.28 7.41
Kazakhstan 2.66 Europe 119,515 134,014 18.82 4.17 342 9.01 6.46 4.17 342 9.01 6.46
Uruguay 2.55
Latin America 222,572 230,436 32.36 5.40 451 15.01 9.46 5.41 452 14.86 9.41
Bahrain 2.55
Egypt 2.50 Middle East 129,056 130,619 18.34 4.90 409 11.61 8.57 4.89 408 11.44 8.56
South Africa 2.41 Non-Latin 452,100 481,714 67.64 4.85 405 10.66 7.32 4.82 404 10.40 7.31
Ukraine 2.39 By country
Dominican Rep 2.38 Angola 8,000 6,935 0.97 11.12 1043 15.30 6.27 11.12 1043 15.30 6.27
Oman 2.30 Argentina 19,905 8,999 1.26 21.92 2147 16.18 4.61 21.92 2147 16.18 4.61
Sri Lanka 1.60 Armenia 1,000 1,105 0.16 3.49 303 6.82 5.57 3.49 303 6.82 5.57
Romania 1.55
Azerbaijan 6,077 6,959 0.98 3.02 256 6.10 5.06 3.02 256 6.10 5.06
Nigeria 1.49
Poland Barbados 531 533 0.07 6.62 619 6.83 5.27 6.62 619 6.83 5.27
1.36
Argentina 1.26 Bahrain 16,467 18,176 2.55 4.94 432 8.10 5.62 4.94 432 8.10 5.62
Ghana 1.22 Belarus 3,750 3,606 0.51 7.31 685 6.46 4.91 7.31 685 6.46 4.91
Ecuador 1.22 Belize 530 234 0.03 15.39 1473 11.47 6.75 15.39 1473 11.47 6.75
Hungary 1.19 Bolivia 2,000 1,893 0.27 6.10 577 4.56 3.78 6.10 577 4.56 3.78
El Salvador 0.98 Brazil 19,064 21,313 2.99 4.02 314 12.18 8.04 4.01 314 11.80 8.01
Azerbaijan 0.98
Cameroon 750 815 0.11 7.55 734 4.21 3.37 7.55 734 4.21 3.37
Angola 0.97
Paraguay Chile 17,799 20,508 2.88 2.82 175 16.91 12.03 2.81 175 16.14 11.91
0.92
Kenya 0.88 China 27,006 29,649 4.16 2.91 209 8.15 5.31 1.89 126 6.08 5.27
India 0.88 Colombia 17,681 20,942 2.94 3.51 250 15.82 10.66 3.50 249 15.59 10.52
Costa Rica 0.85 Costa Rica 6,500 6,077 0.85 7.38 649 14.59 7.45 7.38 649 14.59 7.45
Jamaica 0.81 Ivory Coast 3,301 3,383 0.48 5.81 523 8.61 6.39 5.81 523 8.61 6.39
Guatemala 0.81 Croatia 3,800 4,342 0.61 1.02 87 2.90 2.68 1.02 87 2.90 2.68
Pakistan 0.75
Dominican Rep 16,000 16,963 2.38 5.71 478 16.47 8.59 5.71 478 16.47 8.59
Kuwait 0.73
Ecuador 16,665 8,691 1.22 28.44 2813 5.63 3.14 28.44 2813 5.63 3.14
Jordan 0.69
Croatia 0.61 Egypt 17,206 17,768 2.50 7.32 649 13.77 6.70 7.32 649 13.77 6.70
Belarus 0.51 El Salvador 7,252 6,996 0.98 8.27 745 15.68 7.32 8.27 745 14.44 7.31
Iraq 0.48 Ethiopia 1,000 1,025 0.14 5.95 575 4.28 3.64 5.95 575 4.28 3.64
Ivory Coast 0.47 Gabon 2,436 2,415 0.34 6.82 639 6.24 4.80 6.82 639 6.24 4.80
Trinidad & Tobago 0.47 Georgia 500 525 0.07 4.90 477 1.86 1.71 4.90 477 1.86 1.71
Mongolia 0.44
Ghana 9,000 8,696 1.22 8.81 806 15.21 6.72 8.81 806 15.21 6.72
Senegal 0.38
Guatemala 5,000 5,767 0.81 3.88 295 12.89 8.52 3.87 295 12.09 8.49
Morocco 0.36
Lebanon 0.35 Honduras 1,800 2,007 0.28 3.98 350 6.46 5.21 3.96 349 5.75 5.16
Gabon 0.34 Hungary 6,674 8,476 1.19 2.02 128 6.36 5.56 2.02 128 6.36 5.56
Honduras 0.28 India 5,950 6,274 0.88 2.60 212 6.43 5.66 2.60 212 6.43 5.66
Bolivia 0.27 Indonesia 27,926 33,131 4.65 3.19 220 13.84 9.49 3.18 220 13.62 9.48
Lithuania 0.23 Iraq 3,531 3,402 0.48 7.41 716 3.49 2.90 7.41 716 3.49 2.90
Zambia 0.23 Jamaica 4,480 5,774 0.81 5.08 414 17.07 9.88 5.08 414 17.07 9.88
Slovakia 0.23
Jordan 4,750 4,934 0.69 5.91 518 11.30 7.01 5.91 518 11.30 7.01
Namibia 0.18
Vietnam 0.16 Kazakhstan 15,192 18,966 2.66 3.23 225 13.43 9.34 3.23 225 13.43 9.34
Armenia 0.16 Kenya 6,100 6,274 0.88 7.21 657 9.94 5.87 7.21 657 9.94 5.87
Uzbekistan 0.15 Kuwait 4,500 5,170 0.73 1.30 88 6.55 5.87 1.30 88 6.55 5.87
Ethiopia 0.14 Lebanon 15,264 2,469 0.35 85.79 8562 6.33 1.75 85.79 8562 6.33 1.75
Tunisia 0.13 Lithuania 1,500 1,634 0.23 0.40 27 1.41 1.38 0.40 27 1.41 1.38
Cameroon 0.11 Malaysia 16,269 19,292 2.71 2.57 150 13.29 9.76 2.56 150 11.07 9.70
Mozambique 0.11
Mexico 32,014 32,959 4.63 5.54 459 17.82 9.33 5.55 460 17.77 9.32
Barbados 0.07
Georgia 0.07 Mongolia 2,900 3,104 0.44 4.24 410 2.78 2.49 4.24 410 2.78 2.49
Papua New Guinea 0.07 Morocco 2,250 2,559 0.36 3.22 229 8.94 6.70 3.22 229 8.94 6.70
Tajikistan 0.06 Mozambique 900 781 0.11 9.35 878 9.29 6.54 9.35 878 9.29 6.54
Suriname 0.05 Namibia 1,250 1,288 0.18 4.46 421 3.56 3.11 4.46 421 3.56 3.11
Belize 0.03 Nigeria 10,368 10,579 1.49 7.48 671 13.65 7.42 7.48 671 13.65 7.42
Oman 16,756 16,355 2.30 6.33 561 10.52 6.15 6.33 561 10.52 6.15
Source: J.P. Morgan Pakistan 5,000 5,326 0.75 5.49 517 4.08 3.36 5.49 517 4.08 3.36
Panama 16,773 21,158 2.97 2.87 179 18.03 11.93 2.86 179 18.90 11.87
Papua New Guinea 500 517 0.07 7.95 745 8.09 5.67 7.95 745 8.09 5.67
Paraguay 5,360 6,548 0.92 3.49 246 15.65 10.32 3.49 246 15.35 10.30
Peru 15,882 21,227 2.98 2.47 151 13.53 10.08 2.47 151 14.00 10.06
Philippines 17,449 22,315 3.13 2.25 139 12.28 9.25 2.25 139 12.28 9.25
Poland 8,750 9,666 1.36 0.51 30 3.01 2.85 0.51 30 3.01 2.85
Qatar 20,343 25,938 3.64 2.54 145 16.17 11.50 2.54 145 16.17 11.50
Romania 10,019 11,009 1.55 3.55 247 14.17 9.18 3.55 247 14.17 9.18
Russia 19,804 24,815 3.48 2.90 199 11.39 8.36 2.90 199 11.39 8.36
Saudi Arabia 23,884 27,672 3.89 2.83 181 14.53 10.21 2.83 181 14.53 10.21
Senegal 2,600 2,705 0.38 6.20 531 15.92 8.74 6.20 531 15.92 8.74
Slovakia 1,500 1,614 0.23 -0.005 -13 1.72 1.66 -0.005 -13 1.72 1.66
South Africa 17,319 17,131 2.41 5.78 495 12.58 7.26 5.78 495 12.58 7.26
Sri Lanka 13,050 11,423 1.60 10.00 962 5.66 4.15 10.00 962 5.66 4.15
Suriname 550 324 0.05 21.88 2155 6.15 3.73 21.88 2155 6.15 3.73
Tajikistan 500 443 0.06 10.07 974 5.78 4.35 10.07 974 5.78 4.35
Trinidad & Tobago 3,220 3,344 0.47 4.80 441 6.07 5.03 4.67 429 5.63 4.90
Tunisia 1,000 940 0.13 7.26 705 4.41 3.79 7.26 705 4.41 3.79
Turkey 23,337 22,705 3.19 6.80 610 9.90 5.96 6.80 610 9.90 5.96
UAE 23,560 26,503 3.72 2.81 181 13.59 9.69 2.66 168 12.78 9.66
Ukraine 16,112 17,055 2.39 6.80 631 6.95 5.02 6.80 631 6.95 5.02
Uruguay 13,568 18,177 2.55 2.84 170 20.20 13.14 2.84 169 20.42 13.13
Uzbekistan 1,000 1,095 0.15 3.23 279 5.96 5.13 3.23 279 5.96 5.13
Venezuela 0 0 0.00 312.29 31216 5.91 0.38 312.29 31216 5.91 0.38
Vietnam 1,000 1,132 0.16 1.58 138 4.21 3.82 1.58 138 4.21 3.82
Zambia 3,000 1,625 0.23 28.65 2842 4.18 2.72 28.65 2842 4.18 2.72

EMBI+ Emerging Markets Bond Index Plus (EMBI+)


EMBI+ 0.31 Index % change over Price Return % for the period of
Venezuela 7.98 August 31, 2020 Aug 31 1-mo 3-mo YTD 12-mo index Price Interest 1-mo 3-mo 12-mo
Argentina 4.01 EMBI+ 921.26 0.31 5.56 3.36 7.05 136.95 -0.03 0.34 4.90 5.89 13.17
By instrument type
Turkey 3.43
Ukraine 3.09 High Yield 869.05 2.32 7.58 -1.82 6.94 106.38 1.95 0.36 6.37 9.95 16.09
South Africa 1.55 By sub-region
Africa 769.47 1.55 7.88 1.27 0.24 125.74 1.14 0.40 4.37 10.79 15.20
Hungary 0.79
Asia 1,158.06 -1.26 4.65 7.42 6.66 185.58 -1.57 0.31 6.03 4.88 10.02
Croatia 0.21 Europe 1,425.74 1.66 3.37 2.89 8.36 245.22 1.24 0.41 5.55 6.99 12.07
Latin America 719.40 -0.15 7.61 2.29 6.93 99.69 -0.44 0.29 7.78 8.61 17.68
Mexico 0.17
Non-Latin 1,387.44 0.66 4.08 4.22 7.19 240.29 0.28 0.38 4.58 5.31 10.70
Russia -0.02 By country
Brazil -0.23 Argentina 179.93 4.01 17.88 -11.41 24.17 34.29 4.01 — 30.73 29.36 40.75
Brazil 1,454.88 -0.23 7.53 4.12 4.79 200.11 -0.59 0.36 7.78 9.59 15.89
Indonesia -0.35
Colombia 758.75 -1.58 4.70 4.76 3.58 168.74 -1.92 0.35 8.44 8.99 18.80
Romania -1.13 Croatia 185.99 0.21 2.87 4.38 5.25 108.41 -0.18 0.39 1.33 1.70 3.23
Colombia -1.58 Hungary 194.41 0.79 3.94 5.82 6.55 117.24 0.44 0.35 3.04 2.83 6.34
Indonesia 288.23 -0.35 6.10 8.61 8.64 127.32 -0.65 0.31 5.96 5.01 10.47
Panama -2.03
Mexico 852.74 0.17 6.80 4.68 6.25 146.44 -0.14 0.32 7.98 9.10 20.13
Peru -2.23 Panama 1,790.78 -2.03 6.39 8.21 6.41 404.50 -2.36 0.33 6.50 6.06 12.90
Peru 1,683.88 -2.23 4.63 10.56 8.31 410.27 -2.55 0.33 6.21 5.77 14.60
Philippines -2.67
Philippines 658.73 -2.67 2.44 5.80 3.86 150.97 -2.99 0.33 6.37 5.07 9.97
Romania 152.76 -1.13 4.16 3.90 4.79 104.38 -1.50 0.38 4.19 4.58 9.77
Russia 1,121.91 -0.02 1.04 7.25 12.09 189.11 -0.34 0.33 8.27 7.19 13.33
South Africa 310.05 1.55 7.88 1.27 0.24 102.41 1.14 0.40 4.37 10.79 15.20
Turkey 592.55 3.43 3.94 -0.92 7.50 115.48 2.96 0.45 12.60 12.65 16.45
Ukraine 592.52 3.09 7.45 1.59 6.73 122.09 2.58 0.49 5.36 11.81 19.41
Venezuela 172.42 7.98 27.27 -39.13 -51.72 12.34 7.98 — 17.55 21.32 57.18
EMBI+ Emerging Markets Bond Index Plus (EMBI+)

Mexico 14.38 Face O/S Market cap Yield Spread Avg life IR Dur Yield Spread Avg life IR Dur
August 31, 2020 (US$ mil) (US$ mil) (%) (%) (bps) (yrs) (yrs) (%) (bps) (yrs) (yrs)
Turkey 13.50
EMBI+ 334,531 356,491 100.00 4.85 397 14.11 8.85 4.85 397 14.01 8.83
Indonesia 11.53 By instrument type
Investment Grade 187,660 230,049 64.53 3.09 209 15.02 9.99 3.08 209 14.95 9.97
Russia 11.03
High Yield 146,870 126,442 35.47 8.44 775 12.95 6.77 8.45 776 12.88 6.76
Brazil 8.84 By sub-region
Colombia 7.99 Africa 14,750 14,720 4.13 5.65 477 14.34 7.96 5.65 477 14.34 7.96
Asia 53,230 66,965 18.78 2.73 178 13.99 10.13 2.73 178 13.99 10.13
Philippines 7.25 Europe 110,162 120,429 33.78 4.78 399 10.52 7.14 4.78 399 10.52 7.14
Argentina 5.32 Latin America 156,389 154,378 43.30 5.68 478 16.66 9.72 5.68 479 16.78 9.67
Non-Latin 178,142 202,114 56.70 4.08 322 11.87 8.19 4.08 322 11.87 8.19
South Africa 4.13
By country
Panama 3.96 Argentina 41,981 18,980 5.32 21.92 2147 16.18 4.61 21.92 2147 16.18 4.61
Brazil 28,128 31,502 8.84 4.15 321 14.10 9.00 4.14 321 13.89 8.96
Ukraine 3.68
Colombia 23,661 28,473 7.99 3.53 253 15.66 10.60 3.51 253 15.48 10.47
Peru 2.81 Croatia 3,250 3,738 1.05 0.95 80 3.03 2.79 0.95 80 3.03 2.79
Hungary 2.38 Hungary 6,674 8,476 2.38 2.02 128 6.36 5.56 2.02 128 6.36 5.56
Indonesia 33,200 41,103 11.53 2.97 197 14.66 10.38 2.97 197 14.66 10.38
Romania 2.15
Mexico 44,701 51,271 14.38 3.67 261 19.91 11.01 3.67 261 19.93 10.99
Croatia 1.05 Panama 10,938 14,128 3.96 2.54 159 13.95 10.09 2.53 159 14.88 10.01
Peru 6,980 10,023 2.81 2.27 119 16.68 11.94 2.27 119 16.68 11.94
Philippines 20,030 25,862 7.25 2.31 145 12.88 9.74 2.31 145 12.88 9.74
Romania 6,719 7,670 2.15 3.46 246 10.04 6.88 3.46 246 10.04 6.88
Russia 31,508 39,304 11.03 2.92 194 13.46 9.70 2.92 194 13.46 9.70
South Africa 14,750 14,720 4.13 5.65 477 14.34 7.96 5.65 477 14.34 7.96
Source: J.P. Morgan Turkey 49,750 48,131 13.50 6.77 606 10.70 6.30 6.77 606 10.70 6.30
Ukraine 12,262 13,109 3.68 6.68 622 6.70 4.93 6.68 622 6.70 4.93
Venezuela 0 0 0.00 234.64 23451 6.26 0.43 234.64 23451 6.26 0.43

Emerging Markets Bond Indices (EMBI)

Index instruments: historical returns, return components, spread changes and return volatility
Total return 1-month return components Sovereign spread Return volatility

% change over Bid price Interest change over for the period of
August 31, 2020 1-mo YTD 12-mo Aug 31 Δ return (%) 1-mo YTD 12-mo 1-mo 3-mo 12-mo
UAE AHB Sukuk Co 4 3/8% due 23 1.15 4.53 6.31 107.781 0.91 0.30 -28 54 3 2.21 3.45 7.16
Abu Dhabi 2 1/2% due 22 -0.36 4.07 4.15 103.427 -0.57 0.19 23 -6 -8 1.74 2.18 4.92
Abu Dhabi 2 1/2% due 25 -0.41 — — 105.869 -0.63 0.19 2 — — 1.97 4.04 —
Abu Dhabi 2 1/2% due 29 -0.77 9.54 — 106.969 -1.03 0.19 -3 32 — 5.25 5.43 —
Abu Dhabi 2 1/8% due 24 -0.47 5.82 — 103.969 -0.66 0.16 10 33 — 2.17 2.45 —
Abu Dhabi 3 1/8% due 26 -0.65 7.88 5.71 110.125 -0.97 0.23 9 30 42 2.52 2.99 6.38
Abu Dhabi 3 1/8% due 27 -0.56 8.22 5.60 111.119 -0.88 0.22 1 31 47 3.81 4.20 8.87
Abu Dhabi 3 1/8% due 30 -0.12 — — 112.125 -0.38 0.22 -12 — — 4.21 4.99 —
Abu Dhabi 3 1/8% due 49 -3.68 12.52 — 107.500 -4.41 0.26 -6 50 — 15.23 12.91 —
Abu Dhabi 3 7/8% due 50 -1.85 — — 122.125 -2.63 0.26 -15 — — 14.54 12.27 —
Abu Dhabi 4 1/8% due 47 -2.75 11.43 5.65 126.500 -3.94 0.28 -8 54 47 11.47 10.36 17.48
Abu Dhabi Crude Oil 3.65% due 29 -1.53 8.67 5.37 113.938 -2.06 0.25 47 43 48 4.67 4.63 19.10
Abu Dhabi Crude Oil 4.6% due 47 -2.55 7.97 2.03 121.563 -3.56 0.30 -1 70 77 7.69 7.26 27.38
DAE Funding LLC 4 1/2% due 22 0.90 0.09 2.17 98.750 0.53 0.35 -7 286 274 6.33 11.05 12.63
DAE Funding LLC 5% due 24 6.60 -3.49 -1.47 97.875 5.70 0.39 -170 311 265 21.62 21.37 16.35
DIFC Investments Sukuk 4.325% due 24 1.11 0.86 1.99 103.094 0.81 0.32 -31 165 133 2.93 3.18 4.38
DP World 3 3/4% due 30 0.28 5.23 — 104.000 0.00 0.28 -18 87 — 5.57 7.56 —
DP World 3 7/8% due 29 0.33 4.96 5.94 104.719 0.05 0.29 -15 94 54 6.30 7.87 26.28
DP World 4.7% due 49 -5.48 8.37 — 104.500 -6.54 0.43 12 73 — 8.66 13.71 —
DP World 4.848% due 28 0.27 6.58 7.10 112.500 -0.07 0.33 -12 83 53 7.82 7.96 23.20
DP World 5 5/8% due 48 -4.33 5.60 4.18 117.156 -5.84 0.45 5 91 65 9.84 12.74 21.45
DP World 6.85% due 37 -4.49 0.32 -0.50 127.156 -6.56 0.44 34 135 111 12.62 11.42 17.79
DP World Salaam 6% due 25 Perp 5.07 — — 107.000 4.75 0.41 -36 — — 10.06 — —
DP World Sukuk 3.908% due 23 -0.13 4.70 5.87 105.313 -0.44 0.29 6 36 8 3.26 3.83 14.24
Dubai Government 5 1/4% due 43 1.75 4.37 2.19 115.813 1.59 0.35 -36 90 73 7.52 6.63 18.24
Emirates Development 3.516% due 24 0.49 5.40 5.81 106.500 0.25 0.25 -14 30 15 0.67 2.51 8.46
Finance Department of Sharjah 4% due 50 2.08 — — 106.875 1.88 0.29 -36 — — 12.09 — —
ICD Funding Ltd 4 5/8% due 24 0.60 3.90 4.98 105.500 0.28 0.34 -21 95 66 2.44 4.07 6.27
Mubadala 2 1/2% due 24 0.30 6.56 — 105.120 0.12 0.18 -9 15 — 1.23 2.86 —
Mubadala 2 1/2% due 26 -0.73 — — 104.875 -0.97 0.19 14 — — 4.29 4.43 —
Mubadala 2 3/4% due 23 0.05 4.92 4.70 104.375 -0.16 0.20 4 19 22 2.51 2.84 3.84
Mubadala 2 7/8% due 29 -0.71 8.47 — 107.469 -1.00 0.21 -3 47 — 5.52 4.68 —
Mubadala 2 7/8% due 30 -1.36 — — 107.281 -1.71 0.22 2 — — 4.40 4.89 —
Mubadala 3 3/4% due 29 -0.45 8.86 7.49 114.906 -0.81 0.26 -4 40 26 3.93 3.84 7.25
Mubadala 3% due 24 -0.19 5.84 5.08 106.281 -0.44 0.22 3 24 32 2.58 3.08 5.86
Mubadala 3.7% due 49 -5.43 8.61 — 110.250 -6.69 0.31 4 66 — 12.14 10.44 —
Mubadala 3.95% due 50 -5.65 — — 114.750 -7.25 0.31 6 — — 16.48 14.20 —
Mubadala 4 1/2% due 28 -0.25 8.77 7.05 120.438 -0.66 0.29 -4 39 33 3.27 3.69 6.85
Mubadala 6 7/8% due 41 -0.94 8.82 3.85 162.000 -2.09 0.34 -28 46 51 5.48 5.99 10.14
Rak Capital Sukuk 3.094% due 25 0.40 6.11 5.30 104.969 0.19 0.23 -8 44 48 2.02 2.81 13.06
Sharjah Government Sukuk 3.764% due 24 0.56 4.38 4.99 107.500 0.31 0.26 -12 78 53 1.83 2.80 4.42
Sharjah Sukuk 2.942% due 27 0.17 — — 103.569 -0.06 0.22 -8 — — 2.17 — —
Sharjah Sukuk 3.234% due 29 1.00 7.44 — 105.813 0.81 0.23 -24 63 — 2.69 4.43 —
Sharjah Sukuk 3.854% due 26 0.53 6.06 5.32 109.188 0.28 0.27 -11 68 60 2.61 4.27 5.73
Sharjah Sukuk 4.226% due 28 0.67 6.38 5.49 112.469 0.44 0.28 -16 71 56 2.49 4.40 9.05
Armenia Republic 3.95% due 29 2.83 5.71 — 101.375 2.53 0.26 -47 84 — 3.77 7.32 —
Republic 7.15% due 25 1.23 2.58 6.34 114.750 0.88 0.46 -32 141 64 2.53 4.01 10.68
Angola Republic 8 1/4% due 28 1.44 -15.08 -9.23 85.000 0.59 0.74 -22 544 435 10.71 25.27 57.65
Republic 8% due 29 -0.15 -16.16 — 82.375 -0.75 0.76 -2 517 — 12.12 26.46 —
Republic 9 1/2% due 25 2.07 -12.65 -7.48 92.125 1.19 0.75 -37 687 571 9.48 23.10 62.60
Republic 9 1/8% due 49 -0.35 -17.05 — 80.750 -1.00 0.89 -21 391 — 13.01 27.41 —
Republic 9 3/8% due 48 1.10 -18.42 -12.74 82.125 0.19 0.87 -26 419 340 12.49 27.88 57.41
Argentina Discount 8.28% due 33 1.36 -15.89 30.97 51.313 0.69 0.00 -53 573 -326 22.87 26.12 36.12
Discount 8.28% due 33 Exch 3.04 -13.67 35.86 51.938 1.53 0.00 -74 531 -376 26.36 29.53 40.15
Par Step-up due 38 2.41 -8.94 30.30 42.563 1.00 0.00 -65 335 -85 24.40 25.00 32.82
Republic 4 5/8% due 23 3.90 -7.80 23.35 45.813 1.72 0.00 -183 1251 483 29.85 29.15 44.07
Republic 5 5/8% due 01/22 6.58 -8.70 23.93 47.000 2.90 0.00 -410 2790 1811 35.65 31.37 45.50
Republic 5 7/8% due 28 4.17 -6.47 24.26 43.750 1.75 0.00 -120 351 -116 38.71 35.84 46.88
Republic 6 5/8% due 28 4.62 -7.05 24.63 43.844 1.94 0.00 -131 340 -148 28.97 30.15 45.00
Republic 6 7/8% due 01/27 5.58 -9.69 27.16 44.344 2.34 0.00 -111 535 -117 31.42 32.93 48.10
Republic 6 7/8% due 48 3.12 -10.82 20.50 42.406 1.28 0.00 -95 280 -156 34.77 32.23 47.02
Republic 7 1/2% due 26 6.57 -14.39 21.50 45.594 2.81 0.00 -131 764 34 36.16 31.77 44.07
Republic 7 1/8% due 2117 4.64 -14.11 19.41 43.031 1.91 0.00 -87 385 -124 32.46 32.55 46.46
Republic 7 1/8% due 36 4.13 -7.49 25.33 44.125 1.75 0.00 -71 294 -169 29.56 32.45 45.53
Republic 7 5/8% due 46 1.17 -16.08 16.31 43.250 0.50 0.00 -54 431 -87 38.14 34.51 46.06
Azerbaijan Republic 3 1/2% due 32 2.72 6.29 7.04 102.000 2.47 0.23 -43 83 44 7.14 7.51 21.05
Republic 4 3/4% due 24 1.06 4.72 6.04 108.600 0.79 0.32 -25 64 31 2.99 4.99 13.91
Socar 4 3/4% due 23 0.76 3.14 4.99 105.100 0.44 0.34 -15 98 54 2.80 4.78 12.33
Socar 6.95% due 30 3.54 6.24 9.41 124.250 3.81 0.36 -57 93 30 5.58 8.68 17.93
Southern Gas 6 7/8% due 26 1.67 5.00 7.79 119.350 1.47 0.41 -32 104 43 6.10 6.29 16.76
Barbados Barbados 6 1/2% due 29 3.38 4.61 — 97.750 2.78 0.44 -67 128 — 6.45 8.03 —
Bahrain CBB International 4 1/2% due 27 2.70 1.83 — 103.031 2.41 0.30 -49 152 — 3.24 6.78 —
CBB International 6 1/4% due 24 1.04 — — 108.625 0.66 0.43 -23 — — 2.62 5.28 —
CBB International Sukuk 6 7/8% due 25 1.20 1.60 5.29 113.063 0.84 0.45 12 210 102 2.08 6.26 8.38
CBB Intl Sukuk 5 1/4% due 25 1.20 1.46 4.97 105.531 0.88 0.36 -26 172 96 2.28 4.76 7.50
Kingdom 5 5/8% due 31 3.27 1.65 — 104.125 2.94 0.36 -51 151 — 3.90 7.97 —
Kingdom 6 1/8% due 22 0.75 1.16 4.19 104.750 0.31 0.45 -35 182 82 2.50 3.16 5.92
Kingdom 6 1/8% due 23 0.92 0.50 4.09 106.813 0.50 0.45 -23 201 103 2.23 3.48 6.75
Kingdom 6 3/4% due 29 2.35 1.67 6.87 112.594 2.13 0.41 -43 165 80 4.03 7.37 14.56
Kingdom 6% due 44 0.96 -0.83 5.03 98.938 0.50 0.45 -28 152 81 5.77 11.33 22.91
Kingdom 7 1/2% due 47 2.51 -1.23 6.19 113.844 2.28 0.45 -41 159 76 5.25 10.57 21.75
Kingdom 7 3/8% due 30 2.16 — — 116.438 1.94 0.46 -39 — — 3.87 8.42 —
Kingdom 7% due 26 2.07 0.72 6.72 113.844 1.78 0.48 -45 179 64 2.91 4.87 9.93
Kingdom 7% due 28 2.26 1.06 6.24 113.844 2.03 0.44 -41 173 84 3.15 6.40 14.03
Kingdom Sukuk 5.624% due 24 1.58 1.34 4.74 105.688 1.25 0.38 -40 174 101 3.70 4.00 7.43
10

Global Index Research The image part with relationship ID rId1 was not found in the file.



Bahrain Mumtalakat Sukuk 4.1% due 27 0.91 — — 97.781 0.56 0.32 -19 — — 4.23 5.20 —
Mumtalakat Sukuk 5 5/8% due 24 1.27 2.98 4.77 104.813 0.91 0.40 -29 129 95 2.12 2.51 7.78
Oil and 7 1/2% due 27 1.66 0.23 5.37 109.750 1.25 0.50 -22 204 113 6.03 5.66 21.06
Oil and 7 5/8% due 24 0.96 -0.63 3.00 109.688 0.47 0.52 -24 240 158 2.67 4.39 14.89
Oil and 8 3/8% due 28 2.42 -0.17 4.84 114.625 2.13 0.53 -44 198 115 4.70 4.27 16.93
Bolivia Republic 4 1/2% due 28 -0.65 -9.50 -4.15 87.500 -0.94 0.41 18 366 259 6.74 9.38 15.65
Republic 4 7/8% due 22 1.71 -1.88 -0.06 98.781 1.31 0.36 -50 336 328 8.47 7.22 8.11
Republic 5.95% due 23 0.49 -4.15 -3.18 99.031 0.03 0.46 -16 348 324 3.67 4.92 7.60
Brazil BNDES 5 3/4% due 23 1.02 3.91 6.50 110.438 0.69 0.39 -34 77 11 2.37 3.15 10.52
Caixa Economica 3 1/2% due 22 1.18 3.60 5.36 102.750 0.94 0.26 -52 53 10 4.68 4.20 7.20
Minas 5.333% due 28 -0.81 -2.66 -0.22 101.719 -1.24 0.40 2 249 195 7.86 5.88 6.21
Republic 10 1/8% due 27 1.20 0.81 2.57 136.656 0.88 0.56 -23 172 127 4.58 3.56 6.59
Republic 2 5/8% due 23 0.35 4.72 5.66 103.094 0.16 0.20 -14 6 -17 2.30 2.75 4.42
Republic 2 7/8% due 25 0.22 — — 101.400 0.00 0.22 -6 — — 3.66 — —
Republic 3 7/8% due 30 0.83 — — 102.650 0.55 0.29 -22 — — 7.86 — —
Republic 4 1/2% due 29 0.93 4.68 6.62 108.125 0.66 0.32 -22 99 51 6.08 8.42 15.78
Republic 4 1/4% due 25 0.51 4.02 5.44 108.063 0.22 0.30 -11 89 51 2.70 3.91 8.03
Republic 4 3/4% due 50 -2.57 4.60 — 100.344 -3.03 0.37 -5 95 — 15.98 19.40 —
Republic 4 5/8% due 28 1.38 5.53 7.05 110.406 1.16 0.32 -28 83 42 5.57 7.47 14.10
Republic 5 5/8% due 41 -0.58 3.69 3.15 112.219 -1.09 0.39 -14 106 79 12.74 14.91 24.23
Republic 5 5/8% due 47 -1.78 2.15 2.34 112.000 -2.53 0.44 -8 110 78 13.76 16.45 27.86
Republic 5% due 45 -1.55 2.83 2.32 103.781 -2.03 0.38 -10 107 79 15.06 17.13 28.49
Republic 6% due 26 0.13 4.22 5.62 117.406 -0.31 0.40 -3 100 63 4.42 5.68 10.56
Republic 7 1/8% due 37 0.16 3.80 4.53 128.281 -0.34 0.43 -19 106 73 10.23 10.94 19.08
Republic 8 1/4% due 34 0.51 4.26 5.10 138.000 0.06 0.46 -18 106 71 7.76 9.11 16.50
Republic 8 3/4% due 25 0.83 1.64 2.48 124.250 0.34 0.55 -22 152 129 2.52 3.42 6.91
Republic 8 7/8% due 24 -0.05 2.94 4.23 124.250 -0.75 0.56 -2 93 56 2.12 2.49 5.07
Belarus Development Bank 6 3/4% due 24 -1.10 -6.27 -3.65 94.000 -1.59 0.58 41 449 394 16.74 11.13 10.65
Republic 6 7/8% due 23 -2.11 -3.77 -2.10 98.250 -2.78 0.66 119 441 408 21.38 12.93 10.02
Republic 6.2% due 30 -2.70 -8.91 -7.13 92.850 -3.21 0.66 36 308 266 18.84 13.53 13.33
Republic 7 5/8% due 27 -4.21 -8.24 -6.23 99.150 -5.01 0.63 89 372 331 23.71 15.18 12.28
Republic of 5 7/8% due 26 -3.02 — — 93.469 -3.41 0.51 72 — — 21.61 — —
Republic of 6.378% due 31 -3.28 — — 92.819 -3.68 0.56 33 — — 19.64 — —
Belize Republic Step due 34 4.36 -22.15 -20.26 44.000 1.50 0.80 -36 604 574 15.76 52.17 65.27
Ivory Coast Ivory Coast Step-up due 32 1.65 1.65 4.46 97.750 1.16 0.45 -30 172 120 5.25 7.57 17.46
Republic 6 1/8% due 33 3.72 4.19 13.34 100.750 3.19 0.44 -56 121 5 7.40 8.87 19.12
Republic 6 3/8% due 28 2.39 2.04 9.10 103.750 2.00 0.42 -49 159 41 4.11 6.84 13.68
Chile Banco del Estado 2.704% due 25 1.38 — — 104.813 1.22 0.20 -32 — — 2.64 3.34 —
Banco del Estado 3 7/8% due 22 0.83 3.76 4.22 104.188 0.56 0.28 -52 -18 -24 2.22 2.54 3.27
Codelco 3 3/4% due 31 -1.82 — — 110.875 -2.38 0.28 7 — — 4.06 4.87 —
Codelco 3 5/8% due 27 0.06 7.41 5.45 109.250 -0.22 0.26 -5 46 50 3.76 3.27 9.41
Codelco 3% due 29 -0.92 8.68 — 105.031 -1.22 0.23 0 48 — 3.91 3.82 —
Codelco 3.15% due 30 -1.22 — — 106.094 -1.56 0.23 1 — — 4.12 3.81 —
Codelco 3.7% due 50 -3.70 14.55 — 106.969 -4.41 0.27 -5 39 — 10.69 8.66 —
Codelco 4 1/2% due 25 -0.18 6.94 6.19 112.781 -0.56 0.31 2 32 33 2.68 3.18 6.85
Codelco 4 1/2% due 47 -2.39 13.23 6.70 120.719 -3.31 0.29 -9 40 41 9.93 7.31 21.90
Codelco 4 1/4% due 42 -2.49 11.98 5.55 113.844 -3.25 0.29 -4 43 50 8.40 7.37 19.34
Codelco 4 3/8% due 49 -2.78 13.86 6.95 119.344 -3.75 0.28 -9 38 40 10.15 7.61 22.85
Codelco 4 7/8% due 44 -1.80 13.06 6.87 125.688 -2.72 0.32 -11 41 44 8.78 7.08 20.55
Codelco 5 5/8% due 35 0.14 7.19 4.11 129.500 -0.25 0.34 -19 80 72 4.05 4.34 14.85
Codelco 5 5/8% due 43 -1.19 11.71 6.08 135.938 -2.09 0.34 -13 46 50 9.54 7.02 19.61
Codelco 6.15% due 36 0.17 4.83 2.22 134.594 -0.25 0.35 -24 97 82 5.62 4.63 14.95
Empresa Nac 3 3/4% due 26 2.17 7.04 5.88 106.906 2.00 0.26 -41 56 52 4.91 5.33 9.20
Empresa Nac 4 1/2% due 47 1.21 11.35 6.13 110.094 0.99 0.30 -28 56 51 7.29 6.81 20.55
Empresa Nac 4 3/8% due 24 0.75 5.77 5.76 108.625 0.48 0.31 -24 46 37 7.24 5.77 6.96
Empresa Nac 5 1/4% due 29 2.35 7.61 5.37 116.781 2.31 0.32 -41 60 62 5.47 5.13 11.15
Empresa de Transporte 3.65% due 30 0.14 — — 111.125 -0.13 0.25 -15 — — 4.11 7.02 —
Empresa de Transporte 4.7% due 50 0.29 — — 124.500 0.00 0.29 -26 — — 11.56 10.78 —
Empresa de Transporte 5% due 47 3.07 14.86 13.79 127.000 3.41 0.30 -43 33 2 13.68 10.97 14.26
Republic 2.45% due 31 -1.18 — — 105.400 -1.45 0.18 -3 — — 7.14 6.24 —
Republic 2.55% due 32 -1.56 — — 105.813 -1.88 0.19 -1 — — 7.74 6.55 —
Republic 3 1/2% due 50 -4.02 13.90 5.70 116.844 -5.19 0.24 -3 40 41 13.66 11.82 27.25
Republic 3 1/8% due 26 -0.54 8.04 6.53 110.750 -0.84 0.22 6 17 21 3.89 3.41 11.16
Republic 3.24% due 28 -0.32 8.20 5.40 111.688 -0.59 0.21 -6 37 46 5.20 4.63 13.63
Republic 3.86% due 47 -3.32 13.30 5.37 123.188 -4.56 0.26 -7 39 44 13.63 11.04 24.89
Cameroon Republic 9 1/2% due 25 3.19 1.07 7.23 106.000 2.63 0.64 -57 273 147 8.73 9.02 14.30
China CNOOC Fin 4 1/2% due 23 0.34 5.78 6.59 110.375 0.03 0.31 -13 4 -18 2.01 3.20 5.00
COFCO 4 5/8% due 23 0.53 4.48 4.81 108.125 0.22 0.33 -18 63 56 2.68 3.29 3.88
Chalco 4 1/4% due 22 0.77 2.95 5.81 101.500 0.46 0.32 -88 76 -9 2.77 3.19 5.02
Chalco 4.1% due 24 Perp 0.34 2.58 — 100.906 0.03 0.31 3 57 — 5.57 14.06 —
China Chengtong Hldg 3 5/8% due 22 0.58 4.05 5.89 101.281 0.31 0.27 -15 53 14 3.43 2.71 5.51
China Dvlp Bk Corp 2 3/4% due 22 0.18 4.00 4.78 103.721 -0.03 0.21 -11 18 -1 0.73 1.19 2.46
China Dvlp Bk Corp 2 5/8% due 22 0.29 3.28 3.78 102.375 0.09 0.20 -20 3 3 1.84 2.13 2.66
China Dvlp Bk Corp 3 3/8% due 27 -0.44 6.96 6.32 109.844 -0.75 0.24 2 51 36 3.35 4.05 6.59
China Dvlp Bk Corp 3% due 26 0.84 9.77 8.74 109.750 0.69 0.21 -18 2 -4 3.81 3.61 5.62
China Dvlp Bk Corp 4% due 37 -1.55 9.50 9.35 118.500 -2.19 0.26 -4 51 20 10.14 12.19 14.74
China Dvlp Bk Corp FRN due 21 0.13 0.70 1.84 99.969 0.06 0.08 -2 17 18 0.65 1.03 1.66
China Dvlp Bk Corp FRN due 22 0.13 0.88 1.97 100.033 0.05 0.08 -2 6 11 0.42 0.47 1.43
China Dvlp Bk Corp FRN due 23 0.15 0.95 2.23 100.156 0.07 0.08 0 2 9 1.15 1.85 5.43
China Hua Neng Grp 2.6% due 24 0.43 5.84 — 104.313 0.25 0.19 -10 37 — 3.39 3.21 —
China Hua Neng Grp 3% due 29 -0.54 7.84 — 106.313 -0.81 0.22 -4 51 — 5.39 6.20 —
China Hua Neng Grp 3.6% due 22 Perp 0.68 3.51 5.69 101.063 0.41 0.27 1 49 43 2.26 2.40 5.18
China Natl Chem Corp 3 1/2% due 22 0.63 4.05 5.78 103.625 0.38 0.26 -1 24 -22 1.90 2.14 3.15
China Natl Chem Corp 3 7/8% due 29 -0.84 9.03 9.26 110.631 -1.24 0.28 0 39 8 8.02 7.47 14.56
11



China China Natl Chem Corp 3.9% due 22 Perp 0.45 2.86 4.77 101.625 0.16 0.30 2 46 45 2.94 3.09 8.51
China Natl Chem Corp 4 1/8% due 27 0.12 8.22 8.21 111.031 -0.19 0.29 -4 40 17 4.92 5.70 10.50
China Natl Chem Corp 5 1/8% due 28 -0.61 8.24 8.30 117.952 -1.14 0.35 4 42 17 5.44 6.01 11.66
China Natl Petroleum Corp 1 1/8% due 23 0.09 — — 100.130 0.01 0.09 -5 — — 0.66 — —
China Natl Petroleum Corp 1.35% due 25 0.33 — — 100.764 0.23 0.10 -12 — — 1.79 — —
China Natl Petroleum Corp 2% due 30 0.15 — — 101.072 -0.01 0.15 -21 — — 5.52 — —
China Southern Pwr 3 7/8% due 23 0.03 5.12 5.09 107.553 -0.26 0.28 -1 23 23 1.16 1.73 3.56
China State Grid 2 3/4% due 22 0.18 3.42 4.41 102.938 -0.03 0.21 -7 21 -2 2.19 2.17 3.09
China State Grid 2 7/8% due 26 0.09 9.89 9.54 109.188 -0.13 0.20 -1 -8 -21 3.01 4.14 6.60
China State Grid 3 1/2% due 27 -0.06 9.14 8.04 111.844 -0.34 0.24 -5 17 10 3.62 4.29 7.86
China State Grid 3 1/8% due 23 0.10 5.41 5.77 105.734 -0.14 0.23 3 5 -7 2.18 1.99 4.07
China State Grid 3 3/4% due 23 0.10 5.10 5.34 107.219 -0.19 0.27 -2 7 1 2.13 2.28 3.72
China State Grid 4 1/4% due 28 -0.64 8.94 8.02 117.688 -1.09 0.29 0 28 11 3.53 4.36 7.96
China State Grid 4 1/8% due 24 0.18 6.16 6.68 110.784 -0.12 0.29 -4 19 -3 2.14 2.89 4.06
China State Grid 4 3/8% due 43 -3.39 11.79 8.45 127.440 -4.86 0.29 3 41 25 13.21 12.77 18.63
China State Grid 4% due 47 -3.20 14.95 9.20 124.625 -4.47 0.28 -5 28 21 12.52 11.41 21.92
China State Grid 4.85% due 44 -3.14 12.86 9.47 137.500 -4.89 0.30 -2 41 23 12.70 14.10 19.05
China Three Gorges Corp 2.3% due 24 0.26 5.64 — 103.469 0.09 0.17 -5 41 — 2.50 2.52 —
China Three Gorges Corp 3.15% due 26 0.20 8.76 7.64 109.031 -0.03 0.22 -9 16 11 2.96 3.48 6.89
China Three Gorges Corp 3.7% due 25 0.17 6.85 7.08 110.469 -0.09 0.26 -10 29 10 2.64 3.95 5.50
China Travel Service 3 1/2% due 22 0.09 2.99 4.05 102.845 -0.18 0.26 1 52 33 0.24 1.44 1.79
China Travel Service 3 1/8% due 30 -0.33 — — 107.132 -0.60 0.23 -9 — — 5.56 7.88 —
China Travel Service 5 5/8% due 24 0.16 5.68 6.38 114.969 -0.25 0.38 -3 52 24 1.98 3.95 4.76
Export Import Bank 2 3/4% due 22 0.29 4.42 5.16 104.000 0.09 0.20 -9 6 -10 2.27 2.67 3.03
Export Import Bank 2 5/8% due 22 0.13 3.58 4.31 102.667 -0.06 0.20 -5 -2 -12 0.27 0.58 1.73
Export Import Bank 3 1/4% due 27 -0.19 7.67 6.30 109.969 -0.47 0.23 -8 40 30 4.80 5.70 6.91
Export Import Bank 3 3/8% due 27 0.40 7.78 6.44 110.469 0.19 0.23 -10 38 31 4.24 6.40 7.66
Export Import Bank 3.8% due 25 0.95 9.45 9.11 112.375 0.78 0.25 -15 -13 -21 3.50 4.33 5.42
Export Import Bank 4% due 47 -1.07 17.48 11.73 128.531 -1.72 0.25 -25 12 5 12.78 13.46 21.86
Huadian Corp 3 3/8% due 25 Perp 1.64 — — 102.650 1.40 0.25 -10 — — 8.05 — —
Huadian Corp 3 7/8% due 23 0.87 5.09 5.15 106.399 0.62 0.28 -19 17 19 7.98 4.56 3.76
Huadian Corp 4% due 24 Perp 0.93 4.93 7.25 104.700 0.66 0.29 -3 37 22 6.86 5.11 6.48
Jianyin Invst 3% due 22 1.10 4.92 5.72 103.500 0.91 0.22 -35 1 -12 3.80 3.23 4.85
Minmetals Corp 3 3/4% due 22 Perp 0.84 3.77 5.66 101.844 0.56 0.28 -1 33 28 4.25 3.87 4.95
Minmetals Corp 3 3/8% due 24 Perp 1.15 — — 101.500 0.91 0.24 -8 — — 3.53 7.36 —
Minmetals Corp 4 1/5% due 26 1.25 9.58 9.27 112.625 1.06 0.29 -35 4 -8 5.20 4.26 7.08
Minmetals Corp 4 3/4% due 25 0.80 7.44 7.72 113.500 0.53 0.33 -22 19 1 3.60 3.91 5.08
Power Const Corp 3 1/2% due 22 Perp 0.49 2.68 4.38 100.625 0.22 0.27 4 41 50 2.27 2.51 4.49
Power Const Corp 4 1/4% due 23 Perp 0.88 3.17 4.87 102.188 0.56 0.32 0 55 52 5.67 3.80 4.70
Power Const Corp 4.3% due 24 Perp 1.22 3.11 4.81 102.406 0.91 0.32 -4 49 42 4.44 4.98 9.05
Republic 1 7/8% due 22 0.20 4.05 — 103.031 0.06 0.14 -10 9 — 2.11 2.80 —
Republic 1.95% due 24 0.08 6.47 — 105.156 -0.06 0.14 -5 15 — 1.78 2.43 —
Republic 2 1/8% due 22 0.13 4.04 5.00 103.281 -0.03 0.16 -7 11 -17 2.52 2.50 2.42
Republic 2 1/8% due 29 -0.68 11.37 — 108.000 -0.91 0.16 -2 8 — 4.87 8.71 —
Republic 2 3/4% due 39 -3.41 13.52 — 106.406 -4.00 0.22 -2 30 — 9.89 10.97 —
Republic 2 5/8% due 27 -0.44 8.79 6.72 109.594 -0.69 0.19 2 27 21 4.59 4.77 7.48
Republic 3 1/2% due 28 -0.45 9.52 7.44 117.406 -0.81 0.24 -5 19 12 4.04 4.69 7.37
Republic 3 1/4% due 23 0.32 5.75 5.81 108.281 0.09 0.23 -12 -4 -12 2.35 2.74 3.26
Republic 4% due 48 -3.99 17.36 10.96 132.375 -5.88 0.27 1 20 13 12.13 12.75 23.05
SPIC 3% due 21 0.20 2.99 3.88 102.063 -0.03 0.23 -2 31 20 2.04 2.36 2.88
SPIC 5.8% due 22 Perp 0.87 2.91 4.91 105.219 0.47 0.42 -3 45 45 2.12 2.57 4.06
SPIC Lux Energy Invst 4 5/8% due 23 0.25 5.19 5.59 107.965 -0.09 0.33 -12 40 33 2.73 3.72 7.34
Sinochem 6.3% due 40 -2.00 12.85 9.60 148.007 -3.56 0.35 -7 31 27 17.29 14.00 16.64
Sinopec 2 1/2% due 11/24 0.36 6.40 — 105.031 0.19 0.18 -10 25 — 2.60 2.75 —
Sinopec 2 1/2% due 22 0.21 4.07 4.99 103.000 0.02 0.19 16 15 -6 3.29 2.98 3.48
Sinopec 2 1/2% due 24 0.19 6.11 6.52 104.750 0.00 0.19 -7 23 3 2.71 2.78 5.92
Sinopec 2 3/4% due 26 0.12 9.57 9.08 107.381 -0.09 0.20 -8 6 -8 3.09 3.22 7.77
Sinopec 2.15% due 25 0.10 — — 103.927 -0.06 0.16 -5 — — 4.12 3.78 —
Sinopec 2.7% due 30 -0.50 — — 106.188 -0.74 0.20 -4 — — 6.05 6.59 —
Sinopec 2.95% due 11/29 -0.49 9.28 — 107.875 -0.76 0.22 -4 38 — 4.45 5.45 —
Sinopec 2.95% due 29 -0.55 8.83 8.64 107.500 -0.81 0.20 -3 41 13 4.08 5.58 12.53
Sinopec 3 1/2% due 26 0.13 8.74 8.11 110.972 -0.12 0.24 -6 12 2 2.60 2.96 6.45
Sinopec 3 1/4% due 25 0.15 7.40 7.49 108.625 -0.09 0.23 -10 11 -5 2.63 2.89 6.91
Sinopec 3 1/4% due 27 -0.11 8.33 7.72 109.063 -0.38 0.23 -4 31 16 5.89 4.81 8.37
Sinopec 3 3/4% due 23 0.02 5.15 5.77 107.607 -0.27 0.27 3 20 2 2.25 2.20 5.07
Sinopec 3 5/8% due 27 -0.42 7.74 7.51 110.715 -0.75 0.26 1 37 22 2.67 3.55 7.93
Sinopec 3% due 22 0.29 3.65 4.43 103.131 0.07 0.22 -17 2 -10 2.45 2.83 3.44
Sinopec 3.35% due 50 -2.94 — — 110.250 -3.63 0.26 -8 — — 12.95 16.45 —
Sinopec 3.68% due 49 -3.60 15.76 8.90 115.625 -4.59 0.23 -5 29 25 17.77 17.92 20.25
Sinopec 3.9% due 22 0.46 3.72 4.73 104.938 0.19 0.29 4 9 -12 2.23 2.22 3.95
Sinopec 4 1/4% due 28 -0.46 8.47 8.33 116.992 -0.88 0.29 -2 39 15 3.98 4.04 9.51
Sinopec 4 1/8% due 25 0.29 7.65 7.87 113.574 0.01 0.28 -4 21 1 3.17 2.92 5.66
Sinopec 4 3/8% due 23 0.19 5.29 6.08 109.758 -0.13 0.31 -2 17 -5 1.26 0.93 3.86
Sinopec 4 3/8% due 24 0.15 5.68 6.23 110.888 -0.17 0.31 -5 30 7 2.25 2.17 4.81
Sinopec 4 7/8% due 42 -2.90 13.12 8.15 132.250 -4.38 0.31 -5 35 30 12.83 11.98 21.70
Sinopec 4.1% due 45 -3.03 14.25 8.03 121.500 -4.16 0.29 -4 31 29 13.52 14.65 18.37
Sinopec 5 3/8% due 43 -3.77 12.01 6.99 141.010 -6.02 0.34 0 40 34 13.51 13.15 15.71
State Dev Bank 3 1/4% due 22 0.13 2.07 3.26 102.375 -0.12 0.25 -4 65 34 0.36 5.13 3.86
State Dvlp & Invst Corp 2 7/8% due 22 0.75 4.06 4.83 102.944 0.55 0.21 -66 -34 -44 1.63 0.98 1.98
State Dvlp & Invst Corp 3 1/4% due 24 0.33 5.17 5.56 105.875 0.09 0.24 -8 47 30 2.36 2.54 3.90
State Dvlp & Invst Corp 3 3/4% due 29 0.20 8.66 7.01 112.219 -0.06 0.26 -9 42 31 10.85 7.58 8.86
12



China State Dvlp & Invst Corp 3 5/8% due 27 -0.42 7.21 5.95 109.313 -0.75 0.26 4 50 44 3.64 5.32 7.69
Colombia Republic 2 5/8% due 23 0.05 3.81 4.09 102.469 -0.16 0.20 3 60 53 2.09 2.69 7.22
Republic 3 1/8% due 31 -0.05 — — 103.350 -0.30 0.24 -14 — — 6.93 — —
Republic 3 7/8% due 27 0.41 5.47 4.51 109.000 0.15 0.27 -12 82 74 4.59 6.22 14.13
Republic 3% due 30 -0.17 — — 102.531 -0.41 0.23 -11 — — 5.91 7.85 —
Republic 4 1/2% due 26 -0.22 4.53 4.37 110.938 -0.59 0.32 2 90 75 3.40 4.61 11.70
Republic 4 1/2% due 29 -0.43 4.46 3.39 112.625 -0.84 0.32 -3 99 86 5.40 7.14 16.40
Republic 4 1/8% due 51 -3.48 — — 107.000 -4.22 0.32 -3 — — 15.67 — —
Republic 4% due 24 0.09 3.76 3.92 106.844 -0.22 0.30 0 84 70 3.09 3.17 8.83
Republic 5 5/8% due 44 -2.42 4.46 2.42 126.625 -3.59 0.35 -3 93 74 12.18 12.52 26.18
Republic 5% due 45 -3.06 5.75 3.10 119.375 -4.19 0.34 0 86 68 13.62 13.71 28.05
Republic 5.2% due 49 -3.38 5.53 3.02 123.438 -4.78 0.36 -2 88 68 14.32 14.80 29.51
Republic 6 1/8% due 41 -2.29 4.04 2.61 130.844 -3.56 0.37 -3 99 78 12.37 12.70 25.25
Republic 7 3/8% due 37 -1.63 4.60 3.61 143.063 -3.00 0.43 -3 98 79 9.19 10.69 22.50
Republic 8 1/8% due 24 0.11 3.53 3.74 121.550 -0.50 0.52 -2 94 84 2.99 3.86 9.05
Costa Rica ICE 6 3/8% due 43 0.27 -0.42 2.06 77.531 -0.28 0.63 -23 166 121 4.61 12.00 27.13
ICE 6.95% due 21 0.81 0.63 3.17 100.000 0.28 0.53 -39 331 254 2.40 4.89 8.50
Republic 4 1/4% due 23 0.41 -2.47 1.48 95.563 0.06 0.35 -23 319 214 5.22 8.19 10.84
Republic 4 3/8% due 25 0.77 -4.14 1.10 92.500 0.38 0.36 -6 323 217 7.52 14.90 16.82
Republic 5 5/8% due 43 1.98 -6.75 0.37 82.100 1.19 0.50 -30 212 129 9.80 19.33 28.30
Republic 6 1/8% due 31 3.05 -8.33 — 93.250 2.28 0.53 -51 301 — 7.16 11.46 —
Republic 7% due 44 3.67 -7.42 -0.67 91.875 2.81 0.50 -51 230 145 9.43 15.69 25.76
Republic 7.158% due 45 4.48 -8.34 -2.14 92.781 3.56 0.46 -58 229 149 10.90 15.65 26.38
Dominican Rep Republic 4 1/2% due 30 2.46 — — 98.594 2.03 0.35 -42 — — 4.16 11.12 —
Republic 5 1/2% due 25 1.05 0.11 2.86 104.250 0.66 0.41 -19 204 143 2.95 6.70 13.82
Republic 5 7/8% due 24 1.25 2.17 4.29 105.406 0.88 0.41 -32 152 97 3.00 4.81 12.33
Republic 5 7/8% due 60 0.71 — — 95.563 0.22 0.48 -26 — — 8.43 15.02 —
Republic 5.95% due 27 1.47 0.16 2.71 106.781 1.09 0.43 -28 188 132 3.95 8.16 22.60
Republic 6 1/2% due 48 0.68 -3.80 -2.10 102.063 0.28 0.41 -25 166 124 8.92 13.84 31.02
Republic 6 7/8% due 26 1.05 0.85 2.76 110.688 0.63 0.48 -18 184 142 3.47 7.29 21.87
Republic 6% due 28 1.67 0.13 2.70 107.469 1.31 0.43 -31 175 121 4.12 9.65 22.59
Republic 6.4% due 49 0.95 -3.39 -1.47 101.375 0.47 0.48 -27 164 121 8.39 14.82 30.56
Republic 6.6% due 24 1.17 1.44 3.13 108.406 0.75 0.47 -23 167 125 2.60 6.92 17.89
Republic 6.85% due 45 1.07 -3.31 -1.73 106.000 0.59 0.50 -28 167 128 8.40 13.64 29.64
Republic 7.45% due 44 1.02 -0.91 0.81 113.250 0.59 0.49 -27 160 119 6.51 13.29 32.12
Ecuador Republic 10 3/4% due 22 2.15 -47.53 -49.38 54.906 1.16 0.00 280 5549 5818 7.81 39.66 105.45
Republic 10 3/4% due 29 1.05 -47.19 -50.57 51.031 0.53 0.00 42 1516 1644 5.54 46.49 94.87
Republic 7 7/8% due 25 1.29 -45.16 — 50.900 0.65 0.00 23 1981 — 9.63 42.81 —
Republic 7 7/8% due 28 1.06 -42.68 -44.39 50.531 0.53 0.00 35 1302 1362 9.13 47.06 88.87
Republic 7.95% due 24 1.69 -42.49 -44.59 54.656 0.91 0.00 51 2060 2198 5.45 42.75 99.63
Republic 8 3/4% due 23 0.95 -46.63 -48.09 53.000 0.50 0.00 86 3032 3204 7.91 41.53 100.65
Republic 8 7/8% due 27 1.36 -45.22 -47.48 51.188 0.69 0.00 32 1521 1613 11.15 49.97 85.11
Republic 9 1/2% due 30 1.09 -45.45 — 52.063 0.56 0.00 29 1356 — 5.67 47.71 —
Republic 9 5/8% due 27 0.99 -46.12 -48.60 51.000 0.50 0.00 34 1615 1745 10.96 48.76 87.63
Republic 9.65% due 26 0.25 -46.83 -49.50 50.750 0.13 0.00 68 1729 1857 4.50 47.29 88.43
Egypt Republic 4.55% due 23 1.48 1.34 — 100.375 1.13 0.34 -34 184 — 3.12 4.50 —
Republic 5 3/4% due 24 2.46 — — 103.063 2.06 0.41 -67 — — 3.65 4.32 —
Republic 5 7/8% due 25 2.16 0.73 5.49 102.875 1.75 0.43 -47 201 104 3.36 5.87 10.95
Republic 5.577% due 23 1.02 2.39 5.73 103.288 0.63 0.40 -16 166 85 2.77 3.40 12.54
Republic 6 1/8% due 22 0.65 2.64 4.47 102.563 0.19 0.46 -24 139 99 2.45 3.59 6.53
Republic 6 7/8% due 40 6.18 0.97 6.15 96.531 5.22 0.44 -78 148 83 7.80 11.99 22.50
Republic 6.2004% due 24 1.94 0.69 5.42 104.375 1.56 0.42 -49 208 103 3.01 5.20 11.47
Republic 6.588% due 28 2.75 0.66 4.48 100.781 2.25 0.46 -49 185 120 4.33 7.47 16.01
Republic 7 1/2% due 27 3.02 0.34 5.23 106.750 2.56 0.54 -57 200 114 3.70 6.51 14.50
Republic 7 5/8% due 32 4.60 — — 101.750 3.97 0.52 -69 — — 8.64 11.97 —
Republic 7.0529% due 32 5.61 -0.55 — 99.375 4.78 0.53 -80 185 — 7.52 9.02 —
Republic 7.6003% due 29 3.70 0.68 4.21 105.031 3.28 0.46 -62 185 126 5.57 7.74 16.42
Republic 7.903% due 48 5.67 -2.96 1.19 96.656 4.78 0.44 -70 179 121 10.98 13.39 26.64
Republic 8 1/2% due 47 4.59 -2.58 2.45 102.531 3.88 0.64 -59 181 115 9.49 13.01 23.33
Republic 8 7/8% due 50 4.66 — — 103.781 4.03 0.59 -62 — — 10.79 15.28 —
Republic 8.15% due 59 4.64 -4.37 — 96.594 3.75 0.58 -64 185 — 10.03 13.62 —
Republic 8.7002% due 49 4.59 -2.97 1.72 102.563 4.00 0.51 -66 180 117 10.33 13.47 26.43
Ethiopia Republic 6 5/8% due 24 3.00 -2.27 3.56 101.000 2.47 0.48 -76 280 159 3.48 8.29 14.90
Gabon Republic 6 3/8% due 24 1.29 -1.12 9.16 98.906 0.78 0.49 -22 306 56 3.86 7.79 23.13
Republic 6 5/8% due 31 2.09 — — 96.219 1.47 0.53 -41 — — 3.45 8.69 —
Republic 6.95% due 25 2.34 -0.40 10.09 99.875 1.78 0.52 -44 260 57 5.03 8.68 27.02
Georgia Railway 7 3/4% due 22 2.40 -0.20 2.02 104.000 1.86 0.57 -62 293 242 5.45 5.61 9.51
Ghana Republic 6 3/8% due 27 2.78 — — 94.250 2.06 0.53 -56 — — 5.93 11.80 —
Republic 7 5/8% due 29 3.45 -0.56 5.07 95.313 2.66 0.56 -60 241 152 7.62 14.47 27.72
Republic 7 7/8% due 27 2.07 -0.11 4.33 98.844 1.44 0.59 -42 250 172 6.33 12.04 26.47
Republic 7 7/8% due 35 3.93 — — 91.375 2.91 0.63 -57 — — 8.12 17.01 —
Republic 8 1/8% due 26 2.18 -0.55 3.84 101.875 1.56 0.61 -55 264 180 4.59 7.26 23.55
Republic 8 1/8% due 32 2.53 -0.28 6.80 94.969 1.78 0.61 -42 221 124 9.59 17.57 32.40
Republic 8 3/4% due 61 3.89 — — 91.000 2.91 0.57 -52 — — 8.62 19.48 —
Republic 8.627% due 49 3.48 -3.44 2.08 90.625 2.44 0.70 -51 206 138 8.68 18.26 32.23
Republic 8.95% due 51 3.69 -1.14 6.04 92.844 2.75 0.62 -52 206 124 9.08 19.15 34.53
Guatemala Republic 4 1/2% due 26 1.45 5.71 8.00 108.313 1.22 0.31 -30 73 25 4.26 4.92 11.40
Republic 4 3/8% due 27 1.42 7.00 8.28 107.906 1.19 0.31 -27 58 24 7.26 5.59 13.62
Republic 4 7/8% due 28 1.20 7.65 7.85 111.688 1.00 0.29 -25 52 30 4.41 5.04 12.05
Republic 4.9% due 30 1.51 8.17 9.44 112.531 1.31 0.33 -30 53 16 4.43 5.78 13.78
Republic 5 3/4% due 22 0.51 2.91 3.59 105.594 0.09 0.42 -19 70 66 2.40 2.64 8.49
Republic 5 3/8% due 32 3.49 — — 116.906 3.59 0.31 -50 — — 11.57 7.66 —
Republic 6 1/8% due 50 2.19 8.80 9.33 124.031 2.22 0.37 -36 70 35 8.63 7.84 15.65
Honduras Republic 5 5/8% due 30 4.68 — — 109.344 4.49 0.37 -67 — — 9.01 — —
Republic 6 1/4% due 27 2.23 4.88 7.31 110.219 1.94 0.44 -80 69 19 18.29 11.34 18.08
Republic 7 1/2% due 24 1.33 3.50 5.65 110.063 0.91 0.50 -46 100 48 2.87 3.15 9.54
Croatia Hrvatska 5 7/8% due 22 0.42 1.72 4.46 107.625 0.00 0.42 -16 112 24 2.61 3.88 4.07
Republic 5 1/2% due 23 0.02 4.31 4.82 110.906 -0.41 0.39 -12 27 6 2.40 2.37 3.65
Republic 6% due 24 0.37 4.66 5.52 116.000 -0.03 0.40 -16 39 9 1.57 2.15 3.72
Hungary Republic 5 3/4% due 23 0.12 5.01 6.03 114.719 -0.31 0.39 -4 26 -5 2.27 2.84 4.23
Republic 5 3/8% due 23 0.37 3.76 4.78 110.438 0.00 0.37 -13 40 9 2.22 2.64 3.58
Republic 5 3/8% due 24 0.36 5.43 6.24 114.906 0.00 0.36 -11 26 0 2.38 2.87 4.35
Republic 7 5/8% due 41 2.25 10.95 10.24 177.092 3.37 0.30 -38 42 13 10.53 10.95 19.09
Indonesia Export Import Bank 3 7/8% due 24 1.71 3.79 5.09 105.656 1.50 0.26 -43 80 44 2.47 2.33 4.57
Hutama Karya Persero PT 3 3/4% due 30 0.81 — — 109.219 0.59 0.26 -22 — — 5.85 5.84 —
Indo Asahan Aluminium PT 4 3/4% due 25 0.22 — — 110.000 -0.13 0.33 -5 — — 2.68 5.16 —
Indo Asahan Aluminium PT 5.45% due 30 -0.48 — — 117.500 -1.00 0.37 -7 — — 9.99 8.32 —
Indo Asahan Aluminium PT 5.71% due 23 0.65 3.79 5.17 110.750 0.28 0.39 -14 80 44 2.59 3.22 4.78
Indo Asahan Aluminium PT 5.8% due 50 -0.84 — — 121.750 -1.50 0.38 -15 — — 14.99 11.94 —
13



Indonesia Indo Asahan Aluminium PT 6.53% due 28 0.41 4.77 5.72 123.75 0.00 0.41 -14 99 64 4.93 5.17 9.82
Indo Asahan Aluminium PT 6.757% due 48 0.88 7.20 6.49 133.00 0.65 0.39 -33 79 53 13.24 11.61 20.18
PLNIJ 3 3/8% due 30 -0.97 6.15 — 103.97 -1.28 0.25 1 75 — 5.14 5.82 —
PLNIJ 3 7/8% due 29 -0.10 6.03 5.27 107.91 -0.41 0.28 -9 75 57 4.38 5.40 13.01
PLNIJ 3% due 30 -1.58 — — 100.97 -1.86 0.24 6 — — 5.06 — —
PLNIJ 4 1/8% due 27 0.61 6.47 6.27 109.13 0.34 0.29 -15 66 47 6.13 6.84 10.15
PLNIJ 4 3/8% due 50 -4.45 6.49 — 105.25 -5.25 0.32 4 77 — 15.10 12.49 —
PLNIJ 4 7/8% due 49 -3.38 6.59 4.91 111.84 -4.31 0.35 -2 78 53 13.84 11.52 17.89
PLNIJ 4% due 50 -3.58 — — 101.11 -4.09 0.32 -1 — — 16.09 — —
PLNIJ 5 1/2% due 21 0.29 2.26 3.94 104.78 -0.13 0.41 -20 52 -2 2.03 2.25 4.23
PLNIJ 5 1/4% due 42 -2.72 7.51 5.62 116.44 -3.72 0.38 -1 74 56 10.73 9.80 18.11
PLNIJ 5 1/4% due 47 -2.73 7.20 5.10 116.41 -3.72 0.38 -5 77 56 11.84 9.28 16.43
PLNIJ 5 3/8% due 29 -0.38 5.46 5.25 118.25 -0.88 0.35 -5 80 58 5.76 5.68 10.84
PLNIJ 5.45% due 28 -0.25 5.59 5.64 117.72 -0.72 0.36 -4 80 56 4.77 5.94 9.82
PLNIJ 6 1/4% due 49 -2.04 5.57 5.42 132.25 -3.25 0.37 -9 85 52 9.70 8.99 16.50
PLNIJ 6.15% due 48 -2.52 7.28 6.35 130.94 -3.91 0.39 -5 77 50 9.97 8.81 15.33
PT Pelabuhan II 4 1/4% due 25 1.90 4.97 6.17 108.44 1.72 0.29 -36 72 39 5.91 5.31 5.37
PT Pelabuhan II 5 3/8% due 45 2.27 3.57 6.20 114.34 2.16 0.34 -38 100 51 7.79 6.81 13.58
Pelabuhan 4 1/2% due 23 0.53 3.31 4.28 105.88 0.22 0.32 -30 58 35 3.11 3.41 4.45
Pelabuhan 4 7/8% due 24 1.89 4.04 5.01 109.22 1.69 0.32 -46 69 42 5.18 4.38 5.73
Pertamina 3.1% due 08/30 0.11 — — 103.50 -0.13 0.23 -15 — — 6.68 6.58 —
Pertamina 3.1% due 30 -0.77 — — 102.94 -1.05 0.24 -2 — — 8.36 7.22 —
Pertamina 3.65% due 29 -0.41 3.91 4.85 106.59 -0.72 0.27 -7 98 58 6.10 5.31 11.72
Pertamina 4 7/8% due 22 0.06 3.55 4.84 105.81 -0.31 0.36 2 12 -23 2.72 3.03 4.92
Pertamina 4.15% due 60 -5.15 — — 100.13 -5.81 0.36 5 — — 14.12 13.77 —
Pertamina 4.175% due 50 -4.58 — — 101.59 -5.22 0.33 4 — — 12.12 12.01 —
Pertamina 4.3% due 23 0.92 4.40 6.02 107.25 0.66 0.30 -23 41 -5 2.22 2.71 4.82
Pertamina 4.7% due 49 -5.31 5.41 5.10 109.47 -6.53 0.34 11 85 53 15.53 11.47 19.39
Pertamina 5 5/8% due 43 -3.31 7.09 6.13 120.88 -4.63 0.39 3 81 56 10.45 9.25 19.75
Pertamina 6 1/2% due 41 -2.38 5.81 5.28 130.13 -3.72 0.41 -1 86 59 10.75 8.71 12.56
Pertamina 6 1/2% due 48 -3.00 7.57 6.88 136.38 -4.78 0.41 1 78 51 12.22 9.29 17.73
Pertamina 6% due 42 -3.23 5.81 5.05 124.50 -4.69 0.41 4 87 61 12.78 10.73 17.95
Pertamina 6.45% due 44 -3.85 6.37 5.57 132.38 -5.88 0.41 8 82 54 9.46 8.94 16.95
Republic 2.85% due 30 -0.18 — — 105.09 -0.41 0.21 -11 — — 6.16 5.75 —
Republic 2.95% due 23 0.51 4.38 5.74 104.06 0.30 0.22 -21 18 -19 0.58 0.96 2.73
Republic 3 1/2% due 28 0.39 7.58 8.45 110.06 0.16 0.25 -14 51 15 3.32 3.90 9.11
Republic 3 1/2% due 50 -1.65 — — 105.34 -2.03 0.24 -15 — — 15.03 11.20 —
Republic 3 3/4% due 22 0.16 3.19 4.21 104.00 -0.13 0.28 -7 35 4 2.75 2.53 3.33
Republic 3 3/8% due 23 0.16 4.34 5.82 105.25 -0.09 0.25 -5 34 -6 2.27 2.54 4.12
Republic 3.4% due 29 0.27 7.66 7.81 110.03 0.03 0.24 -15 59 26 4.93 4.54 9.85
Republic 3.7% due 22 -0.02 3.31 4.35 103.56 -0.31 0.28 4 -5 -22 1.76 2.18 2.79
Republic 3.7% due 49 -1.35 7.71 — 108.09 -1.78 0.28 -17 71 — 12.68 9.99 —
Republic 3.85% due 27 0.85 8.13 8.78 112.63 0.66 0.26 -21 39 5 3.43 3.86 8.04
Republic 3.85% due 30 -0.52 — — 114.09 -0.91 0.27 -8 — — 6.05 5.99 —
Republic 4 1/8% due 25 0.37 6.69 8.30 111.50 0.09 0.29 -10 28 -16 3.52 3.33 6.33
Republic 4 3/4% due 26 0.72 7.35 8.37 116.03 0.47 0.32 -18 36 -2 3.45 3.54 6.94
Republic 4 3/4% due 47 -1.28 10.70 9.28 124.72 -2.00 0.30 -16 54 27 11.05 8.66 16.98
Republic 4 5/8% due 43 -1.92 10.12 9.00 120.03 -2.75 0.32 -9 58 29 9.44 7.75 18.04
Republic 4.1% due 28 -0.13 7.71 8.07 114.03 -0.47 0.28 -7 50 19 4.02 4.09 8.95
Republic 4.2% due 50 -1.31 — — 117.59 -1.91 0.29 -16 — — 11.35 9.69 —
Republic 4.35% due 27 0.46 7.84 8.26 114.84 0.19 0.29 -12 40 11 2.63 3.79 7.29
Republic 4.35% due 48 -0.97 10.26 8.30 118.59 -1.50 0.29 -18 58 32 11.36 8.78 17.69
Republic 4.45% due 24 0.19 5.26 6.58 110.34 -0.13 0.31 -6 34 -2 1.54 2.59 4.81
Republic 4.45% due 70 -1.14 — — 122.84 -1.78 0.29 -20 — — 14.03 11.06 —
Republic 4.75% due 29 -0.26 7.18 7.82 119.59 -0.66 0.29 -7 59 23 5.09 5.03 9.93
Republic 5 1/4% due 42 -1.33 10.41 8.87 129.31 -2.16 0.32 -12 53 29 9.58 7.94 17.89
Republic 5 1/4% due 47 -0.97 11.05 9.75 132.69 -1.72 0.31 -17 52 25 9.87 8.02 15.80
Republic 5 1/8% due 45 -1.17 11.23 9.63 129.28 -1.94 0.31 -15 50 25 9.26 7.84 18.47
Republic 5 3/8% due 23 0.67 4.87 6.84 112.63 0.34 0.36 -21 37 -20 2.72 2.95 4.30
Republic 5 7/8% due 24 0.56 5.02 6.51 114.91 0.19 0.40 -18 33 -11 2.59 3.02 5.50
Republic 5.35% due 49 -1.40 7.27 7.10 134.75 -2.28 0.27 -15 74 38 11.11 9.31 19.53
Republic 5.95% due 46 -1.00 10.44 9.50 142.72 -1.91 0.33 -16 56 26 9.72 7.65 16.74
Republic 6 3/4% due 44 -0.53 9.48 8.82 152.59 -1.34 0.35 -17 59 30 9.16 6.84 13.87
Republic 6 5/8% due 37 -0.09 8.23 7.22 142.84 -0.59 0.33 -18 62 38 7.99 6.30 10.59
Republic 7 3/4% due 38 -0.19 8.26 7.77 157.34 -0.91 0.38 -17 64 37 7.87 6.61 12.64
Republic 8 1/2% due 35 -0.02 7.51 7.59 162.81 -0.69 0.41 -16 71 41 6.23 5.29 9.90
Republic Sukuk 2.3% due 25 1.02 — — 103.47 0.88 0.17 -24 — — 2.26 — —
Republic Sukuk 2.8% due 30 -0.51 — — 103.59 -0.75 0.21 -8 — — 6.99 — —
Republic Sukuk 3 3/4% due 23 0.74 4.50 5.75 106.06 0.50 0.26 -29 26 -11 2.88 2.47 3.92
Republic Sukuk 3.3% due 22 0.78 4.03 5.24 104.47 0.56 0.24 -38 17 -16 2.39 2.68 3.46
Republic Sukuk 3.8% due 50 -0.79 — — 107.72 -1.16 0.28 -21 — — 12.48 — —
Republic Sukuk 4.15% due 27 1.00 7.64 8.17 112.78 0.81 0.27 -22 50 20 4.00 3.43 7.75
India Ex Im Bk 3 1/4% due 30 0.80 — — 102.03 0.56 0.25 -21 — — 5.64 6.78 —
Ex Im Bk 3 3/8% due 26 0.69 6.31 6.04 106.00 0.47 0.24 -10 66 52 4.52 7.10 10.43
Ex Im Bk 3 7/8% due 24 0.81 4.48 4.89 106.31 0.56 0.27 -21 61 47 2.62 3.08 6.35
Ex Im Bk 3 7/8% due 28 0.89 3.78 3.02 105.94 0.64 0.28 -20 109 97 7.84 6.79 12.17
Ex Im Bk 4% due 23 0.59 4.15 5.15 105.38 0.31 — -23 35 13 2.50 2.75 4.61
Indian Railway Finance 3.249% due 30 1.68 — — 101.59 1.47 0.21 -34 — — 7.15 7.09 —
Indian Railway Finance 3.73% due 24 0.36 4.73 5.47 105.50 0.09 0.27 -10 64 37 2.64 3.15 8.78
Indian Railway Finance 3.835% due 27 0.60 5.90 5.25 107.41 0.34 0.27 -14 76 59 3.00 5.71 14.87
Iraq Republic 5.8% due 28 2.22 0.16 2.39 93.76 1.60 0.47 -47 283 244 3.64 9.69 17.83
Republic 6.752% due 23 3.12 -0.23 2.16 97.75 2.53 0.45 -108 317 275 4.05 7.59 16.00
Jamaica Govt of Jamaica 6 3/4% due 28 0.74 2.11 5.62 116.25 0.34 0.44 -16 147 78 5.11 5.84 11.99
Govt of Jamaica 7 7/8% due 45 1.26 1.04 7.19 131.25 1.03 0.47 -30 127 52 8.77 8.82 25.35
Govt of Jamaica 8% due 39 1.18 1.56 8.97 132.44 0.97 0.44 -30 130 37 4.78 9.23 35.68
Jordan Kingdom 4.95% due 25 0.67 — — 99.88 0.28 0.38 -8 — — 2.03 — —
Kingdom 5 3/4% due 27 1.70 1.06 6.87 102.75 1.28 0.43 -33 176 75 4.16 7.09 12.33
Kingdom 5.85% due 30 1.61 — — 101.00 1.16 0.44 -27 — — 4.98 — —
Kingdom 6 1/8% due 26 1.42 1.49 6.42 104.75 1.00 0.45 -27 178 85 3.18 5.77 10.71
14



Jordan Kingdom 7 3/8% due 47 0.45 3.22 7.94 104.25 -0.09 0.54 -22 123 62 5.59 10.43 19.19
Kenya Republic 6 7/8% due 24 1.96 -0.59 2.44 102.75 1.47 0.51 -49 261 191 3.71 7.28 14.12
Republic 7 1/4% due 28 2.94 -2.24 3.39 101.00 2.44 0.45 -50 241 145 5.63 10.29 20.39
Republic 7% due 27 2.11 -1.05 1.86 100.00 1.56 0.51 -39 251 200 5.05 10.41 18.14
Republic 8 1/4% due 48 3.77 -1.04 5.43 100.75 3.19 0.49 -52 166 88 7.84 13.33 23.10
Republic 8% due 32 4.49 -0.67 4.80 102.50 3.88 0.54 -68 203 119 9.45 13.44 21.31
Kuwait Kuwait International 3 1/2% due 27 0.35 7.52 6.29 113.31 0.13 0.24 -9 45 36 3.14 3.11 6.14
Kazakhstan Dev Bank 4 1/8% due 22 0.30 4.10 5.72 105.22 0.00 0.30 -2 28 -9 2.57 2.70 7.16
KazTransGas JSC 4 3/8% due 27 1.61 8.40 9.46 110.25 1.44 0.29 -33 44 9 6.82 6.42 13.32
Kazmunaigaz 3 7/8% due 22 0.77 3.08 4.77 103.50 0.50 0.28 -42 38 -8 3.20 3.43 6.79
Kazmunaigaz 4 3/4% due 25 0.94 4.36 6.22 110.65 0.68 0.32 -21 90 46 3.46 4.13 9.36
Kazmunaigaz 4 3/4% due 27 1.27 6.05 7.84 112.85 1.07 0.31 -26 77 27 8.79 8.08 16.10
Kazmunaigaz 5 3/4% due 47 0.58 8.07 9.91 124.88 0.28 0.35 -26 72 28 15.65 13.31 30.16
Kazmunaigaz 5 3/8% due 30 1.14 6.93 8.73 120.00 0.96 0.33 -28 72 23 13.58 10.52 23.80
Kazmunaigaz 6 3/8% due 48 1.38 8.09 12.53 134.75 1.38 0.35 -31 75 14 14.83 14.74 30.18
Republic 3 7/8% due 24 0.75 5.23 6.80 109.85 0.53 0.27 -20 44 0 3.01 2.64 5.98
Republic 4 7/8% due 44 2.05 12.40 15.02 135.25 2.38 0.26 -39 40 -12 15.28 9.91 25.05
Republic 5 1/8% due 25 0.21 4.94 7.18 117.00 -0.15 0.34 -7 67 10 3.82 3.35 7.77
Republic 6 1/2% due 45 1.66 10.49 13.24 158.25 2.09 0.32 -36 49 -3 10.29 8.09 23.19
Temir Zholy 6.95% due 42 1.96 7.46 7.28 139.25 2.16 0.38 -37 74 43 10.71 9.09 28.94
Lebanon Republic 6 1/4% due 24 -3.73 -64.53 -76.02 16.13 -0.63 0.00 514 4613 5809 30.65 30.65 66.97
Republic 6 3/4% due 27 -4.62 -65.50 -75.79 15.50 -0.75 0.00 308 3262 4028 44.94 36.44 64.94
Republic 6% due 23 -5.80 -64.34 -76.34 16.25 -1.00 0.00 1137 7527 9432 39.40 33.11 65.27
Republic 6.1% due 22 -5.56 -65.74 -76.85 17.00 -1.00 0.00 1413 9314 11324 42.21 36.25 65.77
Republic 6.2% due 25 -4.62 -63.07 -75.08 15.50 -0.75 0.00 -413 3898 5037 37.55 33.60 64.96
Republic 6.6% due 26 -4.43 -65.71 -75.94 15.50 -0.72 0.00 263 3488 4339 18.77 20.06 65.00
Republic 6.65% due 24 -2.09 -65.06 -76.85 16.13 -0.34 0.00 536 5498 6891 13.68 19.69 61.85
Republic 6.65% due 28 -3.10 -65.87 -75.89 15.63 -0.50 0.00 215 3160 3843 17.61 22.78 61.51
Republic 6.65% due 30 -6.06 -62.91 -73.92 15.50 -1.00 0.00 -389 2591 3213 38.94 32.53 62.55
Republic 6.85% due 27 -4.43 -66.55 -76.68 15.50 -0.72 0.00 334 3827 4651 18.84 19.98 65.91
Republic 7 1/4% due 37 -7.35 -66.57 -76.17 15.75 -1.25 0.00 544 3460 3956 36.29 39.45 66.08
Republic 7% due 32 -0.97 -65.50 -75.93 16.00 -0.16 0.00 159 3198 3780 17.21 19.64 63.66
Republic 7.05% due 35 -7.35 -65.43 -75.58 15.75 -1.25 0.00 451 3042 3561 32.27 33.73 63.10
Republic 8 1/4% due 21 0.17 -68.74 -78.36 18.13 0.03 0.00 1474 11924 16123 22.43 28.48 67.98
Sri Lanka Republic 5 3/4% due 22 7.51 -3.01 -0.97 92.91 6.09 0.46 -505 606 577 7.41 25.28 40.13
Republic 5 3/4% due 23 10.60 -5.02 -3.40 88.91 8.28 0.30 -380 544 523 9.25 30.59 50.02
Republic 5 7/8% due 22 7.68 -5.64 -3.64 90.31 6.03 0.49 -374 617 587 6.42 28.78 29.06
Republic 6 1/8% due 25 12.83 -5.09 -2.75 85.97 9.47 0.40 -281 427 391 11.71 34.14 46.65
Republic 6 3/4% due 28 11.97 -8.24 -6.39 81.63 8.47 0.35 -196 382 349 9.28 32.67 43.50
Republic 6.2% due 27 11.83 -6.31 -4.66 81.53 8.34 0.38 -200 385 356 10.85 32.74 45.84
Republic 6.35% due 24 12.02 -5.98 -4.31 88.22 9.09 0.47 -309 474 449 8.49 32.26 59.81
Republic 6.825% due 26 14.62 -7.70 -6.22 85.16 10.44 0.57 -267 420 396 11.98 30.40 47.85
Republic 6.85% due 24 11.81 -8.09 -6.41 88.56 9.16 0.25 -336 542 518 9.18 32.05 64.03
Republic 6.85% due 25 13.58 -7.16 -5.08 86.38 10.06 0.34 -285 462 434 11.45 32.76 50.46
Republic 7.55% due 30 11.41 -10.27 -9.17 81.53 8.09 0.35 -170 402 379 12.57 33.99 47.23
Republic 7.85% due 29 11.33 -12.24 -10.67 82.78 8.19 0.32 -184 437 409 9.11 32.77 49.02
Lithuania Republic 6 5/8% due 22 0.15 3.21 4.10 108.37 -0.35 0.48 -10 -1 -22 0.39 0.77 3.47
Morocco Kingdom 4 1/4% due 22 0.62 2.35 4.24 105.09 0.31 0.32 -21 103 45 2.26 3.18 4.03
Kingdom 5 1/2% due 42 1.77 7.63 9.82 127.88 1.81 0.33 -32 74 27 6.94 7.56 10.67
Mongolia Dev Bank of Mongolia 7 1/4% due 23 2.79 3.63 9.84 104.00 2.33 0.49 -143 138 -8 8.11 11.39 22.99
Republic 5 1/8% due 22 1.53 2.93 7.13 101.69 1.16 0.38 -57 116 6 3.11 6.54 12.79
Republic 5 5/8% due 23 2.19 3.92 8.43 103.09 1.81 0.39 -74 107 0 3.26 6.40 14.67
Republic 8 3/4% due 24 2.99 4.22 9.05 112.75 2.72 0.51 -82 112 6 3.08 6.67 13.98
Mexico Banco Nacional 3.8% due 26 2.26 1.08 2.43 99.94 1.94 0.27 -28 69 71 2.14 2.77 6.29
Banco Nacional 4 3/8% due 25 2.24 3.80 6.78 106.78 2.03 0.29 -43 106 42 3.18 3.45 8.86
Commission Fed 4 7/8% due 24 1.60 2.37 5.54 106.91 1.31 0.35 -44 128 46 3.37 3.58 8.96
Commission Fed 6 1/8% due 45 6.11 3.78 8.99 118.25 6.41 0.36 -61 109 40 10.72 7.87 13.75
Commission Fed De Electric 4 3/4% due 27 1.54 4.44 7.30 107.03 1.28 0.32 -31 105 44 1.94 3.23 7.72
Commission Fed De Electric 5 3/4% due 42 3.56 3.67 8.05 111.97 3.47 0.35 -47 106 43 8.30 6.30 15.85
Commission Fed De Electric 5% due 49 14.51 6.52 5.12 101.53 12.53 0.38 -164 68 63 29.49 17.36 17.23
Mex City Airport Trust 3 7/8% due 28 5.16 -7.35 -1.61 91.80 4.27 0.27 -82 288 182 14.75 13.83 16.34
Pemex 3 1/2% due 23 2.94 0.66 5.58 99.07 2.57 0.27 -114 189 52 8.18 10.01 22.92
Pemex 4 1/2% due 26 2.45 -2.88 3.53 93.50 1.90 0.37 -47 270 148 7.95 16.55 27.99
Pemex 4 1/4% due 25 1.90 -2.76 4.53 95.66 1.46 0.34 -39 273 123 8.63 11.72 26.42
Pemex 4 5/8% due 23 2.42 -0.39 5.30 100.15 2.06 0.32 -65 254 107 7.01 8.88 18.71
Pemex 4 7/8% due 22 1.00 0.60 4.15 101.00 0.63 0.37 -68 197 70 3.68 7.59 16.26
Pemex 4 7/8% due 24 2.56 -1.96 4.36 99.94 2.13 0.37 -61 270 114 10.14 12.26 22.35
Pemex 5 1/2% due 44 2.88 -9.44 -3.88 76.58 1.74 0.54 -42 231 158 13.44 25.24 42.46
Pemex 5 5/8% due 46 4.83 -8.87 -2.54 78.13 3.19 0.55 -56 224 146 17.21 27.02 42.83
Pemex 5.35% due 28 4.15 -4.54 1.56 91.00 3.28 0.40 -69 272 172 9.49 20.37 35.52
Pemex 5.95% due 31 5.14 — — 89.97 3.97 0.51 -75 — — 15.75 18.73 —
Pemex 6 1/2% due 27 3.89 -2.45 3.28 98.55 3.30 0.41 -67 263 161 8.51 16.50 31.61
Pemex 6 1/2% due 29 4.31 -5.02 0.84 95.37 3.47 0.52 -69 271 175 11.64 20.56 34.63
Pemex 6 1/2% due 41 3.43 -11.28 -3.41 83.28 2.31 0.56 -46 274 174 13.41 22.66 41.11
Pemex 6 3/4% due 47 2.85 -11.63 -4.07 83.12 1.86 0.55 -43 277 186 15.60 24.72 41.90
Pemex 6 3/8% due 45 3.53 -12.02 -5.36 81.16 2.29 0.60 -45 265 179 13.06 22.99 42.68
Pemex 6 5/8% due 15 Perp 2.06 -11.50 -4.85 78.08 1.08 0.64 -39 265 184 17.32 22.66 41.42
Pemex 6 5/8% due 35 3.83 -9.36 -2.92 87.97 2.78 0.55 -55 276 185 14.81 20.67 41.47
Pemex 6 7/8% due 26 2.85 -3.21 3.42 101.73 2.30 0.53 -54 279 156 5.97 15.80 30.29
Pemex 6.35% due 48 3.45 -12.51 -5.87 80.65 2.32 0.47 -44 260 177 16.11 26.16 41.66
Pemex 6.49% due 27 3.67 -3.35 — 98.51 3.01 0.51 -66 277 — 8.07 16.73 —
Pemex 6.84% due 30 4.66 -5.54 — 96.40 3.79 0.54 -72 272 — 11.29 18.27 —
Pemex 6.95% due 60 2.17 — — 83.12 1.24 0.65 -36 — — 18.02 23.34 —
Pemex 7.69% due 50 2.67 -13.90 — 89.17 1.74 0.66 -42 286 — 15.13 23.46 —
Pemex FRN due 22 1.16 -2.23 2.87 98.70 0.83 0.32 -35 294 113 3.30 6.39 16.74
UMS 3 1/4% due 30 1.21 — — 103.40 1.00 0.23 -27 — — 5.19 7.74 —
UMS 3 3/4% due 28 1.14 6.60 7.33 108.19 0.94 0.27 -22 67 36 4.20 5.69 15.47
UMS 3 5/8% due 22 0.65 4.08 4.94 104.88 0.41 0.26 -44 -43 -64 1.60 2.62 4.79
UMS 3.6% due 25 1.81 6.25 8.46 108.88 1.66 0.26 -42 39 -13 3.00 3.74 9.88
UMS 3.9% due 25 2.01 — — 110.30 1.90 0.26 -48 — — 2.38 3.89 —
UMS 4 1/2% due 29 0.70 5.23 6.02 112.28 0.44 0.30 -19 87 52 4.61 6.67 16.50
UMS 4 1/2% due 50 -1.26 3.65 6.10 109.16 -1.75 0.32 -16 95 45 14.18 15.33 32.05
UMS 4 1/8% due 26 1.38 7.06 8.86 111.55 1.20 0.29 -30 37 -6 2.51 4.26 11.53
UMS 4 3/4% due 32 0.13 — — 114.47 -0.22 0.32 -16 — — 6.57 8.93 —
UMS 4 3/4% due 44 -0.95 4.37 5.71 112.28 -1.47 0.35 -14 92 52 12.14 13.69 27.44
15



Mexico UMS 4% due 23 1.26 6.00 6.58 108.94 1.06 0.27 -42 -1 -21 2.50 2.73 7.86
UMS 4.15% due 27 1.59 6.69 8.18 111.40 1.45 0.27 -33 59 20 4.02 5.58 14.05
UMS 4.35% due 47 -0.91 4.13 5.89 106.78 -1.32 0.32 -18 95 49 14.08 14.91 28.73
UMS 4.6% due 46 -0.63 4.57 5.84 110.25 -1.06 0.33 -18 92 49 12.50 14.87 27.64
UMS 4.6% due 48 -1.23 3.02 4.36 109.78 -1.66 0.26 -16 100 57 13.78 15.12 29.50
UMS 5 3/4% due 2110 2.09 7.12 8.85 122.09 2.09 0.34 -33 86 42 14.75 13.45 29.51
UMS 5% due 51 -1.19 — — 115.30 -1.80 0.35 -18 — — 14.10 14.76 —
UMS 5.55% due 45 -0.86 3.87 5.53 124.28 -1.52 0.35 -16 97 56 11.38 11.92 26.45
UMS 6 3/4% due 34 -0.45 3.22 5.71 136.69 -1.16 0.39 -13 101 51 8.10 9.99 18.16
UMS 6.05% due 40 -0.26 2.09 5.46 128.72 -0.81 0.37 -18 115 58 10.74 10.61 23.68
UMS 7 1/2% due 33 0.14 3.84 6.49 141.78 -0.38 0.41 -15 101 51 10.07 11.46 17.44
UMS 8% due 22 0.89 1.47 5.03 113.09 0.41 0.53 -41 80 -46 12.48 9.07 6.13
UMS 8.3% due 31 -0.23 1.72 4.75 145.84 -0.97 0.43 -12 123 65 10.77 11.95 15.60
Malaysia 1MDB Global Investments 4.4% due 23 1.70 6.29 9.50 100.38 1.38 0.31 -60 38 -34 6.40 11.22 29.14
Ex Im Bk 2.48% due 21 0.59 3.00 3.88 101.53 0.41 0.19 -41 10 2 2.37 4.28 4.07
Petronas 3 1/2% due 25 0.24 6.66 6.46 109.56 0.00 0.25 -4 28 17 3.19 2.72 5.45
Petronas 3 1/2% due 30 0.28 — — 113.64 0.05 0.24 -13 — — 7.25 7.28 —
Petronas 3 1/8% due 22 0.26 3.23 4.06 102.96 0.02 0.23 -14 20 7 2.27 2.39 3.15
Petronas 4 1/2% due 45 -2.96 11.41 5.42 129.75 -4.38 0.31 -3 53 51 11.81 13.80 24.74
Petronas 4.55% due 50 -3.48 — — 131.63 -5.16 0.30 -6 — — 17.13 14.68 —
Petronas 4.8% due 60 -4.45 — — 143.75 -7.15 0.30 -2 — — 17.87 18.44 —
Petronas 7 5/8% due 26 0.67 8.78 7.77 136.21 0.33 0.42 -15 9 6 1.83 3.40 6.33
Petronas 7 7/8% due 22 0.20 3.43 4.11 111.37 -0.38 0.55 -11 20 8 1.44 1.72 2.68
Republic Sukuk 4.08% due 46 -3.55 9.19 4.70 125.63 -5.00 0.28 2 60 51 13.49 13.93 20.10
Republic Sukuk 4.236% due 45 -3.51 9.22 4.75 127.88 -5.03 0.29 -3 61 51 12.62 13.57 19.28
Mozambique Mozambique International 5% due 31 0.60 -5.65 — 84.50 0.13 0.45 -9 270 — 14.50 15.70 —
Namibia Republic 5 1/2% due 21 1.63 1.03 3.66 101.00 1.22 0.40 -172 136 51 2.86 3.22 8.94
Republic 5 1/4% due 25 1.48 1.31 6.39 101.38 1.09 0.38 -22 187 89 2.80 6.06 11.38
Nigeria Republic 6 1/2% due 27 4.59 1.38 6.23 98.88 3.91 0.46 -82 184 103 7.62 11.61 24.17
Republic 6 3/8% due 23 1.12 0.95 4.50 103.47 0.66 0.48 -38 202 119 3.53 5.75 18.66
Republic 7 5/8% due 25 3.10 0.83 4.01 105.78 2.66 0.52 -68 216 155 5.52 9.17 28.83
Republic 7 5/8% due 47 4.69 3.16 7.23 94.97 3.75 0.56 -60 132 79 10.05 18.62 35.60
Republic 7 7/8% due 32 5.24 2.33 5.81 101.00 4.66 0.39 -82 153 99 10.71 15.00 34.12
Republic 7.143% due 30 5.45 3.24 7.24 100.53 4.78 0.44 -88 142 81 8.41 12.41 25.54
Republic 7.696% due 38 4.56 1.65 4.68 96.88 3.75 0.51 -63 149 102 9.51 15.46 34.19
Republic 8.747% due 31 5.87 2.89 6.10 107.59 5.34 0.62 -91 155 105 10.06 13.26 28.73
Republic 9.248% due 49 4.26 1.44 5.72 106.81 3.69 0.66 -57 149 94 8.96 17.46 35.59
Oman Mazoon Assets Sukuk 5.2% due 27 1.21 0.63 4.00 97.31 0.78 0.40 -17 180 127 3.16 10.28 21.73
Oman Government 3 7/8% due 22 0.61 0.28 3.62 99.09 0.31 0.29 -22 234 128 3.61 4.16 10.11
Oman Government 4 1/8% due 23 0.64 -1.32 3.04 98.44 0.31 0.32 -10 290 170 3.13 5.99 10.50
Oman Government 6% due 29 3.75 -2.26 4.63 98.00 3.09 0.47 -61 213 108 5.31 13.37 24.62
Oman Government Sukuk 4.397% due 24 1.72 2.19 4.68 100.25 1.38 0.33 -44 148 95 3.86 6.22 11.97
Oman Government Sukuk 5.932% due 25 2.20 2.16 6.43 106.34 1.88 0.40 -44 160 77 3.29 4.53 10.59
Panama Aeropuerto Internacional 5 5/8% due 36 1.21 -2.05 -1.56 111.19 0.91 0.38 -28 184 149 1.49 5.31 26.61
Aeropuerto Internacional 6% due 48 0.91 -5.87 -7.64 111.44 0.55 0.41 -26 191 177 8.90 7.65 17.31
Banco Nacional de Panama 2 1/2% due 30 — — — 101.00 0.75 — — — — — — —
Empresa de 5 1/8% due 49 1.11 7.09 6.05 117.66 0.91 0.33 -29 82 52 11.58 11.69 13.25
Republic 3 3/4% due 25 -0.52 5.48 5.82 109.66 -0.88 0.27 10 54 33 3.26 3.23 6.87
Republic 3 7/8% due 28 -1.39 7.00 6.46 114.09 -1.94 0.28 14 57 34 4.07 4.53 11.72
Republic 3.16% due 30 -2.19 7.79 5.71 108.94 -2.69 0.23 14 53 44 6.85 6.23 13.77
Republic 3.87% due 60 -4.36 12.14 6.98 118.38 -5.72 0.26 -5 53 38 14.24 11.47 33.51
Republic 4 1/2% due 47 -3.15 10.72 7.33 128.38 -4.56 0.30 -3 55 38 12.40 9.95 22.80
Republic 4 1/2% due 50 -2.66 11.47 7.34 128.50 -3.91 0.30 -8 52 37 12.62 10.01 20.63
Republic 4 1/2% due 56 -3.05 — — 130.00 -4.50 0.31 -9 — — 14.11 11.59 —
Republic 4% due 24 -0.03 5.41 5.74 110.03 -0.34 0.28 -2 46 27 2.55 2.90 6.53
Republic 4.3% due 53 -3.35 11.20 6.72 126.09 -4.75 0.30 -7 56 40 12.70 10.80 23.59
Republic 6.7% due 36 -3.08 8.92 6.11 148.34 -5.25 0.35 12 51 44 7.82 7.77 15.07
Republic 7 1/8% due 26 -0.45 5.17 5.15 127.00 -1.13 0.44 6 67 48 3.25 3.15 6.77
Republic 8 7/8% due 27 -0.21 4.99 5.57 143.88 -1.00 0.48 -6 82 46 3.09 3.89 7.88
Republic 9 3/8% due 29 -0.91 6.05 6.33 155.13 -2.19 0.49 3 69 37 4.59 4.75 10.01
Peru Cofide 4 3/4% due 22 0.59 2.71 3.97 104.28 0.25 0.35 -33 48 14 2.67 2.25 3.55
Cofide 4 3/4% due 25 1.83 5.62 7.04 112.38 1.66 0.32 -43 60 25 2.20 2.61 9.33
Mivivienda 3 1/2% due 23 0.87 3.75 4.99 103.81 0.63 0.26 -32 52 24 2.84 2.73 5.26
Petroleos del 4 3/4% due 32 -2.90 5.45 3.89 112.25 -3.75 0.34 17 89 75 8.80 9.35 25.13
Petroleos del 5 5/8% due 47 -2.32 8.45 5.02 122.13 -3.36 0.37 -5 69 56 12.58 12.84 35.11
Republic 2.392% due 26 -0.95 — — 105.30 -1.20 0.18 15 — — 6.28 4.92 —
Republic 2.783% due 31 -2.00 — — 109.05 -2.45 0.20 7 — — 6.52 6.56 —
Republic 2.844% due 30 -1.86 8.23 6.77 109.78 -2.31 0.21 7 52 34 6.23 5.55 14.67
Republic 4 1/8% due 27 -1.22 6.53 5.42 116.59 -1.78 0.29 11 57 44 5.07 5.07 11.80
Republic 5 5/8% due 50 -3.26 15.35 11.63 164.44 -6.03 0.29 -5 30 12 9.46 8.29 19.78
Republic 6.55% due 37 -2.66 9.36 6.89 155.38 -4.84 0.37 5 48 34 7.25 6.22 16.52
Republic 7.35% due 25 -0.38 5.78 5.32 128.69 -1.06 0.45 4 43 34 2.56 2.90 9.02
Republic 8 3/4% due 33 -2.00 7.17 5.13 170.35 -4.20 0.42 6 66 51 5.94 5.86 13.43
Papua New Guinea Papua New 8 3/8% due 28 0.15 0.21 3.68 100.00 -0.50 0.65 -19 205 145 9.50 21.84 22.42
Philippines PSALM 7.39% due 24 1.23 5.15 6.42 125.50 0.97 0.45 -32 46 4 1.66 2.92 7.45
Republic 10 5/8% due 25 -0.12 5.51 6.09 142.03 -1.00 0.59 2 38 9 3.11 3.03 6.80
Republic 2.457% due 30 -2.55 — — 106.59 -3.00 0.19 17 — — 6.40 6.02 —
Republic 2.95% due 45 -5.48 — — 105.59 -6.41 0.26 8 — — 11.72 9.17 —
Republic 3 3/4% due 29 -2.47 6.51 4.81 115.16 -3.22 0.26 24 64 53 6.18 5.07 10.26
Republic 3% due 28 -2.39 6.67 5.31 108.87 -2.90 0.21 28 60 48 4.25 3.65 9.60
Republic 3.7% due 41 -4.30 3.99 1.20 115.34 -5.56 0.31 7 93 72 11.15 8.26 13.38
Republic 3.7% due 42 -4.63 4.50 1.28 116.00 -5.94 0.25 8 89 70 12.45 8.79 13.27
Republic 3.95% due 40 -4.25 5.22 1.50 117.88 -5.56 0.27 8 85 73 10.88 8.17 13.83
Republic 4.2% due 24 0.64 5.43 5.47 110.66 0.38 0.29 -23 24 7 2.47 2.57 5.65
Republic 5 1/2% due 26 -0.60 6.58 6.81 122.56 -1.19 0.36 11 43 18 3.21 3.04 8.52
Republic 5% due 37 -3.39 5.16 2.26 130.81 -5.00 0.30 9 87 74 8.27 6.64 11.00
Republic 6 3/8% due 32 -2.10 6.58 4.92 140.94 -3.53 0.36 10 70 55 5.82 4.72 10.77
Republic 6 3/8% due 34 -3.31 5.85 3.86 145.91 -5.56 0.38 14 80 64 7.42 6.42 10.58
Republic 7 1/2% due 24 0.17 5.29 5.49 119.75 -0.38 0.48 -9 14 -3 5.51 3.84 5.87
Republic 7 3/4% due 31 -1.90 6.48 5.57 152.09 -3.56 0.40 10 65 46 4.64 4.39 10.29
16



Philippines Republic 9 1/2% due 30 -1.55 6.78 5.08 164.31 -3.34 0.45 11 56 49 4.62 3.92 11.97
Pakistan Republic 6 7/8% due 27 5.90 4.13 10.47 103.38 5.31 0.45 -100 135 33 5.48 8.79 13.63
Republic 8 1/4% due 24 4.89 3.75 8.68 109.13 4.59 0.48 -147 164 59 4.94 6.90 12.09
Republic 8 1/4% due 25 5.28 4.51 9.84 110.22 5.06 0.45 -113 143 47 4.05 7.84 13.57
Republic Sukuk 5 1/2% due 21 1.81 2.89 6.05 101.13 1.41 0.39 -134 102 11 2.19 4.92 4.28
Poland Republic 3 1/4% due 26 0.52 8.65 8.29 113.00 0.34 0.22 -16 4 -11 2.21 2.55 3.15
Republic 3% due 23 0.25 5.08 5.11 106.31 0.03 0.22 -10 -12 -12 1.89 2.15 2.69
Republic 4% due 24 0.10 6.24 6.13 111.31 -0.20 0.28 -5 -8 -12 0.98 1.18 2.94
Republic 5% due 22 -0.06 3.01 4.06 107.02 -0.45 0.36 11 19 -14 2.29 2.54 2.68
Paraguay Republic 4 5/8% due 23 -0.63 3.32 4.47 106.06 -1.03 0.34 43 65 40 3.06 3.36 9.93
Republic 4.7% due 27 1.27 7.75 8.85 114.72 1.09 0.30 -22 43 8 4.18 4.36 12.21
Republic 4.95% due 31 2.80 — — 116.44 2.84 0.30 -51 — — 8.36 7.27 —
Republic 5% due 26 0.85 7.32 9.10 115.09 0.59 0.33 -16 41 -3 4.18 4.29 9.68
Republic 5.4% due 50 1.47 13.66 13.88 126.00 1.44 0.31 -31 42 7 7.91 7.99 23.83
Republic 5.6% due 48 1.60 12.59 11.73 127.84 1.63 0.31 -29 43 15 7.69 7.81 19.71
Republic 6.1% due 44 0.87 12.23 11.68 133.63 0.78 0.29 -29 42 13 6.09 8.39 17.99
Qatar Republic 3 1/4% due 26 -0.47 6.95 6.16 110.22 -0.78 0.23 5 43 28 3.46 3.72 8.15
Republic 3 3/4% due 30 -1.02 — — 116.12 -1.51 0.26 -1 — — 5.20 5.07 —
Republic 3 3/8% due 24 -0.39 5.03 4.96 107.72 -0.69 0.25 -18 11 2 2.22 2.86 5.13
Republic 3 7/8% due 23 -0.18 4.37 4.80 107.47 -0.50 0.28 7 21 11 1.58 2.20 5.08
Republic 3.4% due 25 -0.66 — — 109.32 -0.99 0.25 12 — — 2.96 3.20 —
Republic 4 1/2% due 28 -0.86 7.19 6.18 119.72 -1.41 0.30 5 49 39 4.06 4.49 10.20
Republic 4 5/8% due 46 -2.60 12.20 7.89 133.09 -3.94 0.29 -8 45 33 11.03 9.61 19.72
Republic 4% due 29 -1.22 7.12 6.09 116.98 -1.78 0.28 7 58 41 4.64 4.98 12.01
Republic 4.4% due 50 -3.95 — — 129.75 -5.75 0.30 -2 — — 14.94 13.36 —
Republic 4.817% due 49 -3.71 13.59 10.59 137.13 -5.75 0.32 -2 40 19 12.17 10.98 22.42
Republic 5 3/4% due 42 -1.95 11.95 7.85 149.63 -3.44 0.30 -9 40 30 8.25 7.59 21.64
Republic 5.103% due 48 -3.66 12.97 10.33 141.38 -5.84 0.32 -2 42 20 11.28 10.46 22.27
Republic 6.4% due 40 -2.36 10.24 7.14 155.88 -4.28 0.32 -8 44 30 5.65 6.11 23.20
Republic 9 3/4% due 30 -1.21 6.71 5.62 168.72 -2.84 0.46 -12 45 31 4.29 4.21 11.12
Republic Sukuk 3.241% due 23 -0.06 3.75 4.19 105.09 -0.31 0.24 1 36 23 2.23 2.57 4.49
Romania Republic 3% due 31 -1.36 — — 100.25 -1.63 0.24 -2 — — 6.92 — —
Republic 4 3/8% due 23 0.36 3.75 5.19 107.78 0.06 0.30 -11 66 26 4.24 3.44 7.46
Republic 4 7/8% due 24 -0.17 2.93 4.67 110.03 -0.56 0.34 7 97 46 4.04 3.67 7.58
Republic 4% due 51 -3.85 — — 101.00 -4.38 0.32 -1 — — 10.74 — —
Republic 5 1/8% due 48 -3.80 6.32 6.31 118.53 -5.13 0.36 1 82 45 10.69 11.83 17.84
Republic 6 1/8% due 44 -2.94 5.09 5.16 132.03 -4.50 0.37 0 92 55 8.73 9.46 21.42
Republic 6 3/4% due 22 0.24 2.41 3.55 107.66 -0.25 0.48 -1 66 30 2.87 2.54 4.52
Russia GTLK Europe Ltd 5 1/8% due 24 1.57 4.37 7.78 105.59 1.25 0.36 -40 90 19 3.07 2.75 6.27
GTLK Europe Ltd 5.95% due 25 1.58 3.60 9.20 108.16 1.25 0.40 -33 129 19 2.64 3.11 7.61
Gtlk Europe 4.65% due 27 0.85 — — 100.38 0.50 0.34 -8 — — 3.91 3.52 —
Gtlk Europe 4.949% due 26 1.09 3.04 — 103.13 0.75 0.35 -15 137 — 2.99 3.30 —
Republic 12 3/4% due 28 0.44 5.09 9.52 172.53 -0.22 0.57 -9 84 -5 5.06 4.16 8.53
Republic 4 1/2% due 22 -0.29 2.77 3.34 104.88 -0.66 0.34 16 39 35 1.67 1.97 3.61
Republic 4 1/4% due 27 0.51 6.08 10.15 113.00 0.25 0.29 -14 69 -9 3.44 3.41 9.77
Republic 4 3/4% due 26 0.02 5.90 9.51 115.10 -0.35 0.32 -3 66 -12 4.16 3.58 8.01
Republic 4 3/8% due 29 0.44 6.08 11.22 114.87 0.17 0.29 -16 77 -10 5.28 5.04 12.34
Republic 4 7/8% due 23 0.10 4.55 5.94 110.78 -0.27 0.34 3 43 8 2.52 2.34 5.17
Republic 5 1/4% due 47 -0.07 11.83 18.88 136.25 -0.50 0.30 -23 48 -26 16.20 13.52 21.67
Republic 5 5/8% due 42 -0.25 6.73 14.78 135.94 -0.78 0.33 -20 79 -8 14.22 11.43 21.29
Republic 5 7/8% due 43 -0.10 7.50 15.15 141.00 -0.59 0.33 -21 74 -9 13.75 11.51 22.38
Republic 5.1% due 35 -0.08 7.10 14.86 124.50 -0.50 0.32 -16 72 -23 7.56 8.40 16.10
Republic Step-Up due 30 -0.34 4.25 5.26 114.72 -0.98 0.52 12 53 28 8.11 5.02 8.07
Russian Agric Bank 8 1/2% due 23 0.57 6.60 9.25 113.00 0.00 0.57 -13 43 -1 0.44 9.46 12.80
Russian Railways 5.7% due 22 0.21 2.50 4.68 106.13 -0.22 0.41 -25 54 -22 2.72 2.63 4.89
SCF Capital 5 3/8% due 23 0.44 3.33 7.29 107.34 0.06 0.39 -13 77 -29 2.40 3.32 4.38
VEB Finance 5.942% due 23 0.66 3.91 8.31 111.50 0.28 0.41 -18 82 -31 2.53 2.54 6.83
VEB Finance 6.025% due 22 0.41 2.92 5.90 107.00 -0.03 0.44 -18 76 -14 2.89 3.05 7.94
VEB Finance 6.8% due 25 1.22 4.47 10.83 120.25 0.94 0.43 -23 101 -31 3.03 2.47 9.07
Saudi Arabia Kingdom 2 1/2% due 27 -0.91 — — 103.85 -1.15 0.19 7 — — 2.50 4.50 —
Kingdom 2 3/4% due 32 -2.61 — — 103.75 -3.00 0.21 9 — — 5.66 6.83 —
Kingdom 2 7/8% due 23 -0.37 4.42 3.97 104.19 -0.61 0.22 12 20 32 1.46 2.53 4.55
Kingdom 2.9% due 25 -0.86 — — 106.10 -1.15 0.22 15 — — 2.90 3.51 —
Kingdom 3 1/4% due 26 -1.13 7.01 5.49 108.25 -1.50 0.24 11 47 48 3.90 4.56 7.08
Kingdom 3 1/4% due 30 -2.01 — — 108.25 -2.50 0.25 12 — — 5.76 7.01 —
Kingdom 3 3/4% due 55 -5.38 — — 108.88 -6.50 0.27 3 — — 15.68 15.63 —
Kingdom 3 5/8% due 28 -0.99 7.25 5.64 110.66 -1.41 0.27 7 54 48 3.49 4.60 8.69
Kingdom 4 1/2% due 30 -1.60 8.03 6.13 119.19 -2.31 0.31 11 53 44 4.59 5.70 10.61
Kingdom 4 1/2% due 46 -4.42 11.95 8.22 120.63 -6.00 0.34 5 50 35 13.28 13.20 23.31
Kingdom 4 1/2% due 60 -4.36 — — 124.65 -6.10 0.33 -3 — — 13.97 15.15 —
Kingdom 4 3/8% due 29 -1.09 7.83 5.87 117.47 -1.66 0.30 4 52 47 3.57 4.43 8.96
Kingdom 4 5/8% due 47 -4.46 12.02 8.28 122.63 -6.18 0.35 6 59 34 12.49 12.94 23.73
Kingdom 4% due 25 -0.74 5.44 5.54 110.85 -1.15 0.29 16 58 40 2.92 3.14 6.13
Kingdom 5 1/4% due 50 -4.26 11.78 9.13 135.50 -6.47 0.31 2 49 27 13.94 13.31 22.52
Kingdom 5% due 49 -4.55 12.42 8.87 130.34 -6.69 0.35 4 49 31 12.10 12.40 23.46
Kingdom Sukuk 2.894% due 22 -0.15 3.47 3.63 102.97 -0.38 0.22 11 12 17 0.75 1.95 4.16
Kingdom Sukuk 2.969% due 29 -1.35 8.18 — 106.15 -1.70 0.23 5 49 — 3.53 4.57 —
Slovakia Republic 4 3/8% due 22 -0.03 4.32 4.84 106.34 -0.38 0.32 -18 -66 -61 2.58 2.56 3.80
Senegal Republic 6 1/4% due 24 1.33 -1.35 3.23 105.16 0.91 0.46 -31 252 146 3.04 4.97 9.58
Republic 6 1/4% due 33 4.61 2.04 10.67 102.88 4.13 0.42 -67 146 33 5.74 9.76 14.74
Republic 6 3/4% due 48 5.29 3.42 11.48 99.38 4.63 0.39 -62 120 33 7.46 10.79 18.43
Suriname Republic 9 1/4% due 26 8.58 -16.49 -24.94 55.72 3.94 0.90 -72 933 1176 13.81 41.46 54.96
El Salvador Republic 5 7/8% due 25 4.23 -7.33 -2.12 93.97 3.38 0.48 -95 414 305 7.83 15.73 18.16
Republic 6 3/8% due 27 5.52 -8.70 -3.19 92.94 4.41 0.52 -89 381 280 15.42 17.39 19.49
Republic 7 1/8% due 50 4.74 -14.62 -9.04 86.00 3.38 0.63 -57 285 206 9.75 21.66 30.25
Republic 7 3/4% due 23 3.06 -3.58 -0.50 100.47 2.41 0.59 -99 439 359 4.03 10.56 15.46
Republic 7 5/8% due 41 5.55 -14.68 -6.91 92.03 4.28 0.64 -72 310 212 9.86 21.06 26.77
Republic 7.65% due 35 5.54 -13.01 -5.61 93.59 4.41 0.57 -79 326 223 15.83 22.33 27.08
Republic 8 1/4% due 32 3.81 -12.38 -5.47 97.59 3.06 0.56 -55 372 269 6.71 18.26 21.43
Republic 8 5/8% due 29 5.11 -10.10 -4.55 102.44 4.50 0.50 -79 369 275 12.35 18.48 20.03
Republic 9 1/2% due 52 3.31 — — 103.69 2.63 0.70 -41 — — 7.36 — —
Tajikistan Republic of 7 1/8% due 27 0.20 11.58 2.87 85.28 -0.38 0.64 16 74 234 5.44 14.08 20.06
Tunisia Banque de Tunisie 5 3/4% due 25 2.46 4.66 8.60 93.47 1.81 0.48 -41 161 88 4.07 9.53 15.04
Turkey Eximbank 4 1/4% due 22 0.83 0.32 7.53 95.28 0.47 0.33 -26 283 87 7.41 5.74 13.57
Eximbank 5 3/8% due 23 -0.09 -1.55 6.83 94.16 -0.50 0.45 18 329 130 7.35 5.55 11.02
Eximbank 6 1/8% due 24 1.03 -1.58 8.24 95.50 0.52 0.48 -7 314 95 22.66 14.16 14.55
Eximbank 8 1/4% due 24 0.66 -1.31 7.60 101.81 0.03 0.63 3 316 108 8.30 6.27 11.65
17



Turkey Republic 11 7/8% due 30 3.37 -1.43 8.39 133.16 3.47 0.68 -54 224 75 14.45 13.96 17.23
Republic 3 1/4% due 23 2.34 0.71 7.17 94.50 1.94 0.24 -97 225 62 8.51 7.25 9.68
Republic 4 1/4% due 25 2.56 — — 92.13 2.03 0.30 -55 — — 11.56 10.69 —
Republic 4 1/4% due 26 4.23 0.16 8.58 90.44 3.41 0.30 -82 222 75 12.65 12.32 15.66
Republic 4 7/8% due 26 3.73 0.43 8.54 92.09 3.00 0.35 -71 214 75 11.64 11.97 17.05
Republic 4 7/8% due 43 3.37 -1.79 8.13 77.78 2.22 0.42 -45 163 61 17.75 19.28 23.71
Republic 5 1/4% due 30 4.99 — — 89.81 4.00 0.32 -76 — — 16.81 16.14 —
Republic 5 1/8% due 22 2.37 1.18 6.20 99.97 1.97 0.36 -131 235 75 5.85 5.76 7.03
Republic 5 1/8% due 28 4.11 -0.77 8.09 91.66 3.28 0.39 -68 208 72 14.57 13.72 17.27
Republic 5 3/4% due 24 3.37 0.21 7.14 98.47 2.84 0.38 -92 255 98 9.98 9.16 12.34
Republic 5 3/4% due 47 4.22 -2.50 7.36 81.91 2.94 0.48 -51 172 69 22.48 22.65 26.87
Republic 5.6% due 24 2.62 -0.72 — 97.28 2.09 0.41 -59 251 — 9.88 9.22 —
Republic 6 1/4% due 22 2.20 0.88 6.38 101.00 1.75 0.43 -91 260 95 7.03 6.71 8.66
Republic 6 1/8% due 28 4.30 -0.15 9.09 96.66 3.59 0.42 -74 202 64 14.33 14.39 17.85
Republic 6 3/4% due 40 4.23 -3.20 6.67 92.78 3.31 0.51 -55 188 77 18.95 19.18 22.69
Republic 6 5/8% due 45 3.52 -4.33 6.20 89.91 2.66 0.46 -39 190 79 20.09 21.34 26.06
Republic 6 7/8% due 36 4.40 -2.12 7.95 96.28 3.66 0.44 -49 193 75 15.31 17.51 24.28
Republic 6% due 27 3.59 -0.15 8.12 96.56 2.97 0.40 -65 224 85 13.03 11.95 15.92
Republic 6% due 41 4.04 -3.30 7.69 86.09 2.91 0.53 -52 182 63 19.14 19.30 23.62
Republic 6.35% due 24 2.84 -0.22 6.86 100.06 2.22 0.56 -67 255 99 10.69 9.36 12.58
Republic 7 1/4% due 23 3.92 0.50 7.08 103.75 3.41 0.51 -118 235 79 8.26 8.31 11.02
Republic 7 1/4% due 38 2.62 -3.08 6.02 98.16 2.03 0.49 -33 193 85 15.45 16.92 23.21
Republic 7 3/8% due 25 2.84 -0.45 7.54 103.94 2.31 0.55 -63 248 84 11.26 10.44 13.95
Republic 7 5/8% due 29 3.27 -1.08 8.94 103.94 2.78 0.51 -56 218 67 14.99 14.58 18.27
Republic 8% due 34 2.61 -3.37 6.32 105.41 2.16 0.51 -37 211 85 14.28 15.62 21.33
Republic Sukuk 4.489% due 24 0.30 -1.21 4.72 93.66 -0.06 0.37 6 267 143 5.05 4.95 9.32
Republic Sukuk 5.004% due 23 0.24 -0.27 4.05 97.22 -0.16 0.40 8 290 184 3.17 3.93 7.64
Republic Sukuk 5.8% due 22 0.09 0.43 4.18 99.72 -0.38 0.47 22 290 185 2.86 3.35 5.05
TC Ziraat Bankasi AS 5 1/8% due 22 0.15 0.30 7.71 96.47 -0.25 0.41 17 318 80 5.37 4.13 8.01
TC Ziraat Bankasi AS 5 1/8% due 23 0.12 -1.00 8.35 93.31 -0.28 0.42 10 316 91 8.58 6.04 17.04
Trinidad & Tobago Republic 4 1/2% due 26 1.23 -0.75 4.53 102.97 0.91 0.34 -20 192 89 5.48 9.10 14.00
Republic 4 1/2% due 30 2.32 — — 99.91 1.94 0.34 -27 — — 5.24 — —
Republic 4 3/8% due 24 0.79 -0.52 2.88 102.59 0.47 0.33 -24 209 112 3.20 9.48 11.94
Trinidad Generation 5 1/4% due 27 1.44 -1.27 4.09 100.00 1.03 0.39 -29 244 142 6.63 14.38 20.95
Trinidad Petroleum 9 3/4% due 26 4.87 3.95 4.83 108.38 4.38 0.64 -101 188 187 8.90 20.22 17.85
Ukraine NAK Naftogaz 7 5/8% due 26 1.23 1.48 — 97.50 0.63 0.59 -13 207 — 2.81 9.62 —
Republic 7 3/4% due 22 EXCH 1.73 2.51 6.59 105.10 1.25 0.52 -80 167 61 3.66 6.70 12.96
Republic 7 3/8% due 32 3.70 0.88 7.01 101.15 3.15 0.47 -55 190 107 7.85 16.85 26.19
Republic 7.253% due 33 3.91 — — 99.97 3.22 0.56 -54 — — 9.82 — —
Republic 8.994% due 24 2.25 2.38 6.68 108.97 1.72 0.64 -60 187 100 4.51 9.90 19.48
Republic 9 3/4% due 28 3.22 0.20 6.11 114.35 2.91 0.59 -55 224 126 7.78 14.98 24.41
Ukraine Railways 8 1/4% due 24 3.18 0.51 7.67 101.72 2.53 0.61 -50 276 124 4.29 7.03 16.24
Ukreximbank 9 3/4% due 25 0.97 3.28 7.12 103.50 0.25 0.73 -35 188 100 3.72 5.82 18.32
Uruguay Republic 4 1/2% due 24 0.03 4.46 5.44 110.03 -0.31 0.31 1 30 -4 2.60 3.07 7.06
Republic 4 1/8% due 45 -1.63 15.62 13.58 121.06 -2.34 0.28 -14 28 2 9.76 10.16 24.77
Republic 4 3/8% due 27 -1.18 7.94 8.75 116.16 -1.75 0.30 17 29 -8 4.30 5.22 10.05
Republic 4 3/8% due 31 -1.94 9.77 10.36 119.94 -2.72 0.29 12 29 -9 5.93 6.34 12.41
Republic 4.975% due 55 -1.04 19.45 16.06 137.16 -1.84 0.29 -20 13 -6 10.29 10.58 23.64
Republic 5.1% due 50 -0.96 18.23 15.78 138.34 -1.75 0.29 -20 13 -9 10.10 10.08 23.08
Republic 7 5/8% due 36 -0.75 10.74 9.97 157.72 -1.81 0.39 -11 40 17 6.15 6.71 15.94
Republic 7 7/8% due 33 -0.93 8.66 8.00 156.16 -2.09 0.39 -4 50 24 5.50 6.35 13.98
Uzbekistan Republic of Uzbekistan 4 3/4% due 24 0.23 2.88 4.87 106.00 -0.13 0.34 -4 115 62 1.90 3.22 9.58
Republic of Uzbekistan 5 3/8% due 29 0.04 4.73 7.34 112.72 -0.38 0.37 -8 98 41 3.19 4.03 13.60
Venezuela PDVSA 12 3/4% due 22 14.58 -64.52 -78.00 2.75 0.35 0.00 4896 19601 45023 35.12 48.96 85.96
PDVSA 5 1/2% due 37 14.58 -64.52 -78.00 2.75 0.35 0.00 2005 23593 25321 35.12 48.96 84.70
PDVSA 5 3/8% due 27 14.58 -64.52 -78.00 2.75 0.35 0.00 1736 21633 23210 35.12 42.80 84.35
PDVSA 6% due 24 14.58 -64.52 -78.00 2.75 0.35 0.00 2429 27019 30284 35.12 39.75 84.58
PDVSA 6% due 26 14.58 -64.52 -78.00 2.75 0.35 0.00 1122 18560 20347 35.12 49.46 87.27
PDVSA 8 1/2% due 20 10.00 -38.89 -73.17 11.00 1.00 0.00 1102 16336 22716 32.89 42.15 57.26
PDVSA 9 3/4% due 35 14.58 -64.52 -78.00 2.75 0.35 0.00 8562 49469 48668 35.12 48.96 86.51
PDVSA 9% due 21 14.58 -64.52 -78.00 2.75 0.35 0.00 15074 66323 80957 35.12 42.26 95.73
Republic 11 3/4% due 26 7.69 -39.13 -51.72 7.00 0.50 0.00 2724 17248 17673 17.63 21.15 63.66
Republic 11.95% due 31 7.69 -39.13 -51.72 7.00 0.50 0.00 453 2941 8566 17.63 21.15 63.66
Republic 12 3/4% due 22 7.69 -39.13 -51.72 7.00 0.50 0.00 -35800 -22098 6096 17.63 21.15 63.66
Republic 6% due 20 7.69 -39.13 -51.72 7.00 0.50 0.00 3005 25699 16983 17.63 21.15 63.66
Republic 7 3/4% due 19 7.69 -39.13 -51.72 7.00 0.50 0.00 -29034 7741 -6988 17.63 21.15 63.66
Republic 7% due 38 7.69 -39.13 -51.72 7.00 0.50 0.00 292 7759 8310 17.63 21.15 64.03
Republic 7.65% due 25 7.69 -39.13 -51.72 7.00 0.50 0.00 385 7561 8287 17.63 21.15 63.66
Republic 8 1/4% due 24 7.69 -39.13 -51.72 7.00 0.50 0.00 683 9217 10023 17.63 21.15 63.66
Republic 9 1/4% due 27 7.69 -39.13 -51.72 7.00 0.50 0.00 2267 15487 16053 17.63 21.15 63.66
Republic 9 1/4% due 28 12.00 -39.13 -51.72 7.00 0.75 0.00 -44 9557 10090 21.43 21.15 63.66
Republic 9 3/8% due 34 7.69 -39.13 -51.72 7.00 0.50 0.00 217 3358 7274 17.63 21.15 63.66
Republic 9% due 23 7.69 -39.13 -51.72 7.00 0.50 0.00 1020 11606 12880 17.63 21.15 63.66
Vietnam Republic 4.8% due 24 1.39 5.42 7.66 111.83 1.18 0.32 -39 46 -9 2.28 3.02 9.73
South Africa Eskom 6 3/4% due 23 0.54 -1.87 -0.22 95.38 0.00 0.54 9 368 354 7.58 10.86 20.82
Eskom Holdings 6.35% due 28 2.88 -0.57 0.46 102.50 2.41 0.47 -95 152 121 8.35 10.01 20.48
Eskom Holdings 7 1/8% due 25 -0.27 -3.46 -1.84 94.00 -0.81 0.59 29 352 334 7.74 11.42 20.39
Eskom Holdings 8.45% due 28 -0.41 -6.31 -5.18 95.88 -1.03 0.67 3 320 300 10.62 14.18 28.17
Republic 4 7/8% due 26 1.72 1.45 2.56 102.13 1.38 0.35 -38 167 139 4.05 7.07 11.68
Republic 4.3% due 28 1.76 0.73 0.60 95.38 1.34 0.33 -34 168 150 5.70 11.95 24.44
Republic 4.665% due 24 0.84 1.92 2.95 103.50 0.50 0.35 -19 151 125 3.37 6.26 9.19
Republic 4.85% due 27 1.58 0.58 1.40 100.38 1.22 0.35 -31 175 147 3.96 10.47 14.27
Republic 4.85% due 29 2.25 1.27 — 97.59 1.81 0.35 -38 158 — 4.22 11.39 —
Republic 5 3/4% due 49 1.11 -3.65 — 89.41 0.56 0.48 -28 170 — 8.08 17.22 —
Republic 5 3/8% due 44 1.47 -3.34 -8.13 88.75 0.88 0.47 -35 160 168 7.29 16.62 22.11
Republic 5 7/8% due 22 0.19 2.00 4.01 105.38 -0.25 0.43 -14 97 41 2.36 3.52 4.84
Republic 5 7/8% due 25 0.99 1.02 2.48 107.50 0.63 0.40 -24 173 138 2.65 6.20 10.84
Republic 5 7/8% due 30 2.50 0.79 0.88 104.88 2.13 0.42 -44 158 137 6.01 11.54 20.69
Republic 5% due 46 1.82 -3.96 -8.86 84.38 1.16 0.43 -33 169 175 8.86 16.29 21.32
Republic 5.65% due 47 1.69 -2.90 -8.34 90.00 1.09 0.45 -33 164 177 8.00 17.36 26.02
Republic 6 1/4% due 41 1.78 -3.32 -6.80 99.75 1.31 0.44 -34 173 174 5.90 12.38 20.90
Republic 6.3% due 48 2.11 -4.44 -9.24 96.72 1.53 0.49 -35 173 182 7.02 16.00 25.63
Transnet 4% due 22 0.40 0.54 2.76 99.41 0.09 0.31 -8 213 154 4.19 4.96 8.23
Zambia Republic 5 3/8% due 22 -5.35 -16.22 -11.11 52.13 -3.50 1.01 506 2133 2145 15.18 23.83 56.93
Republic 8 1/2% due 24 -5.07 -13.36 -8.17 52.25 -3.63 1.52 285 1259 1244 15.38 24.53 56.45
Republic 8.97% due 27 -6.82 -16.23 -10.37 52.03 -4.56 1.35 180 844 791 18.65 24.25 55.43
18


Index instruments: Composition and statistics
Composition Composition Composition
EMBI Global EMBI Global Diversified EMBI+ Liquidity To Maturity Statistics To Worst Statistics
Face Mkt Face Mkt Face Mkt Avg IR Avg IR
O/S Cap Wghts alloc. Cap Wghts O/S Cap Wghts 1-mo EMBI+ Yield Sprd life Dur Yield Sprd life Dur
August 31, 2020 (US$ mm) (US$ mm) (%) (US$ mm) (US$ mm) (%) (US$ mm) (US$ mm) (%) bid/ask ranking (%) (bps) (yrs) (yrs) (%) (bps) (yrs) (yrs)
UAE AHB Sukuk Co 4 3/8% due 23 500 549 0.04 178 195 0.03 — — — 0.833 — 1.54 139 3.05 2.82 1.54 139 3.05 2.82
Abu Dhabi 2 1/2% due 22 3,000 3,132 0.25 1,065 1,112 0.16 — — — 0.517 — 0.46 33 2.11 2.04 0.46 33 2.11 2.04
Abu Dhabi 2 1/2% due 25 3,000 3,204 0.26 1,065 1,138 0.16 — — — 0.536 — 1.03 80 4.62 4.35 1.03 80 4.62 4.35
Abu Dhabi 2 1/2% due 29 3,000 3,241 0.26 1,065 1,151 0.16 — — — 0.750 — 1.58 96 9.08 8.15 1.58 96 9.08 8.15
Abu Dhabi 2 1/8% due 24 3,000 3,146 0.25 1,065 1,117 0.16 — — — 0.500 — 1.00 81 4.08 3.88 1.00 81 4.08 3.88
Abu Dhabi 3 1/8% due 26 2,500 2,779 0.22 888 987 0.14 — — — 0.573 — 1.18 85 5.67 5.20 1.18 85 5.67 5.20
Abu Dhabi 3 1/8% due 27 4,000 4,494 0.36 1,421 1,596 0.22 — — — 0.875 — 1.35 87 7.11 6.40 1.35 87 7.11 6.40
Abu Dhabi 3 1/8% due 30 3,000 3,399 0.27 1,065 1,207 0.17 — — — 0.500 — 1.70 105 9.62 8.39 1.70 105 9.62 8.39
Abu Dhabi 3 1/8% due 49 4,000 4,353 0.35 1,421 1,546 0.22 — — — 0.750 — 2.71 136 29.08 19.83 2.71 136 29.08 19.83
Abu Dhabi 3 7/8% due 50 4,000 4,944 0.40 1,421 1,756 0.25 — — — 0.750 — 2.74 140 29.62 19.13 2.74 140 29.62 19.13
Abu Dhabi 4 1/8% due 47 3,000 3,843 0.31 1,065 1,365 0.19 — — — 0.798 — 2.70 142 27.11 17.86 2.70 142 27.11 17.86
Abu Dhabi Crude Oil 3.65% due 29 837 959 0.08 297 341 0.05 — — — 4.592 — 1.88 126 9.17 7.93 1.88 126 9.17 7.93
Abu Dhabi Crude Oil 4.6% due 47 2,200 2,692 0.22 781 956 0.13 — — — 0.927 — 3.04 197 19.46 13.57 3.04 197 19.46 13.57
DAE Funding LLC 4 1/2% due 22 651 646 0.05 231 229 0.03 — — — 0.516 — 5.00 487 1.91 1.80 5.00 487 1.91 1.80
DAE Funding LLC 5% due 24 699 687 0.06 248 244 0.03 — — — 0.762 — 5.39 521 3.91 3.49 5.39 521 3.91 3.49
DIFC Investments Sukuk 4.325% due 24 700 731 0.06 249 260 0.04 — — — 1.013 — 3.19 300 4.19 3.79 3.19 300 4.19 3.79
DP World 3 3/4% due 30 500 522 0.04 178 185 0.03 — — — 1.012 — 3.10 247 9.41 7.98 3.09 248 9.16 7.80
DP World 3 7/8% due 29 1,000 1,052 0.08 355 374 0.05 — — — 1.000 — 3.13 254 8.88 7.55 3.13 254 8.88 7.55
DP World 4.7% due 49 500 532 0.04 178 189 0.03 — — — 1.381 — 4.33 307 29.08 16.16 4.33 308 28.58 16.03
DP World 4.848% due 28 1,000 1,146 0.09 355 407 0.06 — — — 0.769 — 2.99 245 8.07 6.69 2.99 245 8.07 6.69
DP World 5 5/8% due 48 1,300 1,555 0.12 462 552 0.08 — — — 1.350 — 4.43 321 28.06 15.16 4.43 321 28.06 15.16
DP World 6.85% due 37 1,750 2,245 0.18 622 797 0.11 — — — 3.183 — 4.38 346 16.83 10.92 4.38 346 16.83 10.92
DP World Salaam 6% due 25 Perp 1,500 1,620 0.13 533 575 0.08 — — — 0.952 — 6.40 523 29.33 4.87 4.29 403 5.08 4.35
DP World Sukuk 3.908% due 23 1,200 1,276 0.10 426 453 0.06 — — — 0.737 — 1.63 149 2.74 2.59 1.63 149 2.74 2.59
Dubai Government 5 1/4% due 43 500 581 0.05 178 206 0.03 — — — 1.417 — 4.02 291 22.41 14.14 4.02 291 22.41 14.14
Emirates Development 3.516% due 24 750 812 0.07 266 288 0.04 — — — 1.000 — 1.32 116 3.51 3.27 1.32 116 3.51 3.27
Finance Department of Sharjah 4% due 50 1,000 1,073 0.09 355 381 0.05 — — — 0.984 — 3.58 226 29.91 18.21 3.58 226 29.91 18.21
ICD Funding Ltd 4 5/8% due 24 500 534 0.04 178 190 0.03 — — — 1.115 — 2.70 252 3.72 3.38 2.70 252 3.72 3.38
Mubadala 2 1/2% due 24 1,000 1,059 0.08 355 376 0.05 — — — 0.875 — 1.03 83 4.18 3.96 1.00 81 4.10 3.88
Mubadala 2 1/2% due 26 1,000 1,056 0.08 355 375 0.05 — — — 0.524 — 1.52 118 5.72 5.32 1.50 118 5.64 5.24
Mubadala 2 3/4% due 23 500 526 0.04 178 187 0.03 — — — 0.631 — 0.89 75 2.69 2.58 0.89 75 2.69 2.58
Mubadala 2 7/8% due 29 1,000 1,084 0.09 355 385 0.05 — — — 0.787 — 1.89 127 9.18 8.11 1.87 126 8.93 7.92
Mubadala 2 7/8% due 30 1,000 1,081 0.09 355 384 0.05 — — — 0.707 — 1.96 130 9.72 8.54 1.94 130 9.47 8.35
Mubadala 3 3/4% due 29 650 756 0.06 231 268 0.04 — — — 0.830 — 1.78 120 8.63 7.46 1.78 120 8.63 7.46
Mubadala 3% due 24 850 913 0.07 302 324 0.05 — — — 0.644 — 1.02 85 3.63 3.42 1.02 85 3.63 3.42
Mubadala 3.7% due 49 1,500 1,671 0.13 533 594 0.08 — — — 1.118 — 3.09 176 29.18 18.75 3.08 176 28.68 18.56
Mubadala 3.95% due 50 2,000 2,317 0.19 710 823 0.12 — — — 1.339 — 3.11 179 29.72 18.67 3.11 179 29.22 18.49
Mubadala 4 1/2% due 28 800 975 0.08 284 346 0.05 — — — 0.729 — 1.74 119 8.18 6.98 1.74 119 8.18 6.98
Mubadala 6 7/8% due 41 750 1,232 0.10 266 438 0.06 — — — 2.079 — 2.70 162 21.16 13.59 2.70 162 21.16 13.59
Rak Capital Sukuk 3.094% due 25 1,000 1,063 0.09 355 377 0.05 — — — 1.071 — 1.70 147 4.58 4.23 1.70 147 4.58 4.23
Sharjah Government Sukuk 3.764% due 24 750 819 0.07 266 291 0.04 — — — 0.835 — 1.66 147 4.04 3.71 1.66 147 4.04 3.71
Sharjah Sukuk 2.942% due 27 1,000 1,042 0.08 355 370 0.05 — — — 0.632 — 2.27 182 6.77 6.13 2.27 182 6.77 6.13
Sharjah Sukuk 3.234% due 29 750 802 0.06 266 285 0.04 — — — 0.899 — 2.41 180 9.14 7.92 2.41 180 9.14 7.92
Armenia Republic 3.95% due 29 500 515 0.04 500 515 0.07 — — — 1.415 — 3.58 297 9.07 7.53 3.58 297 9.07 7.53
Republic 7.15% due 25 500 589 0.05 500 589 0.08 — — — 1.243 — 3.34 312 4.57 3.86 3.34 312 4.57 3.86
Angola Republic 8 1/4% due 28 1,750 1,518 0.12 1,750 1,518 0.21 — — — 1.231 — 10.94 1047 7.69 5.30 10.94 1047 7.69 5.30
Republic 8% due 29 1,750 1,479 0.12 1,750 1,479 0.21 — — — 1.171 — 10.82 1026 9.23 5.99 10.82 1026 9.23 5.99
Republic 9 1/2% due 25 1,500 1,425 0.11 1,500 1,425 0.20 — — — 1.207 — 11.28 1102 5.19 3.85 11.28 1102 5.19 3.85
Republic 9 1/8% due 49 1,250 1,040 0.08 1,250 1,040 0.15 — — — 1.234 — 11.13 1018 29.23 8.49 11.13 1018 29.23 8.49
Republic 9 3/8% due 48 1,750 1,472 0.12 1,750 1,472 0.21 — — — 1.214 — 11.37 1044 27.68 8.32 11.37 1044 27.68 8.32
Argentina Discount 8.28% due 33 4,330 2,222 0.18 2,053 1,053 0.15 4,330 2,222 0.62 1.481 L2 20.98 2053 8.58 4.29 20.98 2053 8.58 4.29
Discount 8.28% due 33 Exch 1,605 834 0.07 761 395 0.06 1,605 834 0.23 1.451 L2 20.92 2047 8.58 4.29 20.92 2047 8.58 4.29
Par Step-up due 38 5,297 2,254 0.18 2,511 1,069 0.15 5,297 2,254 0.63 1.277 L2 13.28 1251 13.82 7.90 13.28 1251 13.82 7.90
Republic 4 5/8% due 23 1,750 802 0.06 830 380 0.05 1,750 802 0.22 1.487 L2 41.77 4164 2.36 1.81 41.77 4164 2.36 1.81
Republic 5 5/8% due 01/22 3,250 1,528 0.12 1,541 724 0.10 3,250 1,528 0.43 1.174 L2 68.39 6827 1.40 1.00 68.39 6827 1.40 1.00
Republic 5 7/8% due 28 4,250 1,859 0.15 2,015 882 0.12 4,250 1,859 0.52 1.305 L2 20.81 2037 7.36 4.73 20.81 2037 7.36 4.73
Republic 6 5/8% due 28 1,000 438 0.04 474 208 0.03 1,000 438 0.12 1.408 — 21.35 2089 7.84 4.70 21.35 2089 7.84 4.70
Republic 6 7/8% due 01/27 3,750 1,663 0.13 1,778 788 0.11 3,750 1,663 0.47 1.198 L2 24.15 2378 6.40 4.07 24.15 2378 6.40 4.07
Republic 6 7/8% due 48 3,000 1,272 0.10 1,422 603 0.08 3,000 1,272 0.36 1.301 L2 16.00 1521 27.36 6.33 16.00 1521 27.36 6.33
Republic 7 1/2% due 26 6,500 2,964 0.24 3,082 1,405 0.20 6,500 2,964 0.83 1.115 L2 27.68 2738 5.64 3.42 27.68 2738 5.64 3.42
Republic 7 1/8% due 2117 2,750 1,183 0.09 1,304 561 0.08 2,750 1,183 0.33 1.144 L2 16.49 1575 96.82 5.83 16.49 1575 96.82 5.83
Republic 7 1/8% due 36 1,750 772 0.06 830 366 0.05 1,750 772 0.22 1.146 — 17.67 1696 15.84 6.00 17.67 1696 15.84 6.00
Republic 7 5/8% due 46 2,750 1,189 0.10 1,304 564 0.08 2,750 1,189 0.33 1.274 L2 18.21 1749 25.64 5.32 18.21 1749 25.64 5.32
Azerbaijan Republic 3 1/2% due 32 1,077 1,098 0.09 1,077 1,098 0.15 — — — 1.006 — 3.19 247 11.00 9.21 3.19 247 11.00 9.21
Republic 4 3/4% due 24 1,250 1,385 0.11 1,250 1,385 0.19 — — — 0.942 — 2.00 184 3.54 3.22 2.00 184 3.54 3.22
Socar 4 3/4% due 23 1,000 1,073 0.09 1,000 1,073 0.15 — — — 1.000 — 2.35 222 2.53 2.34 2.35 222 2.53 2.34
Socar 6.95% due 30 750 956 0.08 750 956 0.13 — — — 1.327 — 3.77 317 9.54 7.16 3.77 317 9.54 7.16
Southern Gas 6 7/8% due 26 2,000 2,447 0.20 2,000 2,447 0.34 — — — 0.927 — 2.93 263 5.56 4.63 2.93 263 5.56 4.63
Barbados Barbados 6 1/2% due 29 531 533 0.04 531 533 0.07 — — — 1.119 — 6.61 618 6.83 5.27 6.61 618 6.83 5.27
Bahrain CBB International 4 1/2% due 27 1,000 1,049 0.08 863 906 0.13 — — — 0.881 — 3.82 340 6.58 5.60 3.82 340 6.58 5.60
CBB International 6 1/4% due 24 1,000 1,105 0.09 863 954 0.13 — — — 0.673 — 3.84 365 4.20 3.65 3.84 365 4.20 3.65
CBB International Sukuk 6 7/8% due 25 1,000 1,159 0.09 863 1,000 0.14 — — — 2.661 — 3.83 358 5.09 4.25 3.83 358 5.09 4.25
CBB Intl Sukuk 5 1/4% due 25 850 917 0.07 734 792 0.11 — — — 0.990 — 3.69 347 4.55 3.96 3.69 347 4.55 3.96
Kingdom 5 5/8% due 31 1,000 1,065 0.09 863 919 0.13 — — — 0.988 — 5.02 433 11.08 8.16 5.02 433 11.08 8.16
Kingdom 6 1/8% due 22 1,500 1,586 0.13 1,295 1,369 0.19 — — — 0.713 — 3.01 288 1.84 1.73 3.01 288 1.84 1.73
Kingdom 6 1/8% due 23 1,500 1,610 0.13 1,295 1,390 0.20 — — — 0.817 — 3.39 325 2.91 2.66 3.39 325 2.91 2.66
Kingdom 6 3/4% due 29 1,250 1,445 0.12 1,079 1,248 0.18 — — — 0.903 — 4.88 430 9.05 6.77 4.88 430 9.05 6.77
Kingdom 6% due 44 1,250 1,271 0.10 1,079 1,097 0.15 — — — 1.071 — 5.99 489 24.05 12.49 5.99 489 24.05 12.49
Kingdom 7 1/2% due 47 900 1,055 0.08 777 911 0.13 — — — 1.116 — 6.32 521 27.05 12.23 6.32 521 27.05 12.23
Kingdom 7 3/8% due 30 1,000 1,187 0.10 863 1,024 0.14 — — — 0.946 — 5.09 448 9.70 7.06 5.09 448 9.70 7.06
Kingdom 7% due 26 1,125 1,289 0.10 971 1,112 0.16 — — — 1.006 — 3.91 362 5.40 4.55 3.91 362 5.40 4.55
Kingdom 7% due 28 1,600 1,865 0.15 1,381 1,610 0.23 — — — 0.984 — 4.78 426 8.11 6.20 4.78 426 8.11 6.20
Kingdom Sukuk 5.624% due 24 1,000 1,060 0.09 863 915 0.13 — — — 0.915 — 3.61 345 3.44 3.13 3.61 345 3.44 3.13
Mumtalakat Sukuk 4.1% due 27 500 491 0.04 432 424 0.06 — — — 0.929 — 4.31 391 6.39 5.56 4.31 391 6.39 5.56
Mumtalakat Sukuk 5 5/8% due 24 600 629 0.05 518 543 0.08 — — — 1.207 — 3.83 366 3.49 3.16 3.83 366 3.49 3.16
Oil and 7 1/2% due 27 1,000 1,124 0.09 863 970 0.14 — — — 1.353 — 5.63 518 7.15 5.49 5.63 518 7.15 5.49
Oil and 7 5/8% due 24 500 561 0.04 432 484 0.07 — — — 1.162 — 4.71 452 4.18 3.53 4.71 452 4.18 3.53
Oil and 8 3/8% due 28 500 587 0.05 432 506 0.07 — — — 1.125 — 5.88 537 8.18 5.97 5.88 537 8.18 5.97
Bolivia Republic 4 1/2% due 28 1,000 895 0.07 1,000 895 0.13 — — — 1.807 — 6.53 612 6.55 5.39 6.53 612 6.55 5.39
Republic 4 7/8% due 22 500 502 0.04 500 502 0.07 — — — 1.463 — 4.81 468 2.16 1.99 4.81 468 2.16 1.99
Republic 5.95% due 23 500 496 0.04 500 496 0.07 — — — 1.795 — 5.45 531 2.97 2.69 5.45 531 2.97 2.69
Brazil BNDES 5 3/4% due 23 1,440 1,626 0.13 755 852 0.12 — — — 0.777 — 1.95 181 3.07 2.78 1.95 181 3.07 2.78
Caixa Economica 3 1/2% due 22 500 519 0.04 262 272 0.04 — — — 0.747 — 1.84 171 2.18 2.08 1.84 171 2.18 2.08
Minas 5.333% due 28 1,016 1,036 0.08 532 543 0.08 — — — 1.591 — 4.26 396 3.96 3.48 4.26 396 3.96 3.48
Republic 10 1/8% due 27 765 1,068 0.09 401 560 0.08 — — — 0.882 — 3.74 334 6.70 5.11 3.74 334 6.70 5.11
Republic 2 5/8% due 23 2,150 2,225 0.18 1,127 1,166 0.16 2,150 2,225 0.62 0.475 L3 1.07 93 2.34 2.27 1.07 93 2.34 2.27
Republic 2 7/8% due 25 1,250 1,276 0.10 655 669 0.09 — — — 0.379 — 2.47 223 4.76 4.41 2.47 223 4.76 4.41
19


Brazil Republic 3 7/8% due 30 2,250 2,329 0.19 1,179 1,221 0.17 — — — 0.399 — 3.52 287 9.78 8.12 3.52 287 9.78 8.12
Republic 4 1/2% due 29 2,000 2,186 0.18 1,048 1,145 0.16 2,000 2,186 0.61 0.613 — 3.34 276 8.74 7.25 3.31 275 8.49 7.08
Republic 4 1/4% due 25 4,300 4,675 0.38 2,253 2,450 0.34 4,300 4,675 1.31 0.567 L2 2.16 195 4.35 3.97 2.16 195 4.35 3.97
Republic 4 3/4% due 50 2,500 2,524 0.20 1,310 1,323 0.19 2,500 2,524 0.71 0.882 — 4.67 342 29.37 16.00 4.67 342 28.87 15.88
Republic 4 5/8% due 28 3,000 3,331 0.27 1,572 1,746 0.25 3,000 3,331 0.93 0.519 L2 2.96 247 7.36 6.30 2.91 244 7.11 6.11
Republic 5 5/8% due 41 2,221 2,511 0.20 1,164 1,316 0.18 2,221 2,511 0.70 0.859 L2 4.63 359 20.35 12.72 4.63 359 20.35 12.72
Republic 5 5/8% due 47 2,789 3,129 0.25 1,462 1,640 0.23 2,789 3,129 0.88 0.859 — 4.77 359 26.47 14.67 4.77 359 26.47 14.67
Republic 5% due 45 3,300 3,441 0.28 1,729 1,803 0.25 3,300 3,441 0.97 0.847 L2 4.68 352 24.40 14.47 4.68 352 24.40 14.47
Republic 6% due 26 2,176 2,608 0.21 1,140 1,367 0.19 2,176 2,608 0.73 0.549 — 2.56 225 5.60 4.76 2.56 225 5.60 4.76
Republic 7 1/8% due 37 1,634 2,110 0.17 856 1,106 0.16 1,634 2,110 0.59 1.025 L3 4.56 366 16.38 10.60 4.56 366 16.38 10.60
Republic 8 1/4% due 34 1,369 1,903 0.15 718 997 0.14 1,369 1,903 0.53 1.101 L2 4.37 360 13.38 9.01 4.37 360 13.38 9.01
Republic 8 3/4% due 25 688 860 0.07 361 451 0.06 688 860 0.24 0.759 L3 2.70 249 4.42 3.78 2.70 249 4.42 3.78
Republic 8 7/8% due 24 1,029 1,313 0.11 539 688 0.10 — — — 1.106 — 1.60 144 3.62 3.12 1.60 144 3.62 3.12
Belarus Development Bank 6 3/4% due 24 500 481 0.04 500 481 0.07 — — — 1.835 — 8.19 802 3.67 3.10 8.19 802 3.67 3.10
Republic 6 7/8% due 23 800 787 0.06 800 787 0.11 — — — 1.125 — 7.21 708 2.49 2.25 7.21 708 2.49 2.25
Republic 6.2% due 30 600 558 0.04 600 558 0.08 — — — 1.443 — 7.06 646 9.49 7.03 7.06 646 9.49 7.03
Republic 7 5/8% due 27 600 603 0.05 600 603 0.08 — — — 1.281 — 7.59 717 6.83 5.20 7.59 717 6.83 5.20
Republic of 5 7/8% due 26 500 473 0.04 500 473 0.07 — — — 1.190 — 7.10 681 5.48 4.54 7.10 681 5.48 4.54
Republic of 6.378% due 31 750 705 0.06 750 705 0.10 — — — 1.262 — 7.19 654 10.48 7.41 7.19 654 10.48 7.41
Belize Republic Step due 34 530 234 0.02 530 234 0.03 — — — 1.597 — 15.39 1473 11.47 6.75 15.39 1473 11.47 6.75
Ivory Coast Ivory Coast Step-up due 32 1,051 1,038 0.08 1,051 1,038 0.15 — — — 1.115 — 5.98 546 6.85 5.28 5.98 546 6.85 5.28
Republic 6 1/8% due 33 1,250 1,276 0.10 1,250 1,276 0.18 — — — 0.938 — 5.92 520 11.79 8.32 5.92 520 11.79 8.32
Republic 6 3/8% due 28 1,000 1,069 0.09 1,000 1,069 0.15 — — — 1.033 — 5.45 505 6.50 5.16 5.45 505 6.50 5.16
Chile Banco del Estado 2.704% due 25 750 789 0.06 478 503 0.07 — — — 0.838 — 1.35 114 4.35 4.11 1.33 113 4.27 4.03
Banco del Estado 3 7/8% due 22 500 522 0.04 318 333 0.05 — — — 0.564 — 0.56 44 1.43 1.41 0.56 44 1.43 1.41
Codelco 3 3/4% due 31 800 897 0.07 509 571 0.08 — — — 0.750 — 2.47 179 10.37 8.69 2.45 178 10.12 8.51
Codelco 3 5/8% due 27 1,500 1,643 0.13 955 1,047 0.15 — — — 0.993 — 2.03 158 6.91 6.18 1.98 155 6.66 5.97
Codelco 3% due 29 1,100 1,169 0.09 701 745 0.10 — — — 0.994 — 2.27 165 9.08 7.94 2.25 165 8.83 7.74
Codelco 3.15% due 30 1,000 1,065 0.09 637 678 0.10 — — — 0.906 — 2.32 169 9.37 8.18 2.30 168 9.12 7.99
Codelco 3.7% due 50 1,900 2,039 0.16 1,210 1,298 0.18 — — — 1.234 — 3.26 193 29.41 18.76 3.25 194 28.91 18.58
Codelco 4 1/2% due 25 1,069 1,227 0.10 681 782 0.11 — — — 0.868 — 1.66 140 5.04 4.49 1.66 140 5.04 4.49
Codelco 4 1/2% due 47 1,250 1,514 0.12 796 964 0.14 — — — 1.385 — 3.27 201 26.91 17.04 3.25 201 26.41 16.86
Codelco 4 1/4% due 42 750 858 0.07 478 546 0.08 — — — 1.507 — 3.26 213 21.88 15.07 3.26 213 21.88 15.07
Codelco 4 3/8% due 49 1,300 1,556 0.12 828 991 0.14 — — — 1.274 — 3.25 196 28.43 17.75 3.24 196 27.93 17.57
Codelco 4 7/8% due 44 980 1,247 0.10 624 794 0.11 — — — 1.426 — 3.25 207 24.17 15.54 3.25 207 24.17 15.54
Codelco 5 5/8% due 35 500 660 0.05 318 420 0.06 — — — 1.500 — 3.04 216 15.05 10.82 3.04 216 15.05 10.82
Codelco 5 5/8% due 43 950 1,311 0.11 605 835 0.12 — — — 1.710 — 3.30 216 23.13 14.58 3.30 216 23.13 14.58
Codelco 6.15% due 36 500 684 0.05 318 436 0.06 — — — 1.624 — 3.22 231 16.14 11.19 3.22 231 16.14 11.19
Empresa Nac 3 3/4% due 26 700 750 0.06 446 478 0.07 — — — 0.912 — 2.35 199 5.93 5.34 2.29 197 5.68 5.13
Empresa Nac 4 1/2% due 47 600 673 0.05 382 429 0.06 — — — 1.107 — 3.84 260 27.03 16.24 3.83 260 26.53 16.07
Empresa Nac 4 3/8% due 24 600 661 0.05 382 421 0.06 — — — 1.063 — 1.92 173 4.16 3.78 1.92 173 4.16 3.78
Empresa Nac 5 1/4% due 29 680 806 0.06 433 513 0.07 — — — 0.887 — 2.81 227 8.18 6.74 2.79 226 8.09 6.68
Empresa de Transporte 3.65% due 30 500 561 0.05 318 358 0.05 — — — 0.750 — 2.28 163 9.68 8.23 2.25 161 9.43 8.05
Empresa de Transporte 4.7% due 50 1,000 1,260 0.10 637 802 0.11 — — — 1.000 — 3.34 204 29.68 17.65 3.33 204 29.18 17.49
Empresa de Transporte 5% due 47 500 638 0.05 318 406 0.06 — — — 1.162 — 3.38 215 26.40 16.34 3.36 215 25.90 16.17
Republic 2.45% due 31 1,458 1,540 0.12 929 981 0.14 — — — 0.500 — 1.83 112 10.41 9.30 1.83 112 10.41 9.30
Republic 2.55% due 32 750 795 0.06 478 507 0.07 — — — 0.650 — 1.91 116 11.40 10.04 1.90 116 11.15 9.85
Republic 3 1/2% due 50 2,318 2,717 0.22 1,476 1,730 0.24 — — — 0.981 — 2.63 128 29.40 19.77 2.62 128 28.90 19.56
Republic 3 1/8% due 26 709 788 0.06 452 502 0.07 — — — 0.461 — 0.98 68 5.39 5.00 0.98 68 5.39 5.00
Republic 3.24% due 28 2,000 2,238 0.18 1,274 1,426 0.20 — — — 0.460 — 1.50 100 7.43 6.70 1.44 96 7.18 6.49
Republic 3.86% due 47 1,284 1,592 0.13 818 1,014 0.14 — — — 0.897 — 2.60 131 26.80 18.20 2.60 131 26.80 18.20
Cameroon Republic 9 1/2% due 25 750 815 0.07 750 815 0.11 — — — 1.335 — 7.55 734 4.21 3.37 7.55 734 4.21 3.37
China CNOOC Fin 4 1/2% due 23 1,300 1,459 0.12 393 441 0.06 — — — 0.415 — 0.96 81 3.09 2.86 0.96 81 3.09 2.86
COFCO 4 5/8% due 23 500 548 0.04 151 166 0.02 — — — 0.375 — 1.91 176 3.19 2.95 1.91 176 3.19 2.95
Chalco 4 1/4% due 22 500 515 0.04 151 156 0.02 — — — 0.728 — 2.60 247 1.64 1.56 2.60 247 1.64 1.56
Chalco 4.1% due 24 Perp 750 771 0.06 227 233 0.03 — — — 0.967 — 6.42 526 29.33 4.03 3.60 342 4.03 3.62
China Chengtong Hldg 3 5/8% due 22 500 508 0.04 151 154 0.02 — — — 0.533 — 2.67 254 1.93 1.86 2.67 254 1.93 1.86
China Dvlp Bk Corp 2 3/4% due 22 500 523 0.04 151 158 0.02 — — — 0.433 — 0.85 72 2.21 2.13 0.85 72 2.21 2.13
China Dvlp Bk Corp 2 5/8% due 22 1,000 1,027 0.08 302 310 0.04 — — — 0.259 — 0.73 60 1.39 1.38 0.73 60 1.39 1.38
China Dvlp Bk Corp 3 3/8% due 27 500 551 0.04 151 167 0.02 — — — 0.707 — 1.64 124 6.39 5.80 1.64 124 6.39 5.80
China Dvlp Bk Corp 3% due 26 600 663 0.05 181 201 0.03 — — — 0.478 — 1.17 84 5.75 5.30 1.17 84 5.75 5.30
China Dvlp Bk Corp 4% due 37 500 595 0.05 151 180 0.03 — — — 2.530 — 2.50 154 16.39 12.67 2.50 154 16.39 12.67
China Dvlp Bk Corp FRN due 21 1,000 1,002 0.08 302 303 0.04 — — — 0.155 — 0.80 67 1.28 0.03 0.80 67 1.28 0.03
China Dvlp Bk Corp FRN due 22 1,150 1,153 0.09 348 349 0.05 — — — 0.165 — 0.81 68 1.51 0.01 0.81 68 1.51 0.01
China Dvlp Bk Corp FRN due 23 500 502 0.04 151 152 0.02 — — — 0.301 — 0.86 70 3.28 0.03 0.86 70 3.28 0.03
China Hua Neng Grp 2.6% due 24 500 525 0.04 151 159 0.02 — — — 0.613 — 1.42 122 4.27 4.03 1.42 122 4.27 4.03
China Hua Neng Grp 3% due 29 600 642 0.05 181 194 0.03 — — — 0.912 — 2.14 152 9.27 8.15 2.14 152 9.27 8.15
China Hua Neng Grp 3.6% due 22 Perp 500 511 0.04 151 155 0.02 — — — 0.664 — 7.25 612 29.33 2.44 2.79 266 2.16 2.04
China Natl Chem Corp 3 1/2% due 22 1,500 1,561 0.13 454 472 0.07 — — — 0.315 — 1.44 131 1.88 1.82 1.44 131 1.88 1.82
China Natl Chem Corp 3 7/8% due 29 900 1,003 0.08 272 303 0.04 — — — 0.695 — 2.43 184 8.80 7.53 2.43 184 8.80 7.53
China Natl Chem Corp 3.9% due 22 Perp 600 616 0.05 181 186 0.03 — — — 0.634 — 6.92 578 29.33 1.93 2.58 245 1.75 1.67
China Natl Chem Corp 4 7/8% due 25 800 921 0.07 242 278 0.04 — — — 0.525 — 1.75 153 4.53 4.04 1.75 153 4.53 4.04
China Natl Petroleum Corp 1 1/8% due 23 600 602 0.05 181 182 0.03 — — — 0.106 — 1.03 89 2.81 2.75 1.03 89 2.73 2.67
China Natl Petroleum Corp 1.35% due 25 900 909 0.07 272 275 0.04 — — — 0.218 — 1.14 89 4.81 4.64 1.13 90 4.73 4.56
China Natl Petroleum Corp 2% due 30 500 507 0.04 151 153 0.02 — — — 0.431 — 1.80 113 9.81 8.95 1.79 114 9.56 8.73
China Southern Pwr 3 7/8% due 23 600 656 0.05 181 198 0.03 — — — 0.333 — 1.23 108 3.04 2.84 1.23 108 3.04 2.84
China State Grid 2 3/4% due 22 1,250 1,298 0.10 378 393 0.06 — — — 0.211 — 0.84 72 1.67 1.63 0.84 72 1.67 1.63
China State Grid 2 7/8% due 26 500 550 0.04 151 166 0.02 — — — 0.635 — 1.10 77 5.71 5.28 1.10 77 5.71 5.28
China State Grid 3 3/4% due 23 950 1,030 0.08 287 312 0.04 — — — 0.324 — 0.89 75 2.67 2.52 0.89 75 2.67 2.52
China State Grid 4% due 47 500 630 0.05 151 190 0.03 — — — 2.296 — 2.59 132 26.67 17.94 2.59 132 26.67 17.94
China State Grid 4.85% due 44 650 904 0.07 197 273 0.04 — — — 1.185 — 2.63 145 23.68 15.85 2.63 145 23.68 15.85
China Three Gorges Corp 2.3% due 24 500 522 0.04 151 158 0.02 — — — 0.454 — 1.33 114 4.12 3.90 1.31 112 4.04 3.83
China Three Gorges Corp 3.15% due 26 1,000 1,098 0.09 302 332 0.05 — — — 0.643 — 1.40 106 5.75 5.27 1.40 106 5.75 5.27
China Three Gorges Corp 3.7% due 25 700 779 0.06 212 236 0.03 — — — 0.597 — 1.31 107 4.77 4.38 1.31 107 4.77 4.38
China Travel Service 3 1/2% due 22 500 522 0.04 151 158 0.02 — — — 0.160 — 1.54 141 1.55 1.49 1.54 141 1.55 1.49
Export Import Bank 2 3/4% due 22 750 785 0.06 227 238 0.03 — — — 0.396 — 0.79 66 2.24 2.16 0.79 66 2.24 2.16
Export Import Bank 2 5/8% due 22 1,150 1,195 0.10 348 361 0.05 — — — 0.252 — 0.71 59 1.53 1.49 0.71 59 1.53 1.49
20


China Export Import Bank 2 7/8% due 26 1,000 1,101 0.09 302 333 0.05 — — — 0.690 — 1.06 74 5.65 5.22 1.06 74 5.65 5.22
Export Import Bank 3 5/8% due 24 1,500 1,651 0.13 454 499 0.07 — — — 0.643 — 0.93 75 3.91 3.67 0.93 75 3.91 3.67
Export Import Bank 3.8% due 25 500 571 0.05 151 173 0.02 — — — 0.576 — 1.17 91 5.04 4.57 1.17 91 5.04 4.57
Export Import Bank 4% due 47 750 972 0.08 227 294 0.04 — — — 2.373 — 2.40 111 27.24 18.43 2.40 111 27.24 18.43
Huadian Corp 3 3/8% due 25 Perp 500 516 0.04 151 156 0.02 — — — 0.559 — 5.88 469 29.33 5.35 2.62 238 4.81 4.41
Huadian Corp 3 7/8% due 23 600 645 0.05 181 195 0.03 — — — 0.489 — 1.33 119 2.71 2.55 1.33 119 2.71 2.55
Huadian Corp 4% due 24 Perp 500 529 0.04 151 160 0.02 — — — 0.862 — 5.51 430 29.33 3.89 2.47 229 3.74 3.44
Jianyin Invst 3% due 22 500 522 0.04 151 158 0.02 — — — 0.368 — 1.24 111 2.23 2.14 1.24 111 2.23 2.14
Minmetals Corp 3 3/4% due 22 Perp 1,000 1,030 0.08 302 311 0.04 — — — 0.720 — 5.75 455 29.33 2.24 2.56 242 2.20 2.08
Minmetals Corp 3 3/8% due 24 Perp 1,000 1,032 0.08 302 312 0.04 — — — 0.629 — 5.83 463 29.33 4.18 2.71 252 4.00 3.67
Minmetals Corp 4 1/5% due 26 700 791 0.06 212 239 0.03 — — — 0.560 — 1.80 145 5.90 5.29 1.80 145 5.90 5.29
Minmetals Corp 4 3/4% due 25 500 570 0.05 151 172 0.02 — — — 0.644 — 1.69 145 4.91 4.43 1.69 145 4.91 4.43
Power Const Corp 3 1/2% due 22 Perp 500 507 0.04 151 153 0.02 — — — 0.860 — 7.18 606 29.33 2.10 2.67 254 1.78 1.71
Power Const Corp 4 1/4% due 23 Perp 500 513 0.04 151 155 0.02 — — — 0.774 — 7.46 635 29.33 2.70 3.02 288 2.38 2.25
Power Const Corp 4.3% due 24 Perp 500 516 0.04 151 156 0.02 — — — 0.876 — 6.16 498 29.33 3.86 3.31 313 3.80 3.47
Republic 1 7/8% due 22 1,500 1,552 0.12 454 469 0.07 — — — 0.280 — 0.40 26 2.25 2.20 0.40 26 2.25 2.20
Republic 1.95% due 24 2,000 2,113 0.17 605 639 0.09 — — — 0.582 — 0.59 38 4.25 4.08 0.59 38 4.25 4.08
Republic 2 1/8% due 22 1,000 1,040 0.08 302 314 0.04 — — — 0.315 — 0.46 32 2.17 2.11 0.46 32 2.17 2.11
Republic 2 1/8% due 29 2,000 2,171 0.17 605 656 0.09 — — — 1.354 — 1.10 47 9.25 8.49 1.10 47 9.25 8.49
Republic 2 3/4% due 39 500 535 0.04 151 162 0.02 — — — 1.888 — 2.23 113 19.25 15.43 2.23 113 19.25 15.43
Republic 2 5/8% due 27 1,000 1,105 0.09 302 334 0.05 — — — 0.951 — 1.11 62 7.17 6.57 1.11 62 7.17 6.57
Republic 3 1/2% due 28 1,000 1,187 0.10 302 359 0.05 — — — 1.025 — 1.12 57 8.13 7.18 1.12 57 8.13 7.18
Republic 3 1/4% due 23 1,500 1,642 0.13 454 497 0.07 — — — 0.455 — 0.44 29 3.13 2.97 0.44 29 3.13 2.97
Republic 4% due 48 500 669 0.05 151 202 0.03 — — — 3.437 — 2.33 102 28.13 18.86 2.33 102 28.13 18.86
SPIC 3% due 21 900 925 0.07 272 280 0.04 — — — 0.241 — 1.20 107 1.26 1.24 1.20 107 1.26 1.24
SPIC 5.8% due 22 Perp 500 534 0.04 151 162 0.02 — — — 0.717 — 7.42 631 29.33 2.09 2.24 211 1.72 1.62
SPIC Lux Energy Invst 4 5/8% due 23 500 548 0.04 151 166 0.02 — — — 0.314 — 1.93 178 3.16 2.91 1.93 178 3.16 2.91
Sinochem 6.3% due 40 500 750 0.06 151 227 0.03 — — — 3.222 — 2.99 194 20.19 13.22 2.99 194 20.19 13.22
Sinopec 2 1/2% due 11/24 700 741 0.06 212 224 0.03 — — — 0.503 — 1.15 95 4.19 3.97 1.13 93 4.11 3.89
Sinopec 2 1/2% due 22 1,400 1,458 0.12 423 441 0.06 — — — 0.288 — 0.90 77 2.03 1.96 0.90 77 2.03 1.96
Sinopec 2 1/2% due 24 800 839 0.07 242 254 0.04 — — — 0.472 — 1.13 95 3.93 3.75 1.10 92 3.85 3.67
Sinopec 2 3/4% due 26 600 651 0.05 181 197 0.03 — — — 0.622 — 1.37 99 6.08 5.58 1.37 99 6.08 5.58
Sinopec 2.15% due 25 1,000 1,046 0.08 302 316 0.04 — — — 0.530 — 1.12 89 4.70 4.45 1.11 88 4.61 4.37
Sinopec 2.7% due 30 1,500 1,605 0.13 454 485 0.07 — — — 0.549 — 1.95 129 9.70 8.57 1.93 129 9.45 8.38
Sinopec 2.95% due 11/29 1,000 1,088 0.09 302 329 0.05 — — — 0.576 — 1.95 133 9.19 8.10 1.93 132 8.94 7.90
Sinopec 2.95% due 29 700 754 0.06 212 228 0.03 — — — 0.552 — 1.97 137 8.93 7.94 1.95 136 8.68 7.74
Sinopec 3 1/2% due 26 700 785 0.06 212 237 0.03 — — — 0.580 — 1.37 104 5.67 5.15 1.37 104 5.67 5.15
Sinopec 3 1/4% due 25 1,500 1,646 0.13 454 498 0.07 — — — 0.594 — 1.17 94 4.66 4.31 1.17 94 4.66 4.31
Sinopec 3 1/4% due 27 750 829 0.07 227 251 0.04 — — — 0.795 — 1.76 129 7.03 6.28 1.76 129 7.03 6.28
Sinopec 3 3/4% due 23 750 820 0.07 227 248 0.03 — — — 0.376 — 1.08 93 3.03 2.84 1.08 93 3.03 2.84
Sinopec 3 5/8% due 27 1,000 1,121 0.09 302 339 0.05 — — — 0.687 — 1.79 136 6.61 5.88 1.79 136 6.61 5.88
Sinopec 3% due 22 1,100 1,147 0.09 333 347 0.05 — — — 0.279 — 0.83 70 1.61 1.56 0.83 70 1.61 1.56
Sinopec 3.35% due 50 500 556 0.04 151 168 0.02 — — — 1.705 — 2.77 141 29.70 19.79 2.76 142 29.20 19.59
Sinopec 3.68% due 49 500 579 0.05 151 175 0.02 — — — 1.525 — 2.81 148 28.93 19.16 2.80 149 28.43 18.96
Sinopec 3.9% due 22 1,500 1,591 0.13 454 481 0.07 — — — 0.271 — 0.85 73 1.71 1.65 0.85 73 1.71 1.65
Sinopec 4 1/4% due 28 750 892 0.07 227 270 0.04 — — — 0.720 — 1.90 136 8.03 6.86 1.90 136 8.03 6.86
Sinopec 4 1/8% due 25 500 578 0.05 151 175 0.02 — — — 0.533 — 1.27 101 5.03 4.53 1.27 101 5.03 4.53
Sinopec 4 3/8% due 23 1,500 1,671 0.13 454 505 0.07 — — — 0.372 — 1.08 93 3.13 2.91 1.08 93 3.13 2.91
Sinopec 4 3/8% due 24 1,400 1,577 0.13 423 477 0.07 — — — 0.437 — 1.17 100 3.61 3.32 1.17 100 3.61 3.32
Sinopec 4 7/8% due 42 1,000 1,337 0.11 302 404 0.06 — — — 1.908 — 2.78 165 21.71 14.81 2.78 165 21.71 14.81
Sinopec 4.1% due 45 800 983 0.08 242 297 0.04 — — — 2.125 — 2.77 155 24.66 16.74 2.77 155 24.66 16.74
Sinopec 5 3/8% due 43 500 715 0.06 151 216 0.03 — — — 1.683 — 2.82 166 23.13 15.09 2.82 166 23.13 15.09
State Dev Bank 3 1/4% due 22 1,000 1,032 0.08 302 312 0.04 — — — 1.372 — 1.50 136 2.26 2.16 1.50 136 2.26 2.16
State Dvlp & Invst Corp 2 7/8% due 22 500 519 0.04 151 157 0.02 — — — 0.317 — 0.65 52 1.67 1.63 0.65 52 1.67 1.63
Colombia Republic 2 5/8% due 23 1,000 1,037 0.08 651 675 0.09 — — — 0.435 L2 1.48 134 2.54 2.42 1.36 122 2.29 2.19
Republic 3 1/8% due 31 1,000 1,041 0.08 651 678 0.10 — — — 0.500 — 2.71 200 10.62 9.07 2.70 201 10.37 8.88
Republic 3 7/8% due 27 2,400 2,649 0.21 1,562 1,724 0.24 2,400 2,649 0.74 0.500 L2 2.32 190 6.65 5.85 2.27 187 6.40 5.66
Republic 3% due 30 1,543 1,586 0.13 1,004 1,033 0.14 1,543 1,586 0.44 0.609 — 2.62 198 9.41 8.24 2.61 199 9.16 8.04
Republic 4 1/2% due 26 1,500 1,670 0.13 976 1,087 0.15 1,500 1,670 0.47 0.458 — 2.25 195 5.41 4.83 2.15 188 5.16 4.63
Republic 4 1/2% due 29 2,000 2,294 0.18 1,302 1,493 0.21 2,000 2,294 0.64 0.638 — 2.75 218 8.54 7.10 2.70 215 8.29 6.93
Republic 4 1/8% due 51 1,500 1,620 0.13 976 1,055 0.15 — — — 0.699 — 3.71 240 30.70 18.05 3.71 240 30.20 17.90
Republic 4% due 24 2,100 2,245 0.18 1,367 1,461 0.21 2,100 2,245 0.63 0.448 L3 1.84 168 3.48 3.27 1.69 153 3.23 3.04
Republic 5 5/8% due 44 2,500 3,168 0.25 1,627 2,062 0.29 2,500 3,168 0.89 0.743 L2 3.85 272 23.48 14.51 3.83 271 22.98 14.33
Republic 5% due 45 4,500 5,420 0.43 2,929 3,528 0.50 4,500 5,420 1.52 0.746 — 3.76 257 24.79 15.32 3.74 257 24.29 15.15
Republic 5.2% due 49 1,800 2,250 0.18 1,172 1,464 0.21 1,800 2,250 0.63 0.661 — 3.82 256 28.70 16.40 3.80 255 28.20 16.26
Republic 6 1/8% due 41 2,500 3,290 0.26 1,627 2,142 0.30 2,500 3,290 0.92 0.660 L2 3.87 282 20.38 12.97 3.87 282 20.38 12.97
Republic 7 3/8% due 37 1,818 2,663 0.21 1,184 1,733 0.24 1,818 2,663 0.75 0.860 L2 3.84 291 17.04 10.91 3.84 291 17.04 10.91
Republic 8 1/8% due 24 1,000 1,238 0.10 651 806 0.11 1,000 1,238 0.35 0.500 L3 1.95 178 3.72 3.24 1.95 178 3.72 3.24
Costa Rica ICE 6 3/8% due 43 500 397 0.03 500 397 0.06 — — — 2.408 — 8.38 737 22.70 10.47 8.38 737 22.70 10.47
ICE 6.95% due 21 500 511 0.04 500 511 0.07 — — — 1.262 — 5.78 566 1.19 1.12 5.78 566 1.19 1.12
Republic 4 1/4% due 23 1,000 960 0.08 1,000 960 0.13 — — — 1.189 — 5.46 532 2.40 2.24 5.46 532 2.40 2.24
Republic 4 3/8% due 25 500 470 0.04 500 470 0.07 — — — 1.159 — 5.98 575 4.66 4.07 5.98 575 4.66 4.07
Republic 5 5/8% due 43 500 420 0.03 500 420 0.06 — — — 1.603 — 7.12 607 22.66 11.61 7.12 607 22.66 11.61
Republic 6 1/8% due 31 1,200 1,122 0.09 1,200 1,122 0.16 — — — 1.277 — 6.95 635 9.46 7.03 6.95 635 9.46 7.03
Republic 7% due 44 1,000 948 0.08 1,000 948 0.13 — — — 1.165 — 7.64 661 23.59 10.80 7.64 661 23.59 10.80
Republic 7.158% due 45 1,300 1,250 0.10 1,300 1,250 0.18 — — — 1.263 — 7.71 667 24.53 10.79 7.71 667 24.53 10.79
Dominican Rep Republic 4 1/2% due 30 1,000 990 0.08 1,000 990 0.14 — — — 1.042 — 4.55 394 9.41 7.63 4.55 394 9.41 7.63
Republic 5 1/2% due 25 1,500 1,572 0.13 1,500 1,572 0.22 — — — 0.975 — 4.22 401 4.40 3.89 4.22 401 4.40 3.89
Republic 5 7/8% due 24 1,000 1,076 0.09 1,000 1,076 0.15 — — — 1.006 — 3.33 319 2.63 2.39 3.33 319 2.63 2.39
Republic 5 7/8% due 60 1,500 1,441 0.12 1,500 1,441 0.20 — — — 1.138 — 6.10 488 39.41 14.87 6.10 488 39.41 14.87
Republic 5.95% due 27 1,700 1,826 0.15 1,700 1,826 0.26 — — — 0.963 — 4.56 416 6.40 5.33 4.56 416 6.40 5.33
Republic 6 1/2% due 48 1,000 1,024 0.08 1,000 1,024 0.14 — — — 1.067 — 6.26 512 27.45 13.03 6.26 512 27.45 13.03
Republic 6 7/8% due 26 1,500 1,670 0.13 1,500 1,670 0.23 — — — 1.016 — 4.44 415 5.41 4.54 4.44 415 5.41 4.54
Republic 6% due 28 1,300 1,406 0.11 1,300 1,406 0.20 — — — 0.967 — 4.72 421 7.88 6.31 4.72 421 7.88 6.31
Republic 6.4% due 49 1,500 1,544 0.12 1,500 1,544 0.22 — — — 1.129 — 6.21 505 28.76 13.17 6.21 505 28.76 13.17
Republic 6.6% due 24 500 545 0.04 500 545 0.08 — — — 1.286 — 3.64 348 3.41 3.05 3.64 348 3.41 3.05
Republic 6.85% due 45 2,000 2,133 0.17 2,000 2,133 0.30 — — — 1.037 — 6.28 519 24.40 12.26 6.28 519 24.40 12.26
Republic 7.45% due 44 1,500 1,737 0.14 1,500 1,737 0.24 — — — 1.085 — 6.28 522 23.66 11.71 6.28 522 23.66 11.71
Ecuador Republic 10 3/4% due 22 2,878 1,580 0.13 2,352 1,291 0.18 — — — 1.845 — 63.33 6320 1.57 1.02 63.33 6320 1.57 1.02
Republic 10 3/4% due 29 2,125 1,084 0.09 1,737 886 0.12 — — — 1.475 — 24.73 2428 8.41 4.04 24.73 2428 8.41 4.04
Republic 7 7/8% due 25 600 305 0.02 490 250 0.04 — — — 2.000 — 28.18 2797 4.57 2.95 28.18 2797 4.57 2.95
Republic 7 7/8% due 28 3,000 1,516 0.12 2,452 1,239 0.17 — — — 1.469 — 21.34 2091 7.39 4.43 21.34 2091 7.39 4.43
Republic 7.95% due 24 2,000 1,093 0.09 1,634 893 0.13 — — — 1.507 — 28.21 2803 3.80 2.70 28.21 2803 3.80 2.70
Republic 8 3/4% due 23 2,486 1,317 0.11 2,031 1,077 0.15 — — — 2.000 — 37.71 3757 2.75 1.94 37.71 3757 2.75 1.94
21


Ecuador Republic 8 7/8% due 27 2,500 1,280 0.10 2,043 1,046 0.15 — — — 1.786 — 24.00 2360 7.14 3.88 24.00 2360 7.14 3.88
Republic 9 1/2% due 30 1,400 729 0.06 1,144 596 0.08 — — — 1.499 — 22.64 2214 9.57 4.23 22.64 2214 9.57 4.23
Republic 9 5/8% due 27 1,000 510 0.04 817 417 0.06 — — — 1.656 — 25.37 2499 6.75 3.70 25.37 2499 6.75 3.70
Republic 9.65% due 26 2,403 1,219 0.10 1,964 997 0.14 — — — 1.510 — 26.26 2592 6.28 3.55 26.26 2592 6.28 3.55
Egypt Republic 4.55% due 23 500 508 0.04 358 364 0.05 — — — 0.829 — 4.17 402 3.22 2.93 4.17 402 3.22 2.93
Republic 5 3/4% due 24 1,250 1,307 0.10 896 937 0.13 — — — 0.606 — 4.65 448 3.74 3.30 4.65 448 3.74 3.30
Republic 5 7/8% due 25 1,500 1,563 0.13 1,075 1,121 0.16 — — — 0.793 — 4.98 475 4.78 4.10 4.98 475 4.78 4.10
Republic 5.577% due 23 1,250 1,293 0.10 896 927 0.13 — — — 0.546 — 4.06 392 2.47 2.30 4.06 392 2.47 2.30
Republic 6 1/8% due 22 2,500 2,578 0.21 1,792 1,848 0.26 — — — 0.589 — 3.76 363 1.41 1.35 3.76 363 1.41 1.35
Republic 6 7/8% due 40 500 494 0.04 358 354 0.05 — — — 1.638 — 7.03 607 19.66 10.50 7.03 607 19.66 10.50
Republic 6.2004% due 24 750 783 0.06 538 561 0.08 — — — 0.842 — 4.60 443 3.50 3.13 4.60 443 3.50 3.13
Republic 6.588% due 28 1,250 1,262 0.10 896 905 0.13 — — — 0.940 — 6.29 581 7.47 5.87 6.29 581 7.47 5.87
Republic 7 1/2% due 27 2,000 2,148 0.17 1,434 1,540 0.22 — — — 1.027 — 6.00 561 6.41 5.10 6.00 561 6.41 5.10
Republic 7 5/8% due 32 1,750 1,815 0.15 1,255 1,301 0.18 — — — 0.897 — 7.28 659 11.74 7.66 7.28 659 11.74 7.66
Republic 7.0529% due 32 1,000 1,003 0.08 717 719 0.10 — — — 1.051 — 6.99 630 11.37 7.74 6.99 630 11.37 7.74
Republic 7.6003% due 29 1,750 1,838 0.15 1,255 1,318 0.19 — — — 0.868 — 6.68 615 8.50 6.30 6.68 615 8.50 6.30
Republic 7.903% due 48 1,500 1,453 0.12 1,075 1,042 0.15 — — — 1.211 — 8.08 703 27.47 11.01 8.08 703 27.47 11.01
Republic 8 1/2% due 47 2,500 2,582 0.21 1,792 1,851 0.26 — — — 1.183 — 8.15 711 26.41 10.67 8.15 711 26.41 10.67
Republic 8 7/8% due 50 2,000 2,121 0.17 1,434 1,521 0.21 — — — 0.963 — 8.42 737 29.74 10.53 8.42 737 29.74 10.53
Republic 8.15% due 59 500 495 0.04 358 355 0.05 — — — 1.301 — 8.28 718 39.22 11.25 8.28 718 39.22 11.25
Republic 8.7002% due 49 1,500 1,539 0.12 1,075 1,103 0.15 — — — 1.235 — 8.29 724 28.50 10.80 8.29 724 28.50 10.80
Ethiopia Republic 6 5/8% due 24 1,000 1,025 0.08 1,000 1,025 0.14 — — — 1.193 — 5.95 575 4.28 3.64 5.95 575 4.28 3.64
Gabon Republic 6 3/8% due 24 736 738 0.06 736 738 0.10 — — — 1.012 — 6.44 627 3.28 2.86 6.44 627 3.28 2.86
Republic 6 5/8% due 31 1,000 967 0.08 1,000 967 0.14 — — — 1.126 — 6.96 636 9.43 6.89 6.96 636 9.43 6.89
Republic 6.95% due 25 700 709 0.06 700 709 0.10 — — — 1.071 — 6.76 653 4.79 3.97 6.76 653 4.79 3.97
Georgia Railway 7 3/4% due 22 500 525 0.04 500 525 0.07 — — — 1.438 — 4.90 477 1.86 1.71 4.90 477 1.86 1.71
Ghana Republic 6 3/8% due 27 1,250 1,183 0.09 1,250 1,183 0.17 — — — 0.905 — 7.46 715 5.44 4.47 7.46 715 5.44 4.47
Republic 7 5/8% due 29 1,000 976 0.08 1,000 976 0.14 — — — 1.101 — 8.25 776 7.71 5.58 8.25 776 7.71 5.58
Republic 7 7/8% due 27 750 757 0.06 750 757 0.11 — — — 1.022 — 7.89 757 5.62 4.41 7.89 757 5.62 4.41
Republic 7 7/8% due 35 1,000 918 0.07 1,000 918 0.13 — — — 1.025 — 8.86 811 13.44 7.99 8.86 811 13.44 7.99
Republic 8 1/8% due 26 1,000 1,029 0.08 1,000 1,029 0.14 — — — 1.106 — 7.27 705 4.38 3.61 7.27 705 4.38 3.61
Republic 8 1/8% due 32 1,250 1,223 0.10 1,250 1,223 0.17 — — — 1.042 — 8.69 806 10.62 6.77 8.69 806 10.62 6.77
Republic 8 3/4% due 61 750 719 0.06 750 719 0.10 — — — 1.064 — 9.53 850 39.53 9.66 9.53 850 39.53 9.66
Republic 8.627% due 49 1,000 924 0.07 1,000 924 0.13 — — — 1.122 — 9.46 846 27.79 9.68 9.46 846 27.79 9.68
Republic 8.95% due 51 1,000 967 0.08 1,000 967 0.14 — — — 1.025 — 9.57 856 29.57 9.44 9.57 856 29.57 9.44
Guatemala Republic 4 1/2% due 26 700 769 0.06 700 769 0.11 — — — 1.155 — 2.69 236 5.67 4.98 2.69 236 5.67 4.98
Republic 4 3/8% due 27 500 545 0.04 500 545 0.08 — — — 1.254 — 2.89 246 6.76 5.86 2.89 246 6.76 5.86
Republic 4 7/8% due 28 700 784 0.06 700 784 0.11 — — — 1.113 — 2.95 246 7.45 6.35 2.95 246 7.45 6.35
Republic 4.9% due 30 500 569 0.05 500 569 0.08 — — — 1.033 — 3.11 254 8.75 7.19 3.10 253 8.66 7.13
Republic 5 3/4% due 22 700 749 0.06 700 749 0.11 — — — 1.080 — 1.94 181 1.76 1.67 1.94 181 1.76 1.67
Republic 5 3/8% due 32 500 594 0.05 500 594 0.08 — — — 0.942 — 3.50 277 11.64 8.87 3.47 275 11.39 8.72
Republic 6 1/8% due 50 1,400 1,758 0.14 1,400 1,758 0.25 — — — 1.004 — 4.55 333 28.91 15.10 4.55 333 28.75 15.06
Honduras Republic 5 5/8% due 30 600 662 0.05 600 662 0.09 — — — 0.933 — 4.33 370 9.81 7.62 4.31 369 9.56 7.46
Republic 6 1/4% due 27 700 777 0.06 700 777 0.11 — — — 1.866 — 3.86 347 6.38 5.32 3.86 347 6.38 5.32
Republic 7 1/2% due 24 500 568 0.05 500 568 0.08 — — — 0.874 — 2.97 283 2.54 2.27 2.97 283 2.54 2.27
Croatia Hrvatska 5 7/8% due 22 550 604 0.05 550 604 0.08 — — — 1.140 — 1.64 151 2.14 1.99 1.64 151 2.14 1.99
Republic 5 1/2% due 23 1,500 1,698 0.14 1,500 1,698 0.24 1,500 1,698 0.48 0.555 L3 0.89 75 2.59 2.40 0.89 75 2.59 2.40
Republic 6% due 24 1,750 2,040 0.16 1,750 2,040 0.29 1,750 2,040 0.57 0.604 L3 0.99 83 3.40 3.12 0.99 83 3.40 3.12
Hungary Republic 5 3/4% due 23 1,749 2,034 0.16 1,749 2,034 0.29 1,749 2,034 0.57 0.490 L2 0.94 79 3.22 2.95 0.94 79 3.22 2.95
Republic 5 3/8% due 23 1,824 2,017 0.16 1,824 2,017 0.28 1,824 2,017 0.57 0.440 L3 0.92 79 2.47 2.34 0.92 79 2.47 2.34
Republic 5 3/8% due 24 1,851 2,170 0.17 1,851 2,170 0.30 1,851 2,170 0.61 0.515 L2 0.97 80 3.56 3.23 0.97 80 3.56 3.23
Republic 7 5/8% due 41 1,250 2,254 0.18 1,250 2,254 0.32 1,250 2,254 0.63 2.000 L3 2.63 158 20.58 13.04 2.63 158 20.58 13.04
Indonesia Export Import Bank 3 7/8% due 24 500 536 0.04 146 157 0.02 — — — 1.055 — 1.94 177 3.59 3.32 1.94 177 3.59 3.32
Hutama Karya Persero PT 3 3/4% due 30 600 662 0.05 176 194 0.03 — — — 0.768 — 2.58 194 9.69 8.18 2.55 192 9.44 8.00
Indo Asahan Aluminium PT 4 3/4% due 25 1,000 1,114 0.09 293 326 0.05 — — — 0.762 — 2.32 209 4.70 4.20 2.28 206 4.62 4.13
Indo Asahan Aluminium PT 5.45% due 30 1,000 1,191 0.10 293 349 0.05 — — — 0.821 — 3.23 260 9.70 7.69 3.18 257 9.45 7.53
Indo Asahan Aluminium PT 5.71% due 23 666 749 0.06 195 219 0.03 — — — 0.813 — 1.99 183 3.20 2.92 1.99 183 3.20 2.92
Indo Asahan Aluminium PT 5.8% due 50 500 617 0.05 146 181 0.03 — — — 1.340 — 4.40 316 29.70 15.61 4.39 316 29.20 15.50
Indo Asahan Aluminium PT 6.53% due 28 1,000 1,257 0.10 293 368 0.05 — — — 0.811 — 3.09 256 8.20 6.53 3.09 256 8.20 6.53
Indo Asahan Aluminium PT 6.757% due 48 750 1,013 0.08 219 296 0.04 — — — 1.194 — 4.57 337 28.20 14.58 4.57 337 28.20 14.58
PLNIJ 3 3/8% due 30 500 521 0.04 146 152 0.02 — — — 0.911 — 2.79 215 9.43 8.13 2.79 215 9.43 8.13
PLNIJ 3 7/8% due 29 700 759 0.06 205 222 0.03 — — — 0.938 — 2.74 215 8.88 7.58 2.74 215 8.88 7.58
PLNIJ 3% due 30 500 507 0.04 146 148 0.02 — — — 0.685 — 2.80 214 9.83 8.52 2.79 215 9.58 8.33
PLNIJ 4 1/8% due 27 1,500 1,655 0.13 439 484 0.07 — — — 0.939 — 2.48 204 6.70 5.86 2.48 204 6.70 5.86
PLNIJ 4 3/8% due 50 500 528 0.04 146 154 0.02 — — — 1.423 — 3.99 270 29.43 17.20 3.99 270 29.43 17.20
PLNIJ 4 7/8% due 49 700 787 0.06 205 230 0.03 — — — 1.292 — 4.09 282 28.88 16.48 4.09 282 28.88 16.48
PLNIJ 4% due 50 1,000 1,018 0.08 293 298 0.04 — — — 1.202 — 3.89 259 29.83 17.72 3.89 259 29.33 17.57
PLNIJ 5 1/2% due 21 1,000 1,063 0.09 293 311 0.04 — — — 0.576 — 1.06 94 1.22 1.19 1.06 94 1.22 1.19
PLNIJ 5 1/4% due 42 1,000 1,183 0.09 293 346 0.05 — — — 1.429 — 4.02 291 22.14 13.87 4.02 291 22.14 13.87
PLNIJ 5 1/4% due 47 500 590 0.05 146 173 0.02 — — — 1.393 — 4.14 293 26.70 15.39 4.14 293 26.70 15.39
PLNIJ 5 3/8% due 29 500 594 0.05 146 174 0.02 — — — 0.821 — 2.79 224 8.40 6.94 2.79 224 8.40 6.94
PLNIJ 5.45% due 28 1,000 1,192 0.10 293 349 0.05 — — — 1.051 — 2.73 222 7.72 6.40 2.73 222 7.72 6.40
PLNIJ 6 1/4% due 49 500 664 0.05 146 194 0.03 — — — 1.061 — 4.20 298 28.40 15.40 4.20 298 28.40 15.40
PLNIJ 6.15% due 48 1,000 1,327 0.11 293 388 0.05 — — — 1.396 — 4.17 296 27.72 15.16 4.17 296 27.72 15.16
PT Pelabuhan II 4 1/4% due 25 1,100 1,208 0.10 322 353 0.05 — — — 1.106 — 2.12 189 4.68 4.22 2.12 189 4.68 4.22
PT Pelabuhan II 5 3/8% due 45 500 580 0.05 146 170 0.02 — — — 1.506 — 4.31 314 24.68 14.50 4.31 314 24.68 14.50
Pelabuhan 4 1/2% due 23 500 537 0.04 146 157 0.02 — — — 1.289 — 1.71 157 2.67 2.49 1.71 157 2.67 2.49
Pelabuhan 4 7/8% due 24 500 556 0.04 146 163 0.02 — — — 1.379 — 2.08 189 4.08 3.67 2.08 189 4.08 3.67
Pertamina 3.1% due 08/30 650 673 0.05 190 197 0.03 — — — 1.000 — 2.59 192 9.98 8.67 2.57 192 9.73 8.47
Pertamina 3.1% due 30 500 516 0.04 146 151 0.02 — — — 0.926 — 2.62 199 9.39 8.19 2.61 200 9.14 7.99
Pertamina 3.65% due 29 750 802 0.06 219 235 0.03 — — — 0.997 — 2.67 208 8.91 7.68 2.67 208 8.91 7.68
Pertamina 4 7/8% due 22 1,250 1,343 0.11 366 393 0.06 — — — 0.707 — 0.94 81 1.67 1.60 0.94 81 1.67 1.60
Pertamina 4.15% due 60 800 802 0.06 234 235 0.03 — — — 1.157 — 4.09 277 39.48 19.71 4.09 277 38.98 19.61
Pertamina 4.175% due 50 1,000 1,021 0.08 293 299 0.04 — — — 1.080 — 4.01 272 29.39 17.31 4.01 273 28.89 17.16
Pertamina 4.3% due 23 1,625 1,763 0.14 476 516 0.07 — — — 0.717 — 1.34 120 2.72 2.55 1.34 120 2.72 2.55
Pertamina 4.7% due 49 750 824 0.07 219 241 0.03 — — — 1.285 — 4.07 280 28.91 16.67 4.07 280 28.91 16.67
Pertamina 5 5/8% due 43 1,463 1,791 0.14 428 524 0.07 — — — 1.057 — 4.14 302 22.72 13.84 4.14 302 22.72 13.84
Pertamina 6 1/2% due 41 500 659 0.05 146 193 0.03 — — — 1.467 — 4.20 315 20.74 12.67 4.20 315 20.74 12.67
Pertamina 6 1/2% due 48 750 1,038 0.08 219 304 0.04 — — — 1.067 — 4.23 301 28.18 15.04 4.23 301 28.18 15.04
Pertamina 6% due 42 1,230 1,556 0.12 360 455 0.06 — — — 1.336 — 4.17 309 21.67 13.22 4.17 309 21.67 13.22
Pertamina 6.45% due 44 1,500 2,010 0.16 439 588 0.08 — — — 1.267 — 4.18 306 23.74 13.78 4.18 306 23.74 13.78
Republic 2.85% due 30 1,200 1,263 0.10 351 370 0.05 1,200 1,263 0.35 0.500 — 2.19 155 9.45 8.37 2.19 155 9.45 8.37
Republic 2.95% due 23 1,000 1,045 0.08 293 306 0.04 — — — 0.538 L2 0.97 84 2.36 2.28 0.97 84 2.36 2.28
Republic 3 1/2% due 28 1,250 1,382 0.11 366 404 0.06 1,250 1,382 0.39 0.567 L2 1.94 145 7.36 6.55 1.94 145 7.36 6.55
Republic 3 1/2% due 50 800 844 0.07 234 247 0.03 — — — 0.768 — 3.18 185 29.45 19.14 3.18 185 29.45 19.14
Republic 3 3/4% due 22 2,000 2,106 0.17 585 616 0.09 — — — 0.606 L2 0.95 82 1.65 1.59 0.95 82 1.65 1.59
Republic 3 3/8% due 23 1,500 1,598 0.13 439 468 0.07 1,500 1,598 0.45 0.610 L2 1.11 97 2.62 2.49 1.11 97 2.62 2.49
Republic 3.4% due 29 750 837 0.07 219 245 0.03 750 837 0.23 0.580 — 2.10 149 9.04 7.81 2.10 149 9.04 7.81
Republic 3.7% due 22 750 781 0.06 219 229 0.03 — — — 0.457 — 0.72 59 1.35 1.33 0.72 59 1.35 1.33
22


Indonesia Republic 3.7% due 49 1,000 1,093 0.09 293 320 0.04 1,000 1,093 0.31 0.905 — 3.22 190 29.16 18.56 3.22 190 29.16 18.56
Republic 3.85% due 27 1,000 1,131 0.09 293 331 0.05 1,000 1,131 0.32 0.533 L2 1.79 134 6.88 6.12 1.79 134 6.88 6.12
Republic 3.85% due 30 1,650 1,907 0.15 483 558 0.08 — — — 0.476 — 2.23 156 10.12 8.49 2.23 156 10.12 8.49
Republic 4 1/8% due 25 2,000 2,241 0.18 585 656 0.09 2,000 2,241 0.63 0.548 — 1.28 108 4.37 4.03 1.28 108 4.37 4.03
Republic 4 3/4% due 26 2,250 2,627 0.21 658 769 0.11 2,250 2,627 0.74 0.548 L3 1.51 122 5.35 4.79 1.51 122 5.35 4.79
Republic 4 3/4% due 47 1,000 1,253 0.10 293 367 0.05 — — — 1.027 — 3.29 205 26.88 16.78 3.29 205 26.88 16.78
Republic 4 5/8% due 43 1,500 1,827 0.15 439 535 0.08 1,500 1,827 0.51 1.025 L2 3.29 215 22.62 14.98 3.29 215 22.62 14.98
Republic 4.1% due 28 1,000 1,155 0.09 293 338 0.05 1,000 1,155 0.32 0.597 — 2.01 150 7.64 6.61 2.01 150 7.64 6.61
Republic 4.2% due 50 1,650 1,967 0.16 483 575 0.08 — — — 0.798 — 3.24 192 30.12 18.33 3.24 192 30.12 18.33
Republic 4.35% due 27 1,250 1,444 0.12 366 422 0.06 1,250 1,444 0.40 0.528 L2 1.78 139 6.35 5.62 1.78 139 6.35 5.62
Republic 4.35% due 48 1,750 2,086 0.17 512 610 0.09 1,750 2,086 0.59 0.930 L2 3.26 199 27.36 17.31 3.26 199 27.36 17.31
Republic 4.45% due 24 750 830 0.07 219 243 0.03 — — — 0.500 — 1.22 106 3.44 3.22 1.22 106 3.44 3.22
Republic 4.45% due 70 1,000 1,245 0.10 293 364 0.05 — — — 0.912 — 3.44 208 49.62 22.62 3.44 208 49.62 22.62
Republic 4.75% due 29 1,250 1,498 0.12 366 438 0.06 1,250 1,498 0.42 0.506 — 2.14 157 8.44 7.16 2.14 157 8.44 7.16
Republic 5 1/4% due 42 2,250 2,924 0.23 658 856 0.12 2,250 2,924 0.82 0.961 — 3.27 217 21.38 14.20 3.27 217 21.38 14.20
Republic 5 1/4% due 47 1,500 2,002 0.16 439 586 0.08 1,500 2,002 0.56 0.966 L2 3.32 210 26.35 16.19 3.32 210 26.35 16.19
Republic 5 1/8% due 45 2,000 2,599 0.21 585 761 0.11 2,000 2,599 0.73 0.946 L3 3.31 212 24.37 15.52 3.31 212 24.37 15.52
Republic 5 3/8% due 23 1,000 1,146 0.09 293 335 0.05 — — — 0.582 — 1.07 92 3.13 2.87 1.07 92 3.13 2.87
Republic 5 7/8% due 24 2,000 2,313 0.19 585 677 0.10 2,000 2,313 0.65 0.588 L3 1.16 100 3.37 3.09 1.16 100 3.37 3.09
Republic 5.35% due 49 1,000 1,351 0.11 293 395 0.06 1,000 1,351 0.38 0.917 — 3.39 213 28.44 16.87 3.39 213 28.44 16.87
Republic 5.95% due 46 1,250 1,795 0.14 366 525 0.07 1,250 1,795 0.50 0.964 L3 3.37 218 25.35 15.35 3.37 218 25.35 15.35
Republic 6 3/4% due 44 2,000 3,070 0.25 585 898 0.13 2,000 3,070 0.86 1.013 L2 3.40 228 23.37 14.20 3.40 228 23.37 14.20
Republic 6 5/8% due 37 1,500 2,147 0.17 439 628 0.09 — — — 0.966 — 3.19 227 16.46 11.36 3.19 227 16.46 11.36
Republic 7 3/4% due 38 2,000 3,166 0.25 585 927 0.13 2,000 3,166 0.89 0.964 L3 3.31 237 17.38 11.36 3.31 237 17.38 11.36
Republic 8 1/2% due 35 1,600 2,658 0.21 468 778 0.11 — — — 0.911 — 3.17 232 15.11 9.99 3.17 232 15.11 9.99
Republic Sukuk 2.3% due 25 750 779 0.06 219 228 0.03 — — — 0.500 — 1.44 120 4.81 4.54 1.44 120 4.81 4.54
Republic Sukuk 2.8% due 30 1,000 1,041 0.08 293 305 0.04 — — — 0.500 — 2.33 167 9.81 8.62 2.33 167 9.81 8.62
Republic Sukuk 3 3/4% due 23 1,250 1,326 0.11 366 388 0.05 — — — 0.589 — 1.04 91 2.50 2.39 1.04 91 2.50 2.39
Republic Sukuk 4.35% due 24 1,500 1,701 0.14 439 498 0.07 1,500 1,701 0.48 0.609 L2 1.29 110 4.02 3.66 1.29 110 4.02 3.66
India Ex Im Bk 3 1/4% due 30 1,000 1,025 0.08 1,000 1,025 0.14 — — — 0.750 — 2.91 228 9.37 8.10 2.91 228 9.37 8.10
Ex Im Bk 3 3/8% due 26 1,000 1,063 0.09 1,000 1,063 0.15 — — — 0.695 — 2.22 186 5.93 5.39 2.22 186 5.93 5.39
Ex Im Bk 3 7/8% due 24 500 541 0.04 500 541 0.08 — — — 0.624 — 1.86 170 3.53 3.25 1.86 170 3.53 3.25
Ex Im Bk 3 7/8% due 28 1,000 1,063 0.09 1,000 1,063 0.15 — — — 0.706 — 2.88 238 7.41 6.48 2.88 238 7.41 6.48
Ex Im Bk 4% due 23 750 794 0.06 750 794 0.11 — — — 0.419 — 1.49 136 2.37 2.26 1.49 136 2.37 2.26
Indian Railway Finance 3.249% due 30 700 712 0.06 700 712 0.10 — — — 0.966 — 2.93 230 9.45 8.18 2.93 230 9.45 8.18
Iraq Republic 5.8% due 28 2,531 2,392 0.19 2,531 2,392 0.34 — — — 1.189 — 7.44 716 3.87 3.20 7.44 716 3.87 3.20
Republic 6.752% due 23 1,000 1,010 0.08 1,000 1,010 0.14 — — — 1.143 — 7.30 717 2.52 2.20 7.30 717 2.52 2.20
Jamaica Govt of Jamaica 6 3/4% due 28 1,421 1,685 0.14 1,421 1,685 0.24 — — — 1.363 — 3.77 335 6.66 5.39 3.77 335 6.66 5.39
Govt of Jamaica 7 7/8% due 45 1,815 2,396 0.19 1,815 2,396 0.34 — — — 1.518 — 5.46 437 24.91 12.68 5.46 437 24.91 12.68
Govt of Jamaica 8% due 39 1,243 1,693 0.14 1,243 1,693 0.24 — — — 1.365 — 5.05 413 17.54 10.39 5.05 413 17.54 10.39
Jordan Kingdom 4.95% due 25 500 503 0.04 500 503 0.07 — — — 0.655 — 4.83 459 4.85 4.24 4.83 459 4.85 4.24
Kingdom 5 3/4% due 27 1,000 1,033 0.08 1,000 1,033 0.14 — — — 0.938 — 5.06 466 6.41 5.34 5.06 466 6.41 5.34
Kingdom 5.85% due 30 1,250 1,274 0.10 1,250 1,274 0.18 — — — 0.863 — 5.63 501 9.85 7.43 5.63 501 9.85 7.43
Kingdom 6 1/8% due 26 1,000 1,053 0.08 1,000 1,053 0.15 — — — 0.902 — 4.93 464 5.41 4.58 4.93 464 5.41 4.58
Kingdom 7 3/8% due 47 1,000 1,072 0.09 1,000 1,072 0.15 — — — 1.246 — 6.91 581 27.11 11.79 6.91 581 27.11 11.79
Kenya Republic 6 7/8% due 24 2,000 2,081 0.17 2,000 2,081 0.29 — — — 0.981 — 5.76 559 3.81 3.29 5.76 559 3.81 3.29
Republic 7 1/4% due 28 1,000 1,011 0.08 1,000 1,011 0.14 — — — 1.074 — 6.90 643 7.49 5.76 6.90 643 7.49 5.76
Republic 7% due 27 900 917 0.07 900 917 0.13 — — — 0.987 — 6.78 645 5.72 4.57 6.78 645 5.72 4.57
Republic 8 1/4% due 48 1,000 1,008 0.08 1,000 1,008 0.14 — — — 1.019 — 8.09 704 27.49 10.95 8.09 704 27.49 10.95
Republic 8% due 32 1,200 1,257 0.10 1,200 1,257 0.18 — — — 1.039 — 7.52 687 10.72 7.08 7.52 687 10.72 7.08
Kuwait Kuwait International 3 1/2% due 27 4,500 5,170 0.41 4,500 5,170 0.73 — — — 0.619 — 1.30 88 6.55 5.87 1.30 88 6.55 5.87
Kazakhstan Dev Bank 4 1/8% due 22 1,103 1,171 0.09 1,103 1,171 0.16 — — — 0.832 — 1.46 133 2.28 2.16 1.46 133 2.28 2.16
KazTransGas JSC 4 3/8% due 27 706 792 0.06 706 792 0.11 — — — 0.878 — 2.62 216 7.07 6.06 2.62 216 7.07 6.06
Kazmunaigaz 3 7/8% due 22 500 525 0.04 500 525 0.07 — — — 0.750 — 1.23 111 1.63 1.57 1.23 111 1.63 1.57
Kazmunaigaz 4 3/4% due 25 500 562 0.05 500 562 0.08 — — — 0.754 — 2.16 193 4.64 4.14 2.16 193 4.64 4.14
Kazmunaigaz 4 3/4% due 27 1,000 1,146 0.09 1,000 1,146 0.16 — — — 0.814 — 2.51 209 6.63 5.70 2.51 209 6.63 5.70
Kazmunaigaz 5 3/4% due 47 1,250 1,587 0.13 1,250 1,587 0.22 — — — 1.128 — 4.12 292 26.63 15.04 4.12 292 26.63 15.04
Kazmunaigaz 5 3/8% due 30 1,250 1,524 0.12 1,250 1,524 0.21 — — — 0.946 — 2.87 224 9.64 7.69 2.87 224 9.64 7.69
Kazmunaigaz 6 3/8% due 48 1,500 2,055 0.16 1,500 2,055 0.29 — — — 1.149 — 4.20 298 28.14 15.09 4.20 298 28.14 15.09
Republic 3 7/8% due 24 1,500 1,670 0.13 1,500 1,670 0.23 — — — 1.000 — 1.17 97 4.12 3.79 1.17 97 4.12 3.79
Republic 4 7/8% due 44 1,000 1,371 0.11 1,000 1,371 0.19 — — — 1.652 — 2.75 156 24.12 15.90 2.75 156 24.12 15.90
Republic 5 1/8% due 25 2,500 2,940 0.24 2,500 2,940 0.41 — — — 0.600 — 1.39 114 4.89 4.38 1.39 114 4.89 4.38
Republic 6 1/2% due 45 1,500 2,385 0.19 1,500 2,385 0.33 — — — 1.637 — 3.03 186 24.89 15.22 3.03 186 24.89 15.22
Temir Zholy 6.95% due 42 883 1,238 0.10 883 1,238 0.17 — — — 1.246 — 4.11 304 21.86 13.04 4.11 304 21.86 13.04
Lebanon Republic 6 1/4% due 24 538 87 0.01 538 87 0.01 — — — 1.982 — 71.66 7148 4.17 1.87 71.66 7148 4.17 1.87
Republic 6 3/4% due 27 1,000 155 0.01 1,000 155 0.02 — — — 2.000 — 52.46 5211 7.24 2.35 52.46 5211 7.24 2.35
Republic 6% due 23 1,100 179 0.01 1,100 179 0.03 — — — 1.970 — 109.21 10908 2.40 1.28 109.21 10908 2.40 1.28
Republic 6.1% due 22 1,540 262 0.02 1,540 262 0.04 — — — 1.976 — 128.11 12798 2.09 1.01 128.11 12798 2.09 1.01
Republic 6.2% due 25 800 124 0.01 800 124 0.02 — — — 2.000 — 63.42 6322 4.48 2.30 63.42 6322 4.48 2.30
Republic 6.6% due 26 1,600 248 0.02 1,600 248 0.03 — — — 1.577 — 55.92 5561 6.24 2.30 55.92 5561 6.24 2.30
Republic 6.65% due 24 700 113 0.01 700 113 0.02 — — — 1.792 — 83.09 8293 3.64 1.58 83.09 8293 3.64 1.58
Republic 6.65% due 28 893 140 0.01 893 140 0.02 — — — 1.607 — 50.08 4971 8.17 2.31 50.08 4971 8.17 2.31
Republic 6.65% due 30 1,400 217 0.02 1,400 217 0.03 — — — 2.000 — 43.33 4292 9.48 2.89 43.33 4292 9.48 2.89
Republic 6.85% due 27 1,250 194 0.02 1,250 194 0.03 — — — 1.704 — 59.19 5888 6.56 1.94 59.19 5888 6.56 1.94
Republic 7 1/4% due 37 750 118 0.01 750 118 0.02 — — — 2.000 — 49.87 4957 16.56 1.68 49.87 4957 16.56 1.68
Republic 7% due 32 1,000 160 0.01 1,000 160 0.02 — — — 1.680 — 48.64 4828 11.56 1.92 48.64 4828 11.56 1.92
Republic 7.05% due 35 600 95 0.01 600 95 0.01 — — — 2.000 — 45.89 4555 15.17 2.00 45.89 4555 15.17 2.00
Republic 8 1/4% due 21 2,092 379 0.03 2,092 379 0.05 — — — 1.671 — 178.91 17879 1.61 0.64 178.91 17879 1.61 0.64
Sri Lanka Republic 5 3/4% due 22 500 468 0.04 500 468 0.07 — — — 1.818 — 9.94 981 1.38 1.28 9.94 981 1.38 1.28
Republic 5 3/4% due 23 1,250 1,138 0.09 1,250 1,138 0.16 — — — 1.984 — 9.78 964 2.63 2.30 9.78 964 2.63 2.30
Republic 5 7/8% due 22 1,000 909 0.07 1,000 909 0.13 — — — 2.314 — 10.15 1002 1.90 1.72 10.15 1002 1.90 1.72
Republic 6 1/8% due 25 650 569 0.05 650 569 0.08 — — — 1.955 — 9.42 919 4.75 3.90 9.42 919 4.75 3.90
Republic 6 3/4% due 28 1,250 1,052 0.08 1,250 1,052 0.15 — — — 2.067 — 9.84 936 7.63 5.51 9.84 936 7.63 5.51
Republic 6.2% due 27 1,500 1,252 0.10 1,500 1,252 0.18 — — — 1.945 — 9.66 925 6.69 5.11 9.66 925 6.69 5.11
Republic 6.35% due 24 500 447 0.04 500 447 0.06 — — — 1.829 — 9.56 938 3.82 3.24 9.56 938 3.82 3.24
Republic 6.825% due 26 1,000 860 0.07 1,000 860 0.12 — — — 2.016 — 9.75 942 5.88 4.60 9.75 942 5.88 4.60
Republic 6.85% due 24 1,000 918 0.07 1,000 918 0.13 — — — 1.808 — 10.19 1003 3.53 2.92 10.19 1003 3.53 2.92
Republic 6.85% due 25 1,500 1,330 0.11 1,500 1,330 0.19 — — — 2.006 — 9.80 954 5.17 4.09 9.80 954 5.17 4.09
23


Sri Lanka Republic 7.55% due 30 1,500 1,271 0.10 1,500 1,271 0.18 — — — 1.896 — 10.33 975 9.57 6.17 10.33 975 9.57 6.17
Republic 7.85% due 29 1,400 1,210 0.10 1,400 1,210 0.17 — — — 1.951 — 10.63 1010 8.53 5.64 10.63 1010 8.53 5.64
Lithuania Republic 6 5/8% due 22 1,500 1,634 0.13 1,500 1,634 0.23 — — — 0.400 — 0.40 27 1.41 1.38 0.40 27 1.41 1.38
Morocco Kingdom 4 1/4% due 22 1,500 1,591 0.13 1,500 1,591 0.22 — — — 0.716 — 1.66 153 2.28 2.16 1.66 153 2.28 2.16
Kingdom 5 1/2% due 42 750 968 0.08 750 968 0.14 — — — 1.295 — 3.60 249 22.28 14.16 3.60 249 22.28 14.16
Mongolia Dev Bank of Mongolia 7 1/4% due 23 500 533 0.04 500 533 0.07 — — — 1.342 — 5.15 500 3.14 2.74 5.15 500 3.14 2.74
Republic 5 1/8% due 22 1,000 1,029 0.08 1,000 1,029 0.14 — — — 1.375 — 3.70 356 2.26 2.10 3.70 356 2.26 2.10
Republic 5 5/8% due 23 800 840 0.07 800 840 0.12 — — — 1.327 — 3.89 375 2.66 2.42 3.89 375 2.66 2.42
Republic 8 3/4% due 24 600 702 0.06 600 702 0.10 — — — 1.091 — 4.49 433 3.52 2.96 4.49 433 3.52 2.96
Mexico Banco Nacional 3.8% due 26 700 701 0.06 183 183 0.03 — — — 1.162 — 3.62 326 5.94 0.89 2.62 250 0.94 0.93
Banco Nacional 4 3/8% due 25 1,000 1,085 0.09 261 283 0.04 — — — 1.165 — 2.74 247 5.12 4.54 2.74 247 5.12 4.54
Commission Fed 4 7/8% due 24 1,250 1,344 0.11 326 351 0.05 — — — 0.902 — 2.44 228 3.37 3.10 2.44 228 3.37 3.10
Commission Fed 6 1/8% due 45 700 837 0.07 183 218 0.03 — — — 1.262 — 4.80 367 24.79 13.78 4.80 367 24.79 13.78
Commission Fed De Electric 4 3/4% due 27 1,000 1,072 0.09 261 280 0.04 — — — 0.932 — 3.36 295 6.48 5.62 3.36 295 6.48 5.62
Commission Fed De Electric 5 3/4% due 42 750 842 0.07 196 220 0.03 — — — 1.347 — 4.76 369 21.45 13.05 4.76 369 21.45 13.05
Commission Fed De Electric 5% due 49 595 606 0.05 155 158 0.02 — — — 2.442 — 4.54 359 14.91 9.82 4.54 359 14.91 9.82
Mex City Airport Trust 3 7/8% due 28 700 652 0.05 183 170 0.02 — — — 1.030 — 5.00 449 7.66 6.45 5.00 449 7.66 6.45
Mex City Airport Trust 5 1/2% due 47 2,100 1,814 0.15 548 473 0.07 — — — 1.251 — 6.50 536 26.91 13.13 6.50 536 26.91 13.13
Pemex 3 1/2% due 23 1,144 1,137 0.09 299 297 0.04 — — — 0.929 — 3.48 335 2.41 2.29 3.48 335 2.41 2.29
Pemex 4 1/2% due 26 1,388 1,305 0.10 362 340 0.05 — — — 0.652 — 5.75 546 5.39 4.68 5.75 546 5.39 4.68
Pemex 4 1/4% due 25 791 761 0.06 206 199 0.03 — — — 1.077 — 5.09 488 4.37 3.91 5.09 488 4.37 3.91
Pemex 4 5/8% due 23 902 922 0.07 235 241 0.03 — — — 1.019 — 4.24 409 3.05 2.77 4.24 409 3.05 2.77
Pemex 4 7/8% due 22 642 651 0.05 167 170 0.02 — — — 1.024 — 3.28 315 1.39 1.35 3.28 315 1.39 1.35
Pemex 4 7/8% due 24 1,033 1,038 0.08 269 271 0.04 — — — 1.025 — 4.55 439 3.38 3.07 4.55 439 3.38 3.07
Pemex 5 1/2% due 44 794 616 0.05 207 161 0.02 — — — 1.162 — 7.51 645 23.82 11.71 7.51 645 23.82 11.71
Pemex 5 5/8% due 46 948 747 0.06 247 195 0.03 — — — 1.036 — 7.47 638 25.39 11.97 7.47 638 25.39 11.97
Pemex 5.35% due 28 2,500 2,282 0.18 652 596 0.08 — — — 0.767 — 6.78 630 7.44 5.99 6.78 630 7.44 5.99
Pemex 5.95% due 31 3,800 3,440 0.28 992 898 0.13 — — — 0.879 — 7.23 659 10.41 7.51 7.23 659 10.41 7.51
Pemex 6 1/2% due 27 5,500 5,588 0.45 1,435 1,458 0.20 — — — 1.027 — 6.60 620 6.53 5.11 6.60 620 6.53 5.11
Pemex 6 1/2% due 29 2,000 1,922 0.15 522 501 0.07 — — — 1.003 — 7.09 655 8.39 6.33 7.09 655 8.39 6.33
Pemex 6 1/2% due 41 1,554 1,320 0.11 406 344 0.05 — — — 1.158 — 8.07 709 20.75 10.35 8.07 709 20.75 10.35
Pemex 6 3/4% due 47 6,000 5,168 0.41 1,566 1,349 0.19 — — — 0.776 — 8.25 718 27.05 10.79 8.25 718 27.05 10.79
Pemex 6 3/8% due 45 1,560 1,277 0.10 407 333 0.05 — — — 1.201 — 8.06 702 24.39 11.07 8.06 702 24.39 11.07
Pemex 6 5/8% due 15 Perp 901 714 0.06 235 186 0.03 — — — 1.222 — 8.64 756 29.33 10.75 8.64 756 29.33 10.75
Pemex 6 5/8% due 35 2,747 2,456 0.20 717 641 0.09 — — — 1.125 — 7.89 708 14.79 8.92 7.89 708 14.79 8.92
Pemex 6 7/8% due 26 3,000 3,068 0.25 783 801 0.11 — — — 0.752 — 6.37 602 5.92 4.82 6.37 602 5.92 4.82
Pemex 6.35% due 48 2,885 2,337 0.19 753 610 0.09 — — — 1.112 — 8.02 693 27.44 11.49 8.02 693 27.44 11.49
Pemex 6.49% due 27 2,360 2,342 0.19 616 611 0.09 — — — 0.723 — 6.63 624 6.39 5.14 6.63 624 6.39 5.14
Pemex 6.84% due 30 4,421 4,294 0.34 1,154 1,121 0.16 — — — 0.780 — 7.26 667 9.39 6.79 7.26 667 9.39 6.79
Pemex 6.95% due 60 3,800 3,183 0.26 992 831 0.12 — — — 0.764 — 8.35 725 39.41 11.52 8.35 725 39.41 11.52
Pemex 7.69% due 50 8,066 7,260 0.58 2,105 1,895 0.27 — — — 0.960 — 8.60 753 29.39 10.72 8.60 753 29.39 10.72
Pemex FRN due 22 505 503 0.04 132 131 0.02 — — — 0.535 — 4.48 436 1.53 0.00 4.48 436 1.53 0.00
UMS 3 1/4% due 30 3,069 3,211 0.26 801 838 0.12 3,069 3,211 0.90 0.490 — 2.78 214 9.62 8.24 2.77 214 9.37 8.05
UMS 3 3/4% due 28 2,064 2,244 0.18 539 586 0.08 2,064 2,244 0.63 0.445 L2 2.47 198 7.36 6.47 2.47 198 7.36 6.47
UMS 3 5/8% due 22 1,762 1,878 0.15 460 490 0.07 1,762 1,878 0.53 0.427 L2 0.14 2 1.54 1.49 0.14 2 1.54 1.49
UMS 3.6% due 25 1,947 2,126 0.17 508 555 0.08 1,947 2,126 0.60 0.473 L2 1.43 122 4.41 4.10 1.43 122 4.41 4.10
UMS 3.9% due 25 1,000 1,117 0.09 261 291 0.04 — — — 0.481 — 1.49 126 4.65 4.24 1.45 123 4.57 4.17
UMS 4 1/2% due 29 3,456 3,936 0.32 902 1,027 0.14 3,456 3,936 1.10 0.682 — 2.79 221 8.64 7.20 2.79 221 8.64 7.20
UMS 4 1/2% due 50 2,904 3,181 0.26 758 830 0.12 2,904 3,181 0.89 0.920 — 3.92 263 29.41 17.17 3.91 263 28.91 17.02
UMS 4 1/8% due 26 2,168 2,428 0.19 566 634 0.09 2,168 2,428 0.68 0.495 — 1.77 147 5.39 4.87 1.77 147 5.39 4.87
UMS 4 3/4% due 32 2,500 2,903 0.23 652 758 0.11 — — — 0.643 — 3.18 245 11.65 9.12 3.16 243 11.40 8.97
UMS 4 3/4% due 44 4,071 4,665 0.37 1,062 1,217 0.17 4,071 4,665 1.31 0.708 L2 3.90 274 23.52 14.73 3.90 274 23.52 14.73
UMS 4% due 23 2,973 3,289 0.26 776 858 0.12 2,973 3,289 0.92 0.438 L2 0.90 75 3.08 2.88 0.90 75 3.08 2.88
UMS 4.15% due 27 2,725 3,084 0.25 711 805 0.11 2,725 3,084 0.87 0.479 L2 2.20 178 6.57 5.74 2.20 178 6.57 5.74
UMS 4.35% due 47 1,831 1,965 0.16 478 513 0.07 1,831 1,965 0.55 0.621 — 3.89 266 26.37 16.30 3.89 266 26.37 16.30
UMS 4.6% due 46 2,857 3,164 0.25 746 826 0.12 2,857 3,164 0.89 0.833 — 3.91 270 25.39 15.76 3.91 270 25.39 15.76
UMS 4.6% due 48 2,525 2,779 0.22 659 725 0.10 2,525 2,779 0.78 0.645 L2 3.97 272 27.44 16.43 3.97 272 27.44 16.43
UMS 5 3/4% due 2110 2,678 3,330 0.27 699 869 0.12 2,678 3,330 0.93 0.811 L3 4.68 335 90.11 20.34 4.68 335 90.11 20.34
UMS 5% due 51 2,500 2,926 0.23 652 764 0.11 — — — 0.619 — 4.06 278 30.65 16.76 4.06 278 30.15 16.63
UMS 5.55% due 45 2,796 3,493 0.28 730 911 0.13 2,796 3,493 0.98 0.586 L2 3.95 279 24.39 14.74 3.95 279 24.39 14.74
UMS 6 3/4% due 34 1,807 2,522 0.20 471 658 0.09 1,807 2,522 0.71 1.460 L2 3.34 252 14.07 9.84 3.34 252 14.07 9.84
UMS 6.05% due 40 3,069 3,977 0.32 801 1,038 0.15 3,069 3,977 1.12 0.629 L3 3.87 285 19.36 12.56 3.87 285 19.36 12.56
UMS 7 1/2% due 33 770 1,115 0.09 201 291 0.04 — — — 1.246 — 3.31 255 12.60 8.89 3.31 255 12.60 8.89
UMS 8% due 22 611 712 0.06 159 186 0.03 — — — 1.687 — 0.65 52 2.07 1.89 0.65 52 2.07 1.89
UMS 8.3% due 31 1,157 1,692 0.14 302 442 0.06 — — — 1.210 — 3.18 250 10.95 8.00 3.18 250 10.95 8.00
Malaysia 1MDB Global Investments 4.4% due 23 3,000 3,075 0.25 2,750 2,818 0.40 — — — 0.771 — 3.93 379 2.52 2.31 3.93 379 2.52 2.31
Ex Im Bk 2.48% due 21 500 512 0.04 458 469 0.07 — — — 0.313 — 0.91 79 1.13 1.12 0.91 79 1.13 1.12
Petronas 3 1/2% due 25 1,500 1,667 0.13 1,375 1,528 0.21 — — — 0.617 — 1.22 100 4.54 4.17 1.22 100 4.54 4.17
Petronas 3 1/2% due 30 2,250 2,586 0.21 2,062 2,370 0.33 — — — 0.665 — 1.90 126 9.64 8.27 1.87 124 9.39 8.09
Petronas 3 1/8% due 22 750 783 0.06 687 718 0.10 — — — 0.309 — 0.98 85 1.54 1.50 0.98 85 1.54 1.50
Petronas 4 1/2% due 45 1,500 1,977 0.16 1,375 1,812 0.25 — — — 1.235 — 2.77 156 24.54 16.31 2.77 156 24.54 16.31
Petronas 4.55% due 50 2,750 3,665 0.29 2,520 3,359 0.47 — — — 1.381 — 2.88 156 29.64 18.32 2.86 155 29.14 18.14
Petronas 4.8% due 60 1,000 1,455 0.12 917 1,334 0.19 — — — 1.858 — 2.89 153 39.64 21.41 2.88 152 39.14 21.28
Petronas 7 5/8% due 26 500 696 0.06 458 637 0.09 — — — 0.829 — 1.32 96 6.12 5.07 1.32 96 6.12 5.07
Petronas 7 7/8% due 22 1,000 1,136 0.09 917 1,041 0.15 — — — 0.341 — 0.98 85 1.73 1.61 0.98 85 1.73 1.61
Republic Sukuk 3.043% due 25 1,000 1,097 0.09 917 1,005 0.14 — — — 0.729 — 1.00 78 4.64 4.31 1.00 78 4.64 4.31
Republic Sukuk 3.179% due 26 1,000 1,119 0.09 917 1,025 0.14 — — — 0.940 — 1.04 72 5.65 5.18 1.04 72 5.65 5.18
Mozambique Mozambique International 5% due 31 900 781 0.06 900 781 0.11 — — — 2.985 — 9.35 878 9.29 6.54 9.35 878 9.29 6.54
Namibia Republic 5 1/2% due 21 500 514 0.04 500 514 0.07 — — — 1.220 — 2.87 275 1.17 1.13 2.87 275 1.17 1.13
Republic 5 1/4% due 25 750 774 0.06 750 774 0.11 — — — 1.143 — 4.72 446 5.16 4.42 4.72 446 5.16 4.42
Nigeria Republic 6 1/2% due 27 1,500 1,509 0.12 1,500 1,509 0.21 — — — 1.025 — 6.48 602 7.24 5.64 6.48 602 7.24 5.64
Republic 6 3/8% due 23 500 522 0.04 500 522 0.07 — — — 0.943 — 4.64 450 2.86 2.58 4.64 450 2.86 2.58
Republic 7 5/8% due 25 1,118 1,207 0.10 1,118 1,207 0.17 — — — 1.027 — 6.05 578 5.22 4.23 6.05 578 5.22 4.23
Republic 7 5/8% due 47 1,500 1,454 0.12 1,500 1,454 0.20 — — — 1.054 — 7.98 691 27.24 10.95 7.98 691 27.24 10.95
Republic 7 7/8% due 32 1,500 1,520 0.12 1,500 1,520 0.21 — — — 1.071 — 7.57 690 11.46 7.55 7.57 690 11.46 7.55
Republic 7.143% due 30 1,250 1,259 0.10 1,250 1,259 0.18 — — — 1.009 — 6.89 630 9.48 6.87 6.89 630 9.48 6.87
Republic 7.696% due 38 1,250 1,213 0.10 1,250 1,213 0.17 — — — 1.070 — 7.90 702 17.48 9.53 7.90 702 17.48 9.53
Republic 8.747% due 31 1,000 1,086 0.09 1,000 1,086 0.15 — — — 0.987 — 7.51 689 10.39 6.91 7.51 689 10.39 6.91
Republic 9.248% due 49 750 809 0.06 750 809 0.11 — — — 1.101 — 8.50 746 28.39 10.44 8.50 746 28.39 10.44
Oman Mazoon Assets Sukuk 5.2% due 27 500 495 0.04 399 395 0.06 — — — 1.899 — 5.39 493 7.18 5.86 5.39 493 7.18 5.86
Oman Government 3 7/8% due 22 1,000 1,010 0.08 798 806 0.11 — — — 0.881 — 3.87 375 1.52 1.44 3.87 375 1.52 1.44
Oman Government 4 1/8% due 23 1,250 1,237 0.10 997 987 0.14 — — — 0.844 — 4.46 433 2.38 2.23 4.46 433 2.38 2.23
Oman Government 4 3/4% due 26 2,500 2,389 0.19 1,995 1,906 0.27 — — — 1.013 — 5.59 525 5.79 4.94 5.59 525 5.79 4.94
Oman Government 4 7/8% due 25 750 738 0.06 598 589 0.08 — — — 0.862 — 5.17 496 4.41 3.91 5.17 496 4.41 3.91
24


Oman Oman Government 5 3/8% due 27 2,000 1,999 0.16 1,596 1,595 0.22 — — — 0.952 — 5.70 529 6.52 5.30 5.70 529 6.52 5.30
Oman Government 6% due 29 2,250 2,217 0.18 1,795 1,769 0.25 — — — 0.954 — 6.15 557 8.91 6.82 6.15 557 8.91 6.82
Oman Government Sukuk 4.397% due 24 2,000 2,027 0.16 1,596 1,618 0.23 — — — 0.752 — 3.99 381 3.75 3.40 3.99 381 3.75 3.40
Oman Government Sukuk 5.932% due 25 1,500 1,625 0.13 1,197 1,297 0.18 — — — 1.124 — 4.31 404 5.16 4.38 4.31 404 5.16 4.38
Panama Aeropuerto Internacional 5 5/8% due 36 575 649 0.05 457 515 0.07 — — — 0.879 — 4.28 355 11.61 8.57 4.28 355 11.52 8.53
Aeropuerto Internacional 6% due 48 871 986 0.08 692 783 0.11 — — — 1.125 — 4.95 391 19.79 11.52 4.95 391 19.71 11.50
Banco Nacional de Panama 2 1/2% due 30 1,000 1,011 0.08 795 804 0.11 — — — 0.750 — 2.30 163 9.94 8.86 2.30 163 9.94 8.86
Empresa de 5 1/8% due 49 500 597 0.05 397 474 0.07 — — — 1.186 — 3.83 272 21.67 13.74 3.83 272 21.67 13.74
Republic 3 3/4% due 25 1,250 1,392 0.11 993 1,106 0.16 1,250 1,392 0.39 0.424 L3 1.42 120 4.54 4.14 1.30 110 4.29 3.93
Republic 3 7/8% due 28 1,254 1,453 0.12 996 1,155 0.16 1,254 1,453 0.41 0.463 — 1.79 129 7.54 6.57 1.73 125 7.29 6.38
Republic 3.16% due 30 1,550 1,694 0.14 1,232 1,346 0.19 1,550 1,694 0.48 0.754 — 2.02 139 9.39 8.23 2.00 138 9.14 8.04
Republic 3.87% due 60 750 891 0.07 596 708 0.10 — — — 0.970 — 3.02 165 38.89 22.05 3.02 165 38.73 22.00
Republic 4 1/2% due 47 1,168 1,515 0.12 928 1,204 0.17 1,168 1,515 0.43 1.025 L2 2.88 164 25.70 16.80 2.88 164 25.70 16.80
Republic 4 1/2% due 50 1,750 2,278 0.18 1,391 1,810 0.25 1,750 2,278 0.64 0.957 — 2.96 167 28.62 17.85 2.96 167 28.46 17.79
Republic 4 1/2% due 56 2,500 3,297 0.26 1,986 2,620 0.37 — — — 1.000 — 3.05 171 34.75 19.84 3.04 170 34.58 19.80
Republic 4% due 24 1,250 1,398 0.11 993 1,111 0.16 — — — 0.382 — 1.30 111 4.06 3.72 1.14 96 3.81 3.51
Republic 4.3% due 53 1,750 2,232 0.18 1,391 1,774 0.25 — — — 0.830 — 2.98 165 31.66 19.15 2.98 165 31.66 19.15
Republic 6.7% due 36 2,034 3,031 0.24 1,616 2,408 0.34 2,034 3,031 0.85 0.839 L3 2.58 173 14.40 10.41 2.58 173 14.40 10.41
Republic 7 1/8% due 26 980 1,251 0.10 779 994 0.14 980 1,251 0.35 0.851 L3 1.71 142 5.41 4.64 1.71 142 5.41 4.64
Republic 8 7/8% due 27 975 1,439 0.12 775 1,144 0.16 — — — 0.805 — 2.04 160 7.08 5.55 2.04 160 7.08 5.55
Republic 9 3/8% due 29 951 1,513 0.12 756 1,202 0.17 951 1,513 0.42 0.909 — 2.17 163 8.58 6.44 2.17 163 8.58 6.44
Peru Cofide 4 3/4% due 22 500 523 0.04 500 523 0.07 — — — 0.643 — 1.28 116 1.43 1.40 1.28 116 1.43 1.40
Cofide 4 3/4% due 25 600 678 0.05 600 678 0.10 — — — 0.766 — 1.89 165 4.87 4.38 1.89 165 4.87 4.38
Mivivienda 3 1/2% due 23 650 677 0.05 650 677 0.10 — — — 0.807 — 1.56 143 2.41 2.31 1.56 143 2.41 2.31
Petroleos del 4 3/4% due 32 1,000 1,132 0.09 1,000 1,132 0.16 — — — 1.000 — 3.38 263 11.80 9.23 3.38 263 11.80 9.23
Petroleos del 5 5/8% due 47 1,000 1,233 0.10 1,000 1,233 0.17 — — — 1.228 — 4.17 296 26.80 15.23 4.17 296 26.80 15.23
Republic 2.392% due 26 1,000 1,056 0.08 1,000 1,056 0.15 — — — 0.500 — 1.28 98 5.39 5.07 1.26 97 5.31 5.00
Republic 2.783% due 31 2,000 2,187 0.18 2,000 2,187 0.31 — — — 0.500 — 1.77 108 10.39 9.17 1.75 107 10.14 8.97
Republic 2.844% due 30 750 828 0.07 750 828 0.12 750 828 0.23 0.476 — 1.70 104 9.80 8.66 1.70 104 9.80 8.66
Republic 4 1/8% due 27 1,013 1,182 0.09 1,013 1,182 0.17 1,013 1,182 0.33 0.607 L3 1.52 106 6.98 6.20 1.52 106 6.98 6.20
Republic 5 5/8% due 50 2,545 4,226 0.34 2,545 4,226 0.59 2,545 4,226 1.19 0.935 L3 2.52 121 30.21 18.22 2.52 121 30.21 18.22
Republic 6.55% due 37 1,130 1,790 0.14 1,130 1,790 0.25 1,130 1,790 0.50 1.015 L3 2.23 134 15.53 11.03 2.23 134 15.53 11.03
Republic 7.35% due 25 1,542 1,997 0.16 1,542 1,997 0.28 1,542 1,997 0.56 0.524 — 1.16 91 4.89 4.24 1.16 91 4.89 4.24
Republic 8 3/4% due 33 2,152 3,719 0.30 2,152 3,719 0.52 — — — 1.000 — 2.41 164 13.22 9.23 2.41 164 13.22 9.23
Papua New Guinea Papua New 8 3/8% due 28 500 517 0.04 500 517 0.07 — — — 2.317 — 7.95 745 8.09 5.67 7.95 745 8.09 5.67
Philippines PSALM 7.39% due 24 1,179 1,501 0.12 803 1,023 0.14 — — — 0.960 — 1.03 83 4.25 3.72 1.03 83 4.25 3.72
Republic 10 5/8% due 25 1,480 2,175 0.17 1,008 1,481 0.21 — — — 0.835 — 0.96 74 4.54 3.72 0.96 74 4.54 3.72
Republic 2.457% due 30 1,000 1,074 0.09 681 732 0.10 — — — 0.512 — 1.66 100 9.68 8.66 1.66 100 9.68 8.66
Republic 2.95% due 45 1,350 1,438 0.12 920 980 0.14 — — — 0.726 — 2.60 134 24.68 18.11 2.60 134 24.68 18.11
Republic 3 3/4% due 29 1,500 1,735 0.14 1,022 1,182 0.17 1,500 1,735 0.49 0.662 — 1.71 115 8.37 7.32 1.71 115 8.37 7.32
Republic 3% due 28 2,000 2,182 0.18 1,362 1,487 0.21 2,000 2,182 0.61 0.702 L2 1.63 113 7.41 6.72 1.63 113 7.41 6.72
Republic 3.7% due 41 2,000 2,307 0.19 1,362 1,571 0.22 2,000 2,307 0.65 0.795 — 2.67 155 20.50 15.23 2.67 155 20.50 15.23
Republic 3.7% due 42 2,000 2,326 0.19 1,362 1,584 0.22 2,000 2,326 0.65 0.775 L2 2.66 152 21.42 15.70 2.66 152 21.42 15.70
Republic 3.95% due 40 2,000 2,367 0.19 1,362 1,612 0.23 2,000 2,367 0.66 0.887 L3 2.69 162 19.38 14.36 2.69 162 19.38 14.36
Republic 4.2% due 24 1,500 1,667 0.13 1,022 1,136 0.16 1,500 1,667 0.47 0.768 L2 0.78 62 3.39 3.18 0.78 62 3.39 3.18
Republic 5 1/2% due 26 1,032 1,289 0.10 703 878 0.12 1,032 1,289 0.36 0.792 L3 1.16 85 5.58 4.85 1.16 85 5.58 4.85
Republic 5% due 37 1,331 1,750 0.14 906 1,192 0.17 1,331 1,750 0.49 0.948 L3 2.60 166 16.36 12.10 2.60 166 16.36 12.10
Republic 6 3/8% due 32 1,022 1,449 0.12 696 987 0.14 1,022 1,449 0.41 1.006 L3 2.20 149 11.37 8.77 2.20 149 11.37 8.77
Republic 6 3/8% due 34 1,900 2,816 0.23 1,294 1,918 0.27 1,900 2,816 0.79 1.015 L3 2.44 160 14.14 10.28 2.44 160 14.14 10.28
Republic 7 1/2% due 24 578 711 0.06 393 484 0.07 — — — 0.954 — 0.64 48 3.06 2.76 0.64 48 3.06 2.76
Republic 7 3/4% due 31 1,744 2,671 0.21 1,188 1,820 0.26 1,744 2,671 0.75 1.079 L3 2.04 139 10.37 7.90 2.04 139 10.37 7.90
Republic 9 1/2% due 30 2,000 3,302 0.26 1,362 2,249 0.32 2,000 3,302 0.93 0.893 — 1.90 131 9.42 7.10 1.90 131 9.42 7.10
Pakistan Republic 6 7/8% due 27 1,500 1,576 0.13 1,500 1,576 0.22 — — — 1.354 — 6.05 559 7.26 5.64 6.05 559 7.26 5.64
Republic 8 1/4% due 24 1,000 1,123 0.09 1,000 1,123 0.16 — — — 0.785 — 5.22 505 3.62 3.06 5.22 505 3.62 3.06
Republic 8 1/4% due 25 500 569 0.05 500 569 0.08 — — — 1.382 — 5.59 534 5.08 4.07 5.59 534 5.08 4.07
Republic Sukuk 5 1/2% due 21 1,000 1,032 0.08 1,000 1,032 0.14 — — — 0.999 — 3.53 341 1.11 1.07 3.53 341 1.11 1.07
Republic Sukuk 5 5/8% due 22 1,000 1,027 0.08 1,000 1,027 0.14 — — — 1.186 — 4.40 427 2.26 2.08 4.40 427 2.26 2.08
Poland Republic 3 1/4% due 26 1,750 2,001 0.16 1,750 2,001 0.28 — — — 0.638 — 0.74 42 5.59 5.13 0.74 42 5.59 5.13
Republic 3% due 23 2,000 2,154 0.17 2,000 2,154 0.30 — — — 0.456 — 0.32 18 2.54 2.43 0.32 18 2.54 2.43
Republic 4% due 24 2,000 2,235 0.18 2,000 2,235 0.31 — — — 0.600 — 0.46 30 3.39 3.20 0.46 30 3.39 3.20
Republic 5% due 22 3,000 3,277 0.26 3,000 3,277 0.46 — — — 0.359 — 0.32 20 1.56 1.49 0.32 20 1.56 1.49
Paraguay Republic 4 5/8% due 23 780 831 0.07 780 831 0.12 — — — 0.807 — 1.71 158 2.40 2.27 1.71 158 2.40 2.27
Republic 4.7% due 27 500 584 0.05 500 584 0.08 — — — 1.185 — 2.10 169 6.57 5.67 2.10 169 6.57 5.67
Republic 4.95% due 31 1,000 1,181 0.09 1,000 1,181 0.17 — — — 1.054 — 2.85 222 9.65 7.80 2.84 221 9.57 7.74
Republic 5% due 26 600 702 0.06 600 702 0.10 — — — 0.964 — 1.97 166 5.62 4.91 1.97 166 5.62 4.91
Republic 5.4% due 50 950 1,219 0.10 950 1,219 0.17 — — — 1.400 — 3.82 257 28.58 16.13 3.82 257 28.41 16.09
Republic 5.6% due 48 530 692 0.06 530 692 0.10 — — — 1.601 — 3.87 264 27.53 15.60 3.87 264 27.53 15.60
Republic 6.1% due 44 1,000 1,340 0.11 1,000 1,340 0.19 — — — 0.991 — 3.87 272 23.94 14.40 3.87 272 23.94 14.40
Qatar Republic 3 1/4% due 26 3,500 3,886 0.31 1,586 1,761 0.25 — — — 1.000 — 1.22 89 5.75 5.27 1.22 89 5.75 5.27
Republic 3 3/4% due 30 3,000 3,526 0.28 1,359 1,598 0.22 — — — 0.518 — 1.86 121 9.62 8.20 1.86 121 9.62 8.20
Republic 3 3/8% due 24 2,000 2,186 0.18 906 990 0.14 — — — 0.575 — 0.73 56 3.53 3.31 0.73 56 3.53 3.31
Republic 3 7/8% due 23 3,000 3,266 0.26 1,359 1,480 0.21 — — — 0.625 — 0.77 64 2.64 2.50 0.77 64 2.64 2.50
Republic 3.4% due 25 2,000 2,212 0.18 906 1,002 0.14 — — — 0.488 — 1.21 98 4.62 4.26 1.21 98 4.62 4.26
Republic 4 1/2% due 28 3,000 3,640 0.29 1,359 1,649 0.23 — — — 0.625 — 1.65 115 7.64 6.57 1.65 115 7.64 6.57
Republic 4 5/8% due 46 2,000 2,685 0.22 906 1,216 0.17 — — — 1.024 — 2.77 153 25.75 16.87 2.77 153 25.75 16.87
Republic 4% due 29 4,000 4,754 0.38 1,812 2,154 0.30 — — — 0.744 — 1.77 120 8.53 7.30 1.77 120 8.53 7.30
Republic 4.4% due 50 5,000 6,571 0.53 2,265 2,977 0.42 — — — 0.792 — 2.86 154 29.62 18.46 2.86 154 29.62 18.46
Republic 4.817% due 49 6,000 8,362 0.67 2,718 3,789 0.53 — — — 0.871 — 2.86 157 28.53 17.63 2.86 157 28.53 17.63
Republic 5 3/4% due 42 1,000 1,503 0.12 453 681 0.10 — — — 1.384 — 2.61 151 21.38 14.37 2.61 151 21.38 14.37
Republic 5.103% due 48 6,000 8,592 0.69 2,718 3,893 0.55 — — — 0.932 — 2.87 161 27.64 17.12 2.87 161 27.64 17.12
Republic 6.4% due 40 1,000 1,566 0.13 453 710 0.10 — — — 1.469 — 2.57 154 19.38 13.13 2.57 154 19.38 13.13
Republic 9 3/4% due 30 1,400 2,391 0.19 634 1,083 0.15 — — — 1.540 — 1.74 113 9.79 7.26 1.74 113 9.79 7.26
Romania Republic 3% due 31 1,300 1,308 0.10 1,300 1,308 0.18 — — — 0.762 — 2.86 216 10.45 9.00 2.86 216 10.45 9.00
Republic 4 3/8% due 23 1,500 1,619 0.13 1,500 1,619 0.23 1,500 1,619 0.45 0.536 L3 1.51 137 2.97 2.80 1.51 137 2.97 2.80
Republic 4 7/8% due 24 1,000 1,106 0.09 1,000 1,106 0.16 1,000 1,106 0.31 0.579 L3 1.67 151 3.39 3.14 1.67 151 3.39 3.14
Republic 4% due 51 2,000 2,031 0.16 2,000 2,031 0.29 — — — 0.994 — 3.89 258 30.45 17.95 3.89 258 30.45 17.95
Republic 5 1/8% due 48 1,200 1,436 0.12 1,200 1,436 0.20 1,200 1,436 0.40 1.238 — 3.95 271 27.79 16.07 3.95 271 27.79 16.07
Republic 6 1/8% due 44 1,000 1,327 0.11 1,000 1,327 0.19 1,000 1,327 0.37 1.000 L3 3.95 282 23.39 14.09 3.95 282 23.39 14.09
Republic 6 3/4% due 22 2,019 2,183 0.18 2,019 2,183 0.31 2,019 2,183 0.61 0.359 — 1.16 104 1.43 1.39 1.16 104 1.43 1.39
Russia GTLK Europe Ltd 5 1/8% due 24 500 535 0.04 240 256 0.04 — — — 0.990 — 3.25 307 3.74 3.37 3.25 307 3.74 3.37
GTLK Europe Ltd 5.95% due 25 500 552 0.04 240 265 0.04 — — — 0.970 — 3.81 358 4.63 3.98 3.81 358 4.63 3.98
Gtlk Europe 4.65% due 27 600 616 0.05 288 295 0.04 — — — 0.976 — 4.49 408 6.52 5.48 4.49 408 6.52 5.48
Gtlk Europe 4.949% due 26 550 568 0.05 264 272 0.04 — — — 0.865 — 4.15 385 5.46 4.77 4.15 385 5.46 4.77
Republic 12 3/4% due 28 2,500 4,373 0.35 1,198 2,097 0.29 — — — 0.845 — 2.43 195 7.81 5.72 2.43 195 7.81 5.72
Republic 4 1/2% due 22 2,000 2,135 0.17 959 1,023 0.14 2,000 2,135 0.60 0.503 L3 1.02 89 1.59 1.52 1.02 89 1.59 1.52
25


Russia Republic 4 1/4% due 27 2,405 2,737 0.22 1,153 1,312 0.18 2,405 2,737 0.77 0.500 L2 2.11 167 6.81 5.97 2.11 167 6.81 5.97
Republic 4 3/4% due 26 3,000 3,491 0.28 1,438 1,673 0.23 3,000 3,491 0.98 0.500 L2 1.87 154 5.74 5.06 1.87 154 5.74 5.06
Republic 4 3/8% due 29 3,000 3,505 0.28 1,438 1,680 0.24 3,000 3,505 0.98 0.500 — 2.38 181 8.55 7.18 2.38 181 8.55 7.18
Republic 4 7/8% due 23 3,000 3,391 0.27 1,438 1,626 0.23 3,000 3,391 0.95 0.349 L2 1.18 103 3.04 2.80 1.18 103 3.04 2.80
Republic 5 1/4% due 47 7,000 9,608 0.77 3,356 4,606 0.65 7,000 9,608 2.70 0.613 L2 3.19 196 26.81 16.46 3.19 196 26.81 16.46
Republic 5 5/8% due 42 3,000 4,148 0.33 1,438 1,988 0.28 3,000 4,148 1.16 0.737 L3 3.25 215 21.59 13.94 3.25 215 21.59 13.94
Republic 5 7/8% due 43 1,500 2,156 0.17 719 1,033 0.15 1,500 2,156 0.60 0.850 L2 3.28 214 23.04 14.37 3.28 214 23.04 14.37
Republic 5.1% due 35 4,000 5,067 0.41 1,918 2,429 0.34 4,000 5,067 1.42 0.643 — 2.97 210 14.57 10.78 2.97 210 14.57 10.78
Republic Step-Up due 30 2,603 3,069 0.25 1,248 1,471 0.21 2,603 3,069 0.86 0.404 — 1.78 148 2.77 2.57 1.78 148 2.77 2.57
Russian Agric Bank 8 1/2% due 23 500 581 0.05 240 279 0.04 — — — 1.000 — 3.71 356 3.12 2.70 3.71 356 3.12 2.70
Russian Railways 5.7% due 22 605 656 0.05 290 314 0.04 — — — 0.874 — 1.17 104 1.59 1.51 1.17 104 1.59 1.51
SCF Capital 5 3/8% due 23 900 976 0.08 431 468 0.07 — — — 1.064 — 2.23 209 2.79 2.58 2.23 209 2.79 2.58
VEB Finance 5.942% due 23 1,150 1,301 0.10 551 624 0.09 — — — 0.634 — 2.07 192 3.22 2.92 2.07 192 3.22 2.92
VEB Finance 6.025% due 22 1,000 1,080 0.09 479 518 0.07 — — — 0.530 — 1.86 173 1.84 1.74 1.86 173 1.84 1.74
VEB Finance 6.8% due 25 1,000 1,221 0.10 479 586 0.08 — — — 0.542 — 2.53 226 5.22 4.45 2.53 226 5.22 4.45
Saudi Arabia Kingdom 2 1/2% due 27 1,250 1,301 0.10 436 454 0.06 — — — 0.348 — 1.78 137 6.42 5.95 1.78 137 6.42 5.95
Kingdom 2 3/4% due 32 1,000 1,040 0.08 349 363 0.05 — — — 0.671 — 2.30 155 11.42 9.92 2.30 155 11.42 9.92
Kingdom 2 7/8% due 23 3,000 3,168 0.25 1,046 1,105 0.16 — — — 0.567 — 0.94 81 2.51 2.39 0.94 81 2.51 2.39
Kingdom 2.9% due 25 2,500 2,679 0.21 872 934 0.13 — — — 0.500 — 1.56 129 5.14 4.75 1.56 129 5.14 4.75
Kingdom 3 1/4% due 26 5,500 6,016 0.48 1,918 2,098 0.29 — — — 0.679 — 1.70 132 6.15 5.57 1.70 132 6.15 5.57
Kingdom 3 1/4% due 30 1,500 1,641 0.13 523 572 0.08 — — — 0.774 — 2.25 158 10.14 8.69 2.25 158 10.14 8.69
Kingdom 3 3/4% due 55 2,750 3,002 0.24 959 1,047 0.15 — — — 0.780 — 3.28 193 34.39 20.37 3.28 193 34.39 20.37
Kingdom 3 5/8% due 28 5,000 5,622 0.45 1,743 1,960 0.28 — — — 0.607 — 2.00 150 7.51 6.56 2.00 150 7.51 6.56
Kingdom 4 1/2% due 30 3,000 3,626 0.29 1,046 1,264 0.18 — — — 0.743 — 2.20 156 9.63 7.96 2.20 156 9.63 7.96
Kingdom 4 1/2% due 46 6,500 7,943 0.64 2,266 2,770 0.39 — — — 0.751 — 3.28 204 26.15 16.57 3.28 204 26.15 16.57
Kingdom 4 1/2% due 60 3,000 3,788 0.30 1,046 1,321 0.19 — — — 0.750 — 3.34 199 39.64 20.72 3.34 199 39.64 20.72
Kingdom 4 3/8% due 29 4,000 4,765 0.38 1,395 1,661 0.23 — — — 0.659 — 2.07 150 8.62 7.28 2.07 150 8.62 7.28
Kingdom 4 5/8% due 47 4,500 5,604 0.45 1,569 1,954 0.27 — — — 0.760 — 3.31 205 27.09 16.77 3.31 205 27.09 16.77
Kingdom 4% due 25 4,500 5,056 0.41 1,569 1,763 0.25 — — — 0.499 — 1.45 123 4.63 4.21 1.45 123 4.63 4.21
Kingdom 5 1/4% due 50 3,500 4,766 0.38 1,220 1,662 0.23 — — — 0.829 — 3.31 202 29.37 17.30 3.31 202 29.37 17.30
Kingdom 5% due 49 3,500 4,628 0.37 1,220 1,614 0.23 — — — 0.875 — 3.31 203 28.63 17.06 3.31 203 28.63 17.06
Kingdom Sukuk 2.894% due 22 4,500 4,681 0.38 1,569 1,632 0.23 — — — 0.500 — 0.75 63 1.63 1.59 0.75 63 1.63 1.59
Kingdom Sukuk 3.628% due 27 4,500 5,021 0.40 1,569 1,751 0.25 — — — 0.521 — 1.86 143 6.63 5.90 1.86 143 6.63 5.90
Slovakia Republic 4 3/8% due 22 1,500 1,614 0.13 1,500 1,614 0.23 — — — 0.927 — 0.00 -13 1.73 1.66 0.00 -13 1.73 1.66
Senegal Republic 6 1/4% due 24 500 529 0.04 500 529 0.07 — — — 1.045 — 4.52 434 3.91 3.45 4.52 434 3.91 3.45
Republic 6 1/4% due 33 1,100 1,151 0.09 1,100 1,151 0.16 — — — 1.006 — 5.79 507 11.73 8.25 5.79 507 11.73 8.25
Republic 6 3/4% due 48 1,000 1,025 0.08 1,000 1,025 0.14 — — — 0.933 — 6.73 562 26.53 12.01 6.73 562 26.53 12.01
Suriname Republic 9 1/4% due 26 550 324 0.03 550 324 0.05 — — — 2.298 — 21.88 2155 6.15 3.73 21.88 2155 6.15 3.73
El Salvador Republic 5 7/8% due 25 800 756 0.06 800 756 0.11 — — — 1.411 — 7.11 690 4.41 3.79 7.11 690 4.41 3.79
Republic 6 3/8% due 27 800 750 0.06 800 750 0.11 — — — 1.625 — 7.51 712 6.38 5.09 7.51 712 6.38 5.09
Republic 7 1/8% due 50 1,097 953 0.08 1,097 953 0.13 — — — 1.254 — 8.27 719 29.38 11.12 8.27 719 29.38 11.12
Republic 7 3/4% due 23 800 810 0.07 800 810 0.11 — — — 1.226 — 7.04 691 2.39 2.14 7.04 691 2.39 2.14
Republic 7 5/8% due 41 654 606 0.05 654 606 0.09 — — — 1.519 — 8.27 732 20.41 9.96 8.27 732 20.41 9.96
Republic 7.65% due 35 1,000 952 0.08 1,000 952 0.13 — — — 1.265 — 8.21 741 14.79 8.55 8.21 741 14.79 8.55
Republic 8 1/4% due 32 500 504 0.04 500 504 0.07 — — — 1.494 — 8.39 771 11.61 7.18 8.39 771 11.61 7.18
Republic 8 5/8% due 29 601 616 0.05 601 616 0.09 — — — 1.548 — 8.02 750 8.49 6.02 8.02 750 8.49 6.02
Republic 9 1/2% due 52 1,000 1,049 0.08 1,000 1,049 0.15 — — — 1.192 — 9.04 801 31.87 10.18 9.04 801 31.37 10.15
Tajikistan Republic of 7 1/8% due 27 500 443 0.04 500 443 0.06 — — — 2.357 — 10.06 973 5.78 4.35 10.06 973 5.78 4.35
Tunisia Banque de Tunisie 5 3/4% due 25 1,000 940 0.08 1,000 940 0.13 — — — 1.220 — 7.26 705 4.41 3.79 7.26 705 4.41 3.79
Turkey Eximbank 4 1/4% due 22 500 486 0.04 180 175 0.02 — — — 0.978 — 6.16 603 2.04 1.88 6.16 603 2.04 1.88
Eximbank 5 3/8% due 23 500 480 0.04 180 173 0.02 — — — 1.048 — 7.11 696 3.14 2.77 7.11 696 3.14 2.77
Eximbank 6 1/8% due 24 500 488 0.04 180 175 0.02 — — — 1.982 — 7.22 705 3.67 3.15 7.22 705 3.67 3.15
Eximbank 8 1/4% due 24 500 513 0.04 180 185 0.03 — — — 0.878 — 7.32 716 3.39 2.91 7.32 716 3.39 2.91
Republic 11 7/8% due 30 1,500 2,021 0.16 540 727 0.10 1,500 2,021 0.57 0.976 L2 6.93 638 9.37 6.14 6.93 638 9.37 6.14
Republic 3 1/4% due 23 1,500 1,439 0.12 540 518 0.07 1,500 1,439 0.40 0.622 L3 5.18 504 2.56 2.37 5.18 504 2.56 2.37
Republic 4 1/4% due 25 2,000 1,889 0.15 720 680 0.10 2,000 1,889 0.53 0.881 — 6.06 584 4.53 3.93 6.06 584 4.53 3.93
Republic 4 1/4% due 26 1,500 1,381 0.11 540 497 0.07 — — — 0.826 — 6.11 580 5.62 4.80 6.11 580 5.62 4.80
Republic 4 7/8% due 26 3,000 2,821 0.23 1,080 1,015 0.14 3,000 2,821 0.79 0.857 — 6.27 591 6.10 5.07 6.27 591 6.10 5.07
Republic 4 7/8% due 43 3,000 2,389 0.19 1,080 860 0.12 3,000 2,389 0.67 0.720 L3 6.76 568 22.62 12.23 6.76 568 22.62 12.23
Republic 5 1/4% due 30 2,000 1,854 0.15 720 667 0.09 2,000 1,854 0.52 0.869 — 6.58 597 9.53 7.09 6.58 597 9.53 7.09
Republic 5 1/8% due 22 1,000 1,022 0.08 360 368 0.05 — — — 0.777 L2 4.64 452 1.56 1.46 4.64 452 1.56 1.46
Republic 5 1/8% due 28 2,000 1,837 0.15 720 661 0.09 2,000 1,837 0.52 0.597 L2 6.42 594 7.46 6.07 6.42 594 7.46 6.07
Republic 5 3/4% due 24 2,500 2,526 0.20 900 909 0.13 2,500 2,526 0.71 0.796 L2 6.00 583 3.56 3.09 6.00 583 3.56 3.09
Republic 5 3/4% due 47 3,500 2,929 0.23 1,259 1,054 0.15 3,500 2,929 0.82 0.670 L2 7.24 612 26.69 12.12 7.24 612 26.69 12.12
Republic 5.6% due 24 2,500 2,474 0.20 900 890 0.13 2,500 2,474 0.69 0.854 — 6.14 594 4.20 3.63 6.14 594 4.20 3.63
Republic 6 1/4% due 22 2,500 2,593 0.21 900 933 0.13 2,500 2,593 0.73 0.787 L2 5.34 521 2.07 1.87 5.34 521 2.07 1.87
Republic 6 1/8% due 28 2,000 1,977 0.16 720 711 0.10 2,000 1,977 0.55 0.635 — 6.54 602 8.14 6.20 6.54 602 8.14 6.20
Republic 6 3/4% due 40 2,000 1,890 0.15 720 680 0.10 2,000 1,890 0.53 1.223 L2 7.34 638 19.74 10.46 7.34 638 19.74 10.46
Republic 6 5/8% due 45 3,000 2,705 0.22 1,080 974 0.14 3,000 2,705 0.76 0.808 L3 7.49 643 24.46 11.48 7.49 643 24.46 11.48
Republic 6 7/8% due 36 2,750 2,734 0.22 990 984 0.14 — — — 0.757 — 7.22 638 15.54 9.16 7.22 638 15.54 9.16
Republic 6% due 27 3,250 3,223 0.26 1,170 1,160 0.16 3,250 3,223 0.90 0.885 L2 6.49 608 6.56 5.21 6.49 608 6.56 5.21
Republic 6% due 41 3,000 2,607 0.21 1,080 938 0.13 3,000 2,607 0.73 1.198 L2 7.21 621 20.37 11.06 7.21 621 20.37 11.06
Republic 6.35% due 24 2,250 2,260 0.18 810 813 0.11 2,250 2,260 0.63 0.839 — 6.11 593 3.94 3.43 6.11 593 3.94 3.43
Republic 7 1/4% due 23 2,000 2,103 0.17 720 757 0.11 2,000 2,103 0.59 0.887 — 5.69 554 3.31 2.89 5.69 554 3.31 2.89
Republic 7 1/4% due 38 1,000 1,017 0.08 360 366 0.05 — — — 0.926 — 7.36 646 17.51 9.56 7.36 646 17.51 9.56
Republic 7 3/8% due 25 3,250 3,396 0.27 1,170 1,222 0.17 3,250 3,396 0.95 0.724 L3 6.16 595 4.43 3.74 6.16 595 4.43 3.74
Republic 7 5/8% due 29 3,000 3,198 0.26 1,080 1,151 0.16 3,000 3,198 0.90 0.866 — 6.88 633 8.65 6.21 6.88 633 8.65 6.21
Republic 8% due 34 1,500 1,587 0.13 540 571 0.08 — — — 0.818 — 7.25 649 13.45 8.39 7.25 649 13.45 8.39
Republic Sukuk 4.489% due 24 1,000 949 0.08 360 341 0.05 — — — 1.076 — 5.99 580 4.23 3.73 5.99 580 4.23 3.73
TC Ziraat Bankasi AS 5 1/8% due 22 600 589 0.05 216 212 0.03 — — — 1.141 — 6.67 654 1.67 1.54 6.67 654 1.67 1.54
TC Ziraat Bankasi AS 5 1/8% due 23 500 477 0.04 180 172 0.02 — — — 1.292 — 7.12 698 3.08 2.72 7.12 698 3.08 2.72
Trinidad & Tobago Republic 4 1/2% due 26 1,000 1,033 0.08 1,000 1,033 0.15 — — — 1.131 — 3.72 337 5.92 5.19 3.72 337 5.92 5.19
Republic 4 1/2% due 30 500 504 0.04 500 504 0.07 — — — 1.516 — 4.38 374 9.82 7.89 4.38 375 9.58 7.73
Republic 4 3/8% due 24 550 567 0.05 550 567 0.08 — — — 1.350 — 3.13 298 3.37 3.11 3.13 298 3.37 3.11
Trinidad Generation 5 1/4% due 27 600 610 0.05 600 610 0.09 — — — 0.658 — 5.10 474 5.92 4.96 5.10 474 5.92 4.96
Trinidad Petroleum 9 3/4% due 26 570 630 0.05 570 630 0.09 — — — 0.575 — 7.90 759 5.79 4.31 7.61 738 4.82 3.74
26


Ukraine NAK Naftogaz 7 5/8% due 26 500 500 0.04 482 482 0.07 — — — 1.079 — 7.93 757 6.18 4.75 7.93 757 6.18 4.75
Republic 7 3/4% due 22 EXCH 1,013 1,065 0.09 977 1,027 0.14 1,013 1,065 0.30 0.600 — 4.73 460 2.00 1.85 4.73 460 2.00 1.85
Republic 7 3/4% due 23 EXCH 1,355 1,441 0.12 1,307 1,390 0.20 1,355 1,441 0.40 0.751 — 5.17 503 3.00 2.67 5.17 503 3.00 2.67
Republic 7 3/8% due 32 3,000 3,131 0.25 2,893 3,020 0.42 3,000 3,131 0.88 0.946 L2 7.13 646 11.31 7.45 7.13 646 11.31 7.45
Republic 7.253% due 33 2,000 2,012 0.16 1,929 1,941 0.27 — — — 0.848 — 7.16 643 12.54 8.20 7.16 643 12.54 8.20
Republic 8.994% due 24 750 823 0.07 723 794 0.11 — — — 0.831 — 5.83 567 3.41 2.93 5.83 567 3.41 2.93
Republic 9 3/4% due 28 1,600 1,882 0.15 1,543 1,815 0.25 1,600 1,882 0.53 0.746 — 7.26 676 8.16 5.65 7.26 676 8.16 5.65
Ukraine Railways 8 1/4% due 24 595 612 0.05 574 591 0.08 — — — 1.268 — 7.54 737 3.85 3.23 7.54 737 3.85 3.23
Ukreximbank 9 3/4% due 25 600 627 0.05 579 605 0.08 — — — 1.000 — 6.45 630 1.51 1.37 6.45 630 1.51 1.37
Uruguay Republic 4 1/2% due 24 1,010 1,113 0.09 1,010 1,113 0.16 — — — 0.601 — 0.83 67 2.95 2.80 0.83 67 2.95 2.80
Republic 4 1/8% due 45 731 894 0.07 731 894 0.13 — — — 0.859 — 2.86 165 24.22 16.47 2.86 165 24.22 16.47
Republic 4 3/8% due 27 1,527 1,797 0.14 1,527 1,797 0.25 — — — 0.677 — 1.50 111 6.15 5.44 1.50 111 6.15 5.44
Republic 4 3/8% due 31 1,867 2,248 0.18 1,867 2,248 0.32 — — — 0.598 — 1.96 134 9.39 7.93 1.95 133 9.31 7.87
Republic 4.975% due 55 2,588 3,596 0.29 2,588 3,596 0.50 — — — 0.869 — 3.13 181 33.63 18.98 3.13 181 33.63 18.98
Republic 5.1% due 50 3,947 5,502 0.44 3,947 5,502 0.77 — — — 0.933 — 3.03 175 28.79 17.47 3.03 175 28.79 17.47
Republic 7 5/8% due 36 1,058 1,705 0.14 1,058 1,705 0.24 — — — 1.027 — 2.71 187 14.55 10.04 2.71 187 14.55 10.04
Republic 7 7/8% due 33 841 1,321 0.11 841 1,321 0.19 — — — 1.068 — 2.48 173 12.37 8.99 2.48 173 12.37 8.99
Uzbekistan Republic of Uzbekistan 4 3/4% due 24 500 531 0.04 500 531 0.07 — — — 1.000 — 2.65 249 3.47 3.20 2.65 249 3.47 3.20
Republic of Uzbekistan 5 3/8% due 29 500 564 0.05 500 564 0.08 — — — 1.241 — 3.48 292 8.47 6.95 3.48 292 8.47 6.95
Venezuela PDVSA 12 3/4% due 22 0 0 0.00 0 0 0.00 — — — 1.000 — 638.36 63824 1.46 0.23 638.36 63824 1.46 0.23
PDVSA 5 1/2% due 37 0 0 0.00 0 0 0.00 — — — 1.000 — 298.35 29823 16.61 0.18 298.35 29823 16.61 0.18
PDVSA 5 3/8% due 27 0 0 0.00 0 0 0.00 — — — 1.000 — 285.99 28587 6.61 0.19 285.99 28587 6.61 0.19
PDVSA 6% due 24 0 0 0.00 0 0 0.00 — — — 1.000 — 398.36 39824 2.71 0.26 398.36 39824 2.71 0.26
PDVSA 6% due 26 0 0 0.00 0 0 0.00 — — — 1.000 — 267.21 26708 5.20 0.26 267.21 26708 5.20 0.26
PDVSA 8 1/2% due 20 0 0 0.00 0 0 0.00 — — — 3.000 — 269.23 26911 1.15 0.50 269.23 26911 1.15 0.50
PDVSA 9 3/4% due 35 0 0 0.00 0 0 0.00 — — — 1.000 — 571.43 57132 13.71 0.10 571.43 57132 13.71 0.10
PDVSA 9% due 21 0 0 0.00 0 0 0.00 — — — 1.000 — 1030.16 103004 1.21 0.10 1030.16 103004 1.21 0.10
Republic 11 3/4% due 26 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L3 276.25 27613 6.14 0.21 276.25 27613 6.14 0.21
Republic 11.95% due 31 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L3 163.39 16326 9.94 0.58 163.39 16326 9.94 0.58
Republic 12 3/4% due 22 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L2 274.32 27420 1.98 0.54 274.32 27420 1.98 0.54
Republic 6% due 20 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L3 419.32 41920 1.27 0.34 419.32 41920 1.27 0.34
Republic 7 3/4% due 19 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L3 280.09 27996 2.08 0.41 280.09 27996 2.08 0.41
Republic 7% due 38 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L3 135.40 13526 17.58 0.49 135.40 13526 17.58 0.49
Republic 7.65% due 25 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L3 154.09 15393 4.64 0.57 154.09 15393 4.64 0.57
Republic 8 1/4% due 24 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L3 180.25 18011 4.11 0.46 180.25 18011 4.11 0.46
Republic 9 1/4% due 27 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L2 240.68 24056 7.04 0.21 240.68 24056 7.04 0.21
Republic 9 1/4% due 28 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L3 172.05 17191 7.68 0.42 172.05 17191 7.68 0.42
Republic 9 3/8% due 34 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L3 134.84 13470 13.36 0.66 134.84 13470 13.36 0.66
Republic 9% due 23 0 0 0.00 0 0 0.00 0 0 0.00 1.000 L3 229.15 22902 2.68 0.48 229.15 22902 2.68 0.48
Vietnam Republic 4.8% due 24 1,000 1,132 0.09 1,000 1,132 0.16 — — — 1.161 — 1.58 138 4.21 3.82 1.58 138 4.21 3.82
South Africa Eskom 6 3/4% due 23 1,000 959 0.08 700 671 0.09 — — — 1.009 — 8.16 802 2.93 2.58 8.16 802 2.93 2.58
Eskom Holdings 6.35% due 28 1,000 1,029 0.08 700 720 0.10 — — — 1.205 — 5.33 482 7.94 6.26 5.33 482 7.94 6.26
Eskom Holdings 7 1/8% due 25 1,250 1,180 0.09 875 826 0.12 — — — 0.991 — 8.50 829 4.44 3.70 8.50 829 4.44 3.70
Eskom Holdings 8.45% due 28 500 482 0.04 350 337 0.05 — — — 1.467 — 8.89 840 7.94 5.66 8.89 840 7.94 5.66
Republic 4 7/8% due 26 1,250 1,300 0.10 875 910 0.13 1,250 1,300 0.36 0.820 — 4.24 393 5.62 4.82 4.24 393 5.62 4.82
Republic 4.3% due 28 2,000 1,941 0.16 1,400 1,358 0.19 2,000 1,941 0.54 0.868 L2 4.85 431 8.11 6.68 4.85 431 8.11 6.68
Republic 4.665% due 24 1,500 1,561 0.13 1,050 1,092 0.15 — — — 0.821 L2 3.32 316 3.38 3.10 3.32 316 3.38 3.10
Republic 4.85% due 27 1,000 1,025 0.08 700 717 0.10 — — — 0.830 — 4.62 416 7.07 5.85 4.62 416 7.07 5.85
Republic 4.85% due 29 2,000 1,993 0.16 1,400 1,394 0.20 2,000 1,993 0.56 0.839 — 5.07 448 9.08 7.16 5.07 448 9.08 7.16
Republic 5 3/4% due 49 3,000 2,755 0.22 2,099 1,928 0.27 3,000 2,755 0.77 0.908 — 6.49 533 29.08 13.05 6.49 533 29.08 13.05
Republic 5 3/8% due 44 1,000 893 0.07 700 625 0.09 — — — 0.972 L3 6.16 505 23.89 12.89 6.16 505 23.89 12.89
Republic 5 7/8% due 22 1,000 1,069 0.09 700 748 0.11 1,000 1,069 0.30 0.857 L3 2.13 200 1.74 1.65 2.13 200 1.74 1.65
Republic 5 7/8% due 25 2,000 2,204 0.18 1,400 1,542 0.22 2,000 2,204 0.62 0.851 L3 4.00 374 5.04 4.28 4.00 374 5.04 4.28
Republic 5 7/8% due 30 1,400 1,484 0.12 980 1,039 0.15 1,400 1,484 0.42 0.848 — 5.10 448 9.81 7.45 5.10 448 9.81 7.45
Republic 5% due 46 1,000 863 0.07 700 604 0.08 — — — 1.046 L2 6.13 497 26.11 13.38 6.13 497 26.11 13.38
Republic 5.65% due 47 1,500 1,386 0.11 1,050 970 0.14 1,500 1,386 0.39 0.921 L2 6.35 520 27.07 12.95 6.35 520 27.07 12.95
Republic 6 1/4% due 41 750 771 0.06 525 539 0.08 — — — 0.963 — 6.18 517 20.52 11.34 6.18 517 20.52 11.34
Republic 6.3% due 48 600 588 0.05 420 411 0.06 600 588 0.16 0.938 — 6.48 534 27.81 12.84 6.48 534 27.81 12.84
Transnet 4% due 22 1,000 998 0.08 700 698 0.10 — — — 0.939 — 3.74 361 1.90 1.81 3.74 361 1.90 1.81
Zambia Republic 5 3/8% due 22 750 409 0.03 750 409 0.06 — — — 1.500 — 40.61 4048 2.05 1.54 40.61 4048 2.05 1.54
Republic 8 1/2% due 24 1,000 555 0.04 1,000 555 0.08 — — — 1.696 — 30.16 3000 3.62 2.47 30.16 3000 3.62 2.47
Republic 8.97% due 27 1,250 660 0.05 1,250 660 0.09 — — — 1.725 — 23.73 2342 5.91 3.67 23.73 2342 5.91 3.67
27

CEMBI Broad Corporate Emerging Markets Bond Index Broad (CEMBI Broad)

CEMBI Broad 0.81
Lithuania 5.38
Dominican Rep 4.90 August 31, 2020 Aug 31 1-mo 3-mo YTD 12-mo index Price Interest 1-mo 3-mo 12-mo
Togo 4.18 CEMBI Broad 365.69 0.81 5.73 3.78 6.30 114.92 0.46 0.35 1.33 1.95 6.04
Tanzania 3.40 By Region
Armenia 2.96 Africa 272.79 2.03 9.02 1.76 4.61 108.53 1.58 0.44 1.47 4.29 10.75
Georgia 2.95 Asia 350.17 0.59 4.58 4.95 6.09 123.74 0.28 0.31 1.29 1.64 3.88
Europe 427.90 0.76 2.55 1.91 6.69 114.94 0.36 0.40 1.86 1.69 6.55
Ukraine 2.75
Latin 404.48 1.24 8.56 2.21 6.29 111.81 0.82 0.41 2.49 4.18 11.13
South Africa 2.72
Middle East 318.15 0.49 5.92 4.87 7.33 120.68 0.17 0.33 2.32 2.49 7.04
Iraq 2.42
CEEMEA 405.63 0.78 4.99 3.36 6.84 119.53 0.41 0.37 1.09 1.88 7.01
Nigeria 2.36 By Credit
Ecuador 2.32 Investment Grade 329.90 0.31 4.62 5.31 6.23 118.19 0.02 0.29 1.68 1.60 4.40
Oman 2.18 High Yield 496.51 1.62 7.56 1.30 6.28 107.70 1.16 0.45 1.41 3.63 9.67
Argentina 2.18 By Sector
India 2.10 Consumer 142.77 1.00 6.21 4.68 9.01 111.10 0.63 0.37 2.74 3.21 8.73
Chile 2.03 Diversified 389.71 0.58 4.44 4.73 5.40 132.95 0.26 0.31 1.54 2.01 4.54
Trinidad & Tobago 2.03 Financial 323.17 0.78 3.79 3.42 5.58 114.20 0.46 0.32 0.58 1.09 3.60
Peru 1.75 Industrial 141.31 1.59 7.19 2.10 4.17 84.19 1.23 0.35 1.32 3.16 7.38
Infrastructure 178.18 0.82 7.15 3.62 4.71 72.62 0.49 0.33 0.89 2.13 5.02
Uzbekistan 1.69
Metals & Mining 621.58 1.38 9.61 3.54 7.22 160.19 0.97 0.41 2.93 4.71 11.59
Brazil 1.60
Oil & Gas 288.64 0.37 7.21 3.06 6.36 112.24 0.00 0.37 3.07 4.05 10.79
Macau 1.54
Pulp & Paper 6.28 2.31 8.54 6.26 8.23 96.43 1.95 0.35 4.39 4.51 10.56
Morocco 1.54 Real Estate 379.35 1.30 6.31 4.51 7.78 109.72 0.88 0.42 1.36 2.31 6.18
Egypt 1.43 TMT 384.46 -0.25 5.05 6.37 8.07 120.71 -0.58 0.33 2.17 2.32 6.19
Indonesia 1.41 Transport 266.46 1.91 4.86 -20.88 -20.16 63.61 1.42 0.48 4.68 7.73 16.15
Azerbaijan 1.38 Utilities 338.03 0.91 6.10 4.17 6.04 110.01 0.56 0.35 1.70 1.77 5.40
Colombia 1.21 By country
Paraguay 1.19 Armenia 97.86 2.96 9.95 — — 94.54 2.42 0.53 8.39 11.92 —
UAE 1.16 Argentina 557.91 2.18 23.80 1.08 34.11 84.60 1.48 0.69 14.00 14.07 21.57
Zambia 1.08 Azerbaijan 108.63 1.38 3.30 8.85 — 105.44 1.10 0.27 2.70 6.58 —
Bahrain 191.31 0.26 7.30 2.14 5.74 102.52 -0.27 0.53 7.08 6.98 12.17
Kuwait 0.92
Barbados 146.85 0.66 4.93 5.70 8.67 98.11 0.00 0.66 0.48 8.33 15.88
Qatar 0.92
Belarus 118.10 -4.68 -4.94 -5.74 -2.99 93.56 -5.47 0.83 18.09 11.01 8.42
Russia 0.90
Brazil 460.54 1.60 9.19 1.64 5.54 115.68 1.16 0.44 3.10 6.34 14.86
Moldova 0.88
Chile 343.69 2.03 6.54 2.04 2.85 116.15 1.71 0.32 1.48 1.73 7.92
Poland 0.24 China 363.19 0.35 4.15 5.90 7.40 114.38 0.03 0.32 1.40 1.69 3.92
Guatemala 0.86 Colombia 233.38 1.21 6.89 0.89 2.57 101.64 0.80 0.40 2.64 4.72 11.97
Barbados 0.66 Czech Republic 179.11 -2.00 1.34 8.74 6.01 121.51 -2.37 0.38 9.84 11.06 15.73
Panama 0.66 Dominican Rep 110.35 4.90 11.42 -13.53 -6.36 87.26 4.34 0.54 10.58 16.78 26.71
Hong Kong 0.66 Ecuador 95.90 2.32 27.34 -14.19 -12.02 80.16 1.34 0.97 8.52 19.61 32.60
Malaysia 0.62 Egypt 249.41 1.43 7.43 5.11 6.66 107.23 1.07 0.35 2.62 4.01 9.23
Vietnam 0.54 El Salvador 187.04 -0.02 10.13 -7.60 -4.53 89.30 -0.64 0.62 6.53 12.04 11.62
Georgia 124.74 2.95 5.96 1.29 7.04 98.33 2.51 0.44 6.33 7.05 9.45
Singapore 0.46
Ghana 117.86 -0.71 7.40 -16.20 -20.68 70.70 -1.47 0.78 9.58 19.76 56.26
Jamaica 0.45
Guatemala 151.72 0.86 4.15 3.48 5.87 94.98 0.40 0.46 2.90 3.78 8.09
Turkey 0.43
Hong Kong 338.49 0.66 3.57 4.98 5.32 121.85 0.34 0.31 1.36 1.63 3.05
Latvia 0.43
India 277.30 2.10 8.19 2.75 3.89 115.43 1.75 0.35 2.92 3.82 8.31
Korea 0.35 Indonesia 847.19 1.41 9.36 0.11 0.55 67.35 0.98 0.42 2.91 6.53 12.42
China 0.35 Iraq 173.60 2.42 11.59 2.76 5.48 99.70 1.65 0.76 5.34 9.03 22.46
Philippines 0.30 Israel 360.82 0.27 3.68 8.12 15.99 113.79 -0.10 0.37 6.71 6.32 12.05
Israel 0.27 Jamaica 179.05 0.45 13.74 -2.73 19.53 47.45 -0.03 0.48 10.46 23.62 27.30
Bahrain 0.26 Kazakhstan 183.36 -3.80 4.60 -8.01 -8.73 44.90 -2.84 -0.99 11.99 8.87 18.36
Mexico 0.23 Korea 292.63 0.35 3.31 5.47 6.00 122.72 0.11 0.24 0.85 1.22 2.56
Taiwan 0.16 Kuwait 225.17 0.92 6.19 2.10 3.48 114.33 0.61 0.31 1.31 2.12 4.88
Latvia 109.94 0.43 10.76 -6.10 -1.17 74.85 -0.66 1.09 16.04 22.33 26.78
El Salvador -0.02
Lithuania 78.99 5.38 24.11 -21.01 — 72.45 4.58 0.77 9.43 19.30 —
Ghana -0.71
Macau 221.74 1.54 5.53 3.25 5.92 113.87 1.17 0.37 2.84 3.16 8.00
Thailand -0.76
Malaysia 330.77 0.62 2.97 3.71 3.88 127.11 0.35 0.27 1.94 1.88 4.52
Saudi Arabia -0.80
Mexico 356.35 0.23 7.66 4.39 6.56 103.52 -0.15 0.38 2.97 3.37 9.30
Czech Republic -2.00 Moldova 121.96 0.88 7.02 5.50 13.12 102.77 0.00 0.88 9.00 13.27 23.27
Kazakhstan -3.80 Mongolia 92.20 -6.26 27.87 -17.39 -17.54 68.91 -7.48 1.32 16.87 29.26 21.99
Belarus -4.68 Morocco 153.24 1.54 7.96 2.25 4.82 110.49 1.17 0.36 3.77 5.46 8.35
Mongolia -6.26 Nigeria 192.98 2.36 8.67 3.85 7.12 90.36 1.88 0.47 1.78 4.01 9.08
Oman 180.13 2.18 8.98 0.29 4.68 95.26 1.74 0.43 2.02 4.32 13.06
Source: J.P. Morgan Panama 145.81 0.66 6.18 3.13 5.73 108.23 0.26 0.39 1.89 3.18 7.33
Paraguay 166.30 1.19 8.98 6.43 7.52 103.29 1.02 0.17 5.24 6.49 12.96
Peru 314.00 1.75 6.26 3.39 4.55 121.01 1.40 0.34 1.52 2.35 6.98
Philippines 880.72 0.30 3.66 2.48 4.21 248.91 -0.06 0.36 0.77 1.50 2.25
Poland 177.20 0.88 5.73 4.11 6.05 109.48 0.45 0.43 3.23 3.58 5.50
Qatar 209.69 0.92 4.72 5.61 6.83 100.86 0.65 0.27 1.41 1.49 4.07
Russia 478.44 0.90 2.31 3.85 7.37 130.62 0.51 0.38 1.10 1.09 5.72
Saudi Arabia 199.03 -0.80 6.30 6.90 6.82 115.05 -1.11 0.31 4.74 4.11 10.35
Singapore 297.73 0.46 4.38 5.13 6.42 119.99 0.20 0.26 1.56 1.54 3.07
South Africa 220.34 2.72 8.97 1.74 2.48 112.59 2.32 0.40 2.08 3.81 13.14
Taiwan 230.04 0.16 2.38 6.28 6.48 115.76 -0.08 0.24 1.48 2.10 3.80
Tanzania 103.40 3.40 — — — 102.90 2.90 0.48 9.16 — —
Thailand 500.49 -0.76 5.90 4.18 3.85 170.75 -1.06 0.30 3.47 4.07 6.97
Togo 111.93 4.18 10.59 0.40 4.62 99.91 3.57 0.59 19.64 13.35 15.46
Trinidad & Tobago 108.85 2.03 12.44 8.61 — 100.86 1.39 0.64 11.26 15.14 —
Turkey 235.54 0.43 1.43 0.81 8.97 105.44 -0.07 0.50 7.77 5.22 7.93
UAE 235.98 1.16 7.16 3.10 4.00 109.17 0.83 0.33 1.37 2.13 6.52
Ukraine 283.25 2.75 9.19 -8.04 -3.66 78.61 2.21 0.53 2.34 4.06 23.41
Uzbekistan 103.22 1.69 7.08 — — 99.88 1.27 0.41 6.74 6.68 —
Vietnam 105.54 0.54 4.83 2.16 5.54 100.22 0.16 0.39 2.85 4.47 15.44
Zambia 166.36 1.08 11.16 3.56 17.19 105.00 0.56 0.52 4.77 10.59 24.07
28

CEMBI Broad Corporate Emerging Markets Bond Index Broad (CEMBI Broad)
China 25.34 Face O/S Market cap Yield Spread Avg life IR Dur Yield Spread Avg life IR Dur
Brazil 11.41 August 31, 2020 (US$ mil) (US$ mil) (%) (%) (bps) (yrs) (yrs) (%) (bps) (yrs) (yrs)
Hong Kong 7.39 CEMBI Broad 1,104,106 1,169,431 100.00 4.42 381 8.72 5.04 3.92 331 6.45 4.72
By Region
Mexico 7.04
Africa 31,781 33,166 2.84 5.11 485 4.93 3.94 4.88 451 4.47 3.49
Russia 5.29 Asia 552,317 585,311 50.05 4.06 347 8.54 4.64 3.20 266 5.38 4.31
India 4.74 Europe 99,324 103,938 8.89 5.17 485 5.51 3.37 4.54 417 4.31 3.32
Korea 3.61 Latin 301,079 319,246 27.30 5.07 435 10.66 6.32 4.85 412 9.23 5.88
Middle East 119,605 127,769 10.93 3.62 304 8.31 5.30 3.40 274 7.05 5.19
UAE 3.48
CEEMEA 250,710 264,873 22.65 4.29 383 6.77 4.37 3.91 338 5.67 4.24
Saudi Arabia 2.57 By Credit
Colombia 2.56 Investment Grade 656,309 721,914 61.73 3.10 252 8.37 5.62 2.74 207 6.67 5.48
High Yield 447,797 447,517 38.27 6.51 586 9.23 4.10 6.30 582 6.12 3.51
Turkey 2.51
By Sector
Chile 2.38 Consumer 84,381 87,535 7.49 4.44 385 8.39 5.86 4.14 349 7.11 5.05
Singapore 2.18 Diversified 26,138 28,698 2.45 3.19 261 8.39 5.76 2.90 224 5.90 5.27
Israel 2.05 Financial 340,869 355,949 30.44 4.23 369 7.78 3.09 3.45 301 4.54 3.09
Industrial 70,672 74,008 6.33 5.04 442 8.85 4.88 4.19 365 5.64 4.42
Peru 1.57
Infrastructure 26,804 27,189 2.32 5.50 478 10.40 4.39 4.03 366 4.88 4.08
Macau 1.55 Metals & Mining 62,114 67,101 5.74 4.70 414 8.05 5.90 4.54 385 7.59 5.74
Qatar 1.46 Oil & Gas 142,412 153,976 13.17 4.45 370 11.10 7.12 4.43 364 10.88 7.08
Pulp & Paper 14,696 16,340 1.40 4.44 367 11.92 7.50 4.26 344 10.24 7.37
Thailand 1.41
Real Estate 120,894 124,534 10.65 5.66 508 8.44 4.49 4.92 448 4.87 3.67
Philippines 1.40
TMT 114,920 126,508 10.82 3.31 270 8.77 6.78 3.05 232 7.40 6.29
Indonesia 1.34 Transport 8,386 7,984 0.68 7.74 716 8.27 4.59 7.68 710 7.55 3.85
South Africa 1.14 Utilities 91,820 99,608 8.52 3.91 331 8.58 5.69 3.33 277 6.46 5.16
By country
Kuwait 0.95
Armenia 300 288 0.02 7.24 701 4.40 3.74 7.24 704 4.40 3.74
Argentina 0.95 Argentina 13,252 11,123 0.95 12.39 1207 5.52 3.35 12.39 1207 5.52 3.35
Malaysia 0.78 Azerbaijan 1,000 920 0.08 5.33 512 4.00 3.66 5.33 514 4.00 3.66
Panama 0.64 Bahrain 1,400 1,357 0.12 6.85 610 11.33 3.52 7.15 696 3.47 2.51
Barbados 320 334 0.03 6.10 597 1.94 1.77 -24.14 -2424 0.08 0.09
Zambia 0.49
Belarus 350 341 0.03 10.48 1035 1.62 1.42 10.48 1035 1.62 1.42
Nigeria 0.47 Brazil 126,146 133,399 11.41 5.65 488 12.03 5.92 5.35 462 10.56 5.43
Ukraine 0.38 Chile 25,981 27,875 2.38 3.83 314 9.80 5.92 3.43 278 6.62 5.67
China 277,991 296,286 25.34 4.14 361 7.68 4.37 3.05 250 5.10 4.21
Morocco 0.28
Colombia 27,880 29,958 2.56 4.62 408 7.75 5.64 4.56 395 7.43 5.13
Oman 0.27 Czech Republic 300 382 0.03 3.81 267 21.59 13.56 3.81 272 21.59 13.56
Jamaica 0.26 Dominican Rep 317 293 0.03 8.43 801 6.36 4.84 8.43 804 6.36 4.84
Kazakhstan 0.26 Ecuador 400 363 0.03 14.91 1427 9.15 4.62 14.91 1440 9.15 4.62
Egypt 2,325 2,449 0.21 3.61 331 5.32 4.58 3.61 323 4.57 4.52
Taiwan 0.22
El Salvador 660 628 0.05 9.68 952 3.11 2.59 9.68 952 3.11 2.59
Egypt 0.21 Georgia 950 959 0.08 5.34 517 3.38 2.98 5.34 518 3.38 2.98
Guatemala 0.19 Ghana 2,100 1,508 0.13 17.42 1721 3.94 3.13 17.42 1719 3.94 3.13
Guatemala 2,130 2,225 0.19 4.94 472 4.33 3.72 3.45 332 1.31 1.07
Ghana 0.13
Hong Kong 81,365 86,372 7.39 4.23 340 13.35 5.69 3.31 270 6.17 4.59
Paraguay 0.12
India 53,465 55,427 4.74 4.16 381 5.75 4.37 3.99 357 5.14 4.29
Bahrain 0.12 Indonesia 16,260 15,665 1.34 6.58 631 5.06 4.34 6.68 633 4.88 4.07
Poland 0.10 Iraq 300 307 0.03 9.49 935 2.31 1.96 9.32 919 1.81 1.57
Israel 23,387 24,019 2.05 4.44 391 7.62 5.52 4.20 357 7.31 4.89
Georgia 0.08
Jamaica 3,800 3,062 0.26 16.56 1637 3.69 2.98 17.21 1703 3.51 2.68
Azerbaijan 0.08 Kazakhstan 3,200 3,016 0.26 4.97 462 5.84 5.29 4.93 450 5.96 4.91
Tanzania 0.07 Korea 39,230 42,222 3.61 2.88 234 7.77 3.59 1.69 132 4.31 3.59
Vietnam 0.06 Kuwait 10,600 11,135 0.95 3.97 330 9.67 3.58 3.59 299 5.40 3.64
Latvia 325 257 0.02 27.09 2697 1.66 1.32 27.09 2697 1.66 1.32
El Salvador 0.05
Lithuania 300 216 0.02 17.06 1684 4.25 3.22 17.06 1686 4.25 3.22
Togo 0.05 Macau 17,075 18,146 1.55 4.13 376 6.01 5.05 3.85 350 4.94 4.02
Czech Republic 0.03 Malaysia 8,566 9,147 0.78 3.08 268 6.26 3.35 2.34 201 4.55 3.36
Mexico 73,724 82,356 7.04 4.10 329 12.91 8.44 3.94 304 11.16 8.14
Ecuador 0.03
Moldova 300 320 0.03 9.98 980 3.60 2.78 9.98 981 3.60 2.78
Belarus 0.03 Mongolia 440 315 0.03 21.81 2163 3.62 2.62 21.81 2164 3.62 2.62
Barbados 0.03 Morocco 2,850 3,231 0.28 3.97 339 8.38 6.05 3.97 326 8.38 6.05
Moldova 0.03 Nigeria 5,200 5,552 0.47 4.47 423 4.67 3.96 3.89 359 4.02 3.35
Oman 3,100 3,133 0.27 6.22 556 9.41 3.41 6.20 553 8.01 3.43
Uzbekistan 0.03
Panama 7,100 7,496 0.64 4.22 378 6.53 5.37 3.69 328 4.08 3.93
Mongolia 0.03 Paraguay 1,735 1,448 0.12 4.32 379 7.62 6.56 4.03 346 6.84 4.98
Trinidad & Tobago 0.03 Peru 17,334 18,376 1.57 3.83 345 6.07 4.79 3.64 322 5.28 4.29
Philippines 15,981 16,372 1.40 5.49 468 12.92 4.94 3.97 359 4.21 3.61
Iraq 0.03
Poland 1,140 1,216 0.10 3.98 384 2.61 2.32 3.41 327 2.21 2.11
Dominican Rep 0.03
Qatar 15,600 17,116 1.46 2.10 178 5.51 4.12 2.02 154 5.01 4.13
Armenia 0.02 Russia 56,634 61,812 5.29 4.25 385 6.25 3.60 3.22 277 4.49 3.58
Latvia 0.02 Saudi Arabia 26,814 30,038 2.57 3.01 226 11.15 8.28 3.01 213 11.05 8.28
Singapore 23,800 25,519 2.18 2.76 217 8.52 4.13 2.08 166 4.87 4.10
Lithuania 0.02
South Africa 12,406 13,311 1.14 4.12 386 4.99 3.79 3.94 356 4.46 3.57
Taiwan 2,400 2,624 0.22 1.80 153 5.04 4.57 1.80 149 5.04 4.57
Tanzania 750 810 0.07 5.20 490 5.29 4.39 4.08 395 1.79 1.67
Thailand 15,067 16,520 1.41 3.26 239 14.38 8.63 3.23 224 13.29 8.63
Source: J.P. Morgan Togo 500 543 0.05 7.23 705 3.63 2.97 7.23 707 3.63 2.97
Trinidad & Tobago 300 311 0.03 8.60 806 7.88 5.44 8.58 815 7.00 5.04
Turkey 29,872 29,403 2.51 7.23 701 4.36 2.54 6.89 663 3.69 2.51
UAE 38,405 40,665 3.48 3.74 323 7.37 4.18 3.47 293 5.40 4.20
Ukraine 4,352 4,490 0.38 6.70 643 5.01 3.92 6.69 635 5.07 3.78
Uzbekistan 300 317 0.03 4.23 401 4.25 3.72 4.23 403 4.25 3.72
Vietnam 679 695 0.06 4.78 443 5.86 4.91 4.78 456 4.32 3.88
Zambia 5,650 5,763 0.49 6.73 655 3.58 3.02 6.45 631 2.38 1.95
29

CEMBI Broad Diversified Corporate Emerging Markets Bond Index Broad Diversified (CEMBI Broad Diversified)

CEMBI Broad Div 0.90
Lithuania 5.38 August 31, 2020 Aug 31 1-mo 3-mo YTD 12-mo index Price Interest 1-mo 3-mo 12-mo
Dominican Rep 4.90 CEMBI Broad Div 361.57 0.90 6.08 3.08 6.02 113.83 0.54 0.36 1.35 2.09 6.42
Togo 4.18
By Region
Tanzania 3.40
Africa 272.58 2.03 9.02 1.76 4.61 108.31 1.58 0.44 1.47 4.29 10.75
Armenia 2.96 Asia 342.75 0.67 4.95 4.08 5.05 120.36 0.35 0.32 1.29 1.78 4.11
Georgia 2.95 Europe 371.64 0.73 2.91 0.77 5.74 96.62 0.33 0.40 2.43 2.10 7.34
Ukraine 2.75 Latin 410.41 1.34 8.67 1.91 6.96 112.96 0.92 0.41 2.45 3.68 10.01
South Africa 2.72 Middle East 323.12 0.49 5.75 5.09 7.59 122.31 0.16 0.33 2.36 2.50 7.04
CEEMEA 376.20 0.83 5.45 3.11 6.48 114.35 0.46 0.37 1.19 2.14 7.48
Iraq 2.42
By Sector
Nigeria 2.36
Consumer 157.70 0.99 5.47 4.67 9.41 100.47 0.61 0.38 3.28 3.31 8.66
Ecuador 2.32 Diversified 390.49 0.58 4.51 3.68 5.24 133.00 0.25 0.33 1.17 1.86 4.11
Oman 2.18 Financial 298.72 0.89 4.01 3.04 5.41 112.49 0.56 0.33 0.57 1.11 3.81
Argentina 2.18 Industrial 224.77 1.60 7.98 2.58 4.46 80.35 1.26 0.34 1.31 3.24 7.31
India 2.10 Infrastructure 223.46 1.22 9.35 2.36 3.91 89.81 0.86 0.35 1.36 2.75 6.72
Chile 2.03 Metals & Mining 602.68 1.69 9.54 2.16 5.75 150.75 1.25 0.43 2.27 4.82 11.59
Oil & Gas 362.76 0.00 8.22 1.84 6.76 111.94 -0.37 0.38 3.87 4.67 11.90
Trinidad & Tobago 2.03
Pulp & Paper 171.87 2.10 7.78 6.91 7.60 109.59 1.76 0.33 3.29 3.61 9.65
Peru 1.75
Real Estate 380.55 1.46 6.79 3.03 5.70 108.65 1.04 0.41 1.30 2.42 5.67
Uzbekistan 1.69 TMT 405.86 0.35 5.50 5.38 8.11 122.69 -0.03 0.37 1.48 1.98 6.79
Brazil 1.60 Transport 259.84 2.05 5.90 -23.98 -22.67 66.33 1.60 0.44 3.61 6.06 19.02
Macau 1.54 Utilities 342.43 1.05 6.65 3.54 5.68 108.64 0.69 0.36 2.01 2.03 5.95
Morocco 1.54 By Credit
Investment Grade 330.01 0.46 4.94 4.77 5.62 120.17 0.17 0.29 1.68 1.56 4.61
Egypt 1.43
dit Non Investment Grade High Yield 475.57 1.50 7.69 0.68 6.50 102.75 1.04 0.45 1.38 3.57 9.67
Indonesia 1.41
By country
Azerbaijan 1.38 Armenia 97.86 2.96 9.95 — — 94.54 2.42 0.53 8.39 11.92 —
Colombia 1.21 Argentina 557.91 2.18 23.80 1.08 34.11 133.84 1.48 0.69 14.00 14.07 21.57
Paraguay 1.19 Azerbaijan 108.63 1.38 3.30 8.85 — 105.44 1.10 0.27 2.70 6.58 —
UAE 1.16 Bahrain 191.31 0.26 7.30 2.14 5.74 102.52 -0.27 0.53 7.08 6.98 12.17
Zambia 1.08 Barbados 146.85 0.66 4.93 5.70 8.67 98.11 0.00 0.66 0.48 8.33 15.88
Belarus 118.10 -4.68 -4.94 -5.74 -2.99 93.56 -5.47 0.83 18.09 11.01 8.42
Kuwait 0.92
Brazil 460.36 1.60 9.19 1.64 5.54 115.64 1.16 0.44 3.10 6.34 14.86
Qatar 0.92
Chile 343.69 2.03 6.54 2.04 2.85 116.15 1.71 0.32 1.48 1.73 7.92
Russia 0.90 China 363.12 0.35 4.15 5.90 7.40 114.36 0.03 0.32 1.40 1.69 3.92
Moldova 0.88 Colombia 233.38 1.21 6.89 0.89 2.57 101.64 0.80 0.40 2.64 4.72 11.97
Poland 0.88 Czech Republic 179.11 -2.00 1.34 8.74 6.01 121.51 -2.37 0.38 9.84 11.06 15.73
Guatemala 0.86 Dominican Rep 110.35 4.90 11.42 -13.53 -6.36 87.26 4.34 0.54 10.58 16.78 26.71
Ecuador 95.90 2.32 27.34 -14.19 -12.02 80.16 1.34 0.97 8.52 19.61 32.60
Barbados 0.66
Egypt 249.41 1.43 7.43 5.11 6.66 107.23 1.07 0.35 2.62 4.01 9.23
Panama 0.66
El Salvador 187.04 -0.02 10.13 -7.60 -4.53 89.30 -0.64 0.62 6.53 12.04 11.62
Hong Kong 0.66 Georgia 124.74 2.95 5.96 1.29 7.04 98.33 2.51 0.44 6.33 7.05 9.45
Malaysia 0.62 Ghana 117.86 -0.71 7.40 -16.20 -20.68 70.70 -1.47 0.78 9.58 19.76 56.26
Vietnam 0.54 Guatemala 151.72 0.86 4.15 3.48 5.87 94.98 0.40 0.46 2.90 3.78 8.09
Singapore 0.46 Hong Kong 338.46 0.66 3.57 4.98 5.32 121.84 0.34 0.31 1.36 1.63 3.05
Jamaica 0.45 India 277.16 2.10 8.19 2.75 3.89 115.37 1.75 0.35 2.92 3.82 8.31
Indonesia 847.17 1.41 9.36 0.11 0.55 67.34 0.98 0.42 2.91 6.53 12.42
Turkey 0.43
Iraq 173.60 2.42 11.59 2.76 5.48 99.70 1.65 0.76 5.34 9.03 22.46
Latvia 0.43
Israel 360.82 0.27 3.68 8.12 15.99 113.79 -0.10 0.37 6.71 6.32 12.05
Korea 0.35 Jamaica 179.05 0.45 13.74 -2.73 19.53 47.45 -0.03 0.48 10.46 23.62 27.30
China 0.35 Kazakhstan 183.36 -3.80 4.60 -8.01 -8.73 44.90 -2.84 -0.99 11.99 8.87 18.36
Philippines 0.30 Korea 292.62 0.35 3.31 5.47 6.00 122.72 0.11 0.24 0.85 1.22 2.56
Israel 0.27 Kuwait 225.17 0.92 6.19 2.10 3.48 114.33 0.61 0.31 1.31 2.12 4.88
Latvia 109.94 0.43 10.76 -6.10 -1.17 74.85 -0.66 1.09 16.04 22.33 26.78
Bahrain 0.26
Lithuania 78.99 5.38 24.11 -21.01 — 72.45 4.58 0.77 9.43 19.30 —
Mexico 0.23
Macau 221.74 1.54 5.53 3.25 5.92 113.87 1.17 0.37 2.84 3.16 8.00
Taiwan 0.16 Malaysia 330.77 0.62 2.97 3.71 3.88 127.11 0.35 0.27 1.94 1.88 4.52
El Salvador -0.02 Mexico 356.35 0.23 7.66 4.39 6.56 103.51 -0.15 0.38 2.97 3.37 9.30
Ghana -0.71 Mongolia 92.20 -6.26 27.87 -17.39 -17.54 68.91 -7.48 1.32 16.87 29.26 21.99
Thailand -0.76 Morocco 153.24 1.54 7.96 2.25 4.82 110.49 1.17 0.36 3.77 5.46 8.35
Saudi Arabia -0.80 Moldova 121.96 0.88 7.02 5.50 13.12 102.77 0.00 0.88 9.00 13.27 23.27
Nigeria 192.98 2.36 8.67 3.85 7.12 90.36 1.88 0.47 1.78 4.01 9.08
Czech Republic -2.00
Oman 180.13 2.18 8.98 0.29 4.68 95.26 1.74 0.43 2.02 4.32 13.06
Kazakhstan -3.80
Panama 145.81 0.66 6.18 3.13 5.73 108.23 0.26 0.39 1.89 3.18 7.33
Belarus -4.68 Paraguay 166.30 1.19 8.98 6.43 7.52 103.29 1.02 0.17 5.24 6.49 12.96
Mongolia -6.26 Peru 314.00 1.75 6.26 3.39 4.55 121.01 1.40 0.34 1.52 2.35 6.98
Philippines 880.72 0.30 3.66 2.48 4.21 248.91 -0.06 0.36 0.77 1.50 2.25
Source: J.P. Morgan Poland 177.20 0.88 5.73 4.11 6.05 109.48 0.45 0.43 3.23 3.58 5.50
Qatar 209.69 0.92 4.72 5.61 6.83 100.86 0.65 0.27 1.41 1.49 4.07
Russia 478.62 0.90 2.31 3.85 7.37 130.67 0.51 0.38 1.10 1.09 5.72
Saudi Arabia 199.03 -0.80 6.30 6.90 6.82 115.05 -1.11 0.31 4.74 4.11 10.35
Singapore 297.73 0.46 4.38 5.13 6.42 119.99 0.20 0.26 1.56 1.54 3.07
South Africa 220.34 2.72 8.97 1.74 2.48 112.59 2.32 0.40 2.08 3.81 13.14
Taiwan 230.04 0.16 2.38 6.28 6.48 115.76 -0.08 0.24 1.48 2.10 3.80
Tanzania 103.40 3.40 — — — 102.90 — — 9.16 — —
Thailand 500.49 -0.76 5.90 4.18 3.85 170.75 -1.06 0.30 3.47 4.07 6.97
Togo 111.93 4.18 10.59 0.40 — 99.91 3.57 0.59 19.64 13.35 —
Trinidad & Tobago 108.85 2.03 12.44 8.61 — 100.86 1.39 0.64 11.26 15.14 0.00
Turkey 235.54 0.43 1.43 0.81 8.97 105.44 -0.07 0.50 7.77 5.22 7.93
UAE 235.98 1.16 7.16 3.10 4.00 109.17 0.83 0.33 1.37 2.13 6.52
Ukraine 283.25 2.75 9.19 -8.04 -3.66 78.61 2.21 0.53 2.34 4.06 23.41
Uzbekistan 103.22 1.69 7.08 — — 99.88 1.27 0.41 6.74 6.68 —
Vietnam 105.54 0.54 4.83 2.16 5.54 100.22 0.16 0.39 2.85 4.47 15.44
Zambia 166.36 1.08 11.16 3.56 17.19 105.00 0.56 0.52 4.77 10.59 24.07
30

CEMBI Broad Diversified Corporate Emerging Markets Bond Index Broad Diversified (CEMBI Broad Diversified)

Face alloc Market cap Yield Spread Avg life IR Dur Yield Spread Avg life IR Dur
China 7.54
Brazil 5.29 August 31, 2020 (US$ mil) (US$ mil) (%) (%) (bps) (yrs) (yrs) (%) (bps) (yrs) (yrs)
Mexico 4.79 CEMBI Broad Div 512,835 538,124 100.00 4.44 388 8.12 4.96 4.08 351 6.23 4.62
Hong Kong 4.66
By Region
Russia 4.42
Africa 31,781 33,166 6.16 5.11 485 4.93 3.94 4.88 451 4.47 3.49
India 4.15
Asia 199,631 210,366 39.09 4.03 342 8.69 4.81 3.35 283 5.68 4.43
Korea 4.10 Europe 54,450 56,037 10.41 5.56 527 5.25 3.35 5.09 474 4.30 3.29
Saudi Arabia 4.08 Latin 136,549 141,998 26.39 5.16 453 9.05 5.84 5.02 438 7.73 5.36
UAE 4.03 Middle East 90,424 96,557 17.94 3.63 305 8.31 5.27 3.41 274 7.04 5.14
Colombia 3.93 CEEMEA 176,655 185,760 34.52 4.33 387 6.76 4.45 4.02 348 5.77 4.29
By Credit
Chile 3.90
Investment Grade 284,152 312,317 58.04 2.99 242 8.14 5.62 2.79 213 6.88 5.52
Singapore 3.86
High Yield 228,683 225,807 41.96 6.53 597 8.10 4.04 6.50 608 5.38 3.38
Israel 3.69 By Sector
Turkey 3.63 Consumer 52,767 54,445 10.12 4.52 399 7.64 5.39 4.28 373 6.52 4.76
Peru 3.41 Diversified 11,186 11,989 2.23 3.60 302 8.27 5.65 3.20 265 5.16 4.60
Macau 3.37 Financial 157,126 163,344 30.35 4.13 362 7.42 3.14 3.57 314 4.51 3.13
Qatar 3.18 Industrial 34,015 36,340 6.75 4.25 375 7.25 4.91 3.73 320 5.63 4.62
Thailand 3.07 Infrastructure 9,866 9,581 1.78 6.00 532 9.73 4.95 5.30 489 5.49 4.33
Metals & Mining 30,448 31,613 5.87 5.36 497 6.20 4.88 5.23 469 5.88 4.59
Philippines 3.04
Oil & Gas 67,334 70,745 13.15 4.70 397 10.82 7.24 4.68 390 10.52 7.18
Indonesia 2.91
Pulp & Paper 6,265 6,895 1.28 4.07 331 11.52 7.52 3.99 315 10.43 7.38
South Africa 2.47 Real Estate 30,763 31,191 5.80 5.50 494 8.03 4.64 5.04 462 4.83 3.84
Kuwait 2.07 TMT 52,437 56,637 10.52 4.01 350 7.36 5.87 3.62 305 6.02 5.04
Argentina 2.07 Transport 2,846 2,904 0.54 6.54 589 9.29 5.29 5.95 529 8.17 4.85
Malaysia 1.70 Utilities 57,781 62,440 11.60 4.18 356 8.88 5.73 3.56 301 6.57 5.28
By country
Panama 1.39
Armenia 300 288 0.05 7.24 701 4.40 3.74 7.24 704 4.40 3.74
Zambia 1.07
Argentina 13,252 11,123 2.07 12.39 1207 5.52 3.35 12.39 1207 5.52 3.35
Nigeria 1.03
Azerbaijan 1,000 920 0.17 5.33 512 4.00 3.66 5.33 514 4.00 3.66
Ukraine 0.83 Bahrain 1,400 1,357 0.25 6.85 610 11.33 3.52 7.15 696 3.47 2.51
Morocco 0.60 Barbados 320 334 0.06 6.10 597 1.94 1.77 -24.14 -2424 0.08 0.09
Oman 0.58 Belarus 350 341 0.06 10.48 1035 1.62 1.42 10.48 1035 1.62 1.42
Jamaica 0.57 Brazil 26,910 28,457 5.29 5.65 488 12.03 5.92 5.35 462 10.56 5.43
Kazakhstan 0.56 Chile 19,547 20,972 3.90 3.83 314 9.80 5.92 3.43 278 6.62 5.67
China 38,073 40,578 7.54 4.14 361 7.68 4.37 3.05 250 5.10 4.21
Taiwan 0.49
Colombia 19,686 21,153 3.93 4.62 408 7.75 5.64 4.56 395 7.43 5.13
Egypt 0.46
Czech Republic 300 382 0.07 3.81 267 21.59 13.56 3.81 272 21.59 13.56
Guatemala 0.41 Dominican Rep 317 293 0.05 8.43 801 6.36 4.84 8.43 804 6.36 4.84
Ghana 0.28 Ecuador 400 363 0.07 14.91 1427 9.15 4.62 14.91 1440 9.15 4.62
Paraguay 0.27 Egypt 2,325 2,449 0.46 3.61 331 5.32 4.58 3.61 323 4.57 4.52
Bahrain 0.25 El Salvador 660 628 0.12 9.68 952 3.11 2.59 9.68 952 3.11 2.59
Poland 0.23 Georgia 950 959 0.18 5.34 517 3.38 2.98 5.34 518 3.38 2.98
Ghana 2,100 1,508 0.28 17.42 1721 3.94 3.13 17.42 1719 3.94 3.13
Georgia 0.18
Guatemala 2,130 2,225 0.41 4.94 472 4.33 3.72 3.45 332 1.31 1.07
Azerbaijan 0.17
Hong Kong 23,618 25,072 4.66 4.23 340 13.35 5.69 3.31 270 6.17 4.59
Tanzania 0.15 India 21,567 22,359 4.15 4.16 381 5.75 4.37 3.99 357 5.14 4.29
Vietnam 0.13 Indonesia 16,260 15,665 2.91 6.58 631 5.06 4.34 6.68 633 4.88 4.07
El Salvador 0.12 Iraq 300 307 0.06 9.49 935 2.31 1.96 9.32 919 1.81 1.57
Togo 0.10 Israel 19,356 19,879 3.69 4.44 391 7.62 5.52 4.20 357 7.31 4.89
Czech Republic 0.07 Jamaica 3,800 3,062 0.57 16.56 1637 3.69 2.98 17.21 1703 3.51 2.68
Kazakhstan 3,200 3,016 0.56 4.97 462 5.84 5.29 4.93 450 5.96 4.91
Ecuador 0.07
Korea 20,521 22,086 4.10 2.88 234 7.77 3.59 1.69 132 4.31 3.59
Belarus 0.06
Kuwait 10,600 11,135 2.07 3.97 330 9.67 3.58 3.59 299 5.40 3.64
Barbados 0.06
Latvia 325 257 0.05 27.09 2697 1.66 1.32 27.09 2697 1.66 1.32
Moldova 0.06 Lithuania 300 216 0.04 17.06 1684 4.25 3.22 17.06 1686 4.25 3.22
Uzbekistan 0.06 Macau 17,075 18,146 3.37 4.13 376 6.01 5.05 3.85 350 4.94 4.02
Mongolia 0.06 Malaysia 8,566 9,147 1.70 3.08 268 6.26 3.35 2.34 201 4.55 3.36
Trinidad & Tobago 0.06 Mexico 23,056 25,756 4.79 4.10 329 12.91 8.44 3.94 304 11.16 8.14
Mongolia 440 315 0.06 21.81 2163 3.62 2.62 21.81 2164 3.62 2.62
Iraq 0.06
Morocco 2,850 3,231 0.60 3.97 339 8.38 6.05 3.97 326 8.38 6.05
Dominican Rep 0.05
Moldova 300 320 0.06 9.98 980 3.60 2.78 9.98 981 3.60 2.78
Armenia 0.05
Nigeria 5,200 5,552 1.03 4.47 423 4.67 3.96 3.89 359 4.02 3.35
Latvia 0.05 Oman 3,100 3,133 0.58 6.22 556 9.41 3.41 6.20 553 8.01 3.43
Lithuania 0.04 Panama 7,100 7,496 1.39 4.22 378 6.53 5.37 3.69 328 4.08 3.93
Paraguay 1,735 1,448 0.27 4.32 379 7.62 6.56 4.03 346 6.84 4.98
Source: J.P. Morgan Peru 17,334 18,376 3.41 3.83 345 6.07 4.79 3.64 322 5.28 4.29
Philippines 15,981 16,372 3.04 5.49 468 12.92 4.94 3.97 359 4.21 3.61
Poland 1,140 1,216 0.23 3.98 384 2.61 2.32 3.41 327 2.21 2.11
Qatar 15,600 17,116 3.18 2.10 178 5.51 4.12 2.02 154 5.01 4.13
Russia 21,800 23,793 4.42 4.25 385 6.25 3.60 3.22 277 4.49 3.58
Saudi Arabia 19,608 21,965 4.08 3.01 226 11.15 8.28 3.01 213 11.05 8.28
Singapore 19,386 20,787 3.86 2.76 217 8.52 4.13 2.08 166 4.87 4.10
South Africa 12,406 13,311 2.47 4.12 386 4.99 3.79 3.94 356 4.46 3.57
Taiwan 2,400 2,624 0.49 1.80 153 5.04 4.57 1.80 149 5.04 4.57
Tanzania 750 810 0.15 5.20 490 5.29 4.39 4.08 395 1.79 1.67
Thailand 15,067 16,520 3.07 3.26 239 14.38 8.63 3.23 224 13.29 8.63
Togo 500 543 0.10 7.23 705 3.63 2.97 7.23 707 3.63 2.97
Trinidad & Tobago 300 311 0.06 8.60 806 7.88 5.44 8.58 815 7.00 5.04
Turkey 19,833 19,521 3.63 7.23 701 4.36 2.54 6.89 663 3.69 2.51
UAE 20,460 21,664 4.03 3.74 323 7.37 4.18 3.47 293 5.40 4.20
Ukraine 4,352 4,490 0.83 6.70 643 5.01 3.92 6.69 635 5.07 3.78
Uzbekistan 300 317 0.06 4.23 401 4.25 3.72 4.23 403 4.25 3.72
Vietnam 679 695 0.13 4.78 443 5.86 4.91 4.78 456 4.32 3.88
Zambia 5,650 5,763 1.07 6.73 655 3.58 3.02 6.45 631 2.38 1.95
31

CEMBI Corporate Emerging Markets Bond Index (CEMBI)


CEMBI 0.89 August 31, 2020 Aug 31 1-mo 3-mo YTD 12-mo index Price Interest 1-mo 3-mo 12-mo
Tanzania 3.40 CEMBI 389.73 0.89 5.75 3.93 6.57 124.09 0.53 0.35 1.32 2.07 6.36
South Africa 2.83 By Region
Africa 245.32 2.07 9.04 1.57 3.25 98.68 1.63 0.43 1.70 4.52 11.97
Nigeria 2.72
Asia 377.54 0.83 4.87 5.00 6.61 135.22 0.50 0.33 1.31 1.76 4.27
Ukraine 2.62 Europe 479.15 0.74 2.36 2.89 7.50 132.37 0.38 0.36 2.04 1.78 6.27
India 2.53 Latin 377.10 1.06 8.54 2.67 6.66 104.66 0.66 0.40 2.72 4.22 11.61
Middle East 241.11 0.55 5.62 4.33 6.60 130.53 0.23 0.32 2.07 2.53 6.84
Peru 2.44
CEEMEA 457.59 0.81 4.79 3.38 6.50 131.60 0.46 0.35 1.06 1.95 6.93
Chile 2.41 By Credit
Oman 2.29 Investment Grade 364.87 0.41 4.75 5.08 6.15 130.01 0.10 0.30 1.65 1.62 4.61
High Yield 466.62 1.64 7.36 1.79 6.94 110.68 1.20 0.44 1.45 3.65 10.23
Egypt 2.25
By Sector
Argentina 1.95 Consumer 346.50 0.99 6.53 4.56 8.68 128.09 0.63 0.36 2.70 3.35 8.86
Brazil 1.54 Diversified 411.24 0.95 5.56 3.23 6.05 142.11 0.59 0.36 2.52 2.66 6.42
Financial 347.25 0.91 4.05 3.83 6.04 116.98 0.58 0.33 0.66 1.28 3.93
Macau 1.45
Industrial 183.52 1.47 6.88 1.96 4.08 74.74 1.13 0.34 1.38 3.16 7.34
Bahrain 1.45 Infrastructure 258.67 0.70 6.70 5.07 5.63 110.46 0.39 0.31 1.03 2.20 4.89
Metals & Mining 422.65 1.51 9.69 4.30 7.94 127.44 1.11 0.40 3.36 5.05 11.95
UAE 1.38
Oil & Gas 380.80 -0.18 6.08 2.55 5.81 118.14 -0.50 0.33 3.38 4.05 10.39
Azerbaijan 1.38 Pulp & Paper 85.12 2.89 9.54 6.25 8.57 51.72 2.51 0.37 6.23 6.35 13.12
Indonesia 1.25 Real Estate 392.66 1.39 6.59 4.99 8.61 121.25 0.95 0.43 1.87 2.77 7.38
TMT 405.93 0.05 4.73 5.92 7.75 134.61 -0.29 0.35 1.79 2.04 6.78
Colombia 1.22
Transport 187.84 1.40 5.49 -23.02 -20.13 66.34 0.98 0.42 3.89 5.51 18.21
Morocco 1.03 Utilities 356.43 1.08 5.67 5.43 7.39 117.42 0.74 0.34 1.20 1.53 4.65
Kuwait 0.87 By country
Argentina 173.15 1.95 22.45 1.79 37.49 101.91 1.26 0.68 17.87 16.89 25.50
Qatar 0.83
Azerbaijan 108.63 1.38 3.30 8.85 — 105.44 1.10 0.27 2.70 6.58 —
Russia 0.82 Bahrain 105.45 1.45 8.14 1.57 — 100.40 1.03 0.42 2.80 6.00 —
Zambia 0.79 Brazil 349.02 1.54 9.18 1.53 5.82 111.27 1.10 0.43 2.87 5.95 14.83
Chile 191.49 2.41 7.20 -2.92 -2.19 110.03 2.09 0.32 2.58 2.27 10.01
Hong Kong 0.74
China 327.88 0.69 4.24 5.90 8.05 116.63 0.34 0.35 1.35 1.74 4.43
China 0.69 Colombia 232.64 1.22 6.64 3.01 4.61 103.31 0.84 0.37 3.50 5.45 12.06
Turkey 0.63 Egypt 143.25 2.25 8.94 8.64 10.17 111.53 1.98 0.27 9.56 10.36 11.01
Ghana 116.45 -0.71 7.40 -16.20 -20.68 70.78 -1.47 0.78 9.58 19.76 56.26
Panama 0.60
Guatemala 151.92 0.42 3.24 3.23 5.30 95.52 -0.05 0.46 3.30 4.40 9.52
Poland -0.48 Hong Kong 362.43 0.74 4.02 4.88 5.81 132.27 0.42 0.32 1.23 1.55 3.03
Guatemala 0.42 India 275.42 2.53 8.50 3.02 4.09 113.11 2.17 0.35 3.46 4.26 8.54
Indonesia 214.16 1.25 10.42 3.23 5.79 107.56 0.88 0.37 1.86 6.90 14.13
Jamaica 0.42
Israel 220.88 0.40 3.59 7.26 13.59 110.16 0.06 0.34 5.10 6.18 12.24
Singapore 0.41 Jamaica 166.01 0.42 -0.18 -9.65 5.96 58.95 -0.25 0.67 4.84 48.41 42.07
Israel 0.40 Kazakhstan 220.66 -9.48 -2.05 -18.02 -19.19 64.64 -6.49 -3.20 25.69 16.84 23.95
Korea 171.35 0.34 3.97 5.75 6.46 115.24 0.08 0.26 1.00 1.58 2.98
Korea 0.34
Kuwait 244.69 0.87 5.89 2.13 3.43 126.01 0.58 0.29 1.33 2.25 5.41
Malaysia 0.31 Macau 225.08 1.45 5.80 3.07 5.95 114.28 1.07 0.38 3.09 3.68 8.81
Malaysia 147.66 0.31 2.62 4.24 4.28 107.82 0.02 0.29 3.32 2.70 5.81
Taiwan 0.13
Mexico 320.65 -0.21 8.05 6.27 8.23 95.22 -0.57 0.36 3.70 4.04 10.05
Paraguay 0.08 Morocco 146.90 1.03 5.87 1.63 3.63 107.41 0.67 0.36 2.68 4.85 7.14
Philippines -0.16 Nigeria 152.03 2.72 8.15 4.72 8.01 104.00 2.29 0.42 2.06 3.87 11.59
Oman 121.65 2.29 10.24 1.73 6.64 99.87 1.87 0.41 2.58 5.13 13.12
Mexico -0.21
Panama 147.89 0.60 6.53 3.59 6.25 111.23 0.22 0.38 2.55 3.94 8.65
Ghana -0.71 Paraguay 111.45 0.08 5.39 — — 109.49 -0.35 0.43 7.98 7.40 —
Saudi Arabia -0.89 Peru 308.69 2.44 7.49 4.06 5.48 125.12 2.11 0.33 2.80 3.51 8.51
Philippines 211.06 -0.16 3.36 1.79 3.26 120.02 -0.50 0.34 1.24 2.15 3.23
Thailand -0.89
Poland 175.25 0.48 2.76 3.86 4.87 109.54 0.15 0.33 3.10 2.68 3.09
Kazakhstan -9.48 Qatar 202.08 0.83 4.00 5.39 6.52 127.94 0.57 0.25 1.49 1.55 3.92
Russia 523.70 0.82 2.10 4.22 7.77 145.52 0.45 0.37 0.94 1.09 5.35
Source: J.P. Morgan Saudi Arabia 135.35 -0.89 6.15 5.96 6.47 106.89 -1.19 0.31 5.29 4.53 11.94
Singapore 363.54 0.41 4.69 5.00 6.71 142.09 0.14 0.27 1.78 1.90 3.36
South Africa 197.42 2.83 9.56 1.91 1.75 107.58 2.43 0.39 2.47 4.13 14.73
Taiwan 129.45 0.13 2.02 5.16 5.41 110.20 -0.10 0.23 1.36 2.05 3.52
Tanzania 103.40 3.40 — — — 102.90 — — 9.16 — —
Thailand 181.79 -0.89 6.80 4.04 3.68 118.63 -1.17 0.29 4.64 5.53 9.49
Turkey 179.01 0.63 1.88 0.94 8.76 105.53 0.17 0.46 8.42 5.63 8.37
UAE 240.94 1.38 6.52 2.63 3.77 142.63 1.05 0.33 1.04 2.38 5.97
Ukraine 236.38 2.62 8.50 2.62 7.31 93.13 2.06 0.54 2.29 3.80 17.87
Zambia 171.51 0.79 13.10 3.96 20.18 107.90 0.25 0.54 7.05 14.40 28.51
32

CEMBI Corporate Emerging Markets Bond Index (CEMBI)


Face O/S Market cap Yield Spread Avg life IR Dur Yield Spread Avg life IR Dur
China 22.50 August 31, 2020 (US$ mil) (US$ mil) (%) (%) (bps) (yrs) (yrs) (%) (bps) (yrs) (yrs)
Brazil 10.33 CEMBI 560,753 593,638 100.00 4.36 375 8.65 5.00 3.78 322 5.95 4.61
By Region
Hong Kong 7.47
Africa 19,780 20,430 3.44 5.18 493 4.73 3.97 4.94 467 3.91 3.47
Mexico 7.37 Asia 265,231 280,543 47.26 4.22 359 9.08 4.56 3.25 281 5.07 4.12
Russia 6.60 Europe 60,667 63,306 10.66 5.09 477 5.46 3.15 4.17 384 3.92 3.09
Latin 140,926 151,117 25.46 4.67 395 10.47 6.68 4.43 369 8.85 6.14
India 5.27 Middle East 74,150 78,242 13.18 3.49 298 7.31 5.11 3.28 268 6.29 4.94
UAE 4.05 CEEMEA 154,597 161,978 27.29 4.23 383 6.26 4.20 3.73 326 5.10 4.03
By Credit
Saudi Arabia 3.20 Investment Grade 332,136 363,741 61.27 3.25 263 8.79 5.61 2.81 215 6.55 5.40
Korea 3.18 High Yield 228,617 229,897 38.73 6.19 560 8.44 4.04 5.84 544 5.05 3.35
By Sector
Turkey 2.89 Consumer 50,807 52,927 8.92 4.23 365 8.26 5.93 3.77 316 6.44 5.07
Colombia 2.58 Diversified 10,224 11,712 1.97 3.49 306 6.49 5.41 3.45 286 6.74 5.27
Financial 167,400 175,751 29.61 4.26 366 8.62 3.22 3.44 300 4.57 3.24
Israel 2.43 Industrial 42,037 43,785 7.38 4.69 418 7.34 4.61 4.03 358 5.25 4.42
Chile 2.04 Infrastructure 15,023 15,704 2.65 5.16 438 12.22 4.57 3.19 282 5.15 4.38
Metals & Mining 36,484 39,504 6.65 4.57 399 8.40 5.85 4.35 365 7.77 5.71
Singapore 1.94 Oil & Gas 63,189 66,771 11.25 4.05 340 9.24 6.74 4.02 327 8.82 6.69
Macau 1.79 Pulp & Paper 7,748 8,780 1.48 4.68 378 15.27 9.14 4.66 374 13.80 9.02
Real Estate 62,837 64,652 10.89 5.64 501 9.03 5.08 5.05 464 4.84 3.90
Qatar 1.67 TMT 58,028 64,150 10.81 3.40 284 8.01 6.20 2.92 231 6.56 5.43
South Africa 1.54 Transport 4,925 4,857 0.82 5.22 493 5.27 4.66 5.03 470 4.75 3.70
Utilities 42,051 45,045 7.59 3.94 334 8.62 5.35 3.07 260 5.39 4.52
Thailand 1.33 By country
Kuwait 1.32 Argentina 5,744 4,653 0.78 12.70 1245 4.72 3.63 12.70 1242 4.72 3.63
Azerbaijan 1,000 920 0.15 5.33 512 4.00 3.66 5.33 514 4.00 3.66
Indonesia 1.30
Bahrain 500 509 0.09 4.74 455 3.85 3.42 4.74 457 3.85 3.42
Malaysia 1.09 Brazil 57,948 61,342 10.33 5.33 466 9.54 5.58 4.99 435 8.11 4.96
Chile 11,525 12,133 2.04 4.08 335 10.69 6.32 3.69 306 6.73 5.93
Peru 1.08
China 126,112 133,568 22.50 4.48 399 7.08 3.91 3.25 291 4.17 3.76
Philippines 1.08 Colombia 13,950 15,339 2.58 4.22 357 9.37 6.62 4.17 347 9.32 6.03
Egypt 750 788 0.13 3.38 275 9.05 7.53 3.37 278 8.81 7.35
Argentina 0.78
Ghana 2,100 1,508 0.25 17.42 1721 3.94 3.13 17.42 1719 3.94 3.13
Panama 0.74 Guatemala 1,800 1,875 0.32 4.93 473 3.91 3.40 3.15 303 1.26 0.98
Hong Kong 41,536 44,345 7.47 4.38 345 16.14 6.33 3.17 261 6.48 4.38
Nigeria 0.57
India 30,408 31,279 5.27 4.26 393 5.60 4.16 4.05 369 4.79 4.08
Ukraine 0.56 Indonesia 7,400 7,690 1.30 4.35 412 4.36 3.79 4.34 411 4.10 3.47
Israel 14,050 14,423 2.43 4.14 375 6.13 5.01 3.59 315 5.04 4.00
Oman 0.43
Jamaica 626 649 0.11 8.19 800 3.73 3.06 8.02 788 2.73 2.33
Morocco 0.41 Kazakhstan 1,800 1,837 0.31 2.98 258 6.23 5.53 2.64 209 6.52 4.91
Korea 17,450 18,890 3.18 3.04 234 10.06 4.05 1.94 150 4.78 4.07
Zambia 0.40
Kuwait 7,500 7,810 1.32 3.68 308 8.62 3.94 3.54 295 5.77 3.99
Guatemala 0.32 Macau 9,929 10,608 1.79 4.28 385 6.48 5.36 4.02 362 5.40 4.25
Malaysia 6,100 6,494 1.09 3.50 301 7.09 3.98 2.69 231 4.69 3.99
Taiwan 0.31
Mexico 38,561 43,730 7.37 3.87 299 14.78 9.40 3.75 277 13.01 9.18
Kazakhstan 0.31 Morocco 2,250 2,450 0.41 3.00 278 4.31 3.82 3.00 278 4.31 3.82
Nigeria 3,150 3,357 0.57 4.74 447 5.02 4.21 4.00 377 3.90 3.27
Ghana 0.25
Oman 2,500 2,578 0.43 5.61 536 4.63 3.79 5.61 526 4.63 3.79
Azerbaijan 0.15 Panama 4,120 4,370 0.74 4.24 389 5.76 4.81 3.44 321 2.78 2.87
Paraguay 550 592 0.10 4.73 429 6.62 5.40 3.53 341 1.62 1.52
Poland 0.15
Peru 6,102 6,434 1.08 3.73 338 5.77 4.39 3.34 303 3.61 3.60
Tanzania 0.14 Philippines 6,316 6,403 1.08 6.03 521 13.33 2.91 4.35 408 3.41 2.80
Poland 805 871 0.15 1.07 94 2.07 1.95 1.07 94 2.07 1.95
Egypt 0.13
Qatar 9,350 9,904 1.67 1.80 161 3.68 3.45 1.80 157 3.68 3.45
Jamaica 0.11 Russia 36,638 39,184 6.60 4.48 410 6.06 3.13 3.25 284 4.02 3.10
Saudi Arabia 17,100 18,988 3.20 2.96 220 11.73 8.51 2.96 204 11.60 8.52
Paraguay 0.10
Singapore 10,925 11,535 1.94 3.18 240 12.29 4.38 2.22 174 5.47 4.38
Bahrain 0.09 South Africa 8,430 9,115 1.54 3.59 336 4.44 3.69 3.39 311 3.77 3.55
Taiwan 1,700 1,843 0.31 1.64 142 4.18 3.85 1.64 143 4.18 3.85
Tanzania 750 810 0.14 5.20 490 5.29 4.39 4.08 395 1.79 1.67
Thailand 7,354 7,888 1.33 3.31 231 18.08 10.31 3.31 222 16.82 10.29
Turkey 17,222 17,155 2.89 6.86 662 4.62 2.94 6.22 600 3.55 2.89
Source: J.P. Morgan UAE 23,150 24,028 4.05 3.95 356 6.18 3.73 3.68 328 4.56 3.75
Ukraine 3,202 3,340 0.56 6.40 620 4.01 3.32 6.38 615 3.72 3.14
Zambia 2,350 2,403 0.40 6.97 671 4.97 4.05 6.82 667 2.97 2.59
33

CEMBI Diversified Corporate Emerging Markets Bond Index Diversified (CEMBI Diversified)

CEMBI Diversified 0.91 August 31, 2020 Aug 31 1-mo 3-mo YTD 12-mo index Price Interest 1-mo 3-mo 12-mo
CEMBI Diversified 389.88 0.91 5.92 3.48 6.24 124.89 0.56 0.35 1.31 2.16 6.67
Tanzania 3.40
By Region
South Africa 2.83 Africa 245.38 2.07 9.04 1.57 3.25 98.70 1.63 0.43 1.70 4.52 11.97
Nigeria 2.72 Asia 370.96 0.79 5.14 4.49 5.89 133.40 0.46 0.32 1.35 1.90 4.41
Europe 460.67 0.70 2.53 2.46 7.34 125.87 0.35 0.35 2.91 2.32 6.84
Ukraine 2.62
Latin 382.39 1.21 8.39 2.32 6.60 106.48 0.81 0.39 2.70 3.91 10.92
India 2.53 Middle East 240.21 0.52 5.50 4.58 7.00 129.87 0.21 0.31 2.13 2.58 7.10
Peru 2.44 CEEMEA 430.82 0.83 5.15 3.39 6.47 124.85 0.48 0.34 1.16 2.18 7.42
By Credit
Chile 2.41
Investment Grade 365.32 0.49 5.04 4.79 5.76 131.58 0.19 0.30 1.71 1.66 4.81
dit Non Investment Grade Oman 2.29 High Yield 478.31 1.52 7.21 1.24 6.64 113.84 1.09 0.42 1.40 3.62 10.43
By Sector
Egypt 2.25
Consumer 344.35 1.01 5.84 4.75 9.23 130.63 0.65 0.35 3.07 3.48 8.84
Argentina 1.95 Diversified 404.50 0.74 5.27 2.40 5.41 141.62 0.38 0.36 2.40 2.82 6.12
Brazil 1.54 Financial 335.23 0.99 4.17 3.54 5.77 114.53 0.66 0.33 0.68 1.28 4.05
Industrial 182.23 1.44 7.46 2.51 4.39 74.94 1.09 0.34 1.31 3.13 7.17
Macau 1.45
Infrastructure 288.69 0.87 8.71 4.90 5.43 121.41 0.55 0.32 0.98 2.99 6.51
Bahrain 1.45 Metals & Mining 431.68 1.78 10.16 3.91 7.51 128.15 1.37 0.41 2.99 5.38 12.25
UAE 1.38 Oil & Gas 395.61 -0.55 7.27 1.98 6.16 122.32 -0.88 0.33 4.60 5.39 12.68
Pulp & Paper 79.74 2.91 9.38 7.26 8.33 49.97 2.55 0.35 4.87 5.30 12.63
Azerbaijan 1.38
Real Estate 386.74 1.42 6.55 4.06 6.74 122.61 1.02 0.40 1.58 2.32 6.50
Indonesia 1.25 TMT 422.07 0.38 4.96 5.28 7.64 137.33 0.00 0.38 1.27 1.92 7.64
Colombia 1.22 Transport 148.73 1.50 5.61 -41.91 -39.52 52.98 1.07 0.43 4.03 5.76 29.78
Utilities 354.51 1.24 6.08 5.89 8.00 116.19 0.91 0.33 1.38 1.60 4.93
Morocco 1.03 By country
Kuwait 0.87 Argentina 173.15 1.95 22.45 1.79 37.49 101.91 1.26 0.68 17.87 16.89 25.50
Azerbaijan 108.63 1.38 3.30 8.85 — 105.44 1.10 0.27 2.70 6.58 —
Qatar 0.83
Bahrain 105.45 1.45 8.14 1.57 — 100.40 1.03 0.42 2.80 6.00 —
Russia 0.82 Brazil 348.77 1.54 9.18 1.53 5.82 111.18 1.10 0.43 2.87 5.95 14.83
Zambia 0.79 Chile 191.49 2.411 7.20 -2.92 -2.19 110.03 2.09 0.32 2.58 2.27 10.01
China 330.02 0.69 4.24 5.90 8.05 117.51 0.34 0.35 1.35 1.74 4.43
Hong Kong 0.74
Colombia 232.65 1.22 6.64 3.01 4.61 103.32 0.84 0.37 3.50 5.45 12.06
China 0.69 Egypt 143.25 2.25 8.94 8.64 10.17 111.53 1.98 0.27 9.56 10.36 11.01
Turkey 0.63 Ghana 116.45 -0.71 7.40 -16.20 -20.68 70.78 -1.47 0.78 9.58 19.76 56.26
Guatemala 151.92 0.42 3.24 3.23 5.30 95.52 -0.05 0.46 3.30 4.40 9.52
Panama 0.60
Hong Kong 362.77 0.74 4.02 4.88 5.81 132.40 0.42 0.32 1.23 1.55 3.03
Poland -0.48 India 265.38 2.53 8.50 3.02 4.09 108.81 2.17 0.35 3.46 4.26 8.54
Indonesia 214.16 1.25 10.42 3.23 5.79 107.56 0.88 0.37 1.86 6.90 14.13
Guatemala 0.42
Israel 220.09 0.40 3.59 7.26 13.59 109.72 0.06 0.34 5.10 6.18 12.24
Jamaica 0.42 Jamaica 166.01 0.42 -0.18 -9.65 5.96 58.95 -0.25 0.67 4.84 48.41 42.07
Singapore 0.41 Kazakhstan 225.37 -9.48 -2.05 -18.02 -19.19 65.48 -6.49 -3.20 25.69 16.84 23.95
Korea 171.35 0.34 3.97 5.75 6.46 115.24 0.08 0.26 1.00 1.58 2.98
Israel 0.40
Kuwait 244.69 0.87 5.89 2.13 3.43 126.01 0.58 0.29 1.33 2.25 5.41
Korea 0.34 Macau 225.08 1.45 5.80 3.07 5.95 114.28 1.07 0.38 3.09 3.68 8.81
Malaysia 0.31 Malaysia 147.66 0.31 2.62 4.24 4.28 107.82 0.02 0.29 3.32 2.70 5.81
Mexico 320.55 -0.21 8.05 6.27 8.23 95.20 -0.57 0.36 3.70 4.04 10.05
Taiwan 0.13
Morocco 146.90 1.03 5.87 1.63 3.63 107.41 0.67 0.36 2.68 4.85 7.14
Paraguay 0.08 Nigeria 152.03 2.72 8.15 4.72 8.01 104.00 2.29 0.42 2.06 3.87 11.59
Philippines -0.16 Oman 121.65 2.29 10.24 1.73 6.64 99.87 1.87 0.41 2.58 5.13 13.12
Panama 147.89 0.60 6.53 3.59 6.25 111.23 0.22 0.38 2.55 3.94 8.65
Mexico -0.21
Paraguay 111.45 0.08 5.39 — — 109.49 -0.35 0.43 7.98 7.40 —
Ghana -0.71 Peru 308.69 2.44 7.49 4.06 5.48 125.12 2.11 0.33 2.80 3.51 8.51
Philippines 211.06 -0.16 3.36 1.79 3.26 120.02 -0.50 0.34 1.24 2.15 3.23
Saudi Arabia -0.89
Poland 175.25 0.48 2.76 3.86 4.87 109.54 0.15 0.33 3.10 2.68 3.09
Thailand -0.89 Qatar 202.08 0.83 4.00 5.39 6.52 127.94 0.57 0.25 1.49 1.55 3.92
Kazakhstan -9.48 Russia 523.34 0.82 2.10 4.22 7.77 145.42 0.45 0.37 0.94 1.09 5.35
Saudi Arabia 135.35 -0.89 6.15 5.96 6.47 106.89 -1.19 0.31 5.29 4.53 11.94
Singapore 363.54 0.41 4.69 5.00 6.71 142.09 0.14 0.27 1.78 1.90 3.36
Source: J.P. Morgan South Africa 197.42 2.83 9.56 1.91 1.75 107.58 2.43 0.39 2.47 4.13 14.73
Taiwan 129.45 0.13 2.02 5.16 5.41 110.20 -0.10 0.23 1.36 2.05 3.52
Tanzania 103.40 3.40 — — — 102.90 — — 9.16 — —
Thailand 181.79 -0.89 6.80 4.04 3.68 118.63 -1.17 0.29 4.64 5.53 9.49
Turkey 179.01 0.63 1.88 0.94 8.76 105.53 0.17 0.46 8.42 5.63 8.37
UAE 240.59 1.38 6.52 2.63 3.77 142.40 1.05 0.33 1.04 2.38 5.97
Ukraine 236.38 2.62 8.50 2.62 7.31 93.13 2.06 0.54 2.29 3.80 17.87
Zambia 171.51 0.79 13.10 3.96 20.18 107.90 0.25 0.54 7.05 14.40 28.51
34

CEMBI Diversified Corporate Emerging Markets Bond Index Diversified (CEMBI Diversified)

China 8.50 August 31, 2020 (US$ mil) (US$ mil) (%) (%) (bps) (yrs) (yrs) (%) (bps) (yrs) (yrs)
CEMBI Diversified 323,595 341,014 100.00 4.26 368 8.40 5.02 3.80 324 6.00 4.63
Brazil 5.92
By Region
Africa 19,780 20,430 5.99 5.18 493 4.73 3.97 4.94 467 3.91 3.47
Mexico 5.55
Asia 123,992 131,116 38.45 4.04 337 9.66 4.78 3.21 271 5.61 4.36
Hong Kong 5.34 Europe 37,385 38,635 11.33 5.33 504 5.21 3.18 4.54 423 3.89 3.10
Latin 79,943 84,903 24.90 4.66 398 9.75 6.42 4.46 377 8.11 5.82
Russia 5.17
Middle East 62,495 65,930 19.33 3.47 297 7.26 5.12 3.26 266 6.27 4.92
India 4.74 CEEMEA 119,660 124,995 36.65 4.21 381 6.20 4.33 3.79 333 5.20 4.12
By Credit
Saudi Arabia 4.59 Investment Grade 184,697 201,939 59.22 3.11 250 8.78 5.70 2.83 216 6.88 5.55
High Yield 138,898 139,075 40.78 6.08 553 7.91 4.04 5.81 544 4.78 3.30
UAE 4.51
By Sector
Korea 4.49 Consumer 34,698 35,874 10.52 4.30 378 7.55 5.39 3.91 340 5.75 4.70
Diversified 5,720 6,339 1.86 3.65 330 5.72 4.89 3.59 307 5.96 4.64
Colombia 4.42 Financial 102,263 106,709 31.29 4.07 350 8.18 3.30 3.41 298 4.54 3.31
Industrial 24,958 26,467 7.76 4.11 368 6.58 4.61 3.60 317 5.14 4.47
Israel 4.13
Infrastructure 4,948 5,146 1.51 5.35 460 11.37 4.72 3.62 324 5.50 4.51
Turkey 4.12 Metals & Mining 19,977 21,370 6.27 4.66 416 7.21 5.35 4.47 386 6.73 5.13
Oil & Gas 38,605 40,160 11.78 4.45 371 11.12 7.74 4.42 361 10.53 7.66
Chile 3.56 Pulp & Paper 3,891 4,363 1.28 4.48 353 16.39 9.78 4.47 350 14.55 9.67
Real Estate 21,103 21,669 6.35 5.21 457 9.16 5.46 4.68 423 5.05 4.14
Singapore 3.38
TMT 36,324 39,672 11.63 3.83 331 7.38 5.76 3.19 265 5.62 4.62
Macau 3.11 Transport 1,535 1,507 0.44 5.43 515 5.17 4.57 5.28 497 4.58 3.55
Utilities 29,574 31,739 9.31 4.05 343 8.83 5.33 3.14 268 5.49 4.69
Qatar 2.90 By country
Argentina 5,744 4,653 1.36 12.70 1245 4.72 3.63 12.70 1242 4.72 3.63
South Africa 2.67
Azerbaijan 1,000 920 0.27 5.33 512 4.00 3.66 5.33 514 4.00 3.66
Thailand 2.31 Bahrain 500 509 0.15 4.74 455 3.85 3.42 4.74 457 3.85 3.42
Brazil 19,062 20,179 5.92 5.33 466 9.54 5.58 4.99 435 8.11 4.96
Kuwait 2.29 Chile 11,525 12,133 3.56 4.08 335 10.69 6.32 3.69 306 6.73 5.93
China 27,354 28,971 8.50 4.48 399 7.08 3.91 3.25 291 4.17 3.76
Indonesia 2.26
Colombia 13,710 15,075 4.42 4.22 357 9.37 6.62 4.17 347 9.32 6.03
Malaysia 1.90 Egypt 750 788 0.23 3.38 275 9.05 7.53 3.37 278 8.81 7.35
Ghana 2,100 1,508 0.44 17.42 1721 3.94 3.13 17.42 1719 3.94 3.13
Peru 1.89
Guatemala 1,800 1,875 0.55 4.93 473 3.91 3.40 3.15 303 1.26 0.98
Philippines 1.88 Hong Kong 17,066 18,220 5.34 4.38 345 16.14 6.33 3.17 261 6.48 4.38
India 15,712 16,162 4.74 4.26 393 5.60 4.16 4.05 369 4.79 4.08
Argentina 1.36 Indonesia 7,400 7,690 2.26 4.35 412 4.36 3.79 4.34 411 4.10 3.47
Israel 13,722 14,087 4.13 4.14 375 6.13 5.01 3.59 315 5.04 4.00
Panama 1.28
Jamaica 626 649 0.19 8.19 800 3.73 3.06 8.02 788 2.73 2.33
Nigeria 0.98 Kazakhstan 1,800 1,837 0.54 2.98 258 6.23 5.53 2.64 209 6.52 4.91
Korea 14,136 15,303 4.49 3.04 234 10.06 4.05 1.94 150 4.78 4.07
Ukraine 0.98 Kuwait 7,500 7,810 2.29 3.68 308 8.62 3.94 3.54 295 5.77 3.99
Macau 9,929 10,608 3.11 4.28 385 6.48 5.36 4.02 362 5.40 4.25
Oman 0.76
Malaysia 6,100 6,494 1.90 3.50 301 7.09 3.98 2.69 231 4.69 3.99
Morocco 0.72 Mexico 16,704 18,943 5.55 3.87 299 14.78 9.40 3.75 277 13.01 9.18
Morocco 2,250 2,450 0.72 3.00 278 4.31 3.82 3.00 278 4.31 3.82
Zambia 0.70 Nigeria 3,150 3,357 0.98 4.74 447 5.02 4.21 4.00 377 3.90 3.27
Oman 2,500 2,578 0.76 5.61 536 4.63 3.79 5.61 526 4.63 3.79
Guatemala 0.55
Panama 4,120 4,370 1.28 4.24 389 5.76 4.81 3.44 321 2.78 2.87
Taiwan 0.54 Paraguay 550 592 0.17 4.73 429 6.62 5.40 3.53 341 1.62 1.52
Peru 6,102 6,434 1.89 3.73 338 5.77 4.39 3.34 303 3.61 3.60
Kazakhstan 0.54 Philippines 6,316 6,403 1.88 6.03 521 13.33 2.91 4.35 408 3.41 2.80
Poland 805 871 0.26 1.07 94 2.07 1.95 1.07 94 2.07 1.95
Ghana 0.44
Qatar 9,350 9,904 2.90 1.80 161 3.68 3.45 1.80 157 3.68 3.45
Azerbaijan 0.27 Russia 16,470 17,615 5.17 4.48 410 6.06 3.13 3.25 284 4.02 3.10
Saudi Arabia 14,093 15,650 4.59 2.96 220 11.73 8.51 2.96 204 11.60 8.52
Poland 0.26 Singapore 10,925 11,535 3.38 3.18 240 12.29 4.38 2.22 174 5.47 4.38
South Africa 8,430 9,115 2.67 3.59 336 4.44 3.69 3.39 311 3.77 3.55
Tanzania 0.24
Taiwan 1,700 1,843 0.54 1.64 142 4.18 3.85 1.64 143 4.18 3.85
Egypt 0.23 Tanzania 750 810 0.24 5.20 490 5.29 4.39 4.08 395 1.79 1.67
Thailand 7,354 7,888 2.31 3.31 231 18.08 10.31 3.31 222 16.82 10.29
Jamaica 0.19 Turkey 14,108 14,053 4.12 6.86 662 4.62 2.94 6.22 600 3.55 2.89
UAE 14,829 15,392 4.51 3.95 356 6.18 3.73 3.68 328 4.56 3.75
Paraguay 0.17
Ukraine 3,202 3,340 0.98 6.40 620 4.01 3.32 6.38 615 3.72 3.14
Bahrain 0.15 Zambia 2,350 2,403 0.70 6.97 671 4.97 4.05 6.82 667 2.97 2.59
Source: J.P. Morgan
35

Corporate Emerging Markets Bond Indices (CEMBI)

Composition Composition Composition Composition
CEMBI Broad CEMBI Broad Diversified CEMBI CEMBI Diversified To Maturity Statistics To Worst Statistics
Face Mkt Face Mkt Face Mkt Face Mkt
O/S Cap Wghts alloc. Cap Wghts O/S Cap Wghts alloc. Cap Wghts Yield Sprd IR Dur Yield Sprd IR Dur
August 31, 2020 (US$ mm) (US$ mm) (%) (US$ mm) (US$ mm) (%) (US$ mm) (US$ mm) (%) (US$ mm) (US$ mm) (%) (%) (bps) (yrs) (%) (bps) (yrs)
UAE ADCB 4 1/2% due 23 750 814 0.07 400 434 0.08 750 814 0.14 480 521 0.15 1.70 157 2.33 1.70 157 2.33
ADCB 4% due 23 750 808 0.07 400 430 0.08 750 808 0.14 480 517 0.15 1.35 121 2.42 1.35 121 2.42
ALdar Sukuk Ltd 4 3/4% due 25 500 565 0.05 266 301 0.06 500 565 0.10 320 362 0.11 2.27 200 4.48 2.27 201 4.48
Adib Capital Sukuk 7 1/8% due 23 Perp 750 812 0.07 400 432 0.08 750 812 0.14 480 520 0.15 5.63 420 2.05 4.53 439 2.26
Aldar Sukuk No 2 Ltd 3 7/8% due 29 500 541 0.05 266 288 0.05 500 541 0.09 320 347 0.10 2.91 227 7.70 2.91 230 7.70
Alpha Star Sukuk 6 1/4% due 22 489 476 0.04 260 253 0.05 — — — — — — 8.54 841 1.48 8.54 841 1.48
Alpha Star Sukuk 6 5/8% due 23 392 351 0.03 209 187 0.03 — — — — — — 11.43 1128 2.25 11.43 1129 2.25
Bank of Sharjah 4% due 24 600 623 0.05 320 332 0.06 600 623 0.10 384 399 0.12 3.20 299 3.66 3.20 301 3.66
Bank of Sharjah 4.23% due 22 500 518 0.04 266 276 0.05 500 518 0.09 320 332 0.10 2.45 233 1.44 2.45 233 1.44
DIB Sukuk 2.95% due 25 750 780 0.07 400 415 0.08 — — — — — — 1.92 168 4.19 1.92 170 4.19
DIB Sukuk 2.95% due 26 1,300 1,352 0.12 693 720 0.13 1,300 1,352 0.23 833 866 0.25 2.15 184 4.95 2.15 185 4.95
DIB Sukuk 3 5/8% due 23 1,000 1,045 0.09 533 557 0.10 1,000 1,045 0.18 641 669 0.20 1.52 138 2.33 1.52 139 2.33
DIB Sukuk 3.664% due 22 1,000 1,031 0.09 533 549 0.10 — — — — — — 1.14 101 1.43 1.14 101 1.43
DIB Tier 6 1/4% due 25 Perp 750 781 0.07 400 416 0.08 — — — — — — 4.88 345 3.46 4.79 387 3.71
Dolphin Energy 5 1/2% due 21 1,300 1,382 0.12 693 736 0.14 1,300 1,382 0.23 833 885 0.26 1.06 94 1.25 1.06 94 1.25
Emaar Sukuk 3.635% due 26 750 732 0.06 400 390 0.07 750 732 0.12 480 469 0.14 3.90 352 5.30 3.90 353 5.30
Emaar Sukuk 4.564% due 24 750 783 0.07 400 417 0.08 750 783 0.13 480 502 0.15 3.29 310 3.45 3.29 311 3.45
Emaar Sukuk Ltd 3 7/8% due 29 500 476 0.04 266 254 0.05 500 476 0.08 320 305 0.09 4.38 375 7.44 4.38 378 7.44
Emirates Bank 2 5/8% due 25 500 519 0.04 266 277 0.05 — — — — — — 1.52 129 4.22 1.52 130 4.22
Emirates Bank 3 1/4% due 22 750 787 0.07 400 419 0.08 750 787 0.13 480 504 0.15 1.03 90 2.11 1.03 90 2.11
Emirates Bank 6 1/8% due 25 Perp 1,000 1,054 0.09 533 562 0.10 1,000 1,054 0.18 641 675 0.20 4.96 353 3.42 4.90 394 3.69
Emirates Reit Sukuk 5 1/8% due 22 400 225 0.02 213 120 0.02 — — — — — — 31.71 3157 1.82 31.71 3158 1.82
Emirates Semb 4.45% due 35 400 466 0.04 213 248 0.05 — — — — — — 2.51 173 9.69 2.51 174 9.69
Emirates Telecom 3 1/2% due 24 500 548 0.05 266 292 0.05 500 548 0.09 320 351 0.10 0.77 58 3.56 0.77 59 3.56
Esic Sukuk Ltd 3.939% due 24 600 604 0.05 320 322 0.06 600 604 0.10 384 387 0.11 3.63 343 3.59 3.63 344 3.59
Fab Sukuk Co Ltd 2.526% due 25 500 520 0.04 266 277 0.05 500 520 0.09 320 333 0.10 1.53 130 4.15 1.53 132 4.15
Fab Sukuk Co Ltd 3 5/8% due 23 650 700 0.06 346 373 0.07 — — — — — — 0.99 86 2.37 0.99 86 2.37
Fab Sukuk Co Ltd 3 7/8% due 24 1,225 1,328 0.11 653 708 0.13 1,225 1,328 0.22 785 851 0.25 1.29 112 3.19 1.29 113 3.19
First Abu Dhabi Bank 3% due 22 587 613 0.05 313 326 0.06 — — — — — — 0.38 25 1.53 0.38 25 1.53
First Abu Dhabi Bank FRN due 24 900 893 0.08 479 476 0.09 — — — — — — 1.18 98 0.09 1.18 100 0.09
GEMS MENASA 7 1/8% due 26 900 872 0.07 479 464 0.09 900 872 0.15 577 558 0.16 7.44 708 4.74 7.44 711 4.74
MAF 4 3/4% due 24 800 863 0.07 426 460 0.09 800 863 0.15 512 553 0.16 2.67 248 3.34 2.67 250 3.34
MAF 5 1/2% due 22 Perp 500 506 0.04 266 270 0.05 — — — — — — 4.97 353 1.70 4.68 432 1.78
MAF 6 3/8% due 26 Perp 400 404 0.03 213 215 0.04 — — — — — — 5.84 441 3.81 5.77 485 4.13
MAF Sukuk 3.9325% due 30 600 622 0.05 320 331 0.06 600 622 0.10 384 399 0.12 3.32 266 7.99 3.32 269 7.99
MAF Sukuk 4.638% due 29 600 662 0.06 320 352 0.07 — — — — — — 3.29 269 7.18 3.29 272 7.18
Mashreqbank 4 1/4% due 24 675 721 0.06 360 384 0.07 675 721 0.12 432 462 0.14 2.03 185 3.25 2.03 186 3.25
National Bank 5 7/8% due 24 Perp 350 351 0.03 186 187 0.03 — — — — — — 5.68 424 2.99 5.63 464 3.24
Noor Sukuk Co Ltd 4.471% due 23 500 540 0.05 266 288 0.05 500 540 0.09 320 346 0.10 1.58 143 2.47 1.58 144 2.47
RakBank 4 1/8% due 24 500 537 0.05 266 286 0.05 500 537 0.09 320 344 0.10 2.02 184 3.31 2.02 185 3.31
Ruwais Power 6% due 36 825 1,110 0.09 440 591 0.11 — — — — — — 2.74 189 10.34 2.74 191 10.34
SIB Sukuk 2.85% due 25 500 517 0.04 266 276 0.05 500 517 0.09 320 331 0.10 2.09 184 4.47 2.09 185 4.47
SIB Sukuk 4.231% due 23 500 538 0.05 266 287 0.05 500 538 0.09 320 345 0.10 1.67 153 2.46 1.67 153 2.46
Shelf Drill 8 1/4% due 25 900 346 0.03 479 184 0.03 900 346 0.06 577 221 0.06 36.47 3624 2.82 36.47 3627 2.82
Tabreed Sukuk 5 1/2% due 25 500 582 0.05 266 310 0.06 500 582 0.10 320 373 0.11 2.25 197 4.50 2.25 198 4.50
Taqa Abu Dhabi 3 5/8% due 23 1,250 1,330 0.11 666 708 0.13 1,250 1,330 0.22 801 852 0.25 0.81 68 2.27 0.81 68 2.27
Taqa Abu Dhabi 3 7/8% due 24 750 827 0.07 400 441 0.08 — — — — — — 1.11 92 3.42 1.11 94 3.42
Taqa Abu Dhabi 4 3/8% due 26 1,000 1,162 0.10 533 619 0.12 — — — — — — 1.50 114 5.18 1.50 116 5.18
Taqa Abu Dhabi 4 7/8% due 30 1,000 1,269 0.11 533 676 0.13 1,000 1,269 0.21 641 813 0.24 1.88 120 7.93 1.88 125 7.93
Taqa Abu Dhabi 4% due 49 500 595 0.05 266 317 0.06 — — — — — — 3.00 158 18.43 3.00 169 18.43
Taqa Abu Dhabi 6 1/2% due 36 912 1,361 0.12 486 725 0.13 — — — — — — 2.74 181 11.25 2.74 183 11.25
Union National Bank 2 3/4% due 21 600 618 0.05 320 329 0.06 — — — — — — 0.68 56 1.08 0.68 56 1.08
Union National Bank 4% due 23 500 541 0.05 266 288 0.05 — — — — — — 1.26 112 2.37 1.26 112 2.37
Armenia Ardshinbank CJSC 6 1/2% due 25 300 288 0.02 300 288 0.05 — — — — — — 7.24 701 3.74 7.24 703 3.74
Argentina AES Argentina 7 3/4% due 24 300 245 0.02 300 245 0.05 — — — — — — 14.15 1398 2.81 14.15 1399 2.81
Aeropuertos 9 3/8% due 27 306 243 0.02 306 243 0.05 — — — — — — 15.10 1492 2.73 15.10 1488 2.73
Agua y Saneamientos 6 5/8% due 23 500 295 0.03 500 295 0.05 500 295 0.05 500 295 0.09 31.99 3186 1.90 31.99 3186 1.90
Arcor 6% due 23 500 494 0.04 500 494 0.09 500 494 0.08 500 494 0.14 6.09 595 2.55 6.09 595 2.55
Arcos Dorados 6 5/8% due 23 348 379 0.03 348 379 0.07 — — — — — — 4.01 386 2.71 4.01 387 2.71
Banco Macro 6 3/4% due 26 400 354 0.03 400 354 0.07 — — — — — — 9.06 866 0.76 9.06 869 0.76
Capex 6 7/8% due 24 300 270 0.02 300 270 0.05 — — — — — — 10.33 1014 3.08 10.33 1016 3.08
Cia General 9 1/2% due 21 300 273 0.02 300 273 0.05 — — — — — — 19.13 1900 1.02 19.13 1900 1.02
Generacion Mediterranea 9 5/8% due 23 336 226 0.02 336 226 0.04 — — — — — — 25.76 2562 2.21 25.76 2562 2.21
Genneia SA 8 3/4% due 22 500 455 0.04 500 455 0.08 — — — — — — 14.49 1437 1.24 14.49 1437 1.24
IRSA Propiedades 8 3/4% due 23 360 319 0.03 360 319 0.06 — — — — — — 15.47 1533 2.07 15.47 1533 2.07
MSU SA 6 7/8% due 25 600 418 0.04 600 418 0.08 600 418 0.07 600 418 0.12 16.56 1633 3.45 16.56 1636 3.45
Pampa Energia 7 1/2% due 27 644 557 0.05 644 557 0.10 644 557 0.09 644 557 0.16 10.29 988 4.82 10.29 991 4.82
Petrobras 7 3/8% due 23 397 366 0.03 397 366 0.07 — — — — — — 10.20 1006 2.49 10.20 1006 2.49
Tecpetrol 4 7/8% due 22 500 483 0.04 500 483 0.09 500 483 0.08 500 483 0.14 6.23 609 2.09 6.23 610 2.09
Telecom 8 1/2% due 25 389 361 0.03 389 361 0.07 — — — — — — 10.47 1027 3.18 10.47 1028 3.18
Telecom 8% due 26 400 367 0.03 400 367 0.07 — — — — — — 9.70 934 4.50 9.70 937 4.50
Tragas 6 3/4% due 25 500 443 0.04 500 443 0.08 500 443 0.07 500 443 0.13 9.87 963 3.76 9.87 965 3.76
YPF 6.95% due 27 1,000 743 0.06 1,000 743 0.14 1,000 743 0.13 1,000 743 0.22 12.48 1200 5.00 12.48 1205 5.00
YPF 7% due 47 750 510 0.04 750 510 0.09 — — — — — — 10.57 921 9.18 10.57 958 9.18
YPF 8 1/2% due 25 1,500 1,220 0.10 1,500 1,220 0.23 1,500 1,220 0.21 1,500 1,220 0.36 13.74 1348 3.72 13.74 1350 3.72
YPF 8 1/2% due 29 500 390 0.03 500 390 0.07 — — — — — — 12.78 1216 5.57 12.78 1225 5.57
YPF 8 3/4% due 24 1,522 1,378 0.12 1,522 1,378 0.26 — — — — — — 14.01 1387 2.15 14.01 1386 2.15
YPF Energia 10% due 26 400 334 0.03 400 334 0.06 — — — — — — 13.96 1360 4.13 13.96 1364 4.13
Azerbaijan Int Bank of Azerbaijan 3 1/2% due 24 1,000 920 0.08 1,000 920 0.17 1,000 920 0.15 1,000 920 0.27 5.33 512 3.66 5.33 514 3.66
Barbados Sagicor 8 7/8% due 22 320 334 0.03 320 334 0.06 — — — — — — 6.10 597 1.77 -25.48 -2424 0.09
Bahrain Ahli United Bank 6 7/8% due 20 Perp 400 405 0.03 400 405 0.08 — — — — — — 6.63 519 3.55 5.77 573 0.15
BBK 5 1/2% due 24 500 509 0.04 500 509 0.09 500 509 0.09 500 509 0.15 4.74 455 3.42 4.74 457 3.42
GFH Sukuk Ltd 7 1/2% due 25 500 444 0.04 500 444 0.08 — — — — — — 9.48 925 3.61 9.48 927 3.61
36


Brazil ANDRGI 9 1/2% due 24 435 308 0.03 93 66 0.01 — — — — — — 19.76 1953 3.12 19.76 1956 3.12
Adecoagro SA 6% due 27 500 521 0.04 107 111 0.02 500 521 0.09 164 171 0.05 5.55 506 5.60 5.41 515 4.22
Aegea Finance Sarl 5 3/4% due 24 400 425 0.04 85 91 0.02 — — — — — — 4.35 414 3.57 3.47 335 1.06
Azul Investments 5 7/8% due 24 400 241 0.02 85 51 0.01 — — — — — — 19.95 1973 3.18 19.95 1976 3.18
BRF 4 3/4% due 24 454 481 0.04 97 103 0.02 — — — — — — 3.11 292 3.37 3.11 294 3.37
BRF 4 7/8% due 30 750 781 0.07 160 167 0.03 750 781 0.13 247 257 0.08 4.28 362 7.56 4.27 367 7.39
BRF 4.35% due 26 500 522 0.04 107 111 0.02 500 522 0.09 164 172 0.05 3.75 336 5.24 3.75 338 5.24
Banco BTG 4 1/2% due 25 750 774 0.07 160 165 0.03 750 774 0.13 247 254 0.07 3.68 345 3.92 3.67 346 3.85
Banco BTG 5 3/4% due 22 450 480 0.04 96 102 0.02 — — — — — — 3.23 310 1.91 3.23 310 1.91
Banco BTG 7 3/4% due 29 600 628 0.05 128 134 0.02 600 628 0.11 197 206 0.06 6.24 566 2.95 6.04 588 3.01
Banco Bradesco 3.2% due 25 800 819 0.07 171 175 0.03 800 819 0.14 263 269 0.08 2.53 230 4.09 2.53 232 4.09
Banco Bradesco 5 3/4% due 22 1,100 1,158 0.10 235 247 0.05 1,100 1,158 0.19 362 381 0.11 1.66 153 1.45 1.66 153 1.45
Banco Brasil 3 7/8% due 22 1,819 1,904 0.16 388 406 0.08 — — — — — — 2.08 194 1.99 2.08 194 1.99
Banco Brasil 4 3/4% due 24 750 815 0.07 160 174 0.03 — — — — — — 2.58 240 3.21 2.58 242 3.21
Banco Brasil 4 5/8% due 25 1,000 1,067 0.09 213 228 0.04 — — — — — — 2.95 273 3.95 2.95 275 3.95
Banco Brasil 4 7/8% due 23 750 812 0.07 160 173 0.03 — — — — — — 2.12 198 2.44 2.12 199 2.44
Banco Brasil 5 7/8% due 22 1,500 1,573 0.13 320 335 0.06 — — — — — — 2.23 210 1.35 2.23 210 1.35
Banco Brasil 5 7/8% due 23 750 808 0.07 160 172 0.03 — — — — — — 2.49 235 2.22 2.49 235 2.22
Banco Brasil 6 1/4% due 24 Perp 2,000 1,928 0.16 427 411 0.08 2,000 1,928 0.32 658 634 0.19 6.56 513 2.02 6.56 539 2.02
Banco Brasil 8 1/2% due 20 Perp 899 931 0.08 192 199 0.04 — — — — — — 9.12 769 -0.16 -1.29 -138 0.13
Banco Brasil 9 1/4% due 23 Perp 1,299 1,478 0.13 277 315 0.06 — — — — — — 8.04 662 2.42 4.64 450 2.27
Banco Brasil 9% due 24 Perp 2,185 2,403 0.21 466 513 0.10 2,185 2,403 0.40 719 791 0.23 7.57 616 3.00 6.27 610 3.17
Banco Btg 5 1/2% due 23 500 523 0.04 107 111 0.02 — — — — — — 3.35 321 2.25 3.35 322 2.25
Banco Daycoval 4 1/4% due 24 450 454 0.04 96 97 0.02 — — — — — — 3.97 375 3.85 3.97 377 3.85
Banco Est Rio Grande 7 3/8% due 22 523 551 0.05 112 118 0.02 523 551 0.09 172 181 0.05 2.48 235 1.36 2.48 235 1.36
Banco Safra 4 1/8% due 23 500 515 0.04 107 110 0.02 500 515 0.09 164 170 0.05 2.55 241 2.31 2.55 242 2.31
Banco Vorantim 4 1/2% due 24 450 473 0.04 96 101 0.02 — — — — — — 3.46 325 3.63 3.46 327 3.63
Banco Vorantim 4 3/8% due 25 500 509 0.04 107 109 0.02 500 509 0.09 164 167 0.05 3.90 364 4.38 3.90 365 4.38
Banco Vorantim 8 1/4% due 22 Perp 300 316 0.03 64 67 0.01 — — — — — — 7.33 590 1.90 5.90 576 2.02
Brasil Telecom 10% due 25 1,656 1,583 0.14 353 338 0.06 — — — — — — 11.10 1084 3.74 11.10 1087 3.74
Braskem 4 1/2% due 28 1,250 1,222 0.10 267 261 0.05 1,250 1,222 0.21 411 402 0.12 4.68 417 6.19 4.68 419 6.19
Braskem 4 1/2% due 30 1,500 1,433 0.12 320 306 0.06 1,500 1,433 0.24 493 471 0.14 5.02 436 7.58 5.02 440 7.58
Braskem 5 7/8% due 50 750 701 0.06 160 150 0.03 — — — — — — 6.31 488 13.51 6.31 514 13.51
Braskem 6.45% due 24 750 816 0.07 160 174 0.03 — — — — — — 3.52 335 3.07 3.52 336 3.07
Braskem 7 1/8% due 41 750 808 0.07 160 172 0.03 — — — — — — 6.42 531 11.24 6.41 542 11.12
Braskem 7 3/8% due 15 Perp 500 505 0.04 107 108 0.02 — — — — — — 7.37 594 11.70 -44.21 -3989 0.02
Braskem 8 1/2% due 81 600 635 0.05 128 135 0.03 — — — — — — 8.86 741 4.56 7.16 690 4.12
CSN 6 3/4% due 28 1,000 956 0.08 213 204 0.04 1,000 956 0.16 329 314 0.09 7.39 687 5.70 7.39 692 5.70
CSN 7 5/8% due 23 925 947 0.08 197 202 0.04 — — — — — — 6.28 614 2.21 6.28 615 2.21
CSN 7 5/8% due 26 600 614 0.05 128 131 0.02 — — — — — — 7.45 712 4.40 7.42 720 3.74
CSN 7% due 15 Perp 1,000 850 0.07 213 181 0.03 1,000 850 0.14 329 280 0.08 8.45 703 10.79 8.45 737 10.79
Cemig Geracao e Transmissao 9 1/4% due 2 1,500 1,718 0.15 320 367 0.07 1,500 1,718 0.29 493 565 0.17 5.72 550 3.49 4.83 468 2.79
Cimpor Financial 5 3/4% due 24 667 444 0.04 142 95 0.02 667 444 0.07 219 146 0.04 17.47 1728 3.13 17.47 1730 3.13
Cosan 7% due 27 650 705 0.06 139 150 0.03 650 705 0.12 214 232 0.07 5.39 498 5.15 3.12 299 1.33
Cosan 8 1/4% due 15 Perp 500 515 0.04 107 110 0.02 500 515 0.09 164 170 0.05 8.00 657 11.01 -12.79 -1263 0.19
Cosan Ltd 5 1/2% due 29 750 786 0.07 160 168 0.03 750 786 0.13 247 259 0.08 5.06 443 6.99 4.96 451 5.71
Eletrobras 3 5/8% due 25 500 503 0.04 107 107 0.02 — — — — — — 3.38 315 4.06 3.38 317 4.06
Eletrobras 4 5/8% due 30 750 761 0.07 160 162 0.03 750 761 0.13 247 250 0.07 4.35 369 7.64 4.35 373 7.64
Eletrobras 5 3/4% due 21 626 662 0.06 133 141 0.03 626 662 0.11 206 218 0.06 1.79 167 1.11 1.79 166 1.11
Embraer 5.05% due 25 1,000 963 0.08 213 205 0.04 1,000 963 0.16 329 317 0.09 5.97 572 4.14 5.97 573 4.14
Embraer 5.4% due 27 750 697 0.06 160 149 0.03 750 697 0.12 247 229 0.07 6.65 623 5.29 6.65 625 5.29
Embraer 5.696% due 23 541 557 0.05 115 119 0.02 — — — — — — 5.26 511 2.69 5.26 511 2.69
Empresa Bras de Aero 5.15% due 22 500 508 0.04 107 108 0.02 — — — — — — 4.37 425 1.68 4.37 425 1.68
Fibria Overseas 4% due 25 600 634 0.05 128 135 0.03 600 634 0.11 197 208 0.06 2.54 231 4.00 2.49 229 3.85
Fibria Overseas 5 1/2% due 27 700 781 0.07 149 167 0.03 700 781 0.13 230 257 0.08 3.43 301 5.42 3.43 303 5.42
Fibria Overseas 5 1/4% due 24 600 662 0.06 128 141 0.03 — — — — — — 2.48 229 3.33 2.48 231 3.33
Friboi 5 3/4% due 25 900 936 0.08 192 200 0.04 — — — — — — 4.86 461 4.12 -5.24 -528 0.08
Friboi 5 7/8% due 24 450 461 0.04 96 98 0.02 — — — — — — 5.03 483 3.41 -6.48 -649 0.08
Friboi 6 3/4% due 28 900 998 0.09 192 213 0.04 900 998 0.17 296 328 0.10 4.86 434 5.95 3.09 295 2.27
GUSAP III LP 4 1/4% due 30 500 525 0.04 107 112 0.02 — — — — — — 3.56 290 7.78 3.52 293 7.43
Gerdau 4 3/4% due 23 518 555 0.05 110 119 0.02 — — — — — — 2.24 210 2.43 2.24 211 2.43
Gerdau 4 7/8% due 27 650 717 0.06 139 153 0.03 650 717 0.12 214 236 0.07 3.39 289 6.01 3.39 292 6.01
Gerdau 5.893% due 24 875 979 0.08 187 209 0.04 875 979 0.16 288 322 0.09 2.74 255 3.26 2.53 237 3.06
Gerdau 7 1/4% due 44 500 678 0.06 107 145 0.03 — — — — — — 4.83 361 12.84 4.80 372 12.71
Globopar 4 7/8% due 30 500 494 0.04 107 105 0.02 500 494 0.08 164 163 0.05 4.98 432 7.47 4.98 437 7.47
Globopar 4.843% due 25 325 336 0.03 69 72 0.01 — — — — — — 4.06 381 4.20 4.03 381 4.00
Gol 7% due 25 650 338 0.03 139 72 0.01 650 338 0.06 214 111 0.03 25.29 2506 3.19 25.29 2509 3.19
Hidrovias International 5.95% due 25 600 620 0.05 128 132 0.02 600 620 0.10 197 204 0.06 5.00 477 3.83 4.75 460 3.04
Itau 3 1/4% due 25 500 513 0.04 107 109 0.02 — — — — — — 2.55 232 4.08 2.55 234 4.08
Itau 4 1/2% due 29 750 754 0.06 160 161 0.03 — — — — — — 4.28 364 3.65 4.28 367 3.65
Itau 4 5/8% due 25 Perp 700 613 0.05 149 131 0.02 — — — — — — 5.41 398 15.31 5.41 417 15.31
Itau 5 1/2% due 22 1,375 1,451 0.12 293 309 0.06 1,375 1,451 0.24 452 477 0.14 2.37 224 1.83 2.37 224 1.83
Itau 5 1/8% due 23 1,870 2,015 0.17 399 430 0.08 1,870 2,015 0.34 615 663 0.19 2.47 233 2.49 2.47 234 2.49
Itau 5.65% due 22 1,250 1,343 0.11 267 287 0.05 — — — — — — 1.93 180 1.46 1.93 180 1.46
Itau 6 1/2% due 23 Perp 750 759 0.06 160 162 0.03 — — — — — — 5.69 426 1.48 5.57 483 1.96
Itau 6 1/8% due 22 Perp 1,250 1,234 0.11 267 263 0.05 — — — — — — 5.77 434 1.31 5.77 457 1.31
Itau 6.2% due 21 1,050 1,114 0.10 224 238 0.04 — — — — — — 2.00 187 1.26 2.00 187 1.26
JBS Investments 5 3/4% due 28 750 803 0.07 160 171 0.03 — — — — — — 4.58 407 6.02 3.22 310 1.76
JBS Investments 7% due 26 1,000 1,090 0.09 213 233 0.04 1,000 1,090 0.18 329 359 0.11 5.04 473 4.47 2.69 257 1.32
JSL Europe SA 7 3/4% due 24 625 650 0.06 133 139 0.03 625 650 0.11 206 214 0.06 6.48 628 3.32 6.11 597 2.56
Klabin 5 3/4% due 29 750 847 0.07 160 181 0.03 750 847 0.14 247 278 0.08 4.14 354 6.76 4.10 356 6.61
Klabin 7% due 49 700 820 0.07 149 175 0.03 700 820 0.14 230 270 0.08 5.89 449 13.10 5.88 473 13.02
Klabin Finance SA 4 7/8% due 27 500 545 0.05 107 116 0.02 — — — — — — 3.62 313 5.90 3.62 316 5.90
Light Servicos 7 1/4% due 23 390 418 0.04 83 89 0.02 — — — — — — 4.78 463 2.37 3.31 320 0.65
Marfrig Holding 6 7/8% due 25 1,000 1,050 0.09 213 224 0.04 1,000 1,050 0.18 329 345 0.10 5.56 533 3.74 2.50 240 0.38
Marfrig Holding 7% due 24 750 798 0.07 160 170 0.03 — — — — — — 5.77 559 3.02 2.08 198 0.08
Minerva Overseas 5 7/8% due 28 465 497 0.04 99 106 0.02 — — — — — — 4.70 419 6.00 3.86 373 2.21
Minerva Overseas 6 1/2% due 26 1,203 1,304 0.11 257 278 0.05 1,203 1,304 0.22 396 429 0.13 5.26 488 4.88 3.36 324 1.00
NBM US Holdings Inc 6 5/8% due 29 500 552 0.05 107 118 0.02 — — — — — — 5.11 449 6.84 4.40 421 3.46
37


Brazil NBM US Holdings Inc 7% due 26 1,000 1,086 0.09 213 232 0.04 1,000 1,086 0.18 329 357 0.10 5.48 514 4.63 4.46 433 1.57
Natura Cosmeticos SA 5 3/8% due 23 750 778 0.07 160 166 0.03 750 778 0.13 247 256 0.08 3.57 344 2.25 1.82 171 0.42
Odebrecht 7.35% due 26 690 173 0.01 147 37 0.01 — — — — — — 30.97 3057 4.89 30.97 3058 4.89
Odebrecht Offshore 7.72% due 26 1,691 163 0.01 361 35 0.01 — — — — — — 49.17 4877 4.41 49.17 4878 4.41
Petrobras 4 3/8% due 23 1,406 1,487 0.13 300 317 0.06 — — — — — — 2.33 219 2.53 2.33 220 2.53
Petrobras 5 3/4% due 29 1,589 1,747 0.15 339 373 0.07 — — — — — — 4.26 368 6.76 4.26 371 6.76
Petrobras 5 5/8% due 43 618 650 0.06 132 139 0.03 — — — — — — 5.25 407 13.02 5.25 416 13.02
Petrobras 5.093% due 30 4,115 4,310 0.37 878 920 0.17 4,115 4,310 0.73 1,354 1,418 0.42 4.44 379 7.47 4.44 383 7.47
Petrobras 5.299% due 01/25 2,099 2,301 0.20 448 491 0.09 — — — — — — 2.91 269 3.94 2.91 271 3.94
Petrobras 5.6% due 31 1,500 1,627 0.14 320 347 0.06 — — — — — — 4.63 392 7.88 4.62 397 7.73
Petrobras 5.999% due 01/28 2,750 3,045 0.26 587 650 0.12 2,750 3,045 0.51 905 1,002 0.29 4.27 375 6.04 4.27 379 6.04
Petrobras 6 1/4% due 24 1,586 1,797 0.15 338 383 0.07 — — — — — — 2.89 272 3.12 2.89 273 3.12
Petrobras 6 1/8% due 22 619 657 0.06 132 140 0.03 — — — — — — 1.65 152 1.33 1.65 152 1.33
Petrobras 6 3/4% due 41 1,059 1,189 0.10 226 254 0.05 — — — — — — 5.66 457 11.69 5.66 465 11.69
Petrobras 6 3/4% due 50 1,750 1,972 0.17 373 421 0.08 — — — — — — 5.89 444 13.53 5.88 471 13.45
Petrobras 6 7/8% due 40 1,093 1,242 0.11 233 265 0.05 — — — — — — 5.65 460 11.32 5.65 467 11.32
Petrobras 6.85% due 2115 2,449 2,731 0.23 522 583 0.11 — — — — — — 6.16 470 15.68 6.16 493 15.68
Petrobras 6.9% due 49 2,250 2,637 0.23 480 562 0.10 — — — — — — 5.81 441 13.18 5.81 465 13.18
Petrobras 7 1/4% due 44 1,648 1,988 0.17 351 424 0.08 — — — — — — 5.79 458 12.02 5.79 472 12.02
Petrobras 7 3/8% due 27 2,268 2,701 0.23 484 576 0.11 — — — — — — 3.98 357 5.19 3.98 360 5.19
Petrobras 8 3/4% due 26 2,042 2,631 0.22 436 561 0.10 — — — — — — 3.46 312 4.61 3.46 315 4.61
Prumo Participacoes 7 1/2% due 31 313 331 0.03 67 71 0.01 — — — — — — 6.34 586 5.25 6.17 579 4.56
Raizen 5.3% due 27 500 552 0.05 107 118 0.02 500 552 0.09 164 182 0.05 3.38 297 5.46 3.38 299 5.46
Rede D or 4 1/2% due 30 1,200 1,164 0.10 256 248 0.05 1,200 1,164 0.20 395 383 0.11 4.77 411 7.59 4.77 415 7.59
Rede Dor 4.95% due 28 500 512 0.04 107 109 0.02 500 512 0.09 164 169 0.05 4.46 395 6.15 4.45 399 5.97
Rumo 5 1/4% due 28 500 531 0.05 107 113 0.02 500 531 0.09 164 175 0.05 4.23 372 6.10 3.22 306 3.06
Rumo 5 7/8% due 25 500 532 0.05 107 113 0.02 — — — — — — 4.21 398 3.84 3.05 293 1.33
Rumo 7 3/8% due 02/24 750 792 0.07 160 169 0.03 750 792 0.13 247 261 0.08 5.46 529 3.02 2.15 205 0.44
Suzano 5 3/4% due 26 700 803 0.07 149 171 0.03 — — — — — — 3.01 265 5.03 3.01 267 5.03
Suzano 5% due 01/30 1,000 1,075 0.09 213 229 0.04 — — — — — — 3.99 334 7.54 3.97 338 7.37
Suzano 6% due 01/15/29 1,748 2,002 0.17 373 427 0.08 1,748 2,002 0.34 575 659 0.19 3.92 333 6.70 3.87 334 6.54
Suzano 7% due 47 1,250 1,500 0.13 267 320 0.06 1,250 1,500 0.25 411 493 0.14 5.69 437 12.87 5.69 456 12.77
Terraform Global 6 1/8% due 26 400 408 0.03 85 87 0.02 — — — — — — 5.49 517 4.64 4.84 470 2.30
Tupy 6 5/8% due 24 350 360 0.03 75 77 0.01 — — — — — — 5.67 547 3.37 -6.89 -689 0.08
Ultrapar International 5 1/4% due 26 550 600 0.05 117 128 0.02 550 600 0.10 181 197 0.06 3.77 338 5.15 3.77 340 5.15
Ultrapar International 5 1/4% due 29 500 528 0.05 107 113 0.02 500 528 0.09 164 174 0.05 4.50 389 6.99 4.50 393 6.99
Unigel SA 8 3/4% due 26 420 394 0.03 90 84 0.02 — — — — — — 10.66 1028 4.38 10.66 1031 4.38
Usiminas International 5 7/8% due 26 750 765 0.07 160 163 0.03 750 765 0.13 247 252 0.07 5.34 498 4.92 5.25 501 4.19
Vale Overseas 3 3/4% due 30 1,500 1,582 0.14 320 337 0.06 — — — — — — 3.08 239 8.28 3.07 243 8.10
Vale Overseas 5 5/8% due 42 520 641 0.05 111 137 0.03 — — — — — — 4.12 296 13.48 4.12 302 13.48
Vale Overseas 6 1/4% due 26 1,706 2,034 0.17 364 434 0.08 1,706 2,034 0.34 561 669 0.20 2.62 225 5.08 2.62 227 5.08
Vale Overseas 6 7/8% due 36 1,619 2,184 0.19 345 466 0.09 1,619 2,184 0.37 533 718 0.21 4.01 307 10.72 4.01 311 10.72
Vale Overseas 6 7/8% due 39 1,331 1,818 0.16 284 388 0.07 — — — — — — 4.16 311 11.91 4.16 316 11.91
Vale Overseas 8 1/4% due 34 734 1,058 0.09 157 226 0.04 — — — — — — 3.94 311 9.11 3.94 316 9.11
Votorantim 5 3/4% due 27 500 561 0.05 107 120 0.02 500 561 0.09 164 185 0.05 3.47 305 5.42 3.39 302 5.24
Votorantim 7 1/4% due 41 610 788 0.07 130 168 0.03 610 788 0.13 201 259 0.08 5.10 400 11.70 5.10 408 11.70
Belarus Eurotorg 8 3/4% due 22 350 341 0.03 350 341 0.06 — — — — — — 10.46 1033 1.42 10.46 1033 1.42
Chile Aes Gener SA 6.35% due 79 450 482 0.04 339 363 0.07 — — — — — — 6.38 492 4.45 4.75 453 3.89
Aes Gener SA 7 1/8% due 79 550 586 0.05 414 441 0.08 550 586 0.10 550 586 0.17 6.00 454 3.71 5.17 500 3.33
Banco De Cred 3 1/2% due 27 500 550 0.05 376 414 0.08 500 550 0.09 500 550 0.16 2.06 156 6.29 2.06 158 6.29
Banco De Cred 4% due 23 500 533 0.05 376 401 0.07 500 533 0.09 500 533 0.16 1.00 86 2.34 1.00 87 2.34
Banco Santander 2.7% due 25 750 793 0.07 564 596 0.11 750 793 0.13 750 793 0.23 1.26 104 4.11 1.24 103 4.04
Banco Santander 3 7/8 due 22 331 355 0.03 249 267 0.05 — — — — — — 0.74 60 1.95 0.74 60 1.95
Cel Arauco 3 7/8% due 11/27 470 504 0.04 354 380 0.07 — — — — — — 2.76 226 6.24 2.72 227 6.05
Cel Arauco 4 1/2% due 24 500 546 0.05 376 410 0.08 — — — — — — 1.94 174 3.60 1.78 161 3.39
Cel Arauco 4 1/4% due 29 500 541 0.05 376 407 0.08 — — — — — — 3.25 265 7.23 3.22 266 7.06
Cel Arauco 4.2% due 30 500 534 0.05 376 401 0.07 — — — — — — 3.29 263 7.84 3.27 266 7.67
Cel Arauco 5 1/2% due 11/47 378 422 0.04 285 317 0.06 — — — — — — 4.78 343 14.69 4.78 359 14.57
Cel Arauco 5 1/2% due 49 500 558 0.05 376 420 0.08 500 558 0.09 500 558 0.16 4.80 340 15.03 4.80 358 14.92
Cel Arauco 5.15% due 50 500 530 0.05 376 399 0.07 500 530 0.09 500 530 0.16 4.73 329 15.70 4.72 349 15.58
Celeo Redes 5.2% due 47 369 410 0.04 278 308 0.06 — — — — — — 4.13 312 11.79 4.13 311 11.79
Cencosud 4 3/8% due 27 975 1,054 0.09 733 793 0.15 975 1,054 0.18 975 1,054 0.31 2.98 251 5.97 2.94 252 5.78
Cencosud 5.15% due 25 524 574 0.05 394 432 0.08 — — — — — — 2.76 253 3.99 2.63 244 3.79
Cencosud 6 5/8% due 45 350 409 0.04 263 308 0.06 — — — — — — 5.22 397 13.23 5.21 411 13.10
Colbun 3.15% due 30 500 549 0.05 376 413 0.08 500 549 0.09 500 549 0.16 2.09 143 8.23 2.07 144 8.04
Colbun 3.95% due 27 500 568 0.05 376 427 0.08 500 568 0.10 500 568 0.17 1.98 149 6.22 1.92 147 6.02
Corpgrop Banking 6 3/4% due 23 500 191 0.02 376 143 0.03 500 191 0.03 500 191 0.06 54.74 5460 1.63 54.74 5461 1.63
Edelnor 3.4% due 30 500 543 0.05 376 409 0.08 500 543 0.09 500 543 0.16 2.30 164 8.15 2.27 165 7.96
Edelnor 4 1/2% due 25 350 389 0.03 263 292 0.05 — — — — — — 1.75 152 4.03 1.75 154 4.03
Emb Andina 3.95% due 50 300 318 0.03 226 239 0.04 — — — — — — 3.58 215 18.07 3.58 228 17.90
Emb Andina 5% due 23 365 408 0.03 275 307 0.06 — — — — — — 1.46 131 2.83 1.46 131 2.83
Empresa Electrica 4 7/8% due 29 372 399 0.03 280 300 0.06 — — — — — — 2.92 269 3.97 2.92 256 3.97
Empresa Electrica 4.56% due 25 500 416 0.04 376 313 0.06 500 416 0.07 500 416 0.12 9.18 894 3.95 9.18 895 3.95
Empresa Electrica 5 1/2% due 27 412 432 0.04 310 325 0.06 — — — — — — 4.18 399 3.23 4.18 391 3.23
Endesa 4 1/4% due 24 400 444 0.04 301 334 0.06 — — — — — — 1.21 103 3.34 1.01 85 3.13
Enel Chile SA 4 7/8% due 28 1,000 1,208 0.10 752 909 0.17 1,000 1,208 0.20 1,000 1,208 0.35 1.97 143 6.62 1.89 139 6.43
Enersis Americas SA 4% due 26 600 665 0.06 451 500 0.09 600 665 0.11 600 665 0.20 2.17 178 5.44 2.11 176 5.24
Entel 4 3/4% due 26 800 887 0.08 602 667 0.12 — — — — — — 2.47 216 4.81 2.42 213 4.71
Entel 4 7/8% due 24 1,000 1,094 0.09 752 823 0.15 — — — — — — 2.00 184 2.91 2.00 183 2.91
GNL Quintero 4.634% due 29 1,100 1,200 0.10 828 903 0.17 — — — — — — 2.49 223 4.40 2.49 211 4.40
Inversiones 3.85% due 30 500 544 0.05 376 409 0.08 500 544 0.09 500 544 0.16 2.72 206 7.95 2.69 208 7.77
Inversiones 4 1/2% due 22 500 526 0.05 376 396 0.07 — — — — — — 1.64 151 1.57 1.15 103 1.35
Inversiones 4 3/4% due 24 500 561 0.05 376 422 0.08 — — — — — — 1.95 174 3.63 1.78 161 3.43
Inversiones 4 3/8% due 23 500 537 0.05 376 404 0.08 — — — — — — 1.74 159 2.53 1.48 135 2.31
Inversiones 4 3/8% due 27 500 565 0.05 376 425 0.08 500 565 0.10 500 565 0.17 2.36 192 5.72 2.36 194 5.72
Kenbourne Invest SA 6 7/8% due 24 510 538 0.05 384 405 0.08 — — — — — — 5.60 538 3.60 5.25 510 2.84
Saci Falabella 3 3/4% due 23 500 524 0.04 376 394 0.07 500 524 0.09 500 524 0.15 2.00 186 2.50 2.00 187 2.50
Saci Falabella 3 3/4% due 27 400 423 0.04 301 319 0.06 — — — — — — 2.89 239 6.25 2.86 241 6.05
Saci Falabella 4 3/8% due 25 400 433 0.04 301 326 0.06 — — — — — — 2.28 205 4.01 2.17 197 3.80
38


Chile Soc Quimica 3 5/8% due 23 300 318 0.03 226 240 0.04 — — — — — — 1.40 126 2.44 1.40 127 2.44
Soc Quimica 4 1/4% due 29 450 514 0.04 339 387 0.07 — — — — — — 2.45 185 7.33 2.41 185 7.15
Soc Quimica 4 1/4% due 50 400 436 0.04 301 328 0.06 — — — — — — 3.72 228 17.61 3.71 242 17.45
Telefonica 3 7/8% due 22 500 531 0.05 376 399 0.07 500 531 0.09 500 531 0.16 1.26 112 2.01 1.26 112 2.01
Transelec 3 7/8% due 29 350 377 0.03 263 284 0.05 — — — — — — 2.77 219 7.20 2.75 220 7.02
Transelec 4 1/4% due 25 375 407 0.03 282 306 0.06 — — — — — — 2.10 187 3.99 1.98 179 3.78
Transelec 4 5/8% due 23 300 323 0.03 226 243 0.05 — — — — — — 1.71 156 2.72 1.71 157 2.72
VTR Comunicaciones 5 1/8% due 28 600 632 0.05 451 476 0.09 600 632 0.11 600 632 0.19 4.22 371 6.13 3.84 360 4.28
VTR Finance 6 3/8% due 28 550 592 0.05 414 445 0.08 550 592 0.10 550 592 0.17 5.21 466 6.19 4.62 449 2.59
China AAC Technologies 3% due 24 388 396 0.03 53 54 0.01 — — — — — — 2.55 233 3.94 2.55 235 3.94
Agile 6 7/8% due 23 Perp 500 518 0.04 68 71 0.01 — — — — — — 9.71 828 2.47 6.34 621 2.20
Agile 7 7/8% due 24 Perp 500 516 0.04 68 71 0.01 — — — — — — 10.73 930 3.91 6.88 670 3.32
Agile 8 3/8% due 23 Perp 700 740 0.06 96 101 0.02 — — — — — — 10.59 916 3.46 6.78 663 2.78
Agric Bank of China FRN due 23 300 300 0.03 41 41 0.01 — — — — — — 0.99 84 0.18 0.99 84 0.18
Alibaba Group 2.8% due 23 700 742 0.06 96 102 0.02 — — — — — — 0.64 50 2.65 0.58 44 2.57
Alibaba Group 3 1/8% due 21 1,473 1,523 0.13 202 209 0.04 — — — — — — 0.87 75 1.22 0.53 41 1.06
Alibaba Group 3.4% due 27 2,550 2,897 0.25 349 397 0.07 2,550 2,897 0.49 553 628 0.18 1.48 98 6.50 1.42 95 6.30
Alibaba Group 3.6% due 24 2,233 2,485 0.21 306 340 0.06 2,233 2,485 0.42 484 539 0.16 1.00 78 3.94 0.85 66 3.72
Alibaba Group 4 1/2% due 34 698 882 0.08 96 121 0.02 — — — — — — 2.31 145 11.09 2.25 140 10.78
Alibaba Group 4% due 37 1,000 1,191 0.10 137 163 0.03 — — — — — — 2.63 165 13.09 2.60 162 12.80
Alibaba Group 4.2% due 47 1,750 2,226 0.19 240 305 0.06 — — — — — — 2.72 136 17.93 2.70 143 17.73
Alibaba Group 4.4% due 57 1,000 1,354 0.12 137 185 0.03 — — — — — — 2.84 139 21.24 2.83 148 21.09
Avic Capital Co Ltd 2 1/2% due 25 400 402 0.03 55 55 0.01 — — — — — — 2.35 210 4.44 2.35 211 4.44
BCOM Fin Leasing 2 5/8% due 21 1,000 1,019 0.09 137 140 0.03 1,000 1,019 0.17 217 221 0.06 1.66 154 1.15 1.66 154 1.15
BCOM Fin Leasing 3 1/2% due 22 1,050 1,096 0.09 144 150 0.03 1,050 1,096 0.18 228 238 0.07 1.52 140 1.49 1.52 140 1.49
BCOM Fin Leasing 3 3/4% due 01/23 950 997 0.09 130 136 0.03 950 997 0.17 206 216 0.06 1.70 156 2.29 1.70 157 2.29
Baidu 2 7/8% due 22 900 930 0.08 123 127 0.02 — — — — — — 1.12 99 1.79 1.12 99 1.79
Baidu 3 1/2% due 22 750 796 0.07 103 109 0.02 — — — — — — 1.01 87 2.15 1.01 88 2.15
Baidu 3 5/8% due 27 600 665 0.06 82 91 0.02 600 665 0.11 130 144 0.04 1.89 143 6.11 1.89 144 6.11
Baidu 3 7/8% due 23 1,000 1,094 0.09 137 150 0.03 1,000 1,094 0.18 217 237 0.07 1.07 92 2.88 1.00 85 2.80
Baidu 3.075% due 25 600 651 0.06 82 89 0.02 — — — — — — 1.28 104 4.26 1.25 103 4.19
Baidu 3.425% due 30 400 454 0.04 55 62 0.01 — — — — — — 1.92 125 8.25 1.89 126 8.07
Baidu 4 1/8% due 25 500 563 0.05 68 77 0.01 — — — — — — 1.45 119 4.40 1.45 121 4.40
Baidu 4 3/8% due 24 850 946 0.08 116 130 0.02 — — — — — — 1.48 129 3.41 1.42 125 3.34
Baidu 4 3/8% due 28 500 587 0.05 68 80 0.01 — — — — — — 2.03 151 6.49 1.96 148 6.31
Baidu 4 7/8% due 28 400 486 0.04 55 67 0.01 — — — — — — 2.07 150 6.90 2.00 147 6.72
Bank of China 1 1/4% due 25 600 601 0.05 82 82 0.02 600 601 0.10 130 130 0.04 1.20 95 4.65 1.20 96 4.65
Bank of China 2 1/2% due 24 600 629 0.05 82 86 0.02 — — — — — — 1.38 116 4.02 1.38 117 4.02
Bank of China 2 3/8% due 25 600 630 0.05 82 86 0.02 — — — — — — 1.18 95 4.15 1.18 97 4.15
Bank of China 2 7/8% due 22 750 781 0.07 103 107 0.02 — — — — — — 0.85 72 1.59 0.85 72 1.59
Bank of China 3 1/2% due 27 300 334 0.03 41 46 0.01 — — — — — — 1.76 132 5.93 1.76 133 5.93
Bank of China 3 1/8% due 24 550 593 0.05 75 81 0.02 — — — — — — 1.16 98 3.41 1.16 99 3.41
Bank of China 3 5/8% due 29 300 342 0.03 41 47 0.01 — — — — — — 1.91 131 7.47 1.91 133 7.47
Bank of China 3 7/8% due 25 500 564 0.05 68 77 0.01 — — — — — — 1.16 90 4.43 1.16 92 4.43
Bank of China 3% due 22 500 514 0.04 68 70 0.01 — — — — — — 1.00 87 1.43 1.00 87 1.43
Bank of China 5% due 24 3,000 3,407 0.29 411 467 0.09 3,000 3,407 0.57 651 739 0.22 1.94 172 3.78 1.94 174 3.78
Bank of China FRN due 04/23 700 702 0.06 96 96 0.02 — — — — — — 0.92 78 0.13 0.92 78 0.13
Bank of China FRN due 22 500 502 0.04 68 69 0.01 — — — — — — 0.91 78 0.11 0.91 78 0.11
Bank of China FRN due 23 1,000 1,005 0.09 137 138 0.03 — — — — — — 0.91 77 0.02 0.91 78 0.02
Bank of Comm 3 3/4% due 23 500 542 0.05 68 74 0.01 — — — — — — 1.02 88 2.37 1.02 89 2.37
Bank of Comm FRN due 12/22 600 603 0.05 82 83 0.02 — — — — — — 0.95 82 0.01 0.95 82 0.01
Bank of Comm FRN due 22 300 300 0.03 41 41 0.01 — — — — — — 0.98 85 0.21 0.98 85 0.21
Bank of Comm FRN due 23 700 700 0.06 96 96 0.02 — — — — — — 1.02 88 0.21 1.02 89 0.21
Beijing Capital 3.85% due 25 450 450 0.04 62 62 0.01 — — — — — — 3.75 349 4.39 3.75 350 4.39
Beijing Capital 5 3/4% due 24 Perp 500 506 0.04 68 69 0.01 500 506 0.09 108 110 0.03 8.42 699 4.02 5.71 551 3.63
Beijing Enterprise Water 4.95% due 23 500 517 0.04 68 71 0.01 500 517 0.09 108 112 0.03 2.79 265 2.46 2.79 266 2.46
Beijing Enterprises 4 1/2% due 22 800 847 0.07 110 116 0.02 800 847 0.14 174 184 0.05 1.68 155 1.57 1.68 155 1.57
Beijing Enterprises 6 3/8% due 41 400 570 0.05 55 78 0.01 — — — — — — 3.48 238 13.12 3.48 243 13.12
Beijing Gas Grp 2 3/4% due 22 500 512 0.04 68 70 0.01 500 512 0.09 108 111 0.03 1.53 140 1.69 1.53 140 1.69
Biostime Intl Holdings 5 5/8% due 24 300 316 0.03 41 43 0.01 — — — — — — 4.55 434 3.61 4.25 410 2.82
Bocom Leasing Mgmt 4 3/8% due 24 700 759 0.06 96 104 0.02 700 759 0.13 152 165 0.05 1.82 165 3.16 1.82 166 3.16
Bocom Leasing Mgmt FRN due 12/24 600 587 0.05 82 80 0.01 — — — — — — 1.88 166 -0.04 1.88 168 -0.04
Bocom Leasing Mgmt FRN due 24 400 393 0.03 55 54 0.01 — — — — — — 1.91 171 -0.03 1.91 172 -0.03
Bocom Leasing Mgmt FRN due 25 500 483 0.04 68 66 0.01 — — — — — — 1.95 171 -0.09 1.95 173 -0.09
CCB Life Ins 4 1/2% due 77 500 501 0.04 68 69 0.01 500 501 0.08 108 109 0.03 4.26 280 0.68 3.77 354 1.49
CCBL International Corp 3 1/2% due 24 800 859 0.07 110 118 0.02 800 859 0.14 174 186 0.05 1.59 140 3.46 1.59 142 3.46
CCBL International Corp FRN due 23 400 398 0.03 55 55 0.01 — — — — — — 1.65 150 0.10 1.65 151 0.10
CDB Leasing 3 1/2% due 27 400 434 0.04 55 59 0.01 — — — — — — 2.29 179 6.31 2.29 181 6.31
CDB Leasing 3% due 22 600 618 0.05 82 85 0.02 600 618 0.10 130 134 0.04 1.41 128 1.86 1.41 128 1.86
CDB Leasing 3% due 23 500 524 0.04 68 72 0.01 — — — — — — 1.45 131 2.52 1.45 132 2.52
CDB Leasing 4 1/4% due 24 400 444 0.04 55 61 0.01 — — — — — — 1.74 152 3.88 1.74 154 3.88
CIFI Holdings 5 1/2% due 23 300 307 0.03 41 42 0.01 — — — — — — 4.41 428 2.21 4.41 428 2.21
CIFI Holdings 5 3/8% due 21 Perp 300 297 0.03 41 41 0.01 — — — — — — 8.53 710 0.45 5.63 553 0.48
CIFI Holdings 5 3/8% due 22 Perp 300 297 0.03 41 41 0.01 — — — — — — 9.22 779 2.08 5.44 531 1.85
CIFI Holdings 6% due 25 567 582 0.05 78 80 0.01 567 582 0.10 123 126 0.04 5.44 518 4.16 5.38 517 3.79
CIFI Holdings 6.45% due 24 500 532 0.05 68 73 0.01 500 532 0.09 108 115 0.03 5.14 492 3.58 5.06 491 2.81
CINDA Fin 2 1/2% due 25 500 521 0.04 68 71 0.01 — — — — — — 1.68 144 4.25 1.66 145 4.18
CINDA Fin 3 1/8% due 30 500 542 0.05 68 74 0.01 — — — — — — 2.22 155 8.26 2.20 157 8.07
CINDA Fin 3 7/8% due 23 800 846 0.07 110 116 0.02 — — — — — — 1.43 129 2.33 1.43 130 2.33
CINDA Fin 3% due 27 300 318 0.03 41 44 0.01 — — — — — — 2.13 169 5.90 2.10 170 5.69
CINDA Fin 3.65% due 22 1,300 1,365 0.12 178 187 0.03 1,300 1,365 0.23 282 296 0.09 1.34 121 1.46 1.34 121 1.46
CINDA Fin 4 1/4% due 25 1,700 1,915 0.16 233 262 0.05 1,700 1,915 0.32 369 415 0.12 1.66 142 4.20 1.66 144 4.20
CINDA Fin 4 3/4% due 28 1,200 1,412 0.12 164 193 0.04 — — — — — — 2.10 159 6.41 2.10 161 6.41
CINDA Fin 4 3/4% due 29 600 715 0.06 82 98 0.02 — — — — — — 2.16 158 7.18 2.16 160 7.18
CINDA Fin 4 3/8% due 25 300 335 0.03 41 46 0.01 — — — — — — 1.61 138 4.07 1.61 140 4.07
CINDA Fin 4.1% due 24 700 771 0.07 96 106 0.02 — — — — — — 1.61 143 3.24 1.61 145 3.24
CINDA Fin 4.4% due 27 700 808 0.07 96 111 0.02 — — — — — — 2.08 165 5.66 2.08 166 5.66
39


China CINDA Fin 5 5/8% due 24 500 577 0.05 68 79 0.01 — — — — — — 1.72 153 3.34 1.72 155 3.34
CITIC FRN due 22 550 551 0.05 75 75 0.01 — — — — — — 1.19 105 0.03 1.19 106 0.03
CITIC Ltd 2.45% due 25 300 309 0.03 41 42 0.01 — — — — — — 1.66 143 4.24 1.66 144 4.24
CITIC Ltd 2.8% due 21 500 513 0.04 68 70 0.01 — — — — — — 1.02 89 1.27 1.02 89 1.27
CITIC Ltd 2.85% due 30 700 732 0.06 96 100 0.02 — — — — — — 2.21 154 8.40 2.21 157 8.40
CITIC Ltd 3 1/8% due 22 500 511 0.04 68 70 0.01 — — — — — — 1.42 130 1.47 1.42 130 1.47
CITIC Ltd 3 7/8% due 27 750 823 0.07 103 113 0.02 750 823 0.14 163 178 0.05 2.10 168 5.81 2.10 169 5.81
CITIC Ltd 3.7% due 26 750 831 0.07 103 114 0.02 — — — — — — 1.77 142 5.22 1.77 143 5.22
CITIC Ltd 4% due 28 500 559 0.05 68 77 0.01 — — — — — — 2.18 167 6.45 2.18 169 6.45
CITIC Ltd 6.8% due 23 1,400 1,580 0.14 192 216 0.04 1,400 1,580 0.27 304 343 0.10 1.53 139 2.21 1.53 140 2.21
CITIC Securities 2% due 25 500 509 0.04 68 70 0.01 500 509 0.09 108 110 0.03 1.64 139 4.51 1.64 140 4.51
CITIC Securities 3 1/4% due 22 500 519 0.04 68 71 0.01 500 519 0.09 108 113 0.03 1.48 135 1.58 1.48 135 1.58
CMB Fin Leasing Co 3 1/4% due 21 900 923 0.08 123 126 0.02 900 923 0.16 195 200 0.06 1.53 141 1.22 1.53 141 1.22
CMB International 3% due 24 900 939 0.08 123 129 0.02 900 939 0.16 195 204 0.06 1.88 168 3.61 1.88 170 3.61
CMHI Finance 4 3/4% due 25 500 565 0.05 68 77 0.01 — — — — — — 1.92 166 4.43 1.92 167 4.43
CMHI Finance 4 3/8% due 23 900 972 0.08 123 133 0.02 900 972 0.16 195 211 0.06 1.58 143 2.76 1.58 144 2.76
CMHI Finance 5% due 22 500 536 0.05 68 73 0.01 — — — — — — 1.43 130 1.59 1.43 130 1.59
CMHI Finance 5% due 28 600 712 0.06 82 98 0.02 600 712 0.12 130 155 0.05 2.42 187 6.71 2.42 190 6.71
CNOOC Fin 2 7/8% due 29 1,000 1,092 0.09 137 150 0.03 — — — — — — 1.83 120 8.02 1.81 120 7.82
CNOOC Fin 3 1/2% due 25 2,000 2,228 0.19 274 305 0.06 2,000 2,228 0.38 434 483 0.14 1.12 87 4.31 1.12 89 4.31
CNOOC Fin 3 3/4% due 23 450 488 0.04 62 67 0.01 — — — — — — 0.74 59 2.53 0.74 60 2.53
CNOOC Fin 3 7/8% due 22 1,500 1,588 0.14 205 218 0.04 — — — — — — 0.88 75 1.61 0.88 75 1.61
CNOOC Fin 3% due 23 2,000 2,123 0.18 274 291 0.05 — — — — — — 0.91 77 2.57 0.91 77 2.57
CNOOC Fin 3.3% due 49 500 560 0.05 68 77 0.01 — — — — — — 2.74 131 19.57 2.73 140 19.35
CNOOC Fin 4 1/4% due 24 2,250 2,523 0.22 308 346 0.06 2,250 2,523 0.42 488 547 0.16 1.20 101 3.38 1.20 103 3.38
CNOOC Fin 4 1/4% due 43 500 621 0.05 68 85 0.02 — — — — — — 2.77 159 15.71 2.77 160 15.71
CNOOC Fin 4 3/8% due 28 1,000 1,194 0.10 137 164 0.03 — — — — — — 1.74 121 6.61 1.74 123 6.61
CNOOC Fin 4 7/8% due 44 500 677 0.06 68 93 0.02 — — — — — — 2.80 158 15.68 2.80 162 15.68
CNOOC Fin 4.2% due 45 300 373 0.03 41 51 0.01 — — — — — — 2.79 154 16.66 2.79 157 16.66
CNOOC Fin 5 1/2% due 33 300 407 0.03 41 56 0.01 — — — — — — 2.20 139 9.79 2.20 141 9.79
CNOOC Fin 5 3/4% due 41 500 724 0.06 68 99 0.02 — — — — — — 2.77 167 13.81 2.77 170 13.81
CNOOC Fin 5% due 42 500 680 0.06 68 93 0.02 — — — — — — 2.80 165 14.68 2.80 168 14.68
CNPC Overseas Capital 3.40% due 23 750 804 0.07 103 110 0.02 750 804 0.14 163 174 0.05 0.98 84 2.49 0.98 84 2.49
CNPC Overseas Capital 3.95% due 22 500 530 0.05 68 73 0.01 — — — — — — 0.93 80 1.57 0.93 80 1.57
CNPC Overseas Capital 5.95% due 41 500 747 0.06 68 102 0.02 500 747 0.13 108 162 0.05 2.80 170 13.68 2.80 173 13.68
CSSC Hong Kong Shipping 2 1/2% due 25 400 406 0.03 55 56 0.01 — — — — — — 2.02 179 4.20 2.02 180 4.20
CSSC Hong Kong Shipping 3% due 30 400 400 0.03 55 55 0.01 — — — — — — 2.90 224 8.25 2.90 227 8.25
Chalco 4 1/4% due 21 Perp 500 512 0.04 68 70 0.01 500 512 0.09 108 111 0.03 8.65 721 1.36 2.81 268 1.15
China Aircraft Leasing Grp 4.7% due 22 300 268 0.02 41 37 0.01 — — — — — — 14.04 1391 1.35 14.04 1391 1.35
China Aluminium Intl Corp 5% due 23 Perp 350 359 0.03 48 49 0.01 — — — — — — 7.16 572 2.78 4.26 412 2.49
China Comm Constrt 3.425% due 24 Perp 1,000 1,002 0.09 137 137 0.03 1,000 1,002 0.17 217 217 0.06 5.75 432 4.50 3.24 304 3.90
China Comm Constrt 3.65% due 26 Perp 500 500 0.04 68 69 0.01 500 500 0.08 108 109 0.03 5.65 421 6.25 3.54 315 5.54
China Construct Bk 2 1/4% due 21 700 715 0.06 96 98 0.02 — — — — — — 0.93 81 1.12 0.93 81 1.12
China Construct Bk 2 3/4% due 22 600 623 0.05 82 85 0.02 — — — — — — 0.82 69 1.73 0.82 69 1.73
China Construct Bk 2.45% due 30 2,000 2,035 0.17 274 279 0.05 2,000 2,035 0.34 434 441 0.13 2.69 201 4.48 2.00 176 4.51
China Construct Bk 3% due 22 400 421 0.04 55 58 0.01 — — — — — — 0.85 72 2.17 0.85 72 2.17
China Construct Bk 4 1/4% due 29 1,850 1,998 0.17 253 274 0.05 1,850 1,998 0.34 401 433 0.13 2.50 191 3.22 1.81 164 3.26
China Construct Bk FRN due 23 600 602 0.05 82 82 0.02 — — — — — — 1.02 87 0.01 1.02 88 0.01
China Construct Bk FRN due 24 700 696 0.06 96 95 0.02 — — — — — — 1.14 93 0.14 1.14 94 0.14
China Fortune Land Dev 8.05% due 25 700 690 0.06 96 95 0.02 700 690 0.12 152 150 0.04 8.58 835 3.57 8.58 837 3.57
China Fortune Land Dev 8.6% due 24 650 682 0.06 89 93 0.02 650 682 0.11 141 148 0.04 7.95 776 2.96 7.95 778 2.96
China Grand Auto Srvs 5 5/8% due 20 Perp 400 308 0.03 55 42 0.01 — — — — — — 13.03 1160 -1.96 13.03 1214 -1.96
China Great Wall 3 7/8% due 27 500 552 0.05 68 76 0.01 500 552 0.09 108 120 0.04 2.15 167 6.21 2.15 169 6.21
China Great Wall 3.95% due 24 Perp 400 411 0.04 55 56 0.01 — — — — — — 7.20 577 4.37 3.10 292 3.60
China Huarong AM 2 7/8% due 21 Perp 500 505 0.04 68 69 0.01 — — — — — — 7.67 624 1.12 2.63 251 1.01
China Huarong AM 3 1/4% due 24 500 525 0.04 68 72 0.01 — — — — — — 2.15 194 3.89 2.13 194 3.82
China Huarong AM 3 5/8% due 21 1,350 1,391 0.12 185 191 0.04 — — — — — — 1.77 165 1.20 1.77 165 1.20
China Huarong AM 4 1/2% due 22 Perp 1,500 1,534 0.13 205 210 0.04 1,500 1,534 0.26 325 333 0.10 8.42 698 1.66 2.71 258 1.35
China Huarong AM 4 1/4% due 27 1,100 1,216 0.10 151 166 0.03 — — — — — — 2.74 224 6.19 2.74 227 6.19
China Huarong AM 4 5/8% due 26 900 1,008 0.09 123 138 0.03 — — — — — — 2.52 217 5.06 2.52 219 5.06
China Huarong AM 4% due 22 Perp 700 720 0.06 96 99 0.02 — — — — — — 7.55 612 2.48 2.91 278 2.06
China Huarong AM 4.95% due 47 700 790 0.07 96 108 0.02 — — — — — — 4.15 279 15.72 4.15 292 15.72
China Huarong AM 5 1/2% due 25 1,400 1,590 0.14 192 218 0.04 1,400 1,590 0.27 304 345 0.10 2.32 209 3.91 2.32 211 3.91
China Huarong AM 5% due 25 800 912 0.08 110 125 0.02 — — — — — — 2.31 202 4.59 2.31 204 4.59
China Huarong AM FRN due 11/22 600 589 0.05 82 81 0.01 — — — — — — 2.13 200 0.16 2.13 200 0.16
China Huarong AM FRN due 22 1,000 998 0.09 137 137 0.03 — — — — — — 2.18 205 0.14 2.18 205 0.14
China Huarong AM FRN due 23 550 541 0.05 75 74 0.01 — — — — — — 2.24 210 0.05 2.24 210 0.05
China Huarong AM FRN due 25 300 287 0.02 41 39 0.01 — — — — — — 2.48 225 0.12 2.48 227 0.12
China Mengniu Dairy 1 7/8% due 25 500 506 0.04 68 69 0.01 500 506 0.09 108 110 0.03 1.68 142 4.56 1.67 144 4.48
China Mengniu Dairy 2 1/2% due 30 300 306 0.03 41 42 0.01 — — — — — — 2.27 159 8.71 2.27 162 8.50
China Mengniu Dairy 3% due 24 500 525 0.04 68 72 0.01 500 525 0.09 108 114 0.03 1.64 144 3.65 1.64 146 3.65
China Mengniu Dairy 4 1/4% due 23 500 540 0.05 68 74 0.01 — — — — — — 1.33 118 2.77 1.33 119 2.77
China Merchants Bank 4% due 23 400 440 0.04 55 60 0.01 — — — — — — 1.21 106 2.86 1.21 106 2.86
China Minsheng Bank FRN due 22 350 349 0.03 48 48 0.01 — — — — — — 1.44 131 0.01 1.44 131 0.01
China Minsheng Bank FRN due 23 600 596 0.05 82 82 0.02 — — — — — — 1.63 149 0.00 1.63 150 0.00
China Natl Bluestar 3 3/8% due 24 700 739 0.06 96 101 0.02 700 739 0.12 152 160 0.05 1.91 171 3.62 1.91 173 3.62
China Natl Bluestar 3 7/8% due 23 Perp 500 514 0.04 68 70 0.01 — — — — — — 7.10 566 3.21 3.00 286 2.63
China Natl Bluestar 6 1/4% due 21 Perp 300 318 0.03 41 43 0.01 — — — — — — 8.10 667 1.47 2.33 221 1.14
China Oil & Gas 4 5/8% due 22 350 357 0.03 48 49 0.01 — — — — — — 3.74 362 1.54 3.74 362 1.54
China Oilfield Services 1 7/8% due 25 500 503 0.04 68 69 0.01 — — — — — — 1.78 153 4.57 1.78 155 4.49
China Oilfield Services 2 1/2% due 30 300 303 0.03 41 41 0.01 — — — — — — 2.43 174 8.71 2.43 178 8.51
China Oilfield Services 3 1/4% due 22 1,000 1,046 0.09 137 143 0.03 1,000 1,046 0.18 217 227 0.07 1.63 150 1.92 1.63 150 1.92
40


China China Oilfield Services 4 1/2% due 25 500 564 0.05 68 77 0.01 500 564 0.09 108 122 0.04 1.76 150 4.44 1.76 152 4.44
China Orient AM Co 2 7/8% due 24 400 421 0.04 55 58 0.01 — — — — — — 1.71 151 3.79 1.71 152 3.79
China Orient AM Co 3 1/2% due 29 500 549 0.05 68 75 0.01 500 549 0.09 108 119 0.03 2.42 179 7.77 2.39 180 7.58
China Orient AM Co 3 7/8 % due 24 400 436 0.04 55 60 0.01 — — — — — — 1.70 152 3.28 1.70 153 3.28
China Orient AM Co 4 1/2 % due 29 300 353 0.03 41 48 0.01 — — — — — — 2.38 179 7.15 2.38 182 7.15
China Orient AM Co 4 3/8% due 27 1,000 1,147 0.10 137 157 0.03 1,000 1,147 0.19 217 249 0.07 2.21 171 6.33 2.21 173 6.33
China Orient AM Co 5 % due 24 400 459 0.04 55 63 0.01 — — — — — — 1.68 148 3.59 1.68 150 3.59
China Overseas 2 3/4% due 30 500 512 0.04 68 70 0.01 — — — — — — 2.36 170 8.43 2.36 172 8.43
China Overseas 3.45% due 29 450 487 0.04 62 67 0.01 — — — — — — 2.35 173 7.71 2.35 175 7.71
China Overseas 4 3/4% due 28 750 880 0.08 103 121 0.02 750 880 0.15 163 191 0.06 2.35 182 6.48 2.35 185 6.48
China Overseas 6 3/8% due 43 500 727 0.06 68 100 0.02 500 727 0.12 108 158 0.05 3.59 239 14.01 3.59 247 14.01
China Ping An Insr 2 3/4% due 25 600 619 0.05 82 85 0.02 600 619 0.10 130 134 0.04 2.03 178 4.42 2.03 180 4.42
China Ping An Insr 3 5/8% due 24 300 319 0.03 41 44 0.01 — — — — — — 1.96 177 3.47 1.96 179 3.47
China Ping An Insr 4 1/4% due 29 300 337 0.03 41 46 0.01 — — — — — — 2.67 206 7.37 2.67 209 7.37
China Ping An Insr 4 3/8% due 23 500 544 0.05 68 74 0.01 500 544 0.09 108 118 0.03 1.98 183 2.79 1.98 183 2.79
China Prop Holding 5 7/8% due 22 500 516 0.04 68 71 0.01 500 516 0.09 108 112 0.03 5.24 511 1.41 5.24 511 1.41
China Prop Holding 7 3/8% due 24 500 525 0.04 68 72 0.01 — — — — — — 6.54 636 3.05 6.54 638 3.05
China Railway 2 7/8% due 22 500 515 0.04 68 70 0.01 — — — — — — 1.33 121 1.84 1.33 121 1.84
China Railway 3 1/4% due 26 500 546 0.05 68 75 0.01 500 546 0.09 108 118 0.03 1.57 120 5.41 1.57 122 5.41
China Railway 3.85% due 23 500 529 0.05 68 72 0.01 500 529 0.09 108 115 0.03 1.34 121 2.32 1.34 121 2.32
China Railway Constr 3 1/2% due 23 800 848 0.07 110 116 0.02 800 848 0.14 174 184 0.05 1.48 134 2.56 1.48 134 2.56
China Railway Constr 3.97% due 24 Perp 1,000 1,031 0.09 137 141 0.03 1,000 1,031 0.17 217 224 0.07 5.96 453 3.91 3.09 291 3.51
China Reinsurance 3 3/8% due 22 1,500 1,555 0.13 205 213 0.04 1,500 1,555 0.26 325 337 0.10 1.80 168 1.46 1.80 168 1.46
China Resources Gas 4 1/2% due 22 750 796 0.07 103 109 0.02 750 796 0.13 163 173 0.05 1.51 139 1.52 1.51 139 1.52
China Resources Land 3 3/4% due 24 300 322 0.03 41 44 0.01 — — — — — — 1.74 153 3.72 1.74 155 3.72
China Resources Land 3 3/4% due 24 Perp 1,050 1,091 0.09 144 149 0.03 1,050 1,091 0.18 228 237 0.07 5.75 432 4.42 2.80 260 3.91
China Resources Land 4 1/8% due 29 500 563 0.05 68 77 0.01 — — — — — — 2.36 177 7.30 2.36 179 7.30
China Resources Land 6% due 24 700 796 0.07 96 109 0.02 700 796 0.13 152 173 0.05 1.82 164 3.19 1.82 166 3.19
China State Constr 3 3/8% due 22 550 573 0.05 75 79 0.01 550 573 0.10 119 124 0.04 1.67 153 2.14 1.67 153 2.14
China State Constr 4% due 24 Perp 500 510 0.04 68 70 0.01 500 510 0.09 108 111 0.03 6.09 466 4.26 3.43 322 3.86
China State Constr 6% due 21 Perp 500 528 0.05 68 72 0.01 — — — — — — 8.79 736 1.66 1.99 186 1.21
China State Construction 2.9% due 22 500 515 0.04 68 71 0.01 500 515 0.09 108 112 0.03 1.30 117 1.79 1.30 117 1.79
China State Construction 3 1/2% due 27 500 544 0.05 68 75 0.01 500 544 0.09 108 118 0.03 2.04 157 6.12 2.04 159 6.12
China Taiping 4 1/8% due 22 300 318 0.03 41 44 0.01 — — — — — — 1.68 154 2.11 1.68 155 2.11
China Taiping 6% due 23 400 456 0.04 55 62 0.01 — — — — — — 1.91 176 2.83 1.91 176 2.83
China Vanke Co 3 1/2% due 29 300 321 0.03 41 44 0.01 — — — — — — 2.66 202 7.88 2.66 205 7.88
China Vanke Co 3.15% due 25 423 448 0.04 58 61 0.01 — — — — — — 1.90 165 4.33 1.90 167 4.33
China Vanke Co 3.975% due 27 1,000 1,090 0.09 137 149 0.03 1,000 1,090 0.18 217 236 0.07 2.60 211 6.25 2.60 213 6.25
China Vanke Co 4.15% due 23 971 1,042 0.09 133 143 0.03 971 1,042 0.18 211 226 0.07 1.74 160 2.46 1.74 161 2.46
China Vanke Co FRN due 23 650 646 0.06 89 88 0.02 — — — — — — 1.95 181 0.22 1.95 181 0.22
China Water Affairs Grp 5 1/4% due 22 300 299 0.03 41 41 0.01 — — — — — — 5.25 512 1.37 5.25 512 1.37
Cosco Pacific 4 3/8% due 23 300 310 0.03 41 42 0.01 — — — — — — 2.88 275 2.28 2.88 275 2.28
Country Garden 4 3/4% due 22 700 719 0.06 96 98 0.02 — — — — — — 3.23 310 1.80 -0.46 -55 0.08
Country Garden 4 3/4% due 23 650 677 0.06 89 93 0.02 — — — — — — 3.79 364 2.79 3.22 309 1.03
Country Garden 5.4% due 25 544 587 0.05 75 80 0.01 — — — — — — 3.76 351 4.13 3.61 347 2.51
Country Garden 6.15% due 25 500 558 0.05 68 76 0.01 — — — — — — 4.03 376 4.26 3.75 360 2.71
Country Garden 7 1/4% due 26 1,350 1,534 0.13 185 210 0.04 1,350 1,534 0.26 293 333 0.10 4.89 456 4.54 3.92 378 2.32
Country Garden 8% due 24 1,000 1,126 0.10 137 154 0.03 1,000 1,126 0.19 217 244 0.07 4.90 473 2.90 2.53 241 1.02
Dongxing Securities 3 1/4% due 24 400 417 0.04 55 57 0.01 — — — — — — 1.99 179 3.71 1.99 181 3.71
ENN Energy Holdings 3 1/4% due 22 600 614 0.05 82 84 0.02 600 614 0.10 130 133 0.04 1.88 175 1.83 1.88 175 1.83
Evergrande 10 1/2% due 24 700 675 0.06 96 92 0.02 — — — — — — 13.00 1282 2.77 13.00 1284 2.77
Evergrande 7 1/2% due 23 1,345 1,204 0.10 184 165 0.03 1,345 1,204 0.20 292 261 0.08 12.37 1223 2.39 12.37 1223 2.39
Evergrande 8 1/4% due 22 2,025 2,013 0.17 277 276 0.05 — — — — — — 10.92 1080 1.37 10.92 1080 1.37
Evergrande 8 3/4% due 25 4,680 4,009 0.34 641 549 0.10 4,680 4,009 0.68 1,015 870 0.26 13.07 1282 3.65 13.07 1284 3.65
Fantasia Holdings 7 3/8% due 21 500 516 0.04 68 71 0.01 — — — — — — 6.81 669 1.01 6.81 669 1.01
Far East Horizon 3 3/8% due 25 300 291 0.02 41 40 0.01 — — — — — — 3.67 344 4.10 3.67 346 4.10
Far East Horizon 4.35% due 22 Perp 300 301 0.03 41 41 0.01 — — — — — — 8.34 691 1.94 4.09 396 1.69
Far East Horizon 5.6% due 22 Perp 400 356 0.03 55 49 0.01 — — — — — — 6.94 551 2.28 5.96 501 1.11
Fosun Intl 5 1/2% due 23 446 453 0.04 61 62 0.01 — — — — — — 4.85 470 2.70 3.59 347 0.94
Fosun Intl 5 1/4% due 22 1,297 1,332 0.11 178 182 0.03 1,297 1,332 0.22 281 289 0.08 4.64 451 1.45 4.64 451 1.45
Fosun Intl 5.95% due 23 450 459 0.04 62 63 0.01 — — — — — — 4.97 484 2.21 4.97 484 2.21
Franshion Dev 3.6% due 22 500 516 0.04 68 71 0.01 — — — — — — 2.32 220 1.44 2.32 220 1.44
Franshion Dev 4 1/4% due 29 500 519 0.04 68 71 0.01 500 519 0.09 108 113 0.03 3.65 303 7.42 3.65 306 7.42
Franshion Dev 4 7/8% due 23 Perp 300 257 0.02 41 35 0.01 — — — — — — 5.68 425 1.09 5.66 453 1.31
Franshion Dev 4% due 23 Perp 500 508 0.04 68 70 0.01 500 508 0.09 108 110 0.03 6.26 483 2.32 3.44 330 2.20
Franshion Dev 5 3/4% due 22 Perp 500 468 0.04 68 64 0.01 — — — — — — 6.16 473 0.40 6.02 511 0.63
GLP China Holdings Ltd 4.974% due 24 500 527 0.05 68 72 0.01 500 527 0.09 108 114 0.03 3.12 295 3.20 3.12 296 3.20
Geely Automobile 3 5/8% due 23 300 306 0.03 41 42 0.01 — — — — — — 2.66 253 2.28 2.66 253 2.28
Geely Automobile 4% due 24 Perp 500 503 0.04 68 69 0.01 500 503 0.08 108 109 0.03 6.23 480 4.17 3.86 366 3.86
Golden Eagle Retail 4 5/8% due 23 400 399 0.03 55 55 0.01 — — — — — — 5.12 498 2.49 5.12 498 2.49
Greenland Holdings 5 7/8% due 24 600 595 0.05 82 81 0.02 600 595 0.10 130 129 0.04 6.21 601 3.35 6.21 603 3.35
Greenland Holdings 5.9% due 23 300 302 0.03 41 41 0.01 — — — — — — 5.55 541 2.25 5.55 541 2.25
Greentown China Hldg 10% due 21 Perp 500 529 0.05 68 72 0.01 500 529 0.09 108 115 0.03 12.24 1081 1.64 5.23 511 1.23
Greentown China Hldg 8 1/8% due 22 Perp 400 420 0.04 55 58 0.01 — — — — — — 10.69 926 1.80 4.20 407 1.36
Guangzhou 5 3/4% due 22 725 676 0.06 99 93 0.02 725 676 0.11 157 147 0.04 11.42 1130 1.26 11.42 1130 1.26
41


China Guangzhou 5 7/8% due 23 600 528 0.05 82 72 0.01 600 528 0.09 130 114 0.03 12.19 1205 2.14 12.19 1205 2.14
Guangzhou 8 1/8% due 24 450 398 0.03 62 54 0.01 — — — — — — 12.01 1181 3.13 12.01 1183 3.13
Guangzhou 8 5/8% due 24 375 335 0.03 51 46 0.01 — — — — — — 12.24 1207 2.88 12.24 1208 2.88
Guojing Capital 3.95% due 22 500 518 0.04 68 71 0.01 — — — — — — 2.50 236 2.15 2.50 237 2.15
Haier Group Corpo 3 7/8% due 22 Perp 1,000 1,013 0.09 137 139 0.03 1,000 1,013 0.17 217 220 0.06 7.59 616 2.35 3.32 319 2.00
Haitong Intl Sec 3 1/8% due 25 400 420 0.04 55 58 0.01 — — — — — — 2.05 181 4.35 2.05 182 4.35
Haitong Intl Sec 3 3/8% due 24 700 735 0.06 96 101 0.02 700 735 0.12 152 160 0.05 1.99 179 3.63 1.99 181 3.63
Haitong Securities 2.107% due 25 670 685 0.06 92 94 0.02 670 685 0.12 145 149 0.04 1.73 149 4.27 1.73 150 4.27
Haitong Securities 4 1/2% due 23 300 331 0.03 41 45 0.01 — — — — — — 1.42 126 3.05 1.42 126 3.05
Huawei Invt & Hldg Co 3 1/4% due 22 1,000 1,014 0.09 137 139 0.03 — — — — — — 2.14 202 1.44 2.14 202 1.44
Huawei Invt & Hldg Co 4 1/8% due 25 1,000 1,071 0.09 137 147 0.03 1,000 1,071 0.18 217 232 0.07 2.72 247 4.24 2.72 249 4.24
Huawei Invt & Hldg Co 4 1/8% due 26 2,000 2,139 0.18 274 293 0.05 2,000 2,139 0.36 434 464 0.14 2.90 257 5.02 2.90 258 5.02
Huawei Invt & Hldg Co 4% due 27 500 517 0.04 68 71 0.01 — — — — — — 3.22 280 5.71 3.22 281 5.71
ICBC 2 7/8% due 10/22 400 420 0.04 55 57 0.01 — — — — — — 0.92 79 2.03 0.92 79 2.03
ICBC 2 7/8% due 22 900 923 0.08 123 126 0.02 — — — — — — 1.03 90 1.45 1.03 90 1.45
ICBC 2 7/8% due 29 500 521 0.04 68 71 0.01 — — — — — — 2.50 187 3.69 2.08 189 3.75
ICBC 2.452% due 21 1,000 1,025 0.09 137 140 0.03 1,000 1,025 0.17 217 222 0.07 0.93 81 1.12 0.93 81 1.12
ICBC 2.957% due 22 500 526 0.05 68 72 0.01 — — — — — — 0.84 71 2.10 0.84 71 2.10
ICBC 3.538% due 27 500 560 0.05 68 77 0.01 — — — — — — 1.78 129 6.38 1.78 130 6.38
ICBC 4 7/8% due 21 597 632 0.05 82 87 0.02 — — — — — — 0.93 81 1.23 0.93 81 1.23
ICBC 4 7/8% due 25 2,000 2,318 0.20 274 317 0.06 2,000 2,318 0.39 434 503 0.15 1.93 166 4.46 1.93 167 4.46
ICBC FRN due 03/23 700 702 0.06 96 96 0.02 — — — — — — 0.97 84 0.01 0.97 84 0.01
ICBC FRN due 04/22 1,450 1,457 0.12 199 200 0.04 — — — — — — 0.87 75 0.15 0.87 75 0.15
ICBC FRN due 04/23 850 852 0.07 116 117 0.02 — — — — — — 0.96 82 0.12 0.96 83 0.12
ICBC FRN due 05/22 400 401 0.03 55 55 0.01 — — — — — — 0.91 78 0.23 0.91 78 0.23
ICBC FRN due 06/22 400 402 0.03 55 55 0.01 — — — — — — 0.91 78 0.07 0.91 78 0.07
ICBC FRN due 06/23 500 501 0.04 68 69 0.01 — — — — — — 0.96 81 0.03 0.96 82 0.03
ICBC FRN due 06/24 750 750 0.06 103 103 0.02 — — — — — — 1.07 88 0.02 1.07 89 0.02
ICBC FRN due 09/24 1,000 999 0.09 137 137 0.03 — — — — — — 1.04 84 0.03 1.04 85 0.03
ICBC FRN due 10/23 500 501 0.04 68 69 0.01 — — — — — — 1.00 84 0.15 1.00 85 0.15
ICBC FRN due 10/24 500 498 0.04 68 68 0.01 — — — — — — 1.09 88 0.12 1.09 90 0.12
ICBC FRN due 12/22 300 301 0.03 41 41 0.01 — — — — — — 0.97 83 0.03 0.97 83 0.03
ICBC FRN due 22 600 602 0.05 82 82 0.02 — — — — — — 0.88 76 0.23 0.88 76 0.23
ICBC FRN due 24 600 599 0.05 82 82 0.02 — — — — — — 1.07 89 0.14 1.07 90 0.14
ICBC Intl Leasing 3 1/8% due 22 700 732 0.06 96 100 0.02 — — — — — — 1.32 119 2.11 1.32 119 2.11
ICBC Intl Leasing 3 3/4% due 24 800 872 0.07 110 119 0.02 800 872 0.15 174 189 0.06 1.53 135 3.25 1.53 136 3.25
ICBC Intl Leasing 3 3/8% due 22 850 888 0.08 116 122 0.02 850 888 0.15 184 193 0.06 1.29 116 1.54 1.29 116 1.54
ICBC Intl Leasing 3 5/8% due 26 300 332 0.03 41 46 0.01 — — — — — — 1.74 140 5.16 1.74 141 5.16
ICBC Intl Leasing FRN due 23 600 593 0.05 82 81 0.02 — — — — — — 1.63 149 0.19 1.63 149 0.19
ICBC Intl Leasing FRN due 24 600 587 0.05 82 80 0.01 — — — — — — 1.75 153 0.17 1.75 155 0.17
Industrial Bk FRN due 23 500 503 0.04 68 69 0.01 — — — — — — 1.08 95 0.01 1.08 95 0.01
JD Inc 3 3/8% due 30 700 766 0.07 96 105 0.02 700 766 0.13 152 166 0.05 2.22 157 8.13 2.20 158 7.94
JD Inc 3 7/8% due 26 500 561 0.05 68 77 0.01 500 561 0.09 108 122 0.04 1.72 138 5.08 1.72 139 5.08
JD Inc 4 1/8% due 50 300 338 0.03 41 46 0.01 — — — — — — 3.36 193 18.14 3.36 205 18.14
KWG Property Ltd 5 7/8% due 24 625 637 0.05 86 87 0.02 625 637 0.11 136 138 0.04 5.68 546 3.61 5.62 547 2.83
KWG Property Ltd 6% due 09/22 650 681 0.06 89 93 0.02 650 681 0.11 141 148 0.04 4.68 455 1.85 3.97 386 0.51
Kaisa Group Ltd 10 1/2% due 25 500 500 0.04 68 69 0.01 — — — — — — 10.57 1035 3.39 10.57 1037 3.39
Kaisa Group Ltd 8 1/2% due 22 1,147 1,173 0.10 157 161 0.03 1,147 1,173 0.20 249 254 0.07 7.72 760 1.65 7.72 760 1.65
Kaisa Group Ltd 9 3/8% due 24 3,052 3,003 0.26 418 411 0.08 3,052 3,003 0.51 662 651 0.19 10.19 1000 3.09 10.19 1002 3.09
Kaisa Group Ltd 9.95% due 25 300 292 0.02 41 40 0.01 — — — — — — 10.77 1052 3.73 10.77 1054 3.73
Kunlun Energy 3 3/4% due 25 500 549 0.05 68 75 0.01 500 549 0.09 108 119 0.03 1.72 147 4.29 1.72 149 4.29
Lai Fung Holdings 5.65% due 23 350 349 0.03 48 48 0.01 — — — — — — 5.89 575 2.18 5.89 576 2.18
Lee & Man Paper 5 1/2% due 24 Perp 300 304 0.03 41 42 0.01 — — — — — — 8.53 709 3.77 5.27 510 3.30
Lenovo Group 3 7/8% due 22 500 514 0.04 68 70 0.01 — — — — — — 2.71 258 1.47 2.71 258 1.47
Lenovo Group 4 3/4% due 23 750 785 0.07 103 107 0.02 750 785 0.13 163 170 0.05 3.33 319 2.37 3.33 320 2.37
Lenovo Group 5 7/8% due 25 1,000 1,095 0.09 137 150 0.03 1,000 1,095 0.18 217 237 0.07 4.00 375 4.00 4.00 377 4.00
Logan Property Hldg 5 1/4% due 23 450 459 0.04 62 63 0.01 — — — — — — 4.76 462 2.27 4.76 463 2.27
Logan Property Hldg 5 3/4% due 25 300 309 0.03 41 42 0.01 — — — — — — 4.98 475 3.81 4.89 471 3.42
Longfor 3 7/8% due 22 450 469 0.04 62 64 0.01 — — — — — — 1.70 157 1.79 1.70 157 1.79
Longfor 3.85% due 32 400 420 0.04 55 58 0.01 — — — — — — 3.24 249 9.30 3.24 251 9.30
Longfor 3.9% due 23 300 319 0.03 41 44 0.01 — — — — — — 1.72 158 2.46 1.72 159 2.46
Longfor 3.95% due 29 850 916 0.08 116 125 0.02 850 916 0.15 184 199 0.06 3.04 241 7.56 3.04 244 7.56
Longfor 4 1/2% due 28 500 551 0.05 68 75 0.01 500 551 0.09 108 120 0.04 2.89 238 6.33 2.89 240 6.33
MCC 3 1/2% due 23 Perp 600 600 0.05 82 82 0.02 — — — — — — 5.93 449 2.44 3.28 314 2.25
MCC Ltd 3 1/4% due 23 Perp 400 407 0.03 55 56 0.01 — — — — — — 6.39 496 2.75 2.98 284 2.37
MCC Ltd 4.95% due 21 Perp 500 514 0.04 68 70 0.01 — — — — — — 8.22 679 0.82 2.16 205 0.65
NEXEN 5 7/8% due 35 790 1,156 0.10 108 158 0.03 — — — — — — 2.21 133 10.68 2.21 135 10.68
NEXEN 6.4% due 37 1,250 1,849 0.16 171 253 0.05 — — — — — — 2.79 184 11.58 2.79 186 11.58
NEXEN 7 1/2% due 39 700 1,164 0.10 96 159 0.03 — — — — — — 2.86 182 12.37 2.86 187 12.37
NEXEN 7 7/8% due 32 500 791 0.07 68 108 0.02 — — — — — — 2.22 146 8.41 2.22 152 8.41
New Oriental Edu & Tech 2 1/8% due 25 300 298 0.03 41 41 0.01 — — — — — — 2.21 196 4.56 2.21 197 4.56
Orient Sec 3 5/8% due 22 750 782 0.07 103 107 0.02 750 782 0.13 163 170 0.05 1.79 165 2.14 1.79 165 2.14
Overseas Chinese Town 4.3% due 20 Perp 800 813 0.07 110 111 0.02 800 813 0.14 174 176 0.05 8.83 740 0.06 2.48 239 0.10
Pingan Real Est Cap Ltd 3 1/4% due 25 500 505 0.04 68 69 0.01 500 505 0.09 108 110 0.03 2.98 272 4.41 2.98 274 4.41
Poly Real Estate Grp 3 7/8% due 24 500 540 0.05 68 74 0.01 500 540 0.09 108 117 0.03 1.84 166 3.29 1.84 168 3.29
Poly Real Estate Grp 3.95% due 23 500 522 0.04 68 72 0.01 — — — — — — 2.01 187 2.31 2.01 188 2.31
Poly Real Estate Grp 4 3/4% due 23 500 548 0.05 68 75 0.01 500 548 0.09 108 119 0.03 1.98 183 2.79 1.98 183 2.79
Road King 5.9% due 25 300 311 0.03 41 43 0.01 — — — — — — 5.52 528 3.81 5.52 530 3.81
Road King 6.7% due 24 480 513 0.04 66 70 0.01 — — — — — — 5.42 521 3.46 5.42 523 3.46
Road King 7 3/4% due 24 Perp 300 302 0.03 41 41 0.01 — — — — — — 7.73 630 2.99 7.60 695 3.32
Road King 7% due 22 Perp 300 273 0.02 41 37 0.01 — — — — — — 7.81 638 11.51 7.81 671 11.51
Road King 7.95% due 22 Perp 300 294 0.03 41 40 0.01 — — — — — — 8.07 663 11.17 8.07 699 11.17
SF Holding 2 7/8% due 30 700 741 0.06 96 101 0.02 700 741 0.12 152 161 0.05 2.12 146 8.38 2.12 148 8.38
SF Holding 4 1/8% due 23 500 538 0.05 68 74 0.01 500 538 0.09 108 117 0.03 1.48 133 2.74 1.48 134 2.74
SMIC 2.693% due 25 600 614 0.05 82 84 0.02 600 614 0.10 130 133 0.04 2.07 184 4.22 2.07 185 4.22
Shanghai Const Grp 2 1/4% due 25 600 619 0.05 82 85 0.02 600 619 0.10 130 134 0.04 1.60 134 4.52 1.60 136 4.52
Shanghai Intl Port 2 7/8% due 24 400 423 0.04 55 58 0.01 — — — — — — 1.36 117 3.59 1.36 119 3.59
Shanghai Intl Port 2.4% due 24 300 315 0.03 41 43 0.01 — — — — — — 1.33 112 3.80 1.33 114 3.80
Shanghai Intl Port 2.85% due 29 500 536 0.05 68 73 0.01 500 536 0.09 108 116 0.03 2.05 142 7.95 2.05 144 7.95
42


August 31, 2020 (US$ mm) (US$ mm) (%) (US$ mm)(US$ mm) (%) (US$ mm) (US$ mm) (%) (US$ mm)(US$ mm) (%) (%) (bps) (yrs) (%) (bps) (yrs)
China Shanghai Intl Port 3 3/8% due 29 300 332 0.03 41 46 0.01 — — — — — — 2.02 141 7.69 2.02 143 7.69
Shanghai Pudong Bk FRN due 22 350 351 0.03 48 48 0.01 — — — — — — 0.98 85 0.11 0.98 85 0.11
Shenhua Energy 3 7/8% due 25 500 535 0.05 68 73 0.01 500 535 0.09 108 116 0.03 2.17 194 4.03 2.17 196 4.03
Shenzen Intl Holding 3.95% due 22 Perp 300 307 0.03 41 42 0.01 — — — — — — 7.45 602 2.53 3.00 287 2.12
Shimao PPTY 4 3/4% due 22 1,000 1,033 0.09 137 141 0.03 — — — — — — 3.11 298 1.74 -9.61 -949 0.04
Shimao PPTY 5.2% due 25 500 528 0.05 68 72 0.01 — — — — — — 3.82 359 3.92 2.98 286 1.36
Shimao PPTY 5.6% due 26 1,000 1,087 0.09 137 149 0.03 1,000 1,087 0.18 217 236 0.07 3.97 361 5.00 3.42 328 2.64
Shimao PPTY 6 1/8% due 24 1,000 1,066 0.09 137 146 0.03 1,000 1,066 0.18 217 231 0.07 3.99 382 3.12 2.69 256 1.42
Shui On 5 1/2% due 25 490 494 0.04 67 68 0.01 — — — — — — 5.80 556 3.83 5.80 558 3.83
Shui On 6.4% due 22 Perp 600 607 0.05 82 83 0.02 600 607 0.10 130 132 0.04 8.61 718 1.69 6.04 591 1.66
Sino Ocean Land 4 3/4% due 29 600 615 0.05 82 84 0.02 600 615 0.10 130 133 0.04 4.32 369 7.28 4.31 373 7.11
Sino Ocean Land 4 3/4% due 30 400 411 0.04 55 56 0.01 — — — — — — 4.30 365 7.56 4.29 369 7.39
Sino Ocean Land 4.9% due 22 Perp 600 511 0.04 82 70 0.01 — — — — — — 6.54 511 0.32 6.54 534 0.32
Sino Ocean Land 5.95% due 27 500 551 0.05 68 75 0.01 — — — — — — 3.97 355 5.39 3.97 357 5.39
Sino Ocean Land 6% due 24 700 761 0.07 96 104 0.02 700 761 0.13 152 165 0.05 3.52 332 3.48 3.52 334 3.48
Sinochem Intl Corp 3 1/8% due 22 300 309 0.03 41 42 0.01 — — — — — — 1.34 121 1.84 1.34 121 1.84
Sinopec Corp 3 1/8% due 23 1,250 1,330 0.11 171 182 0.03 1,250 1,330 0.22 271 288 0.08 0.94 80 2.52 0.94 81 2.52
Sinopec Corp 4 1/4% due 43 500 623 0.05 68 85 0.02 500 623 0.10 108 135 0.04 2.74 156 15.69 2.74 157 15.69
Sunac China Holdings 6 1/2% due 25 540 542 0.05 74 74 0.01 540 542 0.09 117 118 0.03 6.51 628 3.71 6.51 630 3.71
Sunac China Holdings 7.95% due 22 600 625 0.05 82 86 0.02 600 625 0.11 130 136 0.04 5.61 548 1.77 4.60 455 0.08
Sunac China Holdings 8.35% due 23 650 706 0.06 89 97 0.02 — — — — — — 5.86 572 2.29 5.19 508 0.60
Sunny Optical 3 3/4% due 23 600 629 0.05 82 86 0.02 600 629 0.11 130 136 0.04 1.73 159 2.28 1.73 159 2.28
Sunshine Life 4 1/2% due 26 300 308 0.03 41 42 0.01 — — — — — — 4.06 372 4.88 4.06 374 4.88
Taiking Ins 3 1/2% due 22 800 820 0.07 110 112 0.02 800 820 0.14 174 178 0.05 1.68 156 1.35 1.68 156 1.35
Tencent 1.81% due 26 1,000 1,026 0.09 137 141 0.03 — — — — — — 1.32 101 5.13 1.32 102 5.06
Tencent 2.39% due 30 2,250 2,343 0.20 308 321 0.06 — — — — — — 1.90 122 8.74 1.89 124 8.54
Tencent 2.985% due 23 1,000 1,046 0.09 137 143 0.03 — — — — — — 1.04 90 2.30 0.97 84 2.22
Tencent 3 4/5% due 25 900 996 0.09 123 136 0.03 — — — — — — 1.27 104 4.12 1.27 105 4.12
Tencent 3.24% due 50 2,000 2,123 0.18 274 291 0.05 — — — — — — 2.92 147 19.80 2.92 157 19.60
Tencent 3.28% due 24 1,250 1,352 0.12 171 185 0.03 — — — — — — 1.21 103 3.38 1.17 100 3.31
Tencent 3.29% due 60 750 801 0.07 103 110 0.02 — — — — — — 2.97 151 23.12 2.97 158 22.97
Tencent 3.575% due 26 500 564 0.05 68 77 0.01 — — — — — — 1.37 104 5.08 1.31 100 4.94
Tencent 3.595% due 28 2,500 2,779 0.24 342 381 0.07 2,500 2,779 0.47 542 603 0.18 1.97 146 6.55 1.92 145 6.35
Tencent 3.925% due 38 1,000 1,148 0.10 137 157 0.03 — — — — — — 2.79 181 13.19 2.77 179 12.90
Tencent 3.975% due 29 3,000 3,500 0.30 411 479 0.09 3,000 3,500 0.59 651 759 0.22 2.00 140 7.36 1.95 139 7.18
Tencent 4.525% due 49 500 654 0.06 68 90 0.02 — — — — — — 2.90 150 17.89 2.89 160 17.71
Tencent FRN due 23 500 497 0.04 68 68 0.01 — — — — — — 1.03 90 0.12 1.03 90 0.12
Tencent FRN due 24 750 745 0.06 103 102 0.02 — — — — — — 1.27 109 0.10 1.27 110 0.10
Tianji Holding Ltd 13 3/4% due 23 590 620 0.05 81 85 0.02 590 620 0.10 128 135 0.04 13.17 1302 2.42 13.17 1303 2.42
Tianqi Lithium Corp 3 3/4% due 22 300 193 0.02 41 26 0.00 — — — — — — 25.31 2517 1.88 25.31 2518 1.88
Times Prop Hldg 6.6% due 23 300 313 0.03 41 43 0.01 — — — — — — 5.21 507 2.25 1.54 144 0.25
Unigroup Int 5 3/8% due 23 750 507 0.04 103 70 0.01 750 507 0.09 163 110 0.03 23.22 2308 2.02 23.22 2309 2.02
Wanda Properties 7 1/4% due 24 600 609 0.05 82 83 0.02 600 609 0.10 130 132 0.04 6.87 670 2.96 6.87 671 2.96
Want Want 2 7/8% due 22 500 517 0.04 68 71 0.01 500 517 0.09 108 112 0.03 1.26 114 1.60 1.26 114 1.60
Weibo Corp 3 1/2% due 24 800 852 0.07 110 117 0.02 800 852 0.14 174 185 0.05 1.78 159 3.59 1.75 157 3.51
Weibo Corp 3 3/8% due 30 750 786 0.07 103 108 0.02 750 786 0.13 163 170 0.05 2.82 213 8.42 2.80 216 8.24
Weichai Power 3 3/4% due 22 Perp 775 795 0.07 106 109 0.02 775 795 0.13 168 172 0.05 6.93 550 2.16 3.09 296 1.91
Xiaomi Corp 3 3/8% due 30 600 638 0.05 82 87 0.02 600 638 0.11 130 138 0.04 2.67 199 8.25 2.65 202 8.06
Yanlord 5 7/8% due 22 450 460 0.04 62 63 0.01 — — — — — — 4.24 411 1.33 3.93 383 0.39
Yanlord 6 3/4% due 23 350 372 0.03 48 51 0.01 — — — — — — 4.93 479 2.35 4.87 476 0.62
Yingde Gases Grp 6 1/4% due 23 500 522 0.04 68 71 0.01 500 522 0.09 108 113 0.03 4.35 421 2.19 3.14 304 0.38
Yuexiu Property 4 1/2% due 23 500 522 0.04 68 71 0.01 500 522 0.09 108 113 0.03 2.71 257 2.26 2.71 257 2.26
Yuexiu Property 5 3/8% due 23 400 439 0.04 55 60 0.01 — — — — — — 2.51 236 2.85 2.51 236 2.85
Yuzhou 5 3/8% due 22 Perp 300 296 0.03 41 41 0.01 — — — — — — 9.41 797 1.95 6.83 670 1.88
Yuzhou 6% due 22 350 356 0.03 48 49 0.01 — — — — — — 4.71 459 1.33 4.71 459 1.33
Yuzhou 7 3/8% due 26 645 644 0.06 88 88 0.02 645 644 0.11 140 140 0.04 7.52 722 4.33 7.52 724 4.33
Yuzhou 7.7% due 25 400 410 0.04 55 56 0.01 — — — — — — 6.92 669 3.74 6.92 671 3.74
Yuzhou 8 1/2% due 24 500 531 0.05 68 73 0.01 — — — — — — 6.30 613 3.01 6.30 614 3.01
Yuzhou 8 3/8% due 24 500 539 0.05 68 74 0.01 — — — — — — 6.76 655 3.41 6.61 646 2.69
Yuzhou 8.3% due 25 500 530 0.05 68 73 0.01 500 530 0.09 108 115 0.03 7.19 694 3.81 7.04 689 2.76
Zhejiang Geely Hldg Grp 3% due 25 400 398 0.03 55 54 0.01 — — — — — — 3.23 299 4.12 3.23 301 4.12
Zoomlion 6 1/8% due 22 600 631 0.05 82 86 0.02 600 631 0.11 130 137 0.04 4.11 397 2.11 4.11 398 2.11
eHi Car 5 7/8% due 22 400 346 0.03 55 47 0.01 — — — — — — 12.55 1242 1.75 12.55 1242 1.75
Colombia AI Candelaria 7 1/2% due 28 700 779 0.07 494 550 0.10 — — — — — — 5.35 497 4.78 5.33 493 4.73
BBVA Colombia SA 4 7/8% due 25 400 425 0.04 282 300 0.06 — — — — — — 3.59 335 4.08 3.59 336 4.08
Banco Davivienda 5 7/8% due 22 500 534 0.05 353 377 0.07 500 534 0.09 491 525 0.15 2.17 204 1.75 2.17 204 1.75
Banco de Bogota 4 3/8% due 27 600 626 0.05 424 442 0.08 600 626 0.11 590 615 0.18 3.59 311 5.98 3.56 314 5.78
Banco de Bogota 5 3/8% due 23 500 526 0.05 353 372 0.07 — — — — — — 2.85 271 2.31 2.85 271 2.31
Banco de Bogota 6 1/4% due 26 1,100 1,207 0.10 777 852 0.16 1,100 1,207 0.20 1,081 1,186 0.35 4.53 419 4.74 4.53 421 4.74
Bancolombia 3% due 25 950 969 0.08 671 684 0.13 950 969 0.16 934 952 0.28 2.41 218 4.11 2.40 219 4.04
Bancolombia 4 5/8% due 29 550 537 0.05 388 379 0.07 — — — — — — 4.75 410 3.67 4.75 414 3.67
Bancolombia 4 7/8% due 27 750 752 0.06 530 531 0.10 750 752 0.13 737 739 0.22 4.37 387 1.85 4.37 390 1.85
Bancolombia 5 1/8% due 22 694 745 0.06 490 526 0.10 — — — — — — 2.27 214 1.89 2.27 214 1.89
Canacol Energy Ltd 7 1/4% due 25 320 337 0.03 226 238 0.04 — — — — — — 6.13 589 3.86 5.87 571 3.13
Colombia Telecomm 4.95% due 30 500 532 0.05 353 375 0.07 500 532 0.09 491 522 0.15 4.12 343 7.86 4.10 347 7.70
Credivalores Crediservicios 8 7/8% due 2 300 225 0.02 212 159 0.03 — — — — — — 16.95 1672 3.33 16.95 1675 3.33
EEB International 4 7/8% due 30 400 457 0.04 282 323 0.06 — — — — — — 3.20 253 7.82 3.17 255 7.66
EEB International 5.55% due 28 750 861 0.07 530 608 0.11 750 861 0.15 737 847 0.25 3.55 298 6.61 3.55 301 6.61
Ecopetrol 4 1/8% due 25 1,200 1,274 0.11 847 899 0.17 — — — — — — 2.57 235 3.99 2.57 236 3.99
Ecopetrol 5 3/8% due 26 1,500 1,670 0.14 1,059 1,179 0.22 — — — — — — 3.26 291 5.01 3.18 287 4.82
Ecopetrol 5 7/8% due 23 1,800 2,036 0.17 1,271 1,437 0.27 — — — — — — 2.15 200 2.75 2.15 200 2.75
Ecopetrol 5 7/8% due 45 2,000 2,300 0.20 1,412 1,624 0.30 2,000 2,300 0.39 1,966 2,261 0.66 4.86 361 13.80 4.86 372 13.80
Ecopetrol 6 7/8% due 30 2,000 2,457 0.21 1,412 1,735 0.32 2,000 2,457 0.41 1,966 2,415 0.71 4.18 350 7.23 4.12 353 7.09
Ecopetrol 7 3/8% due 43 850 1,129 0.10 600 797 0.15 — — — — — — 5.10 390 12.37 5.10 402 12.37
Frontera Energy 9.7% due 23 350 293 0.03 247 207 0.04 — — — — — — 16.99 1685 2.26 16.99 1686 2.26
GNB Sudameris 6 1/2% due 27 300 311 0.03 212 220 0.04 — — — — — — 5.36 492 1.41 5.02 490 1.46
GeoPark Holdings 5 1/2% due 27 350 318 0.03 247 225 0.04 — — — — — — 7.24 682 5.21 7.24 684 5.21
GeoPark Holdings 6 1/2% due 24 425 422 0.04 300 298 0.06 — — — — — — 7.18 697 3.40 7.18 699 3.40
Gilex Holding Sarl 8 1/2% due 23 345 364 0.03 244 257 0.05 — — — — — — 6.98 684 2.30 6.98 684 2.30
43


August 31, 2020 (US$ mm)(US$ mm) (%) (US$ mm) (US$ mm) (%) (US$ mm)(US$ mm) (%) (US$ mm) (US$ mm) (%) (%) (bps) (yrs) (%) (bps) (yrs)
Gran Tierra 7 3/4% due 27 300 132 0.01 212 93 0.02 — — — — — — 26.20 2574 3.81 26.20 2581 3.81
Gran Tierra Energy 6 1/4% due 25 300 127 0.01 212 90 0.02 — — — — — — 29.63 2940 3.15 29.63 2943 3.15
Grupo Aval 4 3/4% due 22 1,000 1,048 0.09 706 740 0.14 1,000 1,048 0.18 983 1,030 0.30 2.98 285 1.93 2.98 285 1.93
Grupo Aval 4 3/8% due 30 1,000 982 0.08 706 693 0.13 1,000 982 0.17 983 965 0.28 4.56 390 7.68 4.56 394 7.68
Gruposura 5 1/2% due 26 550 624 0.05 388 441 0.08 550 624 0.11 541 613 0.18 3.06 273 4.85 2.97 268 4.66
Millicom 5 1/8% due 28 500 525 0.04 353 371 0.07 500 525 0.09 491 516 0.15 4.26 375 6.13 3.57 344 1.92
Millicom 6 1/4% due 29 750 844 0.07 530 596 0.11 750 844 0.14 737 829 0.24 4.72 412 6.59 3.84 367 3.13
Millicom 6 5/8% due 26 500 556 0.05 353 393 0.07 — — — — — — 4.78 440 4.97 2.25 213 1.07
Millicom 6% due 25 500 527 0.05 353 372 0.07 — — — — — — 5.12 489 3.85 -15.52 -1506 0.02
Oleoducto Central 4% due 27 500 523 0.04 353 369 0.07 500 523 0.09 491 514 0.15 3.18 271 6.00 -57.12 -5077 0.10
Promigas SA 3 3/4% due 29 400 400 0.03 282 283 0.05 — — — — — — 3.81 317 7.62 3.81 320 7.62
SURA Asset Management 4 3/8% due 27 350 389 0.03 247 275 0.05 — — — — — — 2.65 221 5.72 2.65 223 5.72
SURA Asset Management 4 7/8% due 24 500 555 0.05 353 392 0.07 500 555 0.09 491 545 0.16 1.98 179 3.30 1.98 181 3.30
Termoc Power 7 7/8% due 29 596 639 0.05 421 451 0.08 — — — — — — 6.24 590 4.47 5.52 539 1.99
Czech Republic CEZ 5 5/8% due 42 300 382 0.03 300 382 0.07 — — — — — — 3.81 267 13.56 3.81 272 13.56
Dominican Rep AERDOS 6 3/4% due 29 317 293 0.03 317 293 0.05 — — — — — — 8.43 801 4.84 8.43 804 4.84
Ecuador International Airport 12% due 33 400 363 0.03 400 363 0.07 — — — — — — 14.90 1427 4.62 14.90 1440 4.62
Egypt ADES International 8 5/8% due 24 325 311 0.03 325 311 0.06 — — — — — — 10.17 998 2.95 10.17 1000 2.95
African Export Import Bk 3.994% due 29 750 788 0.07 750 788 0.15 750 788 0.13 750 788 0.23 3.38 275 7.53 3.37 278 7.35
African Export Import Bk 4 1/8% due 24 750 797 0.07 750 797 0.15 — — — — — — 2.39 220 3.50 2.39 222 3.50
African Export Import Bk 5 1/4% due 23 500 553 0.05 500 553 0.10 — — — — — — 2.12 196 2.84 2.12 197 2.84
Georgia BGEO Group 6% due 23 350 362 0.03 350 362 0.07 — — — — — — 4.24 410 2.64 4.24 410 2.64
JSC Georgia Capital 6 1/8% due 24 300 289 0.02 300 289 0.05 — — — — — — 7.48 730 3.00 7.48 732 3.00
TBC Bank JSC 5 3/4% due 24 300 308 0.03 300 308 0.06 — — — — — — 4.45 425 3.36 4.45 427 3.36
Ghana Kosmos Energy 7 1/8% due 26 650 601 0.05 650 601 0.11 650 601 0.10 650 601 0.18 9.10 877 4.33 9.10 879 4.33
Tullow Oil 6 1/4% due 22 650 451 0.04 650 451 0.08 650 451 0.08 650 451 0.13 32.27 3214 1.30 32.27 3214 1.30
Tullow Oil 7% due 25 800 456 0.04 800 456 0.08 800 456 0.08 800 456 0.13 21.74 2150 3.36 21.74 2153 3.36
Guatemala Bangua 5 1/2% due 22 500 527 0.05 500 527 0.10 500 527 0.09 500 527 0.15 3.33 319 2.00 3.33 319 2.00
CabCorp 5 3/4% due 27 500 531 0.05 500 531 0.10 500 531 0.09 500 531 0.16 4.58 416 5.37 3.06 294 1.36
Comcel Trust 6 7/8% due 24 800 817 0.07 800 817 0.15 800 817 0.14 800 817 0.24 5.98 581 3.02 1.34 125 0.08
Energuate Trust 5 7/8% due 27 330 350 0.03 330 350 0.06 — — — — — — 4.98 453 5.43 4.43 431 1.56
Hong Kong AIA Group Ltd 3 1/8% due 23 500 530 0.05 145 154 0.03 — — — — — — 1.16 102 2.40 1.16 102 2.40
AIA Group Ltd 3 3/8% due 30 1,000 1,133 0.10 290 329 0.06 1,000 1,133 0.19 411 465 0.14 1.88 121 8.27 1.84 121 8.09
AIA Group Ltd 3.2% due 25 750 817 0.07 218 237 0.04 — — — — — — 1.39 115 4.17 1.29 109 3.96
AIA Group Ltd 3.6% due 29 1,000 1,142 0.10 290 332 0.06 1,000 1,142 0.19 411 469 0.14 1.87 127 7.46 1.83 126 7.27
AIA Group Ltd 3.9% due 28 500 576 0.05 145 167 0.03 — — — — — — 1.84 132 6.61 1.78 130 6.42
AIA Group Ltd 4 1/2% due 46 750 954 0.08 218 277 0.05 — — — — — — 3.01 172 16.51 3.00 178 16.32
AIA Group Ltd 4 7/8% due 44 500 658 0.06 145 191 0.04 — — — — — — 3.01 180 15.37 3.01 184 15.37
Bank Of Communication 3.725% due 25 Perp 500 510 0.04 145 148 0.03 500 510 0.09 205 210 0.06 4.11 268 3.58 3.60 339 4.04
Bank of China 5.9% due 23 Perp 3,000 3,304 0.28 871 959 0.18 3,000 3,304 0.56 1,233 1,357 0.40 4.43 299 2.50 3.16 301 2.72
Bank of East Asia 4% due 26 500 513 0.04 145 149 0.03 — — — — — — 3.36 297 1.09 2.58 246 1.14
Bank of East Asia 4% due 30 600 632 0.05 174 184 0.03 — — — — — — 3.89 320 4.28 2.89 266 4.28
Bank of East Asia 5 1/2% due 20 Perp 650 658 0.06 189 191 0.04 650 658 0.11 267 270 0.08 5.27 384 -0.09 4.31 419 0.25
Bank of East Asia 5 5/8% due 22 Perp 500 507 0.04 145 147 0.03 — — — — — — 5.26 382 1.08 4.84 456 1.54
Bank of East Asia 5 7/8% due 24 Perp 650 664 0.06 189 193 0.04 650 664 0.11 267 273 0.08 5.90 447 2.98 5.65 512 3.40
CITIC 4 1/4% due 21 Perp 500 504 0.04 145 146 0.03 500 504 0.08 205 207 0.06 4.59 316 0.67 3.73 360 1.05
CITIC 4 5/8% due 29 500 531 0.05 145 154 0.03 — — — — — — 3.08 249 3.17 2.65 249 3.23
CITIC 7.1% due 23 Perp 500 551 0.05 145 160 0.03 500 551 0.09 205 227 0.07 5.31 388 2.82 3.42 326 2.81
CK Prop Hldg 4.6% due 20 Perp 1,500 1,517 0.13 435 440 0.08 1,500 1,517 0.26 616 623 0.18 4.58 315 16.11 3.07 298 0.21
CLP 2 1/8% due 30 750 765 0.07 218 222 0.04 750 765 0.13 308 314 0.09 1.89 120 8.91 1.89 121 8.91
CLP 2 7/8% due 23 300 315 0.03 87 92 0.02 — — — — — — 1.13 99 2.53 1.13 99 2.53
CLP 3 1/8% due 25 300 326 0.03 87 95 0.02 — — — — — — 1.31 106 4.34 1.31 107 4.34
CLP 3 3/8% due 27 300 334 0.03 87 97 0.02 — — — — — — 1.85 135 6.37 1.85 137 6.37
CLP 3.55% due 24 Perp 500 509 0.04 145 148 0.03 500 509 0.09 205 209 0.06 3.79 236 4.00 2.84 264 3.86
CMB Wing Lung Bank 6 1/2% due 24 Perp 400 420 0.04 116 122 0.02 — — — — — — 5.39 396 2.72 4.59 443 3.02
Castle Peak Pwr 2.2% due 30 350 361 0.03 102 105 0.02 — — — — — — 1.85 116 8.87 1.85 118 8.87
Castle Peak Pwr 3 1/4% due 27 500 545 0.05 145 158 0.03 500 545 0.09 205 224 0.07 1.79 132 6.23 1.79 133 6.23
Champion Real Estate 3 3/4% due 23 400 421 0.04 116 122 0.02 — — — — — — 1.63 149 2.27 1.63 150 2.27
Cheung Kong Infr 4.85% due 22 Perp 650 658 0.06 189 191 0.04 650 658 0.11 267 270 0.08 4.72 328 15.95 3.74 361 1.87
Cheung Kong Infr 5 7/8% due 21 Perp 1,200 1,223 0.10 348 355 0.07 1,200 1,223 0.21 493 503 0.15 5.71 428 14.22 1.22 111 0.50
Chong Hing Bank 3.876% due 27 383 384 0.03 111 112 0.02 — — — — — — 3.19 272 1.72 3.19 274 1.72
Chong Hing Bank 5.7% due 24 Perp 400 404 0.03 116 117 0.02 — — — — — — 5.51 407 2.90 5.23 472 3.35
Citic Telecom 6.1% due 25 450 490 0.04 131 142 0.03 — — — — — — 4.61 437 3.83 4.61 440 3.83
FWD 5% due 24 325 352 0.03 94 102 0.02 — — — — — — 3.21 300 3.61 3.21 302 3.61
FWD Grp 0% due 22 Perp 750 568 0.05 218 165 0.03 750 568 0.10 308 233 0.07 7.44 600 -0.12 7.44 629 -0.12
FWD Grp 5 3/4% due 24 Perp 900 934 0.08 261 271 0.05 900 934 0.16 370 384 0.11 4.66 447 3.41 4.66 449 3.41
FWD Grp 6 3/8% due 24 Perp 600 606 0.05 174 176 0.03 — — — — — — 6.53 509 2.94 6.30 575 3.32
Far East Cons Intl 7 3/8% due 24 Perp 360 368 0.03 104 107 0.02 — — — — — — 9.46 802 3.63 7.36 717 3.41
Goodman Logistics 4 3/8% due 24 400 438 0.04 116 127 0.02 — — — — — — 1.95 176 3.49 1.95 177 3.49
Hang Lung Prop 4 3/4% due 22 500 531 0.05 145 154 0.03 500 531 0.09 205 218 0.06 1.58 145 1.73 1.58 145 1.73
Henderson Land 2 3/8% due 25 500 508 0.04 145 148 0.03 500 508 0.09 205 209 0.06 2.04 179 4.44 2.04 181 4.44
Henderson Land 3 7/8% due 29 300 320 0.03 87 93 0.02 — — — — — — 2.84 225 7.32 2.84 227 7.32
Hong Kong & China Gas 4 3/4% due 24 Perp 300 312 0.03 87 91 0.02 — — — — — — 4.07 263 3.05 3.24 305 3.16
Hong Kong Airlines 7 1/8% due 20 Perp 683 212 0.02 198 62 0.01 — — — — — — 36.45 3502 -0.61 36.45 3606 -0.61
Hong Kong Electric Finance 2 1/4% due 30 500 512 0.04 145 149 0.03 500 512 0.09 205 210 0.06 1.99 131 8.80 1.98 134 8.39
Hong Kong Electric Finance 2 7/8% due 26 750 815 0.07 218 237 0.04 750 815 0.14 308 335 0.10 1.37 103 5.23 1.37 104 5.23
Hutchison 1 7/8% due 21 750 762 0.07 218 221 0.04 — — — — — — 0.98 86 1.08 0.98 86 1.08
Hutchison 2 1/2% due 30 750 797 0.07 218 231 0.04 — — — — — — 1.84 116 8.64 1.83 118 8.44
Hutchison 2 3/4% due 23 750 789 0.07 218 229 0.04 — — — — — — 1.06 92 2.46 1.06 92 2.46
Hutchison 2 3/4% due 26 500 542 0.05 145 157 0.03 — — — — — — 1.41 102 5.59 1.41 103 5.59
Hutchison 2 3/4% due 29 500 543 0.05 145 157 0.03 — — — — — — 1.77 114 7.99 1.75 115 7.79
Hutchison 2 7/8% due 22 1,000 1,038 0.09 290 301 0.06 — — — — — — 1.10 97 1.55 1.10 97 1.55
Hutchison 3 1/2% due 27 800 899 0.08 232 261 0.05 — — — — — — 1.64 120 5.89 1.64 122 5.89
Hutchison 3 1/4% due 22 500 528 0.05 145 153 0.03 — — — — — — 1.06 93 2.10 1.06 93 2.10
Hutchison 3 1/4% due 24 750 811 0.07 218 235 0.04 — — — — — — 1.26 108 3.38 1.21 105 3.31
Hutchison 3 1/4% due 27 500 555 0.05 145 161 0.03 — — — — — — 1.72 123 6.32 1.72 125 6.32
Hutchison 3 3/8% due 49 750 855 0.07 218 248 0.05 — — — — — — 2.70 128 19.45 2.69 136 19.24
Hutchison 3 3/8% due 50 750 849 0.07 218 247 0.05 — — — — — — 2.73 128 19.79 2.72 138 19.59
Hutchison 3 5/8% due 24 1,500 1,660 0.14 435 482 0.09 1,500 1,660 0.28 616 682 0.20 1.20 98 3.85 1.20 100 3.85
Hutchison 3 5/8% due 29 750 863 0.07 218 250 0.05 — — — — — — 1.80 120 7.46 1.75 118 7.27
44


Hong Kong Hutchison 4 5/8% due 22 1,480 1,561 0.13 430 453 0.08 — — — — — — 0.93 80 1.34 0.93 80 1.34
Hutchison 4% due 22 Perp 1,000 1,028 0.09 290 298 0.06 — — — — — — 3.87 245 1.60 2.78 265 1.62
Hutchison 7 1/2% due 27 329 451 0.04 96 131 0.02 — — — — — — 1.77 129 5.70 1.77 133 5.70
Hutchison 7.45% due 33 1,500 2,391 0.20 435 694 0.13 1,500 2,391 0.40 616 982 0.29 2.33 151 9.54 2.33 154 9.54
Hutchison Port 2 3/4% due 22 500 519 0.04 145 151 0.03 500 519 0.09 205 213 0.06 1.42 129 1.95 1.42 129 1.95
Hutchison Port 2 7/8% due 24 500 524 0.04 145 152 0.03 500 524 0.09 205 215 0.06 1.84 162 3.90 1.84 164 3.90
Hysan Dvlp Co 2 7/8% due 27 400 416 0.04 116 121 0.02 — — — — — — 2.28 182 6.12 2.26 184 5.91
Hysan Dvlp Co 2.82% due 29 500 517 0.04 145 150 0.03 500 517 0.09 205 212 0.06 2.46 183 7.90 2.46 185 7.90
Hysan Dvlp Co 3 1/2% due 23 300 313 0.03 87 91 0.02 — — — — — — 1.55 141 2.27 1.55 142 2.27
Hysan Dvlp Co 4.1% due 25 Perp 850 848 0.07 247 246 0.05 850 848 0.14 349 348 0.10 4.79 335 4.06 4.37 374 4.29
ICBC 4 1/4% due 21 Perp 1,000 1,011 0.09 290 293 0.05 — — — — — — 4.57 313 0.56 2.99 287 0.87
IFC Development 3 5/8% due 29 500 556 0.05 145 161 0.03 500 556 0.09 205 228 0.07 2.25 165 7.44 2.25 167 7.44
Johnson Electric Hldg 4 1/8% due 24 300 321 0.03 87 93 0.02 — — — — — — 2.20 200 3.61 2.20 201 3.61
LIFUNG 4 3/8% due 24 500 508 0.04 145 148 0.03 500 508 0.09 205 209 0.06 4.30 409 3.65 4.30 411 3.58
LIFUNG 5 1/4% due 21 Perp 650 496 0.04 189 144 0.03 650 496 0.08 267 204 0.06 7.30 586 12.56 7.30 614 12.56
Lai Sun Dvlp 4.6% due 22 400 402 0.03 116 117 0.02 — — — — — — 5.12 499 1.87 5.12 499 1.87
Land Finance 2 7/8% due 30 600 642 0.05 174 186 0.03 600 642 0.11 247 264 0.08 2.10 142 8.54 2.09 144 8.35
Land Finance 4 1/2% due 22 500 532 0.05 145 155 0.03 — — — — — — 1.23 110 1.68 1.23 110 1.68
Land Finance 4 1/2% due 25 600 692 0.06 174 201 0.04 600 692 0.12 247 284 0.08 1.62 134 4.55 1.62 135 4.55
Land Finance 4 5/8% due 24 400 442 0.04 116 128 0.02 — — — — — — 1.52 135 3.13 1.52 136 3.13
Lifestyle 4 1/2% due 25 300 280 0.02 87 81 0.02 — — — — — — 5.82 557 4.21 5.82 558 4.21
Lifestyle 4 1/4% due 22 300 298 0.03 87 87 0.02 — — — — — — 4.87 474 1.97 4.87 474 1.97
Link Holdings 2 7/8% due 26 500 535 0.05 145 155 0.03 500 535 0.09 205 220 0.06 1.55 119 5.44 1.55 119 5.44
Link Holdings 3 3/5 % due 24 500 548 0.05 145 159 0.03 500 548 0.09 205 225 0.07 1.47 126 3.69 1.47 128 3.69
MTRC 2 1/2% due 26 600 647 0.06 174 188 0.03 600 647 0.11 247 266 0.08 1.24 85 5.72 1.24 85 5.72
NWS Holdings Ltd 4 1/4% due 29 650 667 0.06 189 194 0.04 650 667 0.11 267 274 0.08 3.89 328 7.33 3.89 331 7.33
NWS Holdings Ltd 5 3/4% due 24 Perp 1,300 1,368 0.12 377 397 0.07 1,300 1,368 0.23 534 562 0.16 8.21 678 3.74 3.95 379 3.08
Nan Fung 3 7/8% due 27 410 427 0.04 119 124 0.02 — — — — — — 3.26 277 6.13 3.26 280 6.13
Nan Fung 4 1/2% due 22 300 321 0.03 87 93 0.02 — — — — — — 1.93 180 1.93 1.93 180 1.93
Nan Fung 5 1/2% due 20 Perp 500 507 0.04 145 147 0.03 500 507 0.09 205 208 0.06 5.46 402 14.50 2.86 277 0.24
Nan Fung 5% due 28 500 563 0.05 145 164 0.03 500 563 0.09 205 231 0.07 3.47 291 6.56 3.47 294 6.56
Nanyang Comm Bk 3.8% due 29 700 724 0.06 203 210 0.04 700 724 0.12 288 298 0.09 3.26 261 3.77 3.07 288 3.85
Nanyang Comm Bk 5% due 22 Perp 1,200 1,215 0.10 348 353 0.07 1,200 1,215 0.20 493 499 0.15 4.76 332 1.16 4.22 402 1.61
New World 4 1/2% due 30 600 629 0.05 174 183 0.03 — — — — — — 3.97 329 7.83 3.97 333 7.83
New World 4 1/8% due 29 950 964 0.08 276 280 0.05 — — — — — — 3.83 321 7.42 3.83 324 7.42
New World 4 3/8% due 22 950 1,003 0.09 276 291 0.05 — — — — — — 2.18 204 2.12 2.18 205 2.12
New World 5 1/4% due 26 Perp 850 897 0.08 247 260 0.05 — — — — — — 5.81 438 5.13 4.23 392 4.77
New World 5 3/4% due 21 Perp 1,200 1,233 0.11 348 358 0.07 1,200 1,233 0.21 493 506 0.15 5.70 426 13.98 5.03 491 1.04
New World 6 1/4% due 24 Perp 1,300 1,364 0.12 377 396 0.07 1,300 1,364 0.23 534 561 0.16 6.07 464 13.27 5.47 530 3.04
New World China 4 3/4% due 23 310 330 0.03 90 96 0.02 — — — — — — 2.83 267 2.99 2.83 267 2.99
New World China 4 3/4% due 27 600 626 0.05 174 182 0.03 600 626 0.11 247 257 0.08 3.95 353 5.50 3.95 355 5.50
PCCW 3 1/4% due 29 500 541 0.05 145 157 0.03 500 541 0.09 205 222 0.07 2.30 167 7.86 2.30 169 7.86
PCCW 3 3/4% due 23 500 534 0.05 145 155 0.03 — — — — — — 1.53 139 2.36 1.53 139 2.36
PCCW 3 5/8% due 25 500 546 0.05 145 159 0.03 — — — — — — 1.72 148 4.19 1.72 149 4.19
PCCW 3% due 26 750 800 0.07 218 232 0.04 750 800 0.13 308 329 0.10 1.66 130 5.40 1.66 131 5.40
PCCW 5 3/4% due 22 300 324 0.03 87 94 0.02 — — — — — — 1.68 155 1.54 1.68 155 1.54
PCPD 4 3/4% due 22 700 715 0.06 203 208 0.04 700 715 0.12 288 294 0.09 4.30 417 1.42 4.30 417 1.42
Red Star Macalline 3 3/8% due 22 300 286 0.02 87 83 0.02 — — — — — — 6.20 607 1.91 6.20 607 1.91
SHK & Co 4.65% due 22 445 446 0.04 129 130 0.02 — — — — — — 5.05 491 1.86 5.05 491 1.86
SHK & Co 5 3/4% due 24 350 354 0.03 102 103 0.02 — — — — — — 5.48 526 3.64 5.48 528 3.64
Shanghai Comm Bk 5% due 29 300 325 0.03 87 94 0.02 — — — — — — 3.12 253 3.07 2.43 227 3.10
Sun Hung 2 3/4% due 30 500 532 0.05 145 155 0.03 — — — — — — 2.03 135 8.55 2.01 137 8.36
Sun Hung 2 7/8% due 30 800 856 0.07 232 248 0.05 800 856 0.14 329 352 0.10 2.00 134 8.31 2.00 136 8.31
Sun Hung 3 3/4% due 29 500 565 0.05 145 164 0.03 — — — — — — 1.95 136 7.41 1.95 138 7.41
Sun Hung 3 5/8% due 23 500 528 0.05 145 153 0.03 — — — — — — 1.28 114 2.27 1.28 115 2.27
Sun Hung 4 1/2% due 22 900 941 0.08 261 273 0.05 900 941 0.16 370 387 0.11 1.33 120 1.42 1.33 120 1.42
Sun Hung 4.45% due 20 Perp 488 493 0.04 142 143 0.03 — — — — — — 4.42 299 16.43 2.33 224 0.23
Swire Pac 2 7/8% due 30 500 526 0.05 145 153 0.03 500 526 0.09 205 216 0.06 2.19 153 8.32 2.18 155 8.12
Swire Pac 3 7/8% due 25 500 557 0.05 145 162 0.03 — — — — — — 1.77 150 4.56 1.77 151 4.56
Swire Pac 3% due 24 300 315 0.03 87 91 0.02 — — — — — — 1.67 147 3.62 1.67 149 3.62
Swire Pac 4 1/2% due 22 500 523 0.04 145 152 0.03 — — — — — — 1.31 118 1.46 1.31 118 1.46
Swire Pac 4 1/2% due 23 700 774 0.07 203 225 0.04 700 774 0.13 288 318 0.09 1.40 125 2.87 1.40 125 2.87
Swire Properties 3 1/2% due 28 500 536 0.05 145 156 0.03 500 536 0.09 205 220 0.06 2.32 181 6.52 2.32 183 6.52
Swire Properties 3 5/8% due 26 500 547 0.05 145 159 0.03 500 547 0.09 205 225 0.07 1.71 140 4.90 1.71 141 4.90
Swire Properties 4 3/8% due 22 500 530 0.05 145 154 0.03 — — — — — — 1.38 125 1.72 1.38 125 1.72
TVB 3 5/8% due 21 416 421 0.04 121 122 0.02 — — — — — — 3.16 304 1.08 3.16 304 1.08
WTT Hldg 5 1/2% due 22 536 551 0.05 156 160 0.03 536 551 0.09 220 226 0.07 4.32 418 2.05 4.32 419 2.05
Wharf 2 1/2% due 24 300 313 0.03 87 91 0.02 — — — — — — 1.54 133 3.80 1.54 135 3.80
Wharf 2 3/8% due 25 450 468 0.04 131 136 0.03 — — — — — — 1.61 137 4.40 1.61 138 4.40
Wharf 2 7/8% due 30 300 318 0.03 87 92 0.02 — — — — — — 2.25 157 8.47 2.25 159 8.47
Wharf 3 1/2% due 28 600 656 0.06 174 190 0.04 600 656 0.11 247 269 0.08 2.07 156 6.56 2.07 157 6.56
Wing Lung 3 3/4% due 27 400 412 0.04 116 120 0.02 — — — — — — 2.73 223 2.04 2.64 251 2.10
Indonesia ABM Investama Tbk 7 1/8% due 22 350 217 0.02 350 217 0.04 — — — — — — 35.58 3545 1.51 35.58 3545 1.51
Bank Mandiri 3 3/4% due 24 750 796 0.07 750 796 0.15 750 796 0.13 750 796 0.23 2.17 198 3.33 2.17 200 3.33
Bank Mandiri 4 3/4% due 25 500 556 0.05 500 556 0.10 500 556 0.09 500 556 0.16 2.37 212 4.19 2.37 214 4.19
Bank Rakyat 3.95% due 24 500 538 0.05 500 538 0.10 500 538 0.09 500 538 0.16 2.00 182 3.29 2.00 183 3.29
Bank Rakyat 4 5/8% due 23 500 538 0.05 500 538 0.10 500 538 0.09 500 538 0.16 1.85 171 2.70 1.85 171 2.70
Bumi Resources 8% due 12/22 641 194 0.02 641 194 0.04 — — — — — — 63.76 6362 1.72 63.76 6362 1.72
Bumi Resources FRN due 22 328 159 0.01 328 159 0.03 — — — — — — 45.23 4509 1.65 45.23 4509 1.65
Cikarang 4.95% due 26 550 582 0.05 550 582 0.11 550 582 0.10 550 582 0.17 4.10 372 5.11 2.87 275 1.00
Indika 5 7/8% due 24 575 555 0.05 575 555 0.10 575 555 0.09 575 555 0.16 7.08 686 3.57 7.08 688 3.57
Lestari Banten Energi PT 6 7/8% due 39 728 841 0.07 728 841 0.16 — — — — — — 4.59 395 6.74 4.59 392 6.74
Lippo Karawaci 6 3/4% due 26 417 367 0.03 417 367 0.07 — — — — — — 9.77 938 4.71 9.77 941 4.71
Lippo Karawaci 8 1/8% due 25 420 398 0.03 420 398 0.07 — — — — — — 9.53 930 3.56 9.53 933 3.56
Medco Straits 6 3/4% due 25 500 507 0.04 500 507 0.09 — — — — — — 6.28 605 3.76 6.16 600 3.00
Medco Straits 6 3/8% due 27 650 616 0.05 650 616 0.11 650 616 0.10 650 616 0.18 7.26 684 5.14 7.26 687 5.14
Medco Straits 7 3/8% due 26 650 669 0.06 650 669 0.12 650 669 0.11 650 669 0.20 6.96 662 4.52 6.96 665 4.52
Minejesa Power 4 5/8% due 30 1,200 1,249 0.11 1,200 1,249 0.23 — — — — — — 3.80 335 5.70 3.80 335 5.70
Minejesa Power 5 5/8% due 37 900 948 0.08 900 948 0.18 — — — — — — 4.99 413 9.99 4.99 415 9.99
45


Indonesia PT APL Tbk 5.95% due 24 300 193 0.02 300 193 0.04 — — — — — — 19.18 1899 2.97 19.18 1901 2.97
PT Adaro Energy Tbk 4 1/4% due 24 750 750 0.06 750 750 0.14 750 750 0.13 750 750 0.22 4.40 418 3.73 4.40 420 3.73
PT Bank Tabungan Negara 4.2% due 25 300 300 0.03 300 300 0.06 — — — — — — 4.11 388 3.96 4.11 390 3.96
PT Bumi Serpong Damai Tbk 5.95% due 25 300 295 0.03 300 295 0.05 — — — — — — 6.43 620 3.78 6.43 622 3.78
PT Chandra Asri 4.95% due 24 300 294 0.03 300 294 0.05 — — — — — — 5.51 529 3.67 5.51 531 3.67
PT Delta Dunia Makmur Tbk 7 3/4% due 22 350 316 0.03 350 316 0.06 — — — — — — 14.56 1444 1.30 14.56 1444 1.30
PT Kawasan Industri 6 1/2% due 23 300 253 0.02 300 253 0.05 — — — — — — 13.26 1311 2.57 13.26 1311 2.57
Perusahaan Gas Negara 5 1/8% due 24 1,350 1,497 0.13 1,350 1,497 0.28 1,350 1,497 0.25 1,350 1,497 0.44 2.25 206 3.36 2.25 208 3.36
Saka Energi 4.45% due 24 625 592 0.05 625 592 0.11 625 592 0.10 625 592 0.17 6.12 594 3.27 6.12 595 3.27
Sawit Sumbermas 7 3/4% due 23 300 150 0.01 300 150 0.03 — — — — — — 41.08 4095 1.76 41.08 4095 1.76
Star Energy 6 3/4% due 33 526 591 0.05 526 591 0.11 — — — — — — 4.97 442 5.99 4.59 429 4.16
TBG Global PTE 4 1/4% due 25 350 353 0.03 350 353 0.07 — — — — — — 3.90 368 3.96 3.90 370 3.89
TBG Global PTE 5 1/4% due 22 350 353 0.03 350 353 0.07 — — — — — — 4.34 422 1.38 2.36 226 0.44
Israel Altice 5% due 28 1,200 1,238 0.11 993 1,025 0.19 1,200 1,238 0.21 1,172 1,209 0.35 4.44 393 6.14 4.12 391 3.89
Altice 7 1/2% due 26 2,750 2,966 0.25 2,276 2,455 0.46 2,750 2,966 0.50 2,686 2,897 0.85 5.85 551 4.62 1.51 140 0.69
Bank Leumi Le-Israel BM 3.275% due 31 750 756 0.06 621 626 0.12 750 756 0.13 733 738 0.22 2.99 228 4.82 2.99 230 4.82
Delek & Avner 5.082% due 23 320 324 0.03 265 268 0.05 — — — — — — 4.59 442 3.01 4.59 443 3.01
Delek & Avner 5.412% due 25 320 323 0.03 265 267 0.05 — — — — — — 5.22 492 4.55 5.22 494 4.55
Electric Corp 4 1/4% due 28 1,000 1,137 0.10 828 941 0.17 1,000 1,137 0.19 977 1,111 0.33 2.28 173 6.87 2.28 175 6.87
Electric Corp 5% due 24 1,250 1,425 0.12 1,035 1,180 0.22 1,250 1,425 0.24 1,221 1,392 0.41 1.77 155 3.78 1.77 157 3.78
Electric Corp 6 7/8% due 23 650 753 0.06 538 623 0.12 — — — — — — 1.40 125 2.56 1.40 126 2.56
Electric Corp 7 3/4% due 27 300 403 0.03 248 334 0.06 — — — — — — 2.63 212 5.83 2.63 217 5.83
Israel Chemicals 6 3/8% due 38 600 757 0.06 497 626 0.12 600 757 0.13 586 739 0.22 4.31 331 11.46 4.27 333 11.26
Teva 2.8% due 23 3,000 2,893 0.25 2,483 2,395 0.45 3,000 2,893 0.49 2,930 2,826 0.83 3.85 371 2.73 3.85 371 2.73
Teva 2.95% due 22 844 827 0.07 699 684 0.13 — — — — — — 3.84 370 2.18 3.84 371 2.18
Teva 3.15% due 26 3,500 3,251 0.28 2,897 2,691 0.50 3,500 3,251 0.55 3,418 3,175 0.93 4.50 411 5.38 4.50 412 5.38
Teva 3.65% due 21 613 617 0.05 507 510 0.09 — — — — — — 2.79 267 1.16 2.79 266 1.16
Teva 4.1% due 46 2,000 1,744 0.15 1,655 1,444 0.27 — — — — — — 5.01 370 15.11 5.01 380 15.11
Teva 6 3/4% due 28 1,250 1,360 0.12 1,035 1,125 0.21 — — — — — — 5.12 460 5.97 5.08 462 5.81
Teva 6% due 24 1,250 1,334 0.11 1,035 1,104 0.21 — — — — — — 4.16 398 3.18 4.04 388 2.99
Teva 6.15% due 36 789 825 0.07 653 683 0.13 — — — — — — 5.63 472 10.14 5.63 476 10.14
Teva 7 1/8% due 25 1,000 1,085 0.09 828 898 0.17 — — — — — — 4.80 457 3.78 4.69 449 3.60
India Adani Elect Mumbai Ltd 3.949% due 30 1,000 1,000 0.09 403 403 0.07 1,000 1,000 0.17 517 517 0.15 3.88 322 7.88 3.88 325 7.88
Adani Green 4 5/8% due 39 353 348 0.03 142 140 0.03 — — — — — — 4.84 403 9.02 4.84 398 9.02
Adani Green 6 1/4% due 24 500 542 0.05 202 219 0.04 500 542 0.09 258 280 0.08 4.18 396 3.71 4.18 398 3.71
Adani Ports and SEZ 3 3/8% due 24 650 667 0.06 262 269 0.05 — — — — — — 2.59 239 3.63 2.59 240 3.63
Adani Ports and SEZ 3.95% due 22 500 513 0.04 202 207 0.04 — — — — — — 2.10 198 1.35 2.10 198 1.35
Adani Ports and SEZ 4 3/8% due 29 750 771 0.07 303 311 0.06 750 771 0.13 388 398 0.12 4.00 338 7.31 4.00 341 7.31
Adani Ports and SEZ 4% due 27 500 504 0.04 202 203 0.04 — — — — — — 3.72 325 6.01 3.72 328 5.95
Adani Ports and SEZ 4.2% due 27 750 767 0.07 303 310 0.06 750 767 0.13 388 397 0.12 3.74 327 6.00 3.74 329 6.00
Adani Transmission Ltd 4 1/4% due 36 498 501 0.04 201 202 0.04 — — — — — — 4.18 352 7.23 4.18 344 7.23
Adani Transmission Ltd 4% due 26 500 521 0.04 202 210 0.04 500 521 0.09 258 269 0.08 3.17 280 5.27 3.17 282 5.27
Axis Bank 3% due 22 500 502 0.04 202 203 0.04 500 502 0.08 258 260 0.08 2.50 237 1.87 2.50 237 1.87
Azure Power 5 1/2% due 22 500 522 0.04 202 210 0.04 500 522 0.09 258 270 0.08 3.85 371 2.00 -2.79 -287 0.08
Azure Power 5.65% due 24 350 367 0.03 141 148 0.03 — — — — — — 4.43 421 3.78 4.37 418 3.58
Bank of Baroda 3 7/8% due 24 300 316 0.03 121 127 0.02 — — — — — — 2.57 239 3.30 2.57 240 3.30
Bharat Petroleum 4 3/8% due 27 600 633 0.05 242 255 0.05 600 633 0.11 310 327 0.10 3.37 295 5.56 3.37 297 5.56
Bharat Petroleum 4 5/8% due 22 500 532 0.05 202 215 0.04 — — — — — — 2.08 195 2.02 2.08 195 2.02
Bharat Petroleum 4% due 25 500 532 0.05 202 215 0.04 500 532 0.09 258 275 0.08 2.62 237 4.23 2.62 239 4.23
Bharti Airtel 4 3/8% due 25 1,000 1,073 0.09 403 433 0.08 1,000 1,073 0.18 517 555 0.16 2.81 256 4.28 2.81 257 4.28
Bharti Airtel 5 1/8% due 23 505 550 0.05 204 222 0.04 — — — — — — 2.33 219 2.32 2.33 219 2.32
Bharti Airtel 5.35% due 24 1,000 1,102 0.09 403 444 0.08 — — — — — — 2.77 258 3.34 2.77 260 3.34
Bharti Airtel 5.65% due 25 Perp 1,000 1,025 0.09 403 413 0.08 1,000 1,025 0.17 517 529 0.16 5.98 455 3.79 5.38 518 3.76
Canara Bank 3 1/4% due 22 600 613 0.05 242 247 0.05 600 613 0.10 310 317 0.09 1.95 182 1.87 1.95 182 1.87
Canara Bank 3 7/8% due 24 400 419 0.04 161 169 0.03 — — — — — — 2.84 266 3.27 2.84 267 3.27
Delhi Intl Airport 6 1/8% due 26 523 531 0.05 211 214 0.04 523 531 0.09 270 274 0.08 6.12 573 4.99 6.12 575 4.99
Delhi Intl Airport 6.45% due 29 500 507 0.04 202 205 0.04 500 507 0.09 258 262 0.08 6.35 574 6.56 6.35 580 6.56
Future Retail Limited 5.6% due 25 500 472 0.04 202 190 0.04 500 472 0.08 258 244 0.07 6.99 676 3.78 6.99 678 3.78
GMR Hyderabad Airport 4 1/4% due 27 350 315 0.03 141 127 0.02 — — — — — — 6.03 554 5.94 6.03 557 5.94
GMR Hyderabad Airport 5 3/8% due 24 300 301 0.03 121 121 0.02 — — — — — — 5.72 554 3.17 5.72 556 3.17
Greenko 4 7/8% due 22 350 351 0.03 141 142 0.03 — — — — — — 4.52 439 1.78 4.15 403 0.87
Greenko 5 1/4% due 24 650 665 0.06 262 268 0.05 650 665 0.11 336 344 0.10 4.45 425 3.48 4.21 407 2.65
Greenko Invst 4 7/8% due 23 500 501 0.04 202 202 0.04 — — — — — — 4.57 442 2.72 4.42 429 1.84
Greenko Solar 5.55% due 25 500 511 0.04 202 206 0.04 — — — — — — 4.85 462 3.87 4.33 420 2.23
Greenko Solar 5.95% due 26 535 559 0.05 216 225 0.04 535 559 0.09 276 289 0.08 5.00 463 4.96 4.84 459 4.22
HPCL 4% due 27 500 510 0.04 202 206 0.04 500 510 0.09 258 263 0.08 3.64 317 5.97 3.64 319 5.97
HPCL-Mittal Energy 5 1/4% due 27 375 380 0.03 151 153 0.03 — — — — — — 5.16 471 5.49 5.16 474 5.49
HPCL-Mittal Energy 5.45% due 26 300 309 0.03 121 125 0.02 — — — — — — 5.10 471 5.10 5.04 477 4.37
ICICI 3 1/4% due 22 650 675 0.06 262 272 0.05 — — — — — — 1.72 159 1.93 1.72 159 1.93
ICICI 3.8% due 27 500 521 0.04 202 210 0.04 500 521 0.09 258 269 0.08 3.14 263 6.34 3.14 265 6.34
ICICI 4% due 26 800 865 0.07 323 349 0.06 800 865 0.15 413 447 0.13 2.64 232 4.91 2.64 233 4.91
Indian Oil 4 3/4% due 24 900 970 0.08 363 391 0.07 900 970 0.16 465 501 0.15 2.34 217 3.11 2.34 218 3.11
Indian Oil 5 3/4% due 23 500 552 0.05 202 223 0.04 500 552 0.09 258 285 0.08 2.19 204 2.69 2.19 205 2.69
JSW Steel 5 1/4% due 22 500 510 0.04 202 206 0.04 500 510 0.09 258 264 0.08 4.66 453 1.51 4.66 453 1.51
JSW Steel 5 3/8% due 25 400 413 0.04 161 166 0.03 — — — — — — 4.93 469 3.95 4.93 471 3.95
JSW Steel 5.95% due 24 500 526 0.04 202 212 0.04 500 526 0.09 258 272 0.08 4.81 463 3.18 4.81 464 3.18
Marble II Pte Ltd 5.3% due 22 500 509 0.04 202 205 0.04 500 509 0.09 258 263 0.08 4.26 413 1.69 3.02 291 0.78
Natl Thermal 3 3/4% due 24 450 475 0.04 182 192 0.04 — — — — — — 2.41 223 3.31 2.41 225 3.31
Natl Thermal 4 1/2% due 28 400 434 0.04 161 175 0.03 — — — — — — 3.37 284 6.34 3.37 287 6.34
Natl Thermal 4 1/4% due 26 500 534 0.05 202 215 0.04 500 534 0.09 258 276 0.08 2.79 247 4.92 2.79 249 4.92
Natl Thermal 4 3/4% due 22 500 536 0.05 202 216 0.04 — — — — — — 1.93 180 1.96 1.93 180 1.96
Natl Thermal 4 3/8% due 24 500 540 0.05 202 218 0.04 500 540 0.09 258 279 0.08 2.47 225 3.84 2.47 227 3.84
Neerg Energy 6% due 22 475 476 0.04 192 192 0.04 — — — — — — 5.41 528 1.38 5.41 528 1.38
OIL India 4% due 27 500 515 0.04 202 208 0.04 500 515 0.09 258 266 0.08 3.60 316 5.75 3.60 317 5.75
OIL India 5 1/8% due 29 550 598 0.05 222 241 0.04 550 598 0.10 284 309 0.09 3.81 323 6.92 3.81 326 6.92
OIL India 5 3/8% due 24 500 556 0.05 202 224 0.04 — — — — — — 2.47 229 3.26 2.47 230 3.26
ONGC 2 7/8% due 22 400 405 0.03 161 163 0.03 — — — — — — 1.93 181 1.38 1.93 180 1.38
ONGC 3 3/4 % due 23 500 525 0.04 202 212 0.04 — — — — — — 2.08 194 2.52 2.08 194 2.52
ONGC 3 3/4% due 26 600 629 0.05 242 254 0.05 600 629 0.11 310 325 0.10 2.82 246 5.29 2.82 247 5.29
46


India ONGC 3 3/8% due 29 300 301 0.03 121 122 0.02 — — — — — — 3.27 262 7.91 3.27 265 7.91
ONGC 4 5/8% due 24 750 814 0.07 303 328 0.06 750 814 0.14 388 420 0.12 2.31 211 3.54 2.31 213 3.54
Power Grid Corp 3 7/8% due 23 500 519 0.04 202 209 0.04 500 519 0.09 258 268 0.08 2.13 199 2.26 2.13 200 2.26
Pwr Fin Corp 3 1/4% due 24 300 312 0.03 121 126 0.02 — — — — — — 2.43 222 3.73 2.43 224 3.73
Pwr Fin Corp 3 3/4% due 24 400 419 0.04 161 169 0.03 — — — — — — 2.50 231 3.51 2.50 232 3.51
Pwr Fin Corp 3 3/4% due 27 400 402 0.03 161 162 0.03 — — — — — — 3.65 314 6.30 3.65 316 6.30
Pwr Fin Corp 3.9% due 29 450 455 0.04 182 183 0.03 — — — — — — 3.87 324 7.49 3.87 326 7.49
Pwr Fin Corp 3.95% due 30 750 746 0.06 303 301 0.06 750 746 0.13 388 386 0.11 3.95 328 7.99 3.95 331 7.99
Pwr Fin Corp 4 1/2% due 29 600 624 0.05 242 252 0.05 600 624 0.11 310 322 0.09 3.96 334 7.24 3.96 337 7.24
Pwr Fin Corp 5 1/4% due 28 300 324 0.03 121 131 0.02 — — — — — — 4.07 352 6.55 4.07 355 6.55
Pwr Fin Corp 6.15% due 28 500 577 0.05 202 233 0.04 — — — — — — 4.07 349 6.55 4.07 353 6.55
ReNew Power 5 7/8% due 27 450 456 0.04 182 184 0.03 — — — — — — 5.47 521 4.13 5.42 517 3.67
ReNew Power 6.67% due 24 525 565 0.05 212 228 0.04 — — — — — — 5.01 483 3.04 4.90 474 2.85
Reliance 3.667% due 27 800 886 0.08 323 358 0.07 — — — — — — 2.10 160 6.40 2.10 162 6.40
Reliance 4 1/8% due 25 1,000 1,103 0.09 403 445 0.08 1,000 1,103 0.19 517 570 0.17 1.67 144 4.05 1.67 146 4.05
Reliance 4 7/8% due 45 750 914 0.08 303 369 0.07 — — — — — — 3.46 222 15.62 3.46 228 15.62
Reliance 5.4% due 22 1,500 1,589 0.14 605 641 0.12 1,500 1,589 0.27 775 821 0.24 1.23 111 1.41 1.23 111 1.41
Reliance 6 1/4% due 40 500 712 0.06 202 287 0.05 — — — — — — 3.43 234 12.92 3.43 238 12.92
Rural Electrification 3 1/2% due 24 500 517 0.04 202 208 0.04 — — — — — — 2.72 250 3.94 2.72 252 3.94
Rural Electrification 3 3/8% due 24 650 666 0.06 262 269 0.05 650 666 0.11 336 344 0.10 2.65 245 3.63 2.65 247 3.63
Rural Electrification 5 1/4% due 23 700 766 0.07 282 309 0.06 700 766 0.13 362 396 0.12 2.55 239 2.92 2.55 239 2.92
State Bk of India 3 1/4% due 22 850 869 0.07 343 350 0.07 850 869 0.15 439 449 0.13 1.54 142 1.37 1.54 142 1.37
State Bk of India 4 1/2% due 23 650 709 0.06 262 286 0.05 — — — — — — 1.88 173 2.83 1.88 173 2.83
State Bk of India 4 3/8% due 24 850 913 0.08 343 368 0.07 850 913 0.15 439 472 0.14 2.09 192 3.16 2.09 193 3.16
State Bk of India 4 7/8% due 24 500 554 0.05 202 224 0.04 — — — — — — 2.24 206 3.29 2.24 207 3.29
State Bk of India 5 1/2% due 21 Perp 300 313 0.03 121 126 0.02 — — — — — — 5.54 412 0.91 2.60 248 1.02
Tata Motors 5 7/8% due 25 300 305 0.03 121 123 0.02 — — — — — — 5.63 538 4.01 5.63 540 4.01
Tata Steel 4.45% due 23 300 296 0.03 121 119 0.02 — — — — — — 4.80 466 2.67 4.80 466 2.67
Tata Steel 5.45% due 28 1,000 973 0.08 403 392 0.07 1,000 973 0.16 517 503 0.15 5.84 533 5.99 5.84 536 5.99
Tata Steel 5.95% due 24 1,000 1,048 0.09 403 423 0.08 1,000 1,048 0.18 517 541 0.16 4.68 448 3.46 4.68 450 3.46
Vedanta 6 1/8% due 24 1,000 771 0.07 403 311 0.06 1,000 771 0.13 517 399 0.12 13.60 1340 3.26 13.60 1342 3.26
Vedanta 6 3/8% due 22 1,000 863 0.07 403 348 0.06 1,000 863 0.15 517 446 0.13 14.39 1426 1.69 14.39 1426 1.69
Vedanta 7 1/8% due 23 500 411 0.04 202 166 0.03 — — — — — — 15.27 1513 2.29 15.27 1513 2.29
Vedanta 9 1/4% due 26 600 509 0.04 242 205 0.04 — — — — — — 13.62 1329 3.97 13.62 1332 3.97
Yes Bank 3 3/4% due 23 477 453 0.04 192 183 0.03 — — — — — — 5.74 561 2.27 5.74 561 2.27
Iraq Genel Energy 7 1/2% due 22 300 307 0.03 300 307 0.06 — — — — — — 9.49 935 1.96 9.32 919 1.57
Jamaica Digicel 6 3/4% due 23 925 606 0.05 925 606 0.11 — — — — — — 25.78 2564 2.03 25.78 2565 2.03
Digicel 8 3/4% due 24 626 649 0.06 626 649 0.12 626 649 0.11 626 649 0.19 8.19 800 3.06 8.02 788 2.33
Digicel Group 10% due 24 941 741 0.06 941 741 0.14 — — — — — — 18.47 1829 3.00 18.47 1831 3.00
Digicel Group 8% due 25 391 142 0.01 391 142 0.03 — — — — — — 33.08 3284 3.48 33.08 3286 3.48
Digicel International 13% due 25 317 304 0.03 317 304 0.06 — — — — — — 14.72 1442 4.23 14.72 1443 4.23
Digicel International 8 3/4% due 24 600 620 0.05 600 620 0.12 — — — — — — 8.19 800 3.06 8.02 788 2.33
Korea Daegu Bank 3 3/4% due 23 300 324 0.03 157 170 0.03 — — — — — — 0.88 73 2.81 0.88 73 2.81
Doosan Bobcat Inc 5 7/8% due 25 300 321 0.03 157 168 0.03 — — — — — — 4.34 409 4.09 3.64 351 1.64
East West Power 1 3/4% due 25 500 520 0.04 262 272 0.05 500 520 0.09 405 421 0.12 0.92 68 4.47 0.92 69 4.47
East West Power 2 5/8% due 22 500 520 0.04 262 272 0.05 — — — — — — 0.27 14 1.76 0.27 14 1.76
East West Power 3 7/8% due 23 500 545 0.05 262 285 0.05 500 545 0.09 405 442 0.13 0.73 58 2.74 0.73 59 2.74
GS Caltex 3 7/8% due 23 300 323 0.03 157 169 0.03 — — — — — — 1.13 99 2.67 1.13 99 2.67
GS Caltex 3% due 22 400 416 0.04 209 218 0.04 — — — — — — 0.97 84 1.73 0.97 85 1.73
GS Caltex 3% due 24 300 319 0.03 157 167 0.03 — — — — — — 1.37 118 3.54 1.37 120 3.54
Hankook Tire Ltd 3 1/2% due 23 300 315 0.03 157 165 0.03 — — — — — — 1.31 117 2.31 1.31 117 2.31
Hanwha Life Ins 4.7% due 23 Perp 1,000 1,041 0.09 523 545 0.10 1,000 1,041 0.18 810 843 0.25 4.21 278 2.41 3.14 287 2.40
Hanwha Total Petrochemi 3 7/8% due 24 400 431 0.04 209 225 0.04 — — — — — — 1.55 138 3.18 1.55 139 3.18
Heungkuk Life Insr 4.475% due 22 Perp 500 506 0.04 262 265 0.05 500 506 0.09 405 410 0.12 4.70 327 1.95 3.70 332 1.97
Hydro & Nuclear 3 1/4% due 25 300 334 0.03 157 175 0.03 — — — — — — 0.92 67 4.45 0.92 68 4.45
Hydro & Nuclear 3 1/8% due 27 300 333 0.03 157 174 0.03 — — — — — — 1.41 93 6.27 1.41 95 6.27
Hydro & Nuclear 3 3/4% due 23 600 651 0.06 314 341 0.06 600 651 0.11 486 528 0.15 0.78 63 2.76 0.78 64 2.76
Hydro & Nuclear 3% due 22 750 793 0.07 392 415 0.08 750 793 0.13 608 642 0.19 0.73 60 1.97 0.73 60 1.97
Hyundai Capital 3 3/4% due 23 500 538 0.05 262 281 0.05 — — — — — — 1.18 104 2.36 1.18 104 2.36
Hyundai Capital 3 5/8% due 27 300 325 0.03 157 170 0.03 — — — — — — 2.08 160 6.25 2.08 162 6.25
Hyundai Capital 3% due 08/22 600 623 0.05 314 326 0.06 600 623 0.10 486 504 0.15 0.92 79 1.94 0.92 79 1.94
Hyundai Capital 3% due 22 600 625 0.05 314 327 0.06 600 625 0.11 486 506 0.15 1.02 89 1.46 1.02 89 1.46
IBK 1.04% due 25 500 505 0.04 262 264 0.05 500 505 0.09 405 409 0.12 0.72 47 4.68 0.72 48 4.68
IBK 2 1/8% due 24 300 317 0.03 157 166 0.03 — — — — — — 0.83 61 3.95 0.83 63 3.95
IBK 3.9% due 22 Perp 300 306 0.03 157 160 0.03 — — — — — — 3.59 216 1.43 2.57 244 1.83
KEB Hana Bank 2 1/8% due 21 300 307 0.03 157 160 0.03 — — — — — — 0.77 65 1.12 0.77 65 1.12
KEB Hana Bank 3 1/2% due 24 300 326 0.03 157 170 0.03 — — — — — — 0.92 75 3.23 0.92 76 3.23
KEB Hana Bank 4 1/4% due 24 300 335 0.03 157 175 0.03 — — — — — — 1.63 142 3.75 1.63 144 3.75
KEB Hana Bank 4 3/8% due 24 300 337 0.03 157 176 0.03 — — — — — — 1.61 140 3.71 1.61 142 3.71
KEB Hana Bank FRN due 07/23 315 316 0.03 165 165 0.03 — — — — — — 0.92 78 0.15 0.92 78 0.15
KEB Hana Bank FRN due 22 350 351 0.03 183 184 0.03 — — — — — — 0.96 83 0.03 0.96 83 0.03
KT Corp 2 1/2% due 26 400 430 0.04 209 225 0.04 — — — — — — 1.18 81 5.49 1.18 82 5.49
KT Corp 2 5/8% due 22 400 415 0.04 209 217 0.04 — — — — — — 0.75 62 1.89 0.75 62 1.89
Kia Motors 3 1/2% due 27 300 328 0.03 157 172 0.03 — — — — — — 2.09 159 6.33 2.09 161 6.33
Kia Motors 3 1/4% due 26 300 329 0.03 157 172 0.03 — — — — — — 1.60 126 5.14 1.60 127 5.14
Kia Motors 3% due 23 600 632 0.05 314 331 0.06 600 632 0.11 486 512 0.15 1.10 96 2.52 1.10 97 2.52
Kookmin 1 3/4% due 25 500 517 0.04 262 271 0.05 500 517 0.09 405 419 0.12 1.06 82 4.46 1.06 83 4.46
Kookmin 2 7/8% due 23 500 532 0.05 262 278 0.05 — — — — — — 0.77 63 2.45 0.77 63 2.45
Kookmin 4 1/2% due 29 450 522 0.04 235 273 0.05 — — — — — — 2.27 169 7.17 2.27 171 7.17
Kookmin 4.35% due 24 Perp 500 523 0.04 262 274 0.05 500 523 0.09 405 424 0.12 4.07 264 3.24 3.00 282 3.50
Kookmin FRN due 22 400 403 0.03 209 211 0.04 — — — — — — 0.88 75 0.02 0.88 75 0.02
Kookmin FRN due 23 300 301 0.03 157 158 0.03 — — — — — — 0.84 70 0.09 0.84 70 0.09
Korea Airlines 6 7/8% due 47 300 298 0.03 157 156 0.03 — — — — — — 11.48 1015 0.21 10.07 1009 0.27
Korea Elec 1 1/8% due 25 500 503 0.04 262 263 0.05 500 503 0.08 405 408 0.12 0.94 69 4.65 0.94 70 4.65
Korea Elec 2 1/2% due 24 500 533 0.05 262 279 0.05 500 533 0.09 405 431 0.13 0.83 64 3.64 0.83 65 3.64
Korea Gas Corp 2 1/4% due 26 400 428 0.04 209 224 0.04 — — — — — — 0.97 61 5.53 0.97 61 5.53
47


Korea Korea Gas Corp 2 3/4% due 22 400 416 0.04 209 218 0.04 — — — — — — 0.68 55 1.84 0.68 55 1.84
Korea Gas Corp 2 7/8% due 29 500 554 0.05 262 290 0.05 500 554 0.09 405 448 0.13 1.54 92 7.94 1.54 93 7.94
Korea Gas Corp 3 1/2 % due 26 500 572 0.05 262 299 0.06 — — — — — — 0.96 60 5.33 0.96 61 5.33
Korea Gas Corp 6 1/4% due 42 750 1,179 0.10 392 617 0.11 750 1,179 0.20 608 955 0.28 2.68 155 14.09 2.68 159 14.09
Korea South-East Pwr Ltd 2 1/8% due 25 300 315 0.03 157 165 0.03 — — — — — — 0.91 68 4.23 0.91 70 4.23
Kyobo Life Ins 3.95% due 22 Perp 500 510 0.04 262 267 0.05 500 510 0.09 405 413 0.12 4.21 277 1.96 2.47 234 1.81
LG Chem 3 1/4% due 24 500 544 0.05 262 285 0.05 500 544 0.09 405 441 0.13 1.25 104 3.83 1.25 106 3.83
LG Chem 3 5/8% due 29 500 565 0.05 262 296 0.05 500 565 0.10 405 458 0.13 2.06 146 7.45 2.06 148 7.45
Mirae Asset Daewoo Co. 3 3/8% due 24 300 315 0.03 157 165 0.03 — — — — — — 2.09 190 3.43 2.09 192 3.43
Natl Agri 1 1/4% due 25 500 506 0.04 262 264 0.05 500 506 0.09 405 410 0.12 0.99 74 4.73 0.99 74 4.73
Natl Agri 2 7/8% due 22 500 522 0.04 262 273 0.05 — — — — — — 0.59 46 1.83 0.59 46 1.83
Natl Agri 3 7/8% due 23 500 545 0.05 262 285 0.05 500 545 0.09 405 441 0.13 0.78 63 2.77 0.78 64 2.77
Posco 2 1/2% due 25 440 459 0.04 230 240 0.04 — — — — — — 1.44 121 4.14 1.44 123 4.14
Posco 2 3/4% due 24 500 525 0.04 262 275 0.05 500 525 0.09 405 425 0.12 1.43 123 3.66 1.43 124 3.66
Posco 4% due 23 500 539 0.05 262 282 0.05 — — — — — — 1.28 113 2.76 1.28 114 2.76
SK Broadband 3 7/8% due 23 300 325 0.03 157 170 0.03 — — — — — — 1.07 92 2.80 1.07 92 2.80
SK Hynix Inc 3% due 24 500 534 0.05 262 279 0.05 500 534 0.09 405 432 0.13 1.52 131 3.77 1.52 133 3.77
SK Innovation 4 1/8% due 23 500 535 0.05 262 280 0.05 500 535 0.09 405 433 0.13 1.64 149 2.70 1.64 150 2.70
SK Telecom 3 3/4% due 23 500 544 0.05 262 285 0.05 500 544 0.09 405 441 0.13 0.79 65 2.48 0.79 66 2.48
SK Telecom 6 5/8% due 27 400 530 0.05 209 277 0.05 — — — — — — 1.68 121 5.77 1.68 125 5.77
Shinhan 2 7/8% due 22 500 523 0.04 262 274 0.05 — — — — — — 0.63 51 1.53 0.63 51 1.53
Shinhan 3 3/4% due 27 350 387 0.03 183 203 0.04 — — — — — — 2.26 177 6.18 2.26 179 6.18
Shinhan 3 7/8% due 12/26 500 518 0.04 262 271 0.05 500 518 0.09 405 419 0.12 2.71 231 1.20 1.55 143 1.24
Shinhan 3 7/8% due 23 500 552 0.05 262 289 0.05 — — — — — — 0.86 70 2.98 0.86 71 2.98
Shinhan 3 7/8% due 26 500 558 0.05 262 292 0.05 500 558 0.09 405 452 0.13 1.87 154 4.97 1.87 156 4.97
Shinhan 4 1/2% due 28 400 466 0.04 209 244 0.05 — — — — — — 2.28 175 6.44 2.28 178 6.44
Shinhan 4% due 29 400 453 0.04 209 237 0.04 — — — — — — 2.37 177 7.35 2.37 179 7.35
Shinhan FRN due 25 500 520 0.04 262 272 0.05 — — — — — — 1.14 90 0.23 1.14 91 0.23
Shinhan Financial 1.35% due 26 500 501 0.04 262 262 0.05 — — — — — — 1.28 98 5.16 1.28 98 5.16
Shinhan Financial 3.34% due 30 500 526 0.05 262 275 0.05 500 526 0.09 405 426 0.13 2.40 174 4.05 2.03 181 4.12
Shinhan Financial 5 7/8% due 23 Perp 500 537 0.05 262 281 0.05 500 537 0.09 405 435 0.13 4.45 301 2.48 3.19 305 2.71
Western Pwr 3 3/4% due 23 300 326 0.03 157 171 0.03 — — — — — — 0.78 64 2.62 0.78 64 2.62
Woori Bank 4 1/2% due 21 Perp 500 517 0.04 262 270 0.05 — — — — — — 4.67 323 0.84 2.24 212 1.04
Woori Bank 4 1/4% due 24 Perp 550 571 0.05 288 299 0.06 550 571 0.10 446 463 0.14 4.18 275 3.30 3.46 326 3.68
Woori Bank 4 3/4% due 24 1,000 1,121 0.10 523 586 0.11 1,000 1,121 0.19 810 908 0.27 1.74 156 3.34 1.74 157 3.34
Woori Bank 5 1/4% due 22 Perp 500 526 0.05 262 275 0.05 — — — — — — 4.66 323 1.49 2.43 230 1.61
Woori Bank 5 1/8% due 28 300 355 0.03 157 186 0.03 — — — — — — 2.55 200 6.68 2.55 203 6.68
Woori Bank FRN due 23 300 301 0.03 157 157 0.03 — — — — — — 0.94 80 0.17 0.94 80 0.17
Woori Bank FRN due 24 450 448 0.04 235 234 0.04 — — — — — — 1.07 88 0.22 1.07 89 0.22
Kuwait Al Ahli 3 1/2% due 22 500 524 0.04 500 524 0.10 500 524 0.09 500 524 0.15 1.02 89 1.54 1.02 89 1.54
Al Ahli 7 1/4% due 23 Perp 300 316 0.03 300 316 0.06 — — — — — — 5.44 401 1.80 5.37 441 2.03
Boubyan Sukuk Ltd 2.593% due 25 750 766 0.07 750 766 0.14 750 766 0.13 750 766 0.22 1.89 166 4.21 1.89 167 4.21
Burgan Bank SAK 5.7492% due 24 Perp 500 494 0.04 500 494 0.09 500 494 0.08 500 494 0.14 5.43 400 2.83 5.38 439 3.10
Equate Petrochemical 3% due 22 1,000 1,028 0.09 1,000 1,028 0.19 — — — — — — 1.67 154 1.45 1.67 154 1.45
Equate Petrochemical 4 1/4% due 26 1,250 1,357 0.12 1,250 1,357 0.25 1,250 1,357 0.23 1,250 1,357 0.40 2.89 250 5.40 2.89 251 5.40
Equate Petrochemical 5 7/8% due 30 600 732 0.06 600 732 0.14 — — — — — — 3.35 267 7.59 3.35 273 7.59
Equate Petrochemical 5% due 25 1,000 1,104 0.09 1,000 1,104 0.21 1,000 1,104 0.19 1,000 1,104 0.32 2.82 257 4.17 2.82 259 4.17
Equate Petrochemical Sukuk 3.944% due 24 500 534 0.05 500 534 0.10 500 534 0.09 500 534 0.16 1.77 160 3.26 1.77 161 3.26
Kipco 4 1/2% due 27 500 489 0.04 500 489 0.09 500 489 0.08 500 489 0.14 4.72 429 5.57 4.72 431 5.57
Kipco 4.229% due 26 500 496 0.04 500 496 0.09 500 496 0.08 500 496 0.15 4.51 412 5.30 4.51 413 5.30
Kipco 5% due 23 500 531 0.05 500 531 0.10 — — — — — — 3.11 298 2.32 3.11 298 2.32
NBK 5 3/4% due 21 Perp 700 719 0.06 700 719 0.13 — — — — — — 5.15 372 0.38 3.16 305 0.59
NBK SPC 2 3/4% due 22 750 775 0.07 750 775 0.14 750 775 0.13 750 775 0.23 0.76 63 1.70 0.76 63 1.70
NBK Tier 4 1/2% due 25 Perp 750 749 0.06 750 749 0.14 750 749 0.13 750 749 0.22 4.20 277 4.05 4.15 313 4.37
Warba Sukuk Ltd 2.982% due 24 500 522 0.04 500 522 0.10 500 522 0.09 500 522 0.15 1.95 174 3.78 1.95 176 3.78
Kazakhstan Halyk Bank 5 1/2% due 22 550 553 0.05 550 553 0.10 550 553 0.09 550 553 0.16 5.22 508 2.12 -2.10 -219 0.08
Nostrum Oil 7% due 25 400 105 0.01 400 105 0.02 — — — — — — 44.25 4402 2.70 44.25 4405 2.70
Tengizchevroil Finance 2 5/8% due 25 500 509 0.04 500 509 0.09 500 509 0.09 500 509 0.15 2.20 193 4.62 2.20 194 4.62
Tengizchevroil Finance 3 1/4% due 30 750 775 0.07 750 775 0.14 750 775 0.13 750 775 0.23 2.83 214 8.55 2.83 217 8.55
Tengizchevroil Finance 4% due 26 1,000 1,074 0.09 1,000 1,074 0.20 — — — — — — 2.51 217 5.12 2.51 218 5.12
Lithuania ASG Finance 7 7/8% due 24 300 216 0.02 300 216 0.04 — — — — — — 17.04 1682 3.22 17.04 1685 3.22
Latvia Four Finance 10.75% due 22 325 257 0.02 325 257 0.05 — — — — — — 27.09 2697 1.32 27.09 2697 1.32
Morocco Groupe Office 4 1/2% due 25 1,000 1,073 0.09 1,000 1,073 0.20 1,000 1,073 0.18 1,000 1,073 0.31 3.08 280 4.53 3.08 281 4.53
Groupe Office 5 5/8% due 24 1,250 1,377 0.12 1,250 1,377 0.26 1,250 1,377 0.23 1,250 1,377 0.40 2.92 273 3.26 2.92 275 3.26
Groupe Office 6 7/8% due 44 600 781 0.07 600 781 0.15 — — — — — — 4.79 357 13.04 4.79 368 13.04
Moldova Aragvi Finance 12% due 24 300 320 0.03 300 320 0.06 — — — — — — 9.97 979 2.78 9.97 980 2.78
Mongolia Mongolian Mining 9 1/4% due 24 440 315 0.03 440 315 0.06 — — — — — — 21.81 2163 2.62 21.81 2164 2.62
Macau MGM China Hldg 5 1/4% due 25 500 526 0.04 500 526 0.10 — — — — — — 4.15 390 4.19 3.90 376 2.56
MGM China Hldg 5 3/8% due 24 750 789 0.07 750 789 0.15 750 789 0.13 750 789 0.23 4.11 393 3.30 2.98 287 0.69
MGM China Hldg 5 7/8% due 26 750 807 0.07 750 807 0.15 750 807 0.14 750 807 0.24 4.54 419 4.78 3.50 338 1.60
Melco Resorts 4 7/8% due 25 1,000 1,035 0.09 1,000 1,035 0.19 1,000 1,035 0.17 1,000 1,035 0.30 4.20 395 4.18 3.77 363 2.54
Melco Resorts 5 1/4% due 26 500 526 0.04 500 526 0.10 — — — — — — 4.49 415 4.80 4.13 396 3.25
Melco Resorts 5 3/8% due 29 900 940 0.08 900 940 0.17 900 940 0.16 900 940 0.28 4.85 420 7.24 4.74 427 5.95
Sands China Ltd 3.8% due 26 800 849 0.07 800 849 0.16 — — — — — — 2.59 229 4.82 2.58 229 4.75
Sands China Ltd 4 3/8% due 30 700 760 0.06 700 760 0.14 — — — — — — 3.37 268 8.01 3.35 272 7.84
Sands China Ltd 4.6% due 23 1,696 1,814 0.16 1,696 1,814 0.34 — — — — — — 2.10 195 2.75 2.03 189 2.67
Sands China Ltd 5 1/8% due 25 1,786 1,977 0.17 1,786 1,977 0.37 1,786 1,977 0.33 1,786 1,977 0.58 2.76 250 4.39 2.69 245 4.25
Sands China Ltd 5.4% due 28 1,893 2,134 0.18 1,893 2,134 0.40 1,893 2,134 0.36 1,893 2,134 0.63 3.52 296 6.56 3.47 296 6.39
Studio City Finance 6 1/2% due 28 500 530 0.05 500 530 0.10 500 530 0.09 500 530 0.16 5.46 495 5.85 5.03 479 4.14
Studio City Finance 6% due 25 500 535 0.05 500 535 0.10 — — — — — — 4.41 415 4.20 3.70 358 1.75
Studio City Finance 7 1/4% due 24 600 630 0.05 600 630 0.12 600 630 0.11 600 630 0.18 5.57 540 3.02 3.52 341 0.44
Wynn Macau 4 7/8% due 24 600 614 0.05 600 614 0.11 — — — — — — 4.67 446 3.60 4.49 436 1.92
Wynn Macau 5 1/2% due 26 750 767 0.07 750 767 0.14 — — — — — — 5.09 479 4.58 5.09 480 4.58
Wynn Macau 5 1/2% due 27 750 773 0.07 750 773 0.14 750 773 0.13 750 773 0.23 5.29 480 5.72 5.22 496 4.30
48


Macau Wynn Macau 5 1/8% due 29 1,000 991 0.08 1,000 991 0.18 1,000 991 0.17 1,000 991 0.29 5.31 466 7.27 5.31 471 7.27
Mexico Alfa 5 1/4% due 24 500 552 0.05 156 173 0.03 500 552 0.09 217 239 0.07 2.59 241 3.20 2.41 226 3.00
Alfa 6 7/8% due 44 500 594 0.05 156 186 0.03 500 594 0.10 217 257 0.08 5.57 436 12.35 5.56 449 12.23
Alpek 4 1/2% due 22 650 686 0.06 203 215 0.04 650 686 0.12 282 297 0.09 2.16 203 2.09 2.16 203 2.09
Alpek 4 1/4% due 29 500 516 0.04 156 161 0.03 500 516 0.09 217 223 0.07 3.97 334 7.39 3.97 338 7.22
Alpek 5 3/8% due 23 300 322 0.03 94 101 0.02 — — — — — — 2.59 245 2.72 2.59 245 2.72
Alpha Holding 10% due 22 300 265 0.02 94 83 0.02 — — — — — — 16.57 1643 1.89 16.57 1644 1.89
Alpha Holding 9% due 25 400 319 0.03 125 100 0.02 — — — — — — 15.22 1498 3.39 15.22 1501 3.39
America Movil 2 7/8% due 30 1,000 1,090 0.09 313 341 0.06 — — — — — — 1.88 120 8.51 1.85 121 8.32
America Movil 4 3/8% due 49 1,250 1,573 0.13 391 492 0.09 1,250 1,573 0.26 541 681 0.20 3.03 162 17.91 3.01 173 17.73
America Movil 6 1/8% due 37 400 570 0.05 125 178 0.03 — — — — — — 2.87 189 11.91 2.87 191 11.91
America Movil 6 1/8% due 40 2,000 2,944 0.25 625 921 0.17 2,000 2,944 0.50 866 1,275 0.37 2.98 192 12.95 2.98 195 12.95
Axtel 6 3/8% due 24 500 532 0.05 156 166 0.03 500 532 0.09 217 230 0.07 4.93 471 3.61 3.03 294 0.20
BBVA Bancomer 4 3/8% due 24 750 823 0.07 235 258 0.05 — — — — — — 1.84 166 3.30 1.84 167 3.30
BBVA Bancomer 5 1/8% due 33 1,000 961 0.08 313 301 0.06 1,000 961 0.16 433 416 0.12 5.19 440 5.85 5.19 443 5.85
BBVA Bancomer 5 7/8% due 34 750 773 0.07 235 242 0.04 — — — — — — 5.78 493 6.74 5.72 514 6.81
BBVA Bancomer 6 3/4% due 22 1,500 1,667 0.14 469 521 0.10 1,500 1,667 0.28 650 722 0.21 2.29 216 1.91 2.29 216 1.91
Banco Inbursa 4 1/8% due 24 1,000 1,057 0.09 313 330 0.06 1,000 1,057 0.18 433 458 0.13 2.57 238 3.46 2.57 240 3.46
Banco Inbursa 4 3/8% due 27 750 800 0.07 235 250 0.05 750 800 0.13 325 347 0.10 3.37 293 5.68 3.34 294 5.49
Banco Santander 4 1/8% due 22 1,000 1,060 0.09 313 332 0.06 — — — — — — 1.58 145 2.07 1.58 145 2.07
Banco Santander 5 3/8% due 25 1,750 2,008 0.17 547 628 0.12 1,750 2,008 0.34 758 870 0.26 2.28 204 4.07 2.28 206 4.07
Banco Santander 5.95% due 28 1,300 1,400 0.12 407 438 0.08 1,300 1,400 0.24 563 607 0.18 3.99 342 2.69 3.79 364 2.75
Banorte 6 3/4% due 24 Perp 600 603 0.05 188 189 0.04 600 603 0.10 260 261 0.08 6.67 523 2.86 6.43 589 3.32
Banorte 6 7/8% due 22 Perp 350 355 0.03 109 111 0.02 — — — — — — 6.52 509 1.21 5.84 570 1.66
Banorte 7 1/2% due 29 Perp 500 508 0.04 156 159 0.03 — — — — — — 7.40 597 5.77 7.33 667 6.21
Banorte 7 5/8% due 28 Perp 550 566 0.05 172 177 0.03 550 566 0.10 238 245 0.07 7.27 583 5.06 7.18 653 5.56
Braskem Idesa SAPI 7.45% due 29 900 850 0.07 281 266 0.05 900 850 0.14 390 368 0.11 8.46 782 6.35 8.46 789 6.35
Cemex 5.45% due 29 1,000 1,042 0.09 313 326 0.06 1,000 1,042 0.18 433 452 0.13 4.96 432 7.17 4.86 439 5.89
Cemex 5.7% due 25 1,071 1,105 0.09 335 345 0.06 1,071 1,105 0.19 464 479 0.14 4.87 464 3.81 0.92 83 0.08
Cemex 6 1/8% due 25 750 785 0.07 235 245 0.05 — — — — — — 5.25 500 3.97 -0.66 -76 0.08
Cemex 6% due 24 640 664 0.06 200 208 0.04 — — — — — — 5.32 514 3.12 3.43 336 0.08
Cemex 7 3/4% due 26 1,000 1,078 0.09 313 337 0.06 — — — — — — 6.49 615 4.44 4.30 419 0.60
Cemex 7 3/8% due 27 1,000 1,101 0.09 313 344 0.06 — — — — — — 5.71 525 5.29 5.02 488 2.46
Coke Femsa 2 3/4% due 30 1,250 1,347 0.12 391 421 0.08 1,250 1,347 0.23 541 584 0.17 1.77 111 8.37 1.74 112 8.17
Coke Femsa 5 1/4% due 43 600 840 0.07 188 263 0.05 600 840 0.14 260 364 0.11 2.81 161 15.28 2.81 165 15.28
Cometa Energia 6 3/8% due 35 817 899 0.08 256 281 0.05 — — — — — — 5.16 451 6.74 5.16 450 6.74
Credito Real 7 1/4% due 23 427 417 0.04 134 131 0.02 — — — — — — 7.92 778 2.53 7.92 778 2.53
Credito Real 9 1/2% due 26 400 378 0.03 125 118 0.02 — — — — — — 10.33 1002 4.12 10.33 1005 4.12
Cydsa 6 1/4% due 27 450 480 0.04 141 150 0.03 — — — — — — 5.34 485 5.61 4.99 486 1.90
Docuformas SA 10 1/4% due 24 300 226 0.02 94 71 0.01 — — — — — — 19.15 1895 2.89 19.15 1898 2.89
El Puerto 3 7/8% due 26 750 781 0.07 235 244 0.05 750 781 0.13 325 338 0.10 3.21 283 5.35 3.21 284 5.35
El Puerto 3.95% due 24 300 317 0.03 94 99 0.02 — — — — — — 2.71 250 3.71 2.71 252 3.71
Elementia 5 1/2% due 25 425 397 0.03 133 124 0.02 — — — — — — 7.03 680 3.77 7.03 683 3.77
Fermaca Enterprises 6 3/8% due 38 474 520 0.04 148 163 0.03 — — — — — — 5.00 431 7.00 5.00 430 7.00
Fibra Uno 4.869% due 30 400 408 0.03 125 128 0.02 — — — — — — 4.57 391 7.50 4.56 396 7.36
Fibra Uno 5 1/4% due 24 600 655 0.06 188 205 0.04 — — — — — — 3.00 278 3.82 2.88 269 3.62
Fibra Uno 5 1/4% due 26 500 531 0.05 156 166 0.03 — — — — — — 3.85 354 4.71 3.79 352 4.51
Fibra Uno 6.39% due 50 600 620 0.05 188 194 0.04 600 620 0.10 260 268 0.08 6.12 469 13.45 6.12 496 13.37
Fibra Uno 6.95% due 44 700 760 0.07 219 238 0.04 700 760 0.13 303 329 0.10 6.18 497 12.09 6.17 512 11.98
Fomento Economico 2 7/8% due 23 300 314 0.03 94 98 0.02 — — — — — — 1.12 98 2.57 1.12 99 2.57
Fomento Economico 3 1/2% due 50 2,500 2,678 0.23 782 838 0.16 2,500 2,678 0.45 1,083 1,160 0.34 3.08 165 19.18 3.07 175 18.99
Fomento Economico 4 3/8% due 43 700 863 0.07 219 270 0.05 700 863 0.15 303 374 0.11 2.97 178 15.47 2.97 181 15.47
Fresnillo 5 1/2% due 23 800 898 0.08 250 281 0.05 800 898 0.15 347 389 0.11 1.80 164 2.92 1.80 165 2.92
Gruma 4 7/8% due 24 400 448 0.04 125 140 0.03 — — — — — — 1.93 171 3.84 1.77 158 3.63
Grupo Bimbo 3 7/8% due 24 800 874 0.07 250 273 0.05 800 874 0.15 347 378 0.11 1.36 116 3.55 1.36 118 3.55
Grupo Bimbo 4 1/2% due 22 800 840 0.07 250 263 0.05 800 840 0.14 347 364 0.11 0.67 55 1.37 0.67 55 1.37
Grupo Bimbo 4 7/8% due 44 500 597 0.05 156 187 0.03 — — — — — — 3.60 238 15.19 3.60 243 15.19
Grupo Bimbo 4% due 49 600 654 0.06 188 205 0.04 — — — — — — 3.54 212 17.70 3.54 223 17.70
Grupo Bimbo 4.7% due 47 650 768 0.07 203 240 0.04 — — — — — — 3.61 226 16.48 3.60 236 16.31
Grupo Bimbo 5.95% due 23 Perp 500 532 0.05 156 166 0.03 — — — — — — 4.90 347 2.69 3.27 314 2.42
Grupo KUO SAB 5 3/4% due 27 450 427 0.04 141 134 0.02 — — — — — — 6.60 613 5.52 6.60 617 5.52
Grupo Kaltex 8 7/8% due 22 320 173 0.01 100 54 0.01 — — — — — — 57.46 5733 1.10 57.46 5733 1.10
Industrias Penoles SAB de CV 4 3/4% due 500 529 0.05 156 165 0.03 — — — — — — 4.37 291 16.57 4.36 310 16.44
Industrias Penoles SAB de CV 4.15% due 2 550 607 0.05 172 190 0.04 550 607 0.10 238 263 0.08 2.96 233 7.51 2.93 235 7.33
Industrias Penoles SAB de CV 5.65% due 4 550 661 0.06 172 207 0.04 550 661 0.11 238 286 0.08 4.49 307 15.30 4.48 326 15.18
Infraestructura Energetica 3 3/4% due 28 300 306 0.03 94 96 0.02 — — — — — — 3.36 285 6.42 3.36 287 6.42
Infraestructura Energetica 4 7/8% due 48 540 544 0.05 169 170 0.03 540 544 0.09 234 236 0.07 4.80 344 15.27 4.80 358 15.27
Jose Cuervo 3 3/4% due 25 500 534 0.05 156 167 0.03 500 534 0.09 217 231 0.07 2.11 187 4.28 2.11 188 4.28
Kimberly Clark 2.431% due 31 500 512 0.04 156 160 0.03 — — — — — — 2.09 140 8.78 2.09 142 8.72
Mabe 5.6% due 28 370 413 0.04 116 129 0.02 — — — — — — 4.03 346 6.53 3.99 347 6.37
Metalsa 4.9% due 23 300 302 0.03 94 95 0.02 — — — — — — 4.78 464 2.41 4.78 465 2.41
Mexgen 5 1/2% due 32 459 517 0.04 144 162 0.03 — — — — — — 3.48 299 5.78 3.48 293 5.78
Mexichem 4 7/8% due 22 750 809 0.07 235 253 0.05 750 809 0.14 325 350 0.10 1.69 156 1.92 1.69 156 1.92
Mexichem 4% due 27 500 541 0.05 156 169 0.03 — — — — — — 2.84 235 6.13 2.80 236 5.94
Mexichem 5 1/2% due 48 500 562 0.05 156 176 0.03 — — — — — — 4.65 329 15.03 4.64 345 14.90
Mexichem 5 7/8% due 44 750 895 0.08 235 280 0.05 750 895 0.15 325 388 0.11 4.63 340 13.66 4.63 350 13.66
Mexichem 6 3/4% due 42 400 516 0.04 125 162 0.03 — — — — — — 4.75 359 12.55 4.75 368 12.55
Minera Mexico 4 1/2% due 50 1,000 1,102 0.09 313 345 0.06 1,000 1,102 0.19 433 477 0.14 3.88 245 17.19 3.88 260 17.05
Nemak 4 3/4% due 25 500 498 0.04 156 156 0.03 500 498 0.08 217 216 0.06 4.65 442 3.91 4.62 446 3.09
Operadora de 8 1/4% due 25 350 310 0.03 109 97 0.02 — — — — — — 11.16 1093 3.56 11.16 1096 3.56
PLA Administradora 4.962% due 29 500 516 0.04 156 161 0.03 500 516 0.09 217 224 0.07 4.38 376 7.18 4.37 380 7.02
Poinsettia Finance 6 5/8% due 31 531 527 0.05 166 165 0.03 — — — — — — 6.48 599 5.44 6.48 598 5.44
Sigma 4 1/8% due 26 1,000 1,081 0.09 313 338 0.06 1,000 1,081 0.18 433 468 0.14 2.67 233 5.02 2.61 231 4.82
Sigma Finance 4 7/8% due 28 500 561 0.05 156 175 0.03 500 561 0.09 217 243 0.07 3.25 273 6.31 3.21 273 6.13
Sixsigma Networks 7 1/2% due 25 300 285 0.02 94 89 0.02 — — — — — — 9.10 886 3.73 9.10 888 3.73
Southern 3 1/2% due 22 300 318 0.03 94 99 0.02 — — — — — — 0.72 59 2.09 0.72 59 2.09
49


Mexico Southern 3 7/8% due 25 500 559 0.05 156 175 0.03 — — — — — — 1.33 108 4.24 1.33 110 4.24
Southern 5 1/4% due 42 1,200 1,548 0.13 375 484 0.09 1,200 1,548 0.26 520 671 0.20 3.37 221 14.37 3.37 225 14.37
Southern 5 7/8% due 45 1,500 2,097 0.18 469 656 0.12 1,500 2,097 0.35 650 908 0.27 3.50 224 14.89 3.50 233 14.89
Southern 6 3/4% due 40 1,100 1,631 0.14 344 510 0.09 — — — — — — 3.42 236 12.50 3.42 240 12.50
Southern 7 1/2% due 35 1,000 1,490 0.13 313 466 0.09 — — — — — — 3.25 236 10.26 3.25 240 10.26
TV Azteca 8 1/4% due 24 400 222 0.02 125 70 0.01 — — — — — — 25.78 2558 2.86 25.78 2560 2.86
Televisa 4 5/8% due 26 300 337 0.03 94 105 0.02 — — — — — — 2.08 177 4.83 1.98 171 4.63
Televisa 5 1/4% due 49 750 896 0.08 235 280 0.05 — — — — — — 4.09 268 16.07 4.08 284 15.94
Televisa 5% due 45 1,000 1,145 0.10 313 358 0.07 1,000 1,145 0.19 433 496 0.15 4.09 283 14.94 4.08 291 14.78
Televisa 6 1/8% due 46 900 1,174 0.10 281 367 0.07 900 1,174 0.20 390 508 0.15 4.10 282 14.67 4.08 292 14.52
Televisa 6 5/8% due 25 600 741 0.06 188 232 0.04 — — — — — — 1.75 151 3.93 1.75 153 3.93
Televisa 6 5/8% due 40 600 795 0.07 188 249 0.05 — — — — — — 4.12 306 12.21 4.12 311 12.21
Televisa 8 1/2% due 32 300 456 0.04 94 143 0.03 — — — — — — 3.26 250 8.08 3.26 256 8.08
Unifin Financiera 7 1/4% due 23 400 349 0.03 125 109 0.02 — — — — — — 13.04 1289 2.52 13.04 1289 2.52
Unifin Financiera 7% due 25 450 372 0.03 141 116 0.02 — — — — — — 12.04 1181 3.53 12.04 1183 3.53
Malaysia Axiata Sukuk 4.357% due 26 500 579 0.05 500 579 0.11 500 579 0.10 500 579 0.17 1.52 119 4.94 1.52 121 4.94
CIMB Bank 3.263% due 22 500 524 0.04 500 524 0.10 500 524 0.09 500 524 0.15 0.94 82 1.49 0.94 82 1.49
CIMB Bank FRN due 24 680 673 0.06 680 673 0.13 — — — — — — 1.16 95 0.09 1.16 97 0.09
Genting Bhd 4 1/4% due 27 1,500 1,511 0.13 1,500 1,511 0.28 1,500 1,511 0.25 1,500 1,511 0.44 4.10 368 5.56 4.10 369 5.56
IOI Ventures 4 3/8% due 22 600 626 0.05 600 626 0.12 600 626 0.11 600 626 0.18 1.83 170 1.74 1.83 170 1.74
Malayan Banking 3.905% due 26 500 517 0.04 500 517 0.10 500 517 0.09 500 517 0.15 3.03 264 1.11 1.71 159 1.13
Malayan Banking FRN due 24 850 837 0.07 850 837 0.16 — — — — — — 1.28 108 0.18 1.28 109 0.18
Parkway Pantai 4 1/4% due 22 Perp 500 503 0.04 500 503 0.09 500 503 0.08 500 503 0.15 5.68 425 1.71 3.58 345 1.81
RHB Bank 2.503% due 21 500 512 0.04 500 512 0.10 500 512 0.09 500 512 0.15 1.21 109 1.08 1.21 109 1.08
RHB Bank 3.766% due 24 300 321 0.03 300 321 0.06 — — — — — — 1.54 137 3.26 1.54 138 3.26
Telekom 7 7/8% due 25 300 386 0.03 300 386 0.07 — — — — — — 1.83 157 4.22 1.83 159 4.22
Tenaga Nasional 7 1/2% due 25 336 436 0.04 336 436 0.08 — — — — — — 1.79 150 4.37 1.79 152 4.37
Tenaga Nasional Sukuk 3.244% due 26 750 819 0.07 750 819 0.15 750 819 0.14 750 819 0.24 1.82 143 5.55 1.82 144 5.55
Tenaga Nasional Sukuk 4.851% due 28 750 903 0.08 750 903 0.17 750 903 0.15 750 903 0.26 2.29 172 6.85 2.29 174 6.85
Nigeria Access Bank 10 1/2% due 21 300 324 0.03 300 324 0.06 — — — — — — 4.97 484 1.04 4.97 484 1.04
Africa Finance Corp 3 1/8% due 25 700 726 0.06 700 726 0.13 700 726 0.12 700 726 0.21 2.24 199 4.42 2.24 200 4.42
Africa Finance Corp 3 3/4% due 29 500 537 0.05 500 537 0.10 — — — — — — 2.95 231 7.75 2.95 234 7.75
Africa Finance Corp 3 7/8% due 24 500 535 0.05 500 535 0.10 — — — — — — 2.14 196 3.33 2.14 197 3.33
Africa Finance Corp 4 3/8% due 26 650 715 0.06 650 715 0.13 650 715 0.12 650 715 0.21 2.57 224 4.95 2.57 225 4.95
Fidelity Bank 10 1/2% due 22 400 433 0.04 400 433 0.08 — — — — — — 7.67 753 1.82 7.67 753 1.82
Ihs 7 1/8% due 25 500 539 0.05 500 539 0.10 500 539 0.09 500 539 0.16 5.73 549 3.75 5.02 490 0.98
Ihs 8% due 27 800 869 0.07 800 869 0.16 800 869 0.15 800 869 0.25 6.91 642 5.23 6.30 611 3.33
SEPLAT Petroleum 9 1/4% due 23 350 367 0.03 350 367 0.07 — — — — — — 8.15 801 2.18 7.53 741 1.41
United Bank for Africa 7 3/4% due 22 500 508 0.04 500 508 0.09 500 508 0.09 500 508 0.15 7.26 713 1.60 7.26 713 1.60
Oman Bank Dhofar SAOG 6.85% due 20 Perp 300 266 0.02 300 266 0.05 — — — — — — 6.69 526 3.42 6.69 565 3.63
Bank Muscat 4 7/8% due 23 500 515 0.04 500 515 0.10 500 515 0.09 500 515 0.15 4.14 400 2.31 4.14 401 2.31
National Bank Of Oman SAOG 5 5/8% due 23 500 512 0.04 500 512 0.10 500 512 0.09 500 512 0.15 5.19 504 2.72 5.19 504 2.72
National Bank Of Oman SAOG 7 7/8% due 20 300 289 0.02 300 289 0.05 — — — — — — 7.24 580 -0.02 7.24 611 -0.02
Oztel Holdings 5 5/8% due 23 600 619 0.05 600 619 0.11 600 619 0.10 600 619 0.18 4.94 478 2.80 4.94 479 2.80
Oztel Holdings 6 5/8% due 28 900 932 0.08 900 932 0.17 900 932 0.16 900 932 0.27 6.22 569 5.86 6.22 574 5.86
Panama AES Panama 4 3/8% due 30 1,380 1,439 0.12 1,380 1,439 0.27 — — — — — — 3.75 311 7.59 3.74 314 7.44
Banco General SA 4 1/8% due 27 550 608 0.05 550 608 0.11 550 608 0.10 550 608 0.18 2.36 188 6.10 2.30 187 5.90
Banistmo SA 3.65% due 22 500 519 0.04 500 519 0.10 500 519 0.09 500 519 0.15 2.21 208 1.94 2.21 208 1.94
Banistmo SA 4 1/4% due 27 400 409 0.03 400 409 0.08 — — — — — — 3.83 336 5.97 3.83 339 5.84
C&W Senior 7 1/2% due 26 500 546 0.05 500 546 0.10 — — — — — — 6.04 565 4.81 4.00 388 1.06
Cable & Wireless 6 7/8% due 27 1,220 1,284 0.11 1,220 1,284 0.24 1,220 1,284 0.22 1,220 1,284 0.38 5.93 544 5.55 5.46 531 2.70
Cable & Wireless Comm 5 3/4% due 27 550 584 0.05 550 584 0.11 550 584 0.10 550 584 0.17 4.68 419 5.76 3.83 369 1.88
Cable Onda SA 4 1/2% due 30 600 646 0.06 600 646 0.12 600 646 0.11 600 646 0.19 3.48 282 7.75 3.00 279 4.00
Global Bank 4 1/2% due 21 700 729 0.06 700 729 0.14 700 729 0.12 700 729 0.21 1.54 142 1.10 1.54 142 1.10
Global Bank 5 1/4% due 29 400 423 0.04 400 423 0.08 — — — — — — 4.55 395 6.18 4.55 405 6.19
Multibank 4 3/8% due 22 300 309 0.03 300 309 0.06 — — — — — — 3.22 309 2.05 3.22 309 2.05
Peru AJE 6 1/2% due 22 450 454 0.04 450 454 0.08 — — — — — — 5.94 582 1.56 -4.62 -467 0.08
Abengoa Transmision 6 7/8% due 43 421 560 0.05 421 560 0.10 — — — — — — 3.96 308 9.89 3.96 306 9.89
BBVA Continental 5 1/4% due 29 300 334 0.03 300 334 0.06 — — — — — — 3.31 268 3.57 2.63 244 3.60
BBVA Continental 5% due 22 500 532 0.05 500 532 0.10 500 532 0.09 500 532 0.16 1.39 126 1.90 1.39 126 1.90
BCP 2.7% due 25 700 728 0.06 700 728 0.14 — — — — — — 1.66 143 4.10 1.64 143 4.03
BCP 3 1/8% due 30 850 859 0.07 850 859 0.16 850 859 0.14 850 859 0.25 3.53 284 4.41 2.85 260 4.44
BCP 4 1/4% due 23 716 776 0.07 716 776 0.14 716 776 0.13 716 776 0.23 1.44 130 2.42 1.44 130 2.42
Banco Internac Del Peru 3 1/4% due 26 400 422 0.04 400 422 0.08 — — — — — — 2.38 200 5.48 2.38 201 5.48
Banco Internac Del Peru 4% due 30 300 304 0.03 300 304 0.06 — — — — — — 3.71 302 8.14 3.61 337 4.36
Calidda 4 3/8% due 23 320 342 0.03 320 342 0.06 — — — — — — 1.92 178 2.41 1.92 178 2.41
Cerro del Aguila SA 4 1/8% due 27 650 677 0.06 650 677 0.13 650 677 0.11 650 677 0.20 3.34 286 6.06 3.31 288 5.87
Composol SA 6% due 27 350 362 0.03 350 362 0.07 — — — — — — 5.27 485 5.31 5.16 486 4.60
Credicorp Ltd 2 3/4% due 25 500 513 0.04 500 513 0.10 500 513 0.09 500 513 0.15 2.14 189 4.46 2.13 190 4.38
Fenix Power SA 4.317% due 27 314 322 0.03 314 322 0.06 — — — — — — 3.94 367 4.38 3.93 356 4.29
Fideicomiso Inretail 5 3/4% due 28 350 363 0.03 350 363 0.07 — — — — — — 5.35 482 6.01 5.23 492 4.65
Hunt Oil 6 3/8% due 28 600 608 0.05 600 608 0.11 — — — — — — 6.24 588 4.65 6.24 583 4.65
IFH Peru 3 7/8% due 29 325 319 0.03 325 319 0.06 — — — — — — 4.00 337 7.54 4.00 340 7.54
Inkia Energy 5 7/8% due 27 600 644 0.06 600 644 0.12 600 644 0.11 600 644 0.19 4.79 430 5.80 4.03 390 2.01
Inretail Pharma SA 5 3/8% due 23 400 422 0.04 400 422 0.08 — — — — — — 3.49 335 2.44 2.16 205 0.65
Intercorp Financial 4 1/8% due 27 300 308 0.03 300 308 0.06 — — — — — — 3.69 319 6.10 3.67 323 5.91
Kallpa Generacion SA 4 7/8% due 26 350 382 0.03 350 382 0.07 — — — — — — 3.20 286 4.97 3.14 283 4.78
Lima Metro 4.35% due 36 563 639 0.05 563 639 0.12 — — — — — — 2.61 198 7.47 2.61 193 7.47
Lima Metro 5 7/8% due 34 615 768 0.07 615 768 0.14 — — — — — — 2.34 179 6.54 2.34 173 6.54
Minsur SA 6 1/4% due 24 450 495 0.04 450 495 0.09 — — — — — — 3.00 283 3.10 3.00 284 3.10
Nexa Resources 5 3/8% due 27 700 753 0.06 700 753 0.14 700 753 0.13 700 753 0.22 4.21 377 5.55 4.18 378 5.38
Nexa Resources SA 6 1/2% due 28 500 564 0.05 500 564 0.10 500 564 0.10 500 564 0.17 4.51 400 5.90 4.46 400 5.74
Orazul Energy 5 5/8% due 27 550 587 0.05 550 587 0.11 550 587 0.10 550 587 0.17 4.57 412 5.48 3.53 340 1.55
Peru LNG Srl 5 3/8% due 30 940 747 0.06 940 747 0.14 — — — — — — 9.98 952 5.08 9.98 955 5.08
San Miguel Industrias 4 1/2% due 22 300 309 0.03 300 309 0.06 — — — — — — 3.29 316 1.91 2.81 272 0.08
Transmantaro 4 3/8% due 23 450 481 0.04 450 481 0.09 — — — — — — 1.88 174 2.50 1.88 174 2.50
Transmantaro 4.7% due 34 400 471 0.04 400 471 0.09 — — — — — — 2.92 216 9.14 2.92 218 9.14
Transport de Gas 4 1/4% due 28 850 959 0.08 850 959 0.18 — — — — — — 1.93 159 5.03 1.93 157 5.03
Volcan Cia Minera 5 3/8% due 22 535 529 0.05 535 529 0.10 535 529 0.09 535 529 0.16 5.67 555 1.35 5.67 555 1.35
Philippines AC Energy 4 3/4% due 24 360 380 0.03 360 380 0.07 — — — — — — 2.89 272 3.14 2.89 273 3.14
AC Energy 5.65% due 22 Perp 400 411 0.04 400 411 0.08 — — — — — — 5.48 404 14.40 4.47 434 2.08
Aboitiz Equity Ventures Inc 4.2% due 30 400 400 0.03 400 400 0.07 — — — — — — 4.15 350 7.71 4.14 366 6.30
Ayala Corp 4.85% due 24 Perp 400 402 0.03 400 402 0.07 — — — — — — 4.84 341 15.57 4.81 462 3.67
Ayala Corp 5 1/8% due 22 Perp 400 414 0.04 400 414 0.08 — — — — — — 4.99 356 15.10 4.07 394 1.87
Banco De Oro Unibank 2 5/8% due 21 300 306 0.03 300 306 0.06 — — — — — — 1.30 118 1.13 1.30 118 1.13
Banco De Oro Unibank 2.95% due 23 700 732 0.06 700 732 0.14 700 732 0.12 700 732 0.21 1.37 124 2.39 1.37 124 2.39
Bank of Philippines 2 1/2% due 24 300 310 0.03 300 310 0.06 — — — — — — 1.70 149 3.78 1.70 151 3.78
50


Philippines Bank of Philippines 4 1/4% due 23 600 655 0.06 600 655 0.12 600 655 0.11 600 655 0.19 1.60 145 2.78 1.60 145 2.78
First Pacific 4 1/2% due 23 359 370 0.03 359 370 0.07 — — — — — — 3.84 370 2.41 3.84 371 2.41
Intl Container 4 3/4% due 30 400 418 0.04 400 418 0.08 — — — — — — 4.22 353 7.82 4.22 358 7.82
Intl Container 4 7/8% due 24 Perp 375 379 0.03 375 379 0.07 — — — — — — 6.89 546 3.39 4.91 474 3.28
Intl Container 5 7/8% due 22 Perp 400 410 0.04 400 410 0.08 — — — — — — 5.77 434 13.90 4.93 480 1.55
JG Summit Hldg 4 3/8/% due 23 750 785 0.07 750 785 0.15 750 785 0.13 750 785 0.23 2.37 224 2.26 2.37 224 2.26
Jollibee Foods Corp 3.9% due 25 Perp 600 551 0.05 600 551 0.10 600 551 0.09 600 551 0.16 6.31 488 3.56 5.87 562 3.93
Jollibee Foods Corp 4 1/8% due 26 300 303 0.03 300 303 0.06 — — — — — — 4.00 369 4.78 4.00 370 4.78
Jollibee Foods Corp 4 3/4% due 30 300 303 0.03 300 303 0.06 — — — — — — 4.66 397 7.78 4.66 402 7.78
Megaworld 4 1/8% due 27 350 344 0.03 350 344 0.06 — — — — — — 4.30 382 5.96 4.30 385 5.96
PLDT Inc 2 1/2% due 31 300 309 0.03 300 309 0.06 — — — — — — 2.13 141 9.21 2.12 143 9.01
PLDT Inc 3.45% due 50 300 315 0.03 300 315 0.06 — — — — — — 3.16 171 19.26 3.16 183 19.17
Petron Corp 4.6% due 23 Perp 500 469 0.04 500 469 0.09 500 469 0.08 500 469 0.14 6.45 502 2.07 6.24 564 2.50
Philippine Natl Bk 3.28% due 24 750 784 0.07 750 784 0.15 750 784 0.13 750 784 0.23 2.03 182 3.79 2.03 183 3.79
Philippine Natl Bk 4 1/4% due 23 300 321 0.03 300 321 0.06 — — — — — — 1.82 168 2.48 1.82 169 2.48
RCB 3% due 24 300 308 0.03 300 308 0.06 — — — — — — 2.51 230 3.73 2.51 232 3.73
RCB 4 1/8% due 23 450 479 0.04 450 479 0.09 — — — — — — 1.99 185 2.37 1.99 186 2.37
SM Investments 4 7/8% due 24 350 373 0.03 350 373 0.07 — — — — — — 3.04 285 3.42 3.04 286 3.42
SMC Global Power 5.7% due 26 Perp 600 573 0.05 600 573 0.11 600 573 0.10 600 573 0.17 7.65 622 4.50 6.59 630 4.53
SMC Global Power 5.95% due 25 Perp 500 489 0.04 500 489 0.09 — — — — — — 7.87 644 3.92 6.67 644 3.93
SMC Global Power 6 3/4% due 21 Perp 300 300 0.03 300 300 0.06 — — — — — — 8.80 737 0.40 4.63 452 0.48
SMC Global Power 6.5% due 24 Perp 800 803 0.07 800 803 0.15 800 803 0.14 800 803 0.24 7.81 637 3.02 6.68 651 3.13
San Miguel Corp 4 7/8% due 23 516 527 0.05 516 527 0.10 516 527 0.09 516 527 0.15 4.42 428 2.42 -3.67 -374 0.04
Security Bank 4 1/2% due 23 300 327 0.03 300 327 0.06 — — — — — — 1.88 173 2.83 1.88 174 2.83
Union Bk of Phil 3.369% due 22 500 522 0.04 500 522 0.10 500 522 0.09 500 522 0.15 1.32 119 2.15 1.32 119 2.15
Vista Land 5 3/4% due 24 350 347 0.03 350 347 0.06 — — — — — — 6.03 582 3.66 6.03 584 3.66
Vista Land 7 3/8% due 22 370 388 0.03 370 388 0.07 — — — — — — 4.94 481 1.65 4.94 481 1.65
Poland Oriflame 9 1/8% due 24 335 346 0.03 335 346 0.06 — — — — — — 7.88 768 3.24 7.52 738 2.52
PKO Fin 4.63% due 22 805 871 0.07 805 871 0.16 805 871 0.15 805 871 0.26 1.07 94 1.95 1.07 94 1.95
Paraguay Bioceanico Sovereign 0% due 34 728 535 0.05 728 535 0.10 — — — — — — 4.11 358 7.02 4.11 352 7.02
Rutas 2 0% due 36 458 321 0.03 458 321 0.06 — — — — — — 4.08 347 7.96 4.08 339 7.96
Telfon Celuar 5 7/8% due 27 550 592 0.05 550 592 0.11 550 592 0.10 550 592 0.17 4.73 429 5.40 3.53 340 1.52
Qatar AKCB Finance 4 3/4% due 23 500 552 0.05 500 552 0.10 500 552 0.09 500 552 0.16 1.54 139 2.86 1.54 139 2.86
Ahli Bank 3 1/2% due 22 500 514 0.04 500 514 0.10 500 514 0.09 500 514 0.15 1.16 103 1.45 1.16 103 1.45
Ahli Bank 3 1/8% due 24 500 532 0.05 500 532 0.10 500 532 0.09 500 532 0.16 1.60 139 3.78 1.60 141 3.78
CBQ Finance 5% due 23 500 549 0.05 500 549 0.10 500 549 0.09 500 549 0.16 1.61 147 2.54 1.61 148 2.54
DOHA Fin Ltd 1 1/2% due 25 500 503 0.04 500 503 0.09 500 503 0.08 500 503 0.15 1.48 123 4.44 1.48 125 4.44
Ezdan Sukuk 4 7/8% due 22 500 423 0.04 500 423 0.08 500 423 0.07 500 423 0.12 15.19 1506 1.41 15.19 1506 1.41
MAR Sukuk Ltd 3.025% due 24 500 527 0.05 500 527 0.10 500 527 0.09 500 527 0.15 1.67 145 3.92 1.67 147 3.92
Nakilat 6.067% due 33 850 1,096 0.09 850 1,096 0.20 — — — — — — 1.97 142 6.61 1.97 137 6.61
QIB Sukuk 3.251% due 22 750 774 0.07 750 774 0.14 750 774 0.13 750 774 0.23 1.45 132 1.67 1.45 132 1.67
QIB Sukuk 3.982% due 24 850 928 0.08 850 928 0.17 850 928 0.16 850 928 0.27 1.66 148 3.29 1.66 150 3.29
QIB Sukuk FRN due 25 800 783 0.07 800 783 0.15 — — — — — — 1.73 150 0.17 1.73 151 0.17
QIIB Senior 4.264% due 24 500 551 0.05 500 551 0.10 500 551 0.09 500 551 0.16 1.68 151 3.22 1.68 152 3.22
QNB Finance 2 3/4% due 27 1,000 1,056 0.09 1,000 1,056 0.20 1,000 1,056 0.18 1,000 1,056 0.31 1.75 132 5.94 1.75 133 5.94
QNB Finance 2 5/8% due 25 1,000 1,053 0.09 1,000 1,053 0.20 1,000 1,053 0.18 1,000 1,053 0.31 1.52 128 4.39 1.52 129 4.39
QNB Finance 3 1/2% due 24 1,000 1,087 0.09 1,000 1,087 0.20 — — — — — — 1.27 109 3.33 1.27 110 3.33
Qatar Reinsurance 4.95% due 22 Perp 450 462 0.04 450 462 0.09 — — — — — — 4.05 265 1.83 3.96 296 2.09
Qatar Telecom 3 1/4% due 23 1,000 1,048 0.09 1,000 1,048 0.19 1,000 1,048 0.18 1,000 1,048 0.31 0.90 76 2.38 0.90 77 2.38
Qatar Telecom 3 3/4% due 26 500 564 0.05 500 564 0.10 — — — — — — 1.41 106 5.26 1.41 107 5.26
Qatar Telecom 5% due 25 750 895 0.08 750 895 0.17 750 895 0.15 750 895 0.26 1.30 103 4.55 1.30 104 4.55
Raslaf 5.838% due 27 850 1,022 0.09 850 1,022 0.19 — — — — — — 1.45 122 3.92 1.45 115 3.92
Raslaf 6.332% due 27 800 969 0.08 800 969 0.18 — — — — — — 1.46 124 3.69 1.46 119 3.69
Russia Alfa Bank 5.95% due 04/30 850 871 0.07 327 335 0.06 850 871 0.15 382 392 0.11 5.73 505 3.84 5.64 541 3.91
Alfa Bank 6.95% due 23 Perp 500 497 0.04 192 191 0.04 500 497 0.08 225 223 0.07 6.36 493 1.59 6.20 555 2.09
Alfa Bank 8% due 22 Perp 700 708 0.06 269 273 0.05 — — — — — — 7.50 607 1.49 6.66 653 1.32
Alrosa 3.1% due 27 500 507 0.04 192 195 0.04 500 507 0.09 225 228 0.07 2.90 243 6.11 2.90 245 6.11
Alrosa 4.65% due 24 500 542 0.05 192 209 0.04 500 542 0.09 225 244 0.07 2.47 229 3.27 2.32 216 3.06
Borets Finance Ltd 6 1/2% due 22 330 339 0.03 127 131 0.02 — — — — — — 5.67 554 1.47 5.67 554 1.47
Celtic Resources 4 1/8% due 24 400 426 0.04 154 164 0.03 — — — — — — 2.51 230 3.73 2.51 232 3.73
Chelyabinsk Pipe 4 1/2% due 24 300 313 0.03 115 121 0.02 — — — — — — 3.61 340 3.62 3.61 342 3.62
Credit Bank of Moscow 4.7% due 25 581 584 0.05 224 225 0.04 581 584 0.10 261 262 0.08 4.45 422 3.94 4.45 424 3.94
Credit Bank of Moscow 5.55% due 23 320 330 0.03 123 127 0.02 — — — — — — 3.59 345 2.28 3.59 345 2.28
Credit Bank of Moscow 7 1/2% due 27 440 445 0.04 169 171 0.03 — — — — — — 6.78 629 1.77 6.77 637 1.78
Credit Bank of Moscow 7.121% due 24 337 372 0.03 130 143 0.03 — — — — — — 3.96 376 3.33 3.96 378 3.33
Credit Bank of Moscow 8 7/8% due 22 Perp 540 509 0.04 208 196 0.04 540 509 0.09 243 229 0.07 8.61 718 0.44 8.61 755 0.44
DME Airport Ltd 5 7/8% due 21 350 355 0.03 135 136 0.03 — — — — — — 3.84 372 1.14 3.84 372 1.14
Egidaco Investments 9 1/4% due 22 Perp 300 313 0.03 115 121 0.02 — — — — — — 8.86 743 1.51 7.45 732 1.78
Eurochem Finance DAC 5 1/2% due 24 700 785 0.07 269 302 0.06 700 785 0.13 315 353 0.10 2.35 217 3.16 2.35 218 3.16
Evraz 5 3/8% due 23 750 824 0.07 289 317 0.06 750 824 0.14 337 370 0.11 2.10 196 2.34 2.10 196 2.34
Evraz 6 3/4% due 22 500 536 0.05 192 206 0.04 — — — — — — 1.34 122 1.37 1.34 122 1.37
Evraz PLC 5 1/4% due 24 700 779 0.07 269 300 0.06 — — — — — — 2.39 221 3.23 2.39 223 3.23
Gazprom 3 1/4% due 30 2,000 2,031 0.17 770 782 0.15 2,000 2,031 0.34 899 913 0.27 2.99 233 8.20 2.99 236 8.20
Gazprom 3% due 27 1,000 1,014 0.09 385 390 0.07 — — — — — — 2.77 231 6.15 2.77 232 6.15
Gazprom 4.95% due 22 1,000 1,064 0.09 385 410 0.08 — — — — — — 1.45 132 1.80 1.45 132 1.80
Gazprom 4.95% due 27 750 858 0.07 289 330 0.06 — — — — — — 2.76 233 5.58 2.76 235 5.58
Gazprom 4.95% due 28 900 1,024 0.09 346 394 0.07 — — — — — — 2.79 228 6.33 2.79 231 6.33
Gazprom 5.15% due 26 1,250 1,405 0.12 481 541 0.10 — — — — — — 2.54 223 4.80 2.54 224 4.80
Gazprom 6.51% due 22 1,300 1,436 0.12 500 553 0.10 1,300 1,436 0.24 584 646 0.19 1.16 104 1.42 1.16 104 1.42
Gazprom 7.288% due 37 1,250 1,817 0.16 481 699 0.13 — — — — — — 3.65 269 11.20 3.65 273 11.20
Gazprom 8 5/8% due 34 1,200 1,884 0.16 462 725 0.13 — — — — — — 3.50 266 9.17 3.50 271 9.17
Gazprom Neft 4 3/8% due 22 1,500 1,599 0.14 577 616 0.11 1,500 1,599 0.27 674 719 0.21 1.68 155 1.93 1.68 155 1.93
Gazprom Neft 6% due 23 1,500 1,694 0.14 577 652 0.12 1,500 1,694 0.29 674 762 0.22 2.00 184 2.94 2.00 185 2.94
GeoProMining Investment 7 3/4% due 24 300 322 0.03 115 124 0.02 — — — — — — 5.78 558 3.24 5.78 560 3.24
Global Ports 6 1/2% due 23 314 350 0.03 121 135 0.03 — — — — — — 3.14 299 2.72 3.14 299 2.72
Hacienda Investments 5.075% due 23 300 298 0.03 115 115 0.02 — — — — — — 4.54 441 2.28 4.54 441 2.28
Koks 7 1/2% due 22 399 418 0.04 153 161 0.03 — — — — — — 5.03 490 1.53 5.03 490 1.53
Lukoil 3 7/8% due 30 1,500 1,616 0.14 577 622 0.12 1,500 1,616 0.27 674 726 0.21 3.04 236 8.08 3.04 240 8.08
Lukoil 4 3/4% due 26 1,000 1,133 0.10 385 436 0.08 — — — — — — 2.54 215 5.35 2.54 216 5.35
Lukoil 4.563% due 23 1,500 1,621 0.14 577 624 0.12 1,500 1,621 0.27 674 729 0.21 1.73 159 2.47 1.73 160 2.47
Lukoil 6.656% due 22 500 550 0.05 192 212 0.04 — — — — — — 1.30 117 1.67 1.30 117 1.67
MMC Finance 3 3/8% due 24 750 782 0.07 289 301 0.06 — — — — — — 2.39 217 3.83 2.33 215 3.61
MMC Finance 4.1% due 23 1,000 1,063 0.09 385 409 0.08 1,000 1,063 0.18 450 478 0.14 1.89 175 2.44 1.89 176 2.44
MMC Norilsk Nickel 6 5/8% due 22 1,000 1,117 0.10 385 430 0.08 1,000 1,117 0.19 450 502 0.15 1.82 168 1.95 1.82 169 1.95
MMK International 4 3/8% due 24 500 542 0.05 192 209 0.04 500 542 0.09 225 244 0.07 2.15 196 3.47 2.15 197 3.47
Metalloinvest 4.85% due 24 800 877 0.08 308 338 0.06 800 877 0.15 360 394 0.12 2.18 200 3.33 2.18 201 3.33
Mobtel 5% due 23 500 540 0.05 192 208 0.04 500 540 0.09 225 243 0.07 2.18 204 2.54 2.18 204 2.54
NLMK 4 1/2% due 23 700 753 0.06 269 290 0.05 700 753 0.13 315 338 0.10 1.79 164 2.61 1.79 165 2.61
NLMK 4% due 24 500 540 0.05 192 208 0.04 — — — — — — 2.16 195 3.69 2.16 197 3.69
51


Russia NLMK 4.7% due 26 500 560 0.05 192 216 0.04 500 560 0.09 225 252 0.07 2.54 219 5.04 2.54 220 5.04
Novatek Finance Ltd 4.422% due 22 1,000 1,061 0.09 385 408 0.08 1,000 1,061 0.18 450 477 0.14 1.66 152 2.16 1.66 153 2.16
Petropavlovsk 8 1/8% due 22 500 523 0.04 192 201 0.04 500 523 0.09 225 235 0.07 6.25 612 1.96 6.04 591 1.75
Phosagro 3.05% due 25 500 514 0.04 192 198 0.04 500 514 0.09 225 231 0.07 2.30 208 4.09 2.26 207 3.87
Phosagro 3.949% due 23 500 528 0.05 192 203 0.04 500 528 0.09 225 237 0.07 2.05 190 2.48 2.05 191 2.48
Polyus Gold 4.699% due 22 483 513 0.04 186 197 0.04 — — — — — — 1.61 148 1.50 1.61 148 1.50
Polyus Gold 4.7% due 24 470 507 0.04 181 195 0.04 — — — — — — 2.22 205 3.15 2.22 206 3.15
Polyus Gold 5 1/4% due 23 788 849 0.07 303 327 0.06 788 849 0.14 354 382 0.11 1.78 164 2.29 1.78 165 2.29
Rosneft 4.199% due 22 2,000 2,105 0.18 770 810 0.15 2,000 2,105 0.35 899 946 0.28 1.57 145 1.44 1.57 145 1.44
Sberbank 5 1/4% due 23 1,000 1,082 0.09 385 416 0.08 — — — — — — 2.40 226 2.51 2.40 226 2.51
Sberbank 5.125% due 22 2,000 2,149 0.18 770 827 0.15 2,000 2,149 0.36 899 966 0.28 2.06 193 2.02 2.06 193 2.02
Sberbank 6 1/8% due 22 1,500 1,597 0.14 577 615 0.11 1,500 1,597 0.27 674 718 0.21 1.49 137 1.39 1.49 137 1.39
Severstal 3.15% due 24 800 836 0.07 308 322 0.06 800 836 0.14 360 376 0.11 2.21 200 3.74 2.21 202 3.74
Severstal 5.9% due 22 634 699 0.06 244 269 0.05 634 699 0.12 285 314 0.09 1.78 164 1.97 1.78 164 1.97
Sibur 2.95% due 25 500 510 0.04 192 196 0.04 500 510 0.09 225 229 0.07 2.45 220 4.49 2.45 221 4.49
Sibur 3.45% due 24 500 526 0.04 192 203 0.04 500 526 0.09 225 237 0.07 2.27 207 3.73 2.27 208 3.73
Sibur 4 1/8% due 23 308 330 0.03 119 127 0.02 — — — — — — 1.98 183 2.87 1.98 183 2.87
TMK Capital 4.3% due 27 500 497 0.04 192 191 0.04 500 497 0.08 225 223 0.07 4.28 385 5.59 4.28 387 5.59
Uralkali 4% due 24 500 526 0.05 192 203 0.04 500 526 0.09 225 237 0.07 2.78 257 3.76 2.78 259 3.76
VTB 6.95% due 22 1,412 1,542 0.13 544 594 0.11 1,412 1,542 0.26 635 693 0.20 3.27 313 1.94 3.27 313 1.94
VTB 9 1/2% due 22 Perp 2,250 2,514 0.21 866 968 0.18 2,250 2,514 0.42 1,011 1,130 0.33 8.34 691 2.33 4.68 455 2.01
Vimpelcom 4% due 25 1,000 1,058 0.09 385 407 0.08 1,000 1,058 0.18 450 476 0.14 2.90 266 4.14 2.84 263 3.94
Vimpelcom 4.95% due 24 533 580 0.05 205 223 0.04 533 580 0.10 239 261 0.08 2.56 237 3.44 2.41 225 3.23
Vimpelcom 7 1/4% due 23 700 796 0.07 269 306 0.06 — — — — — — 2.62 248 2.38 2.18 205 2.18
Vimpelcom 7.5043% due 22 417 451 0.04 161 174 0.03 — — — — — — 1.55 142 1.44 1.55 142 1.44
Vimpelcom Hldgs 5.95% due 23 529 576 0.05 204 222 0.04 — — — — — — 2.08 194 2.29 2.08 195 2.29
Saudi Arabia Acwa Power 5.95% due 39 814 918 0.08 595 671 0.12 — — — — — — 4.21 353 7.38 4.21 356 7.38
Almarai Co 4.311% due 24 500 545 0.05 366 399 0.07 500 545 0.09 412 449 0.13 1.93 176 3.21 1.93 177 3.21
Arabian Centres 5 3/8% due 24 500 452 0.04 366 330 0.06 500 452 0.08 412 372 0.11 7.79 757 3.63 7.79 760 3.63
Dar Al-Arkan 6 3/4% due 25 600 537 0.05 439 392 0.07 600 537 0.09 495 442 0.13 9.48 925 3.70 9.48 927 3.70
Dar Al-Arkan Sukuk 6 7/8% due 22 500 501 0.04 366 366 0.07 — — — — — — 7.20 708 1.46 7.20 708 1.46
Dar Al-Arkan Sukuk 6 7/8% due 23 500 495 0.04 366 362 0.07 500 495 0.08 412 408 0.12 7.31 717 2.23 7.31 717 2.23
Dar Al-Arkan Sukuk 6 7/8% due 27 400 342 0.03 293 250 0.05 — — — — — — 9.68 925 5.01 9.68 929 5.01
Riyad Bank Sukuk 3.174% due 30 1,500 1,509 0.13 1,097 1,104 0.21 1,500 1,509 0.25 1,236 1,244 0.36 2.95 229 4.07 2.84 262 4.16
Sabic Capital 4 1/2% due 28 1,000 1,194 0.10 731 873 0.16 1,000 1,194 0.20 824 984 0.29 2.03 146 6.88 2.03 149 6.88
Sabic Capital 4% due 23 1,000 1,089 0.09 731 796 0.15 1,000 1,089 0.18 824 897 0.26 1.39 123 2.90 1.39 124 2.90
Samba Funding Ltd 2 3/4% due 24 1,000 1,052 0.09 731 769 0.14 1,000 1,052 0.18 824 867 0.25 1.50 129 3.83 1.50 131 3.83
Samba Funding Ltd 2.9% due 27 500 523 0.04 366 382 0.07 500 523 0.09 412 431 0.13 2.08 166 5.86 2.08 167 5.86
Saudi Arabian Oil Co 3 1/2% due 29 3,000 3,319 0.28 2,194 2,427 0.45 — — — — — — 2.20 160 7.47 2.20 161 7.47
Saudi Arabian Oil Co 4 1/4% due 39 3,000 3,508 0.30 2,194 2,565 0.48 3,000 3,508 0.59 2,473 2,891 0.85 3.09 206 13.42 3.09 206 13.42
Saudi Arabian Oil Co 4 3/8% due 49 3,000 3,661 0.31 2,194 2,677 0.50 3,000 3,661 0.62 2,473 3,017 0.88 3.11 171 17.79 3.11 182 17.79
Saudi Electricity Sukuk 3.473% due 23 1,000 1,066 0.09 731 779 0.14 — — — — — — 1.08 94 2.46 1.08 94 2.46
Saudi Electricity Sukuk 4% due 24 1,500 1,652 0.14 1,097 1,208 0.22 1,500 1,652 0.28 1,236 1,361 0.40 1.43 124 3.33 1.43 126 3.33
Saudi Electricity Sukuk 4.211% due 22 1,250 1,332 0.11 914 974 0.18 1,250 1,332 0.22 1,030 1,098 0.32 0.87 74 1.52 0.87 74 1.52
Saudi Electricity Sukuk 4.222% due 24 800 871 0.07 585 637 0.12 — — — — — — 1.47 130 3.18 1.47 131 3.18
Saudi Electricity Sukuk 4.723% due 28 1,200 1,440 0.12 878 1,053 0.20 — — — — — — 2.20 163 6.78 2.20 166 6.78
Saudi Electricity Sukuk 5 1/2% due 44 1,000 1,320 0.11 731 965 0.18 — — — — — — 3.51 229 14.66 3.51 236 14.66
Saudi Electricity Sukuk 5.06% due 43 1,000 1,272 0.11 731 930 0.17 — — — — — — 3.37 219 14.62 3.37 223 14.62
Saudi Telecom Co 3.89% due 29 1,250 1,440 0.12 914 1,053 0.20 1,250 1,440 0.24 1,030 1,187 0.35 1.95 135 7.47 1.95 137 7.47
Singapore BOC Aviation 2 3/4% due 22 500 515 0.04 407 420 0.08 — — — — — — 1.58 145 1.96 1.53 140 1.88
BOC Aviation 2 5/8% due 25 400 411 0.04 326 335 0.06 — — — — — — 1.96 173 4.12 1.94 174 4.04
BOC Aviation 3 1/2% due 23 300 313 0.03 244 255 0.05 — — — — — — 1.71 157 2.31 1.65 151 2.23
BOC Aviation 3 1/2% due 24 750 804 0.07 611 655 0.12 — — — — — — 1.92 171 3.79 1.89 170 3.72
BOC Aviation 3 1/2% due 27 700 759 0.06 570 618 0.11 — — — — — — 2.34 185 6.21 2.30 186 6.01
BOC Aviation 3 1/4% due 25 1,000 1,063 0.09 815 866 0.16 1,000 1,063 0.18 1,000 1,063 0.31 1.98 173 4.29 1.96 174 4.21
BOC Aviation 3 7/8% due 26 750 823 0.07 611 671 0.12 750 823 0.14 750 823 0.24 2.15 181 5.06 2.08 178 4.85
BOC Aviation 3% due 22 500 514 0.04 407 418 0.08 — — — — — — 1.76 163 1.67 1.70 157 1.59
BOC Aviation 3% due 29 650 687 0.06 529 560 0.10 — — — — — — 2.38 175 7.87 2.36 177 7.68
BOC Aviation 4 3/8% due 23 500 540 0.05 407 440 0.08 — — — — — — 1.73 159 2.49 1.73 159 2.49
BOC Aviation 4% due 24 500 535 0.05 407 436 0.08 — — — — — — 1.85 168 3.18 1.80 164 3.10
BOC Aviation FRN due 23 500 492 0.04 407 401 0.07 — — — — — — 1.94 179 0.03 1.94 179 0.03
BOC Aviation FRN due 25 350 342 0.03 285 278 0.05 — — — — — — 2.05 180 0.16 2.05 181 0.16
Capitaland 4.076% due 22 400 426 0.04 326 347 0.06 — — — — — — 1.59 146 1.94 1.59 146 1.94
DBS 3.3% due 25 Perp 1,000 1,004 0.09 815 818 0.15 1,000 1,004 0.17 1,000 1,004 0.29 3.55 212 3.59 3.10 280 4.14
DBS 3.6% due 21 Perp 750 771 0.07 611 628 0.12 750 771 0.13 750 771 0.23 3.46 202 0.79 2.10 198 0.99
DBS 4.52% due 28 750 826 0.07 611 673 0.13 — — — — — — 2.24 166 3.01 1.52 136 3.04
DBS FRN due 22 500 502 0.04 407 409 0.08 — — — — — — 0.57 44 0.15 0.57 44 0.15
Flextronics Ltd 3 3/4% due 26 675 735 0.06 550 599 0.11 675 735 0.12 675 735 0.22 1.83 152 4.93 1.81 152 4.86
Flextronics Ltd 4 3/4% due 25 600 676 0.06 489 551 0.10 — — — — — — 2.00 175 4.29 1.86 164 4.09
Flextronics Ltd 4 7/8% due 29 650 749 0.06 529 610 0.11 — — — — — — 2.88 227 7.26 2.83 227 7.09
Flextronics Ltd 4 7/8% due 30 650 752 0.06 529 612 0.11 650 752 0.13 650 752 0.22 3.01 233 7.84 2.97 235 7.68
Flextronics Ltd 5% due 23 500 547 0.05 407 446 0.08 — — — — — — 1.10 96 2.33 1.10 97 2.33
Global Logistic Prop 3 7/8% due 25 1,000 1,040 0.09 815 847 0.16 1,000 1,040 0.18 1,000 1,040 0.31 3.08 283 4.30 3.08 284 4.30
Olam International 4 3/8% due 23 300 303 0.03 244 247 0.05 — — — — — — 3.70 357 2.21 3.70 357 2.21
Olam International 5.35% due 21 Perp 500 503 0.04 407 410 0.08 500 503 0.08 500 503 0.15 7.45 602 0.79 4.18 406 0.86
Overseas Chinese 4 1/4% due 24 1,000 1,109 0.09 815 903 0.17 1,000 1,109 0.19 1,000 1,109 0.33 1.45 126 3.51 1.45 127 3.51
Sing Telecom 1 7/8% due 30 750 772 0.07 611 629 0.12 750 772 0.13 750 772 0.23 1.52 84 8.98 1.51 86 8.77
Sing Telecom 2 3/8% due 26 500 541 0.05 407 441 0.08 — — — — — — 1.10 71 5.66 1.10 72 5.66
Sing Telecom 2 3/8% due 29 750 797 0.07 611 649 0.12 750 797 0.13 750 797 0.23 1.53 90 8.19 1.51 91 7.98
Sing Telecom 3 1/4% due 25 500 553 0.05 407 450 0.08 — — — — — — 1.03 77 4.49 1.03 78 4.49
Sing Telecom 3 7/8% due 28 500 584 0.05 407 476 0.09 — — — — — — 1.57 101 7.04 1.51 99 6.84
Sing Telecom 7 3/8% due 31 500 779 0.07 407 635 0.12 — — — — — — 1.97 122 8.47 1.97 127 8.47
Singapore Technologies 1 1/2% due 25 750 770 0.07 611 627 0.12 750 770 0.13 750 770 0.23 1.01 77 4.48 0.98 77 4.25
United Overseas 2.88% due 27 600 620 0.05 489 505 0.09 — — — — — — 2.28 185 1.43 1.48 135 1.47
United Overseas 3 1/2% due 26 700 725 0.06 570 591 0.11 700 725 0.12 700 725 0.21 2.73 235 0.99 1.36 124 1.02
United Overseas 3 3/4% due 29 600 648 0.06 489 528 0.10 — — — — — — 2.26 166 3.30 1.72 155 3.35
United Overseas 3 7/8% due 23 Perp 650 671 0.06 529 547 0.10 650 671 0.11 650 671 0.20 3.02 159 2.45 2.90 191 2.75
Vena Energy Hldgs 3.133% due 25 325 316 0.03 265 258 0.05 — — — — — — 3.56 332 4.15 3.56 334 4.15
El Salvador AES 6 3/4% due 23 310 298 0.03 310 298 0.06 — — — — — — 9.12 898 2.22 9.12 899 2.22
Grupo Unicomer 7 7/8% due 24 350 330 0.03 350 330 0.06 — — — — — — 10.04 986 2.92 10.04 988 2.92
Togo Ecobank Transnational 9 1/2% due 24 500 543 0.05 500 543 0.10 — — — — — — 7.23 704 2.97 7.23 706 2.97
Thailand Bangkok Bank 3 7/8% due 22 800 853 0.07 800 853 0.16 800 853 0.14 800 853 0.25 1.31 118 1.97 1.31 118 1.97
Bangkok Bank 3.733% due 34 1,200 1,222 0.10 1,200 1,222 0.23 1,200 1,222 0.21 1,200 1,222 0.36 3.59 274 7.48 3.59 273 7.48
Bangkok Bank 4.05% due 24 600 665 0.06 600 665 0.12 — — — — — — 1.37 119 3.27 1.37 120 3.27
Bangkok Bank 4.45% due 28 600 707 0.06 600 707 0.13 — — — — — — 2.23 167 6.81 2.23 170 6.81
Bangkok Bank 5% due 23 500 563 0.05 500 563 0.10 — — — — — — 1.36 121 2.84 1.36 121 2.84
Bangkok Bank 9.025% due 29 450 650 0.06 450 650 0.12 — — — — — — 3.44 285 6.29 3.44 291 6.29
Indorama Ventures PCL 4 3/8% due 24 300 305 0.03 300 305 0.06 — — — — — — 4.10 390 3.59 4.10 391 3.59
KBank 2 3/8% due 22 400 410 0.04 400 410 0.08 — — — — — — 1.21 108 1.55 1.21 108 1.55
KBank 3.343% due 31 800 810 0.07 800 810 0.15 800 810 0.14 800 810 0.24 3.17 243 5.30 3.17 245 5.30
Kbank 3.256% due 23 400 422 0.04 400 422 0.08 — — — — — — 1.27 113 2.73 1.27 113 2.73
PTT PCL 3.7% due 70 700 729 0.06 700 729 0.14 700 729 0.12 700 729 0.21 3.51 205 23.46 3.51 214 23.38
PTT Treasury 4 1/2% due 42 330 378 0.03 330 378 0.07 — — — — — — 3.46 230 14.75 3.46 233 14.75
PTTEP 2.587% due 27 500 522 0.04 500 522 0.10 500 522 0.09 500 522 0.15 1.88 142 6.21 1.86 143 6.07
PTTEP 2.993% due 30 350 373 0.03 350 373 0.07 — — — — — — 2.16 151 8.25 2.12 152 7.85
52


Thailand PTTEP 3.903% due 59 650 735 0.06 650 735 0.14 650 735 0.12 650 735 0.22 3.26 180 21.52 3.26 190 21.52
PTTEP 6.35% due 42 490 698 0.06 490 698 0.13 — — — — — — 3.27 213 13.77 3.27 218 13.77
Ratchaburi Elec 4 1/2% due 28 300 351 0.03 300 351 0.07 — — — — — — 2.19 167 6.45 2.19 169 6.45
Siam Comm Bk 2 3/4% due 23 500 522 0.04 500 522 0.10 — — — — — — 1.22 108 2.59 1.22 108 2.59
Siam Comm Bk 3.2% due 22 400 416 0.04 400 416 0.08 — — — — — — 1.15 102 1.84 1.15 102 1.84
Siam Comm Bk 3.9% due 24 500 540 0.05 500 540 0.10 500 540 0.09 500 540 0.16 1.39 122 3.24 1.39 123 3.24
Siam Comm Bk 4.4% due 29 500 581 0.05 500 581 0.11 500 581 0.10 500 581 0.17 2.18 159 7.22 2.18 162 7.22
TMB Bank 4.9% due 24 Perp 400 381 0.03 400 381 0.07 — — — — — — 5.30 386 2.73 5.28 432 3.21
Thai Oil 2 1/2% due 30 400 402 0.03 400 402 0.07 — — — — — — 2.45 176 8.69 2.45 178 8.69
Thai Oil 3 1/2% due 49 565 538 0.05 565 538 0.10 — — — — — — 3.73 230 18.12 3.73 241 18.12
Thai Oil 3 3/4% due 50 600 597 0.05 600 597 0.11 600 597 0.10 600 597 0.18 3.72 227 18.17 3.72 240 18.17
Thai Oil 4 5/8% due 28 400 470 0.04 400 470 0.09 — — — — — — 2.33 176 6.94 2.33 178 6.94
Thai Oil 4 7/8% due 01/43 328 382 0.03 328 382 0.07 — — — — — — 3.78 261 14.52 3.78 266 14.52
Thai Oil 5 3/8% due 48 600 759 0.06 600 759 0.14 600 759 0.13 600 759 0.22 3.87 248 16.08 3.87 263 16.08
Thai Olefins 4 1/4% due 22 504 538 0.05 504 538 0.10 504 538 0.09 504 538 0.16 1.58 145 1.93 1.58 145 1.93
Turkey Akbank 5 1/8% due 25 500 475 0.04 332 315 0.06 500 475 0.08 410 389 0.11 6.74 650 3.90 6.74 652 3.90
Akbank 5% due 22 500 497 0.04 332 330 0.06 — — — — — — 5.70 557 1.97 5.70 557 1.97
Akbank 6.797% due 28 400 359 0.03 266 239 0.04 — — — — — — 7.73 720 2.00 7.73 724 2.00
Akbank 6.8% due 26 500 494 0.04 332 328 0.06 500 494 0.08 410 405 0.12 7.08 676 4.44 7.08 679 4.44
Akbank 7.2% due 27 500 479 0.04 332 318 0.06 — — — — — — 7.60 716 1.17 7.60 720 1.17
Alternatifbank AS 8 3/4% due 26 300 299 0.03 199 199 0.04 — — — — — — 8.81 847 0.52 8.81 850 0.52
Anadolu EFES 3 3/8% due 22 500 504 0.04 332 334 0.06 500 504 0.08 410 413 0.12 2.60 246 2.06 2.60 246 2.06
Arcelik 5% due 23 500 508 0.04 332 337 0.06 500 508 0.09 410 416 0.12 4.65 451 2.35 4.65 451 2.35
Coca-Cola Icecek AS 4.215% due 24 500 518 0.04 332 344 0.06 500 518 0.09 410 425 0.12 3.46 325 3.64 3.41 323 3.43
Fibabanka AS 6% due 23 300 281 0.02 199 186 0.03 — — — — — — 6.92 678 2.18 6.92 678 2.18
Fibabanka AS 7 3/4% due 27 300 272 0.02 199 180 0.03 — — — — — — 8.11 761 1.76 8.11 766 1.76
Finansbank 4 7/8% due 22 750 753 0.06 498 500 0.09 750 753 0.13 614 617 0.18 4.87 474 1.60 4.87 474 1.60
Finansbank 6 7/8% due 24 650 678 0.06 432 450 0.08 650 678 0.11 532 556 0.16 6.23 603 3.37 6.23 605 3.37
Garanti Bank 5 1/4% due 22 750 758 0.06 498 504 0.09 750 758 0.13 614 621 0.18 5.38 525 1.86 5.38 525 1.86
Garanti Bank 5 7/8% due 23 500 506 0.04 332 336 0.06 — — — — — — 6.06 592 2.26 6.06 593 2.26
Garanti Bank 6 1/8% due 27 750 686 0.06 498 455 0.08 750 686 0.12 614 562 0.16 6.84 639 1.35 6.84 642 1.35
Isbank 5 1/2% due 22 600 600 0.05 398 399 0.07 — — — — — — 6.02 590 1.51 6.02 590 1.51
Isbank 5 3/8% due 21 750 758 0.06 498 503 0.09 — — — — — — 5.25 513 1.04 5.25 513 1.04
Isbank 6 1/8% due 24 1,250 1,204 0.10 830 799 0.15 1,250 1,204 0.20 1,024 986 0.29 7.48 730 3.13 7.48 732 3.13
Isbank 6% due 22 1,000 981 0.08 664 652 0.12 1,000 981 0.17 819 804 0.24 6.50 637 1.94 6.50 637 1.94
Isbank 7 3/4% due 30 750 700 0.06 498 465 0.09 — — — — — — 8.41 775 3.45 8.41 783 3.45
Isbank 7% due 28 500 454 0.04 332 302 0.06 — — — — — — 7.79 724 2.27 7.79 729 2.27
Isbank 7.85% due 23 400 404 0.03 266 268 0.05 — — — — — — 7.06 690 2.81 7.06 691 2.81
Koc Holdings 5 1/4% due 23 750 768 0.07 498 510 0.09 750 768 0.13 614 629 0.18 4.65 452 2.29 4.60 446 2.08
Koc Holdings 6 1/2% due 25 750 787 0.07 498 523 0.10 750 787 0.13 614 645 0.19 5.74 550 3.78 5.70 550 3.60
Kuveyt Turk Sukuk 5.136% due 21 500 506 0.04 332 336 0.06 500 506 0.09 410 415 0.12 3.80 368 1.12 3.80 368 1.12
Kuveyt Turk Sukuk 7.9% due 26 350 342 0.03 232 227 0.04 — — — — — — 7.72 741 0.39 7.72 743 0.39
Mersin 5 3/8% due 24 600 615 0.05 398 408 0.08 600 615 0.10 492 504 0.15 4.70 448 3.68 4.51 436 2.88
Odea Bank AS 7 5/8% due 27 300 189 0.02 199 126 0.02 — — — — — — 15.41 1493 0.80 15.41 1499 0.80
Petkim Petrokimya 5 7/8% due 23 500 499 0.04 332 331 0.06 500 499 0.08 410 409 0.12 5.76 562 2.20 5.76 563 2.20
Ronesans Gayrimenkul 7 1/4% due 23 300 261 0.02 199 173 0.03 — — — — — — 11.98 1184 2.24 11.98 1185 2.24
Tupras 4 1/2% due 10/24 700 661 0.06 465 439 0.08 700 661 0.11 573 541 0.16 6.18 596 3.63 6.18 598 3.63
Turk Sise 6.95% due 26 700 738 0.06 465 490 0.09 700 738 0.12 573 605 0.18 6.19 587 4.43 6.17 589 4.27
Turk Telekomunikasyon 4 7/8% due 24 500 494 0.04 332 328 0.06 500 494 0.08 410 405 0.12 5.15 495 3.39 5.15 497 3.39
Turk Telekomunikasyon AS 6 7/8% due 25 500 521 0.04 332 346 0.06 500 521 0.09 410 427 0.13 5.51 528 3.85 5.51 530 3.85
Turkcell Iletisim 5 3/4% due 25 500 514 0.04 332 341 0.06 500 514 0.09 410 421 0.12 5.34 506 4.31 5.34 508 4.31
Turkcell Iletisim 5.8% due 28 500 504 0.04 332 334 0.06 500 504 0.08 410 413 0.12 5.83 531 5.98 5.83 534 5.98
Turkiye Sinai 5 1/2% due 23 350 335 0.03 232 222 0.04 — — — — — — 7.27 714 2.16 7.27 714 2.16
Turkiye Sinai 6% due 25 400 374 0.03 266 248 0.05 — — — — — — 7.68 745 3.74 7.68 747 3.74
Turkiye Sinai 7 5/8% due 27 300 287 0.02 199 191 0.04 — — — — — — 7.91 747 1.22 7.91 751 1.22
Vakiflar Bankasi 5 1/2% due 21 500 505 0.04 332 335 0.06 — — — — — — 5.41 529 1.09 5.41 529 1.09
Vakiflar Bankasi 5 1/4% due 25 750 675 0.06 498 448 0.08 750 675 0.11 614 553 0.16 7.76 753 3.82 7.76 755 3.82
Vakiflar Bankasi 6% due 22 672 655 0.06 446 435 0.08 672 655 0.11 551 537 0.16 7.18 705 1.95 7.18 705 1.95
Yapi 13 7/8% due 24 Perp 650 687 0.06 432 456 0.08 650 687 0.12 532 563 0.17 12.20 1077 2.52 11.82 1167 2.62
Yapi 5 1/2% due 22 1,000 972 0.08 664 645 0.12 1,000 972 0.16 819 796 0.23 6.77 663 2.06 6.77 663 2.06
Yapi 5 3/4% due 22 600 595 0.05 398 395 0.07 — — — — — — 5.73 560 1.41 5.73 560 1.41
Yapi 5.85% due 24 500 477 0.04 332 317 0.06 — — — — — — 7.31 712 3.30 7.31 713 3.30
Yapi 6.1% due 23 500 498 0.04 332 331 0.06 — — — — — — 6.90 676 2.24 6.90 677 2.24
Yapi 8 1/2% due 26 500 513 0.04 332 341 0.06 — — — — — — 8.04 772 0.46 7.49 739 0.48
Yapi 8 1/4% due 24 500 523 0.04 332 347 0.06 — — — — — — 7.51 730 3.36 7.51 732 3.36
Trinidad & Tobago Telecommunications Services 8 7/8% due 2 300 311 0.03 300 311 0.06 — — — — — — 8.60 806 5.44 8.58 815 5.04
Taiwan Formosa Group Ltd 3 3/8% due 25 1,000 1,082 0.09 1,000 1,082 0.20 1,000 1,082 0.18 1,000 1,082 0.32 1.66 142 4.27 1.66 143 4.27
Hon Hai Precision 3 3/4% due 24 700 761 0.07 700 761 0.14 700 761 0.13 700 761 0.22 1.60 142 3.26 1.60 144 3.26
Hon Hai Precision 3% due 26 400 432 0.04 400 432 0.08 — — — — — — 1.78 140 5.51 1.78 140 5.51
Hon Hai Precision 4 1/4% due 29 300 349 0.03 300 349 0.06 — — — — — — 2.28 169 7.19 2.28 171 7.19
Tanzania Helios Towers Africa 7% due 25 750 810 0.07 750 810 0.15 750 810 0.14 750 810 0.24 5.20 490 4.39 4.08 395 1.67
Ukraine Kernel Holding SA 6 1/2% due 24 300 305 0.03 300 305 0.06 — — — — — — 6.05 583 3.50 6.02 584 3.31
Kernel Holding SA 8 3/4% due 22 500 520 0.04 500 520 0.10 500 520 0.09 500 520 0.15 5.57 545 1.33 5.57 545 1.33
MHP 7 3/4% due 24 500 542 0.05 500 542 0.10 500 542 0.09 500 542 0.16 5.52 533 3.14 5.52 535 3.14
MHP SA 6 1/4% due 29 350 351 0.03 350 351 0.07 — — — — — — 6.47 584 6.66 6.47 589 6.66
MHP SA 6.95% due 26 550 583 0.05 550 583 0.11 550 583 0.10 550 583 0.17 6.05 572 4.49 6.05 575 4.49
Metinvest 7 3/4% due 23 505 515 0.04 505 515 0.10 505 515 0.09 505 515 0.15 6.24 610 2.36 6.10 597 2.16
Metinvest 7 3/4% due 29 500 494 0.04 500 494 0.09 — — — — — — 8.04 740 6.32 8.04 748 6.32
Metinvest 8 1/2% due 26 648 674 0.06 648 674 0.13 648 674 0.11 648 674 0.20 7.83 749 4.33 7.81 752 4.17
VFU Funding 6.2% due 25 500 505 0.04 500 505 0.09 500 505 0.09 500 505 0.15 5.78 555 3.84 5.67 551 3.06
Uzbekistan Uzbek Industrial 5 3/4% due 24 300 317 0.03 300 317 0.06 — — — — — — 4.22 400 3.72 4.22 402 3.72
Vietnam Mong Duong 5 1/8% due 29 679 695 0.06 679 695 0.13 — — — — — — 4.78 442 4.91 4.78 456 3.88
South Africa Anglogold 5 1/8% due 22 750 798 0.07 750 798 0.15 750 798 0.13 750 798 0.23 1.57 144 1.83 1.57 144 1.83
Anglogold 6 1/2% due 40 300 364 0.03 300 364 0.07 — — — — — — 4.83 376 11.81 4.83 382 11.81
Barclays Africa 6 1/4% due 28 400 416 0.04 400 416 0.08 — — — — — — 4.76 423 2.29 4.76 426 2.29
Firstrand 6 1/4% due 28 500 532 0.05 500 532 0.10 500 532 0.09 500 532 0.16 4.41 388 2.34 4.03 390 2.38
Gold Fields 5 1/8% due 24 500 558 0.05 500 558 0.10 — — — — — — 1.99 180 3.36 1.92 176 3.29
Gold Fields 6 1/8% due 29 500 610 0.05 500 610 0.11 500 610 0.10 500 610 0.18 3.30 269 6.90 3.23 268 6.74
Growthpoint Properties 5.872% due 23 425 442 0.04 425 442 0.08 — — — — — — 4.86 472 2.39 4.86 473 2.39
Liquid Telecommunications 8 1/2% due 22 730 753 0.06 730 753 0.14 730 753 0.13 730 753 0.22 6.75 662 1.69 4.90 478 0.83
MTN Mauritius 4.755% due 24 750 788 0.07 750 788 0.15 750 788 0.13 750 788 0.23 3.44 322 3.75 3.44 324 3.75
MTN Mauritius 5.373% due 22 500 515 0.04 500 515 0.10 — — — — — — 2.69 257 1.40 2.69 257 1.40
MTN Mauritius 6 1/2% due 26 500 564 0.05 500 564 0.10 500 564 0.10 500 564 0.17 4.21 382 5.01 4.21 384 5.01
Prosus 4.85% due 27 1,000 1,160 0.10 1,000 1,160 0.22 1,000 1,160 0.20 1,000 1,160 0.34 2.26 180 5.91 2.18 176 5.73
Prosus 5 1/2% due 25 1,200 1,388 0.12 1,200 1,388 0.26 1,200 1,388 0.23 1,200 1,388 0.41 2.04 178 4.33 1.88 166 4.14
SASOL Financing 5 7/8% due 24 1,500 1,520 0.13 1,500 1,520 0.28 1,500 1,520 0.26 1,500 1,520 0.45 5.95 577 3.10 5.95 579 3.10
SASOL Financing 6 1/2% due 28 750 751 0.06 750 751 0.14 — — — — — — 6.70 614 6.05 6.70 619 6.05
Sasol Financing 4 1/2% due 22 1,000 1,003 0.09 1,000 1,003 0.19 1,000 1,003 0.17 1,000 1,003 0.29 4.51 438 2.05 4.51 438 2.05
Standard Bank 5.95% due 29 400 418 0.04 400 418 0.08 — — — — — — 4.81 420 3.24 4.62 445 3.30
Stillwater Mining Co 6 1/8% due 22 354 362 0.03 354 362 0.07 — — — — — — 4.56 444 1.69 -8.42 -837 0.08
Stillwater Mining Co 7 1/8% due 25 347 370 0.03 347 370 0.07 — — — — — — 5.54 528 4.03 3.19 307 0.80
Zambia First Quantum Minerals 6 1/2% due 24 850 834 0.07 850 834 0.16 — — — — — — 6.58 641 3.08 6.58 642 3.08
First Quantum Minerals 6 7/8% due 26 1,000 1,000 0.09 1,000 1,000 0.19 1,000 1,000 0.17 1,000 1,000 0.29 6.74 642 4.53 6.67 651 3.07
First Quantum Minerals 7 1/2% due 25 1,350 1,403 0.12 1,350 1,403 0.26 1,350 1,403 0.24 1,350 1,403 0.41 7.17 693 3.72 6.96 682 2.24
First Quantum Minerals 7 1/4% due 22 850 869 0.07 850 869 0.16 — — — — — — 6.75 662 1.55 -2.71 -279 0.08
First Quantum Minerals 7 1/4% due 23 1,600 1,657 0.14 1,600 1,657 0.31 — — — — — — 6.21 607 2.26 5.61 549 1.44
53

NEXGEM Next Generation Markets Index (NEXGEM)


NEXGEM 2.98
August 31, 2020 Aug 31 1-mo 3-mo YTD 12-mo index Price Interest 1-mo 3-mo 12-mo
Sri Lanka 11.55
NEXGEM 592.52 2.98 15.12 -1.86 2.07 152.88 2.48 0.49 2.72 7.52 15.95
Suriname 8.58
El Salvador 4.71 By region
Africa 433.24 2.61 14.41 -3.19 2.06 130.43 2.01 0.58 4.87 11.38 23.66
Nigeria 4.56
Asia 352.37 7.43 31.26 -1.88 0.93 114.21 6.98 0.42 4.70 16.00 23.15
Belize 4.36 Europe 648.82 0.41 3.38 2.18 3.99 168.64 -0.02 0.43 5.19 4.97 10.84
Pakistan 4.30 Latin America 574.60 2.21 13.64 -1.52 2.26 133.25 1.77 0.43 3.26 5.96 12.65
Senegal 4.21 Middle East 371.86 1.74 7.86 0.84 4.43 134.02 1.28 0.46 2.67 6.65 13.78
Barbados 3.38
By country
Cameroon 3.19 Angola 148.44 0.88 38.98 -15.91 -10.36 78.70 0.09 0.80 10.65 25.76 55.60
Ghana 3.07 Armenia 168.92 1.97 2.45 4.02 8.16 111.81 1.60 0.36 2.23 5.17 11.67
Ethiopia 3.00 Azerbaijan 130.65 1.82 5.92 5.01 7.08 110.10 1.47 0.35 4.17 5.33 14.12
Barbados 95.56 3.38 13.28 0.00 0.00 92.30 2.93 0.44 6.36 8.06 0.00
Kenya 2.93 Belarus 113.97 -2.77 -3.97 -6.79 -4.82 92.98 -3.36 0.61 18.87 12.33 10.59
Honduras 2.77 Belize 142.58 4.36 53.26 -22.15 -20.26 48.38 3.53 0.80 15.53 58.85 62.04
Ivory Coast 2.66 Bolivia 143.38 0.27 3.35 -6.18 -2.85 97.15 -0.14 0.41 3.29 6.10 8.93
Cameroon 171.62 3.19 12.77 1.07 7.23 114.41 2.54 0.64 8.64 9.04 14.21
Iraq 2.49
Costa Rica 133.96 2.38 16.26 -4.96 0.11 93.34 1.89 0.49 5.78 10.14 16.60
Tunisia 2.46 Ivory Coast 322.42 2.66 7.17 2.75 8.75 185.70 2.21 0.44 5.10 7.46 16.01
Georgia 2.40 El Salvador 205.30 4.71 17.35 -10.71 -4.83 95.88 4.12 0.56 6.77 13.73 19.73
Costa Rica 2.38 Ethiopia 151.79 3.00 10.33 -2.27 3.56 103.85 2.51 0.48 3.42 8.33 14.83
Gabon 275.66 1.92 14.62 -0.14 10.28 109.81 1.40 0.51 3.46 8.05 25.05
Mongolia 2.25
Georgia 277.80 2.40 5.49 4.46 6.47 118.41 1.82 0.57 5.34 5.59 6.76
Armenia 1.97 Ghana 307.89 3.07 8.36 -1.20 4.28 106.41 2.45 0.60 6.85 14.57 25.31
Gabon 1.92 Guatemala 178.59 1.73 8.07 8.10 9.12 119.19 1.38 0.34 4.54 4.58 10.29
Azerbaijan 1.82 Honduras 184.32 2.77 7.49 5.24 7.72 109.64 2.33 0.42 8.34 5.98 11.09
Iraq 394.95 2.49 6.98 0.08 2.36 138.33 2.01 0.47 3.28 8.88 16.94
Guatemala 1.73
Jamaica 339.79 1.08 17.45 1.52 7.29 125.77 0.63 0.45 4.96 6.35 20.13
Namibia 1.54 Jordan 140.50 1.24 9.15 1.92 7.07 105.24 0.78 0.45 3.58 7.22 13.10
Vietnam 1.39 Kenya 145.15 2.93 8.98 -1.00 3.47 95.95 2.41 0.51 5.41 9.97 17.63
Paraguay 1.24 Mongolia 198.40 2.25 12.81 4.84 9.45 117.44 1.81 0.44 2.13 5.61 11.10
Mozambique 140.66 0.60 8.05 -5.65 0.62 114.49 0.15 0.45 14.20 15.54 21.54
Jordan 1.24
Namibia 114.21 1.54 4.67 1.19 5.28 97.61 1.14 0.39 2.06 4.39 9.33
Jamaica 1.08 Nigeria 193.17 4.56 15.33 2.10 5.80 104.55 4.03 0.51 7.71 13.10 28.26
Angola 0.88 Pakistan 403.96 4.30 10.49 3.62 8.35 117.36 3.84 0.44 3.28 4.88 8.49
Mozambique 0.60 Papua New Guinea 116.78 0.15 15.13 0.21 3.68 100.57 -0.50 0.65 9.36 22.01 22.39
Paraguay 174.57 1.24 11.05 9.48 9.87 120.72 0.93 0.31 4.95 4.76 13.14
Bolivia 0.27 Senegal 216.52 4.21 10.88 1.81 9.38 112.37 3.76 0.43 5.19 8.82 14.44
Tajikistan 0.20 Sri Lanka 243.62 11.55 55.19 -6.13 -4.37 99.02 11.13 0.38 8.36 29.65 40.99
Papua New Guinea 0.15 Suriname 87.22 8.58 94.91 -16.49 -24.94 57.07 7.60 0.90 13.58 43.48 51.09
Tajikistan 108.87 0.20 19.77 11.58 2.87 86.14 -0.44 0.64 5.33 14.23 19.90
Uzbekistan 0.13
Tunisia 127.87 2.46 8.25 4.66 8.60 91.30 1.98 0.48 3.99 9.50 14.99
Belarus -2.77 Uzbekistan 114.85 0.13 3.51 3.83 6.13 108.05 -0.23 0.36 2.29 3.26 10.94
Zambia -5.86 Vietnam 274.43 1.39 6.93 5.42 7.66 114.38 1.07 0.32 2.24 3.02 9.66
Zambia 91.65 -5.86 19.64 -15.19 -9.73 45.71 -7.10 1.34 15.63 23.82 51.70
54

NEXGEM Next Generation Markets Index (NEXGEM)

Sri Lanka 8.98 Face O/S Market cap Yield Spread Avg life IR Dur Yield Spread Avg life IR Dur
Nigeria 8.32 August 31, 2020 (US$ mil) (US$ mil) (%) (%) (bps) (yrs) (yrs) (%) (bps) (yrs) (yrs)
NEXGEM 127,265 127,186 100.00 7.16 648 10.26 6.16 7.16 648 10.10 6.16
Ghana 6.84
El Salvador 5.50 By region
Azerbaijan 5.47 Africa 49,705 47,460 37.32 8.57 790 11.74 6.27 8.57 790 11.74 6.27
Asia 22,450 21,502 16.91 8.09 774 4.93 3.73 8.09 774 4.93 3.73
Angola 5.45
Europe 12,827 13,734 10.80 4.58 413 6.07 4.92 4.58 413 6.07 4.92
Paraguay 5.15 Latin America 34,002 36,154 28.43 5.89 502 13.74 8.12 5.89 502 13.32 8.10
Kenya 4.93 Middle East 8,281 8,337 6.55 6.24 564 7.97 5.33 6.24 564 7.97 5.33
Costa Rica 4.78
By country
Jamaica 4.54 Angola 8,000 6,935 5.45 11.12 1043 15.30 6.27 11.12 1043 15.30 6.27
Guatemala 4.53 Armenia 1,000 1,105 0.87 3.49 303 6.82 5.57 3.49 303 6.82 5.57
Pakistan 4.19 Azerbaijan 6,077 6,959 5.47 3.02 256 6.10 5.06 3.02 256 6.10 5.06
Barbados 531 533 0.42 6.62 619 6.83 5.27 6.62 619 6.83 5.27
Jordan 3.88 Belarus 3,750 3,606 2.84 7.31 685 6.46 4.91 7.31 685 6.46 4.91
Belarus 2.84 Belize 530 234 0.18 15.39 1473 11.47 6.75 15.39 1473 11.47 6.75
Iraq 2.68 Bolivia 2,000 1,893 1.49 6.10 577 4.56 3.78 6.10 577 4.56 3.78
Cameroon 750 815 0.64 7.55 734 4.21 3.37 7.55 734 4.21 3.37
Ivory Coast 2.66 Costa Rica 6,500 6,077 4.78 7.38 649 14.59 7.45 7.38 649 14.59 7.45
Mongolia 2.44 Ivory Coast 3,301 3,383 2.66 5.81 523 8.61 6.39 5.81 523 8.61 6.39
Senegal 2.13 El Salvador 7,252 6,996 5.50 8.27 745 15.68 7.32 8.27 745 14.44 7.31
Ethiopia 1,000 1,025 0.81 5.95 575 4.28 3.64 5.95 575 4.28 3.64
Gabon 1.90 Gabon 2,436 2,415 1.90 6.82 639 6.24 4.80 6.82 639 6.24 4.80
Honduras 1.58 Georgia 500 525 0.41 4.90 477 1.86 1.71 4.90 477 1.86 1.71
Bolivia 1.49 Ghana 9,000 8,696 6.84 8.81 806 15.21 6.72 8.81 806 15.21 6.72
Guatemala 5,000 5,767 4.53 3.88 295 12.89 8.52 3.87 295 12.09 8.49
Zambia 1.28
Honduras 1,800 2,007 1.58 3.98 350 6.46 5.21 3.96 349 5.75 5.16
Namibia 1.01 Iraq 3,531 3,402 2.68 7.41 716 3.49 2.90 7.41 716 3.49 2.90
Vietnam 0.89 Jamaica 4,480 5,774 4.54 5.08 414 17.07 9.88 5.08 414 17.07 9.88
Jordan 4,750 4,934 3.88 5.91 518 11.30 7.01 5.91 518 11.30 7.01
Armenia 0.87
Kenya 6,100 6,274 4.93 7.21 657 9.94 5.87 7.21 657 9.94 5.87
Uzbekistan 0.86 Mongolia 2,900 3,104 2.44 4.24 410 2.78 2.49 4.24 410 2.78 2.49
Ethiopia 0.81 Mozambique 900 781 0.61 9.35 878 9.29 6.54 9.35 878 9.29 6.54
Namibia 1,250 1,288 1.01 4.46 422 3.56 3.11 4.46 422 3.56 3.11
Tunisia 0.74
Nigeria 10,368 10,579 8.32 7.48 671 13.65 7.42 7.48 671 13.65 7.42
Cameroon 0.64 Pakistan 5,000 5,326 4.19 5.49 517 4.08 3.36 5.49 517 4.08 3.36
Mozambique 0.61 Papua New Guinea 500 517 0.41 7.95 745 8.09 5.67 7.95 745 8.09 5.67
Barbados Paraguay 5,360 6,548 5.15 3.49 246 15.65 10.32 3.49 246 15.35 10.30
0.42
Senegal 2,600 2,705 2.13 6.20 531 15.92 8.74 6.20 531 15.92 8.74
Georgia 0.41 Sri Lanka 13,050 11,423 8.98 10.00 962 5.66 4.15 10.00 962 5.66 4.15
Papua New Guinea 0.41 Suriname 550 324 0.25 21.88 2155 6.15 3.73 21.88 2155 6.15 3.73
Tajikistan 0.35 Tajikistan 500 443 0.35 10.07 974 5.78 4.35 10.07 974 5.78 4.35
Tunisia 1,000 940 0.74 7.26 705 4.41 3.79 7.26 705 4.41 3.79
Suriname 0.25 Uzbekistan 1,000 1,095 0.86 3.23 279 5.96 5.13 3.23 279 5.96 5.13
Belize 0.18 Vietnam 1,000 1,132 0.89 1.58 138 4.21 3.82 1.58 138 4.21 3.82
Zambia 3,000 1,625 1.28 28.65 2842 4.18 2.72 28.65 2842 4.18 2.72
Source: J.P. Morgan
55

Next Generation Markets Index (NEXGEM)

Armenia Republic 3.95% due 29 2.83 5.71 — 101.38 2.53 0.26 -47 84 — 3.77 7.32 —
Republic 7.15% due 25 1.23 2.58 6.34 114.75 0.88 0.46 -32 141 64 2.53 4.01 10.68
Angola Republic 8 1/4% due 28 1.44 -15.08 -9.23 85.00 0.59 0.74 -22 544 435 10.71 25.27 57.65
Republic 8% due 29 -0.15 -16.16 — 82.38 -0.75 0.76 -2 517 — 12.12 26.46 —
Republic 9 1/2% due 25 2.07 -12.65 -7.48 92.13 1.19 0.75 -37 687 571 9.48 23.10 62.60
Republic 9 1/8% due 49 -0.35 -17.05 — 80.75 -1.00 0.89 -21 391 — 13.01 27.41 —
Republic 9 3/8% due 48 1.10 -18.42 -12.74 82.13 0.19 0.87 -26 419 340 12.49 27.88 57.41
Azerbaijan Republic 3 1/2% due 32 2.72 6.29 7.04 102.00 2.47 0.23 -43 83 44 7.14 7.51 21.05
Republic 4 3/4% due 24 1.06 4.72 6.04 108.60 0.79 0.32 -25 64 31 2.99 4.99 13.91
Socar 4 3/4% due 23 0.76 3.14 4.99 105.10 0.44 0.34 -15 98 54 2.80 4.78 12.33
Socar 6.95% due 30 3.54 6.24 9.41 124.25 3.81 0.36 -57 93 30 5.58 8.68 17.93
Southern Gas 6 7/8% due 26 1.67 5.00 7.79 119.35 1.47 0.41 -32 104 43 6.10 6.29 16.76
Barbados Barbados 6 1/2% due 29 3.38 4.61 — 97.75 2.78 0.44 -67 128 — 6.45 8.03 —
Bolivia Republic 4 1/2% due 28 -0.65 -9.50 -4.15 87.50 -0.94 0.41 18 366 259 6.74 9.38 15.65
Republic 4 7/8% due 22 1.71 -1.88 -0.06 98.78 1.31 0.36 -50 336 328 8.47 7.22 8.11
Republic 5.95% due 23 0.49 -4.15 -3.18 99.03 0.03 0.46 -16 348 324 3.67 4.92 7.60
Belarus Development Bank 6 3/4% due 24 -1.10 -6.27 -3.65 94.00 -1.59 0.58 41 449 394 16.74 11.13 10.65
Republic 6 7/8% due 23 -2.11 -3.77 -2.10 98.25 -2.78 0.66 119 441 408 21.38 12.93 10.02
Republic 6.2% due 30 -2.70 -8.91 -7.13 92.85 -3.21 0.66 36 308 266 18.84 13.53 13.33
Republic 7 5/8% due 27 -4.21 -8.24 -6.23 99.15 -5.01 0.63 89 372 331 23.71 15.18 12.28
Republic of 5 7/8% due 26 -3.02 — — 93.47 -3.41 0.51 72 — — 21.61 — —
Republic of 6.378% due 31 -3.28 — — 92.82 -3.68 0.56 33 — — 19.64 — —
Belize Republic Step due 34 4.36 -22.15 -20.26 44.00 1.50 0.80 -36 604 574 15.76 52.17 65.27
Ivory Coast Ivory Coast Step-up due 32 1.65 1.65 4.46 97.75 1.16 0.45 -30 172 120 5.25 7.57 17.46
Republic 6 1/8% due 33 3.72 4.19 13.34 100.75 3.19 0.44 -56 121 5 7.40 8.87 19.12
Republic 6 3/8% due 28 2.39 2.04 9.10 103.75 2.00 0.42 -49 159 41 4.11 6.84 13.68
Cameroon Republic 9 1/2% due 25 3.19 1.07 7.23 106.00 2.63 0.64 -57 273 147 8.73 9.02 14.30
Costa Rica ICE 6 3/8% due 43 0.27 -0.42 2.06 77.53 -0.28 0.63 -23 166 121 4.61 12.00 27.13
ICE 6.95% due 21 0.81 0.63 3.17 100.00 0.28 0.53 -39 331 254 2.40 4.89 8.50
Republic 4 1/4% due 23 0.41 -2.47 1.48 95.56 0.06 0.35 -23 319 214 5.22 8.19 10.84
Republic 4 3/8% due 25 0.77 -4.14 1.10 92.50 0.38 0.36 -6 323 217 7.52 14.90 16.82
Republic 5 5/8% due 43 1.98 -6.75 0.37 82.10 1.19 0.50 -30 212 129 9.80 19.33 28.30
Republic 6 1/8% due 31 3.05 -8.33 — 93.25 2.28 0.53 -51 301 — 7.16 11.46 —
Republic 7% due 44 3.67 -7.42 -0.67 91.88 2.81 0.50 -51 230 145 9.43 15.69 25.76
Republic 7.158% due 45 4.48 -8.34 -2.14 92.78 3.56 0.46 -58 229 149 10.90 15.65 26.38
Ethiopia Republic 6 5/8% due 24 3.00 -2.27 3.56 101.00 2.47 0.48 -76 280 159 3.48 8.29 14.90
Gabon Republic 6 3/8% due 24 1.29 -1.12 9.16 98.91 0.78 0.49 -22 306 56 3.86 7.79 23.13
Republic 6 5/8% due 31 2.09 — — 96.22 1.47 0.53 -41 — — 3.45 8.69 —
Republic 6.95% due 25 2.34 -0.40 10.09 99.88 1.78 0.52 -44 260 57 5.03 8.68 27.02
Georgia Railway 7 3/4% due 22 2.40 -0.20 2.02 104.00 1.86 0.57 -62 293 242 5.45 5.61 9.51
Ghana Republic 6 3/8% due 27 2.78 — — 94.25 2.06 0.53 -56 — — 5.93 11.80 —
Republic 7 5/8% due 29 3.45 -0.56 5.07 95.31 2.66 0.56 -60 241 152 7.62 14.47 27.72
Republic 7 7/8% due 27 2.07 -0.11 4.33 98.84 1.44 0.59 -42 250 172 6.33 12.04 26.47
Republic 7 7/8% due 35 3.93 — — 91.38 2.91 0.63 -57 — — 8.12 17.01 —
Republic 8 1/8% due 26 2.18 -0.55 3.84 101.88 1.56 0.61 -55 264 180 4.59 7.26 23.55
Republic 8 1/8% due 32 2.53 -0.28 6.80 94.97 1.78 0.61 -42 221 124 9.59 17.57 32.40
Republic 8 3/4% due 61 3.89 — — 91.00 2.91 0.57 -52 — — 8.62 19.48 —
Republic 8.627% due 49 3.48 -3.44 2.08 90.63 2.44 0.70 -51 206 138 8.68 18.26 32.23
Republic 8.95% due 51 3.69 -1.14 6.04 92.84 2.75 0.62 -52 206 124 9.08 19.15 34.53
Guatemala Republic 4 1/2% due 26 1.45 5.71 8.00 108.31 1.22 0.31 -30 73 25 4.26 4.92 11.40
Republic 4 3/8% due 27 1.42 7.00 8.28 107.91 1.19 0.31 -27 58 24 7.26 5.59 13.62
Republic 4 7/8% due 28 1.20 7.65 7.85 111.69 1.00 0.29 -25 52 30 4.41 5.04 12.05
Republic 4.9% due 30 1.51 8.17 9.44 112.53 1.31 0.33 -30 53 16 4.43 5.78 13.78
Republic 5 3/4% due 22 0.51 2.91 3.59 105.59 0.09 0.42 -19 70 66 2.40 2.64 8.49
Republic 5 3/8% due 32 3.49 — — 116.91 3.59 0.31 -50 — — 11.57 7.66 —
Republic 6 1/8% due 50 2.19 8.80 9.33 124.03 2.22 0.37 -36 70 35 8.63 7.84 15.65
Honduras Republic 5 5/8% due 30 4.68 — — 109.34 4.49 0.37 -67 — — 9.01 — —
Republic 6 1/4% due 27 2.23 4.88 7.31 110.22 1.94 0.44 -80 69 19 18.29 11.34 18.08
Republic 7 1/2% due 24 1.33 3.50 5.65 110.06 0.91 0.50 -46 100 48 2.87 3.15 9.54
Iraq Republic 5.8% due 28 2.22 0.16 2.39 93.76 1.60 0.47 -47 283 244 3.64 9.69 17.83
Republic 6.752% due 23 3.12 -0.23 2.16 97.75 2.53 0.45 -108 317 275 4.05 7.59 16.00
Jamaica Govt of Jamaica 6 3/4% due 28 0.74 2.11 5.62 116.25 0.34 0.44 -16 147 78 5.11 5.84 11.99
Govt of Jamaica 7 7/8% due 45 1.26 1.04 7.19 131.25 1.03 0.47 -30 127 52 8.77 8.82 25.35
Govt of Jamaica 8% due 39 1.18 1.56 8.97 132.44 0.97 0.44 -30 130 37 4.78 9.23 35.68
Jordan Kingdom 4.95% due 25 0.67 — — 99.88 0.28 0.38 -8 — — 2.03 — —
Kingdom 5 3/4% due 27 1.70 1.06 6.87 102.75 1.28 0.43 -33 176 75 4.16 7.09 12.33
Kingdom 5.85% due 30 1.61 — — 101.00 1.16 0.44 -27 — — 4.98 — —
Kingdom 6 1/8% due 26 1.42 1.49 6.42 104.75 1.00 0.45 -27 178 85 3.18 5.77 10.71
Kingdom 7 3/8% due 47 0.45 3.22 7.94 104.25 -0.09 0.54 -22 123 62 5.59 10.43 19.19
Kenya Republic 6 7/8% due 24 1.96 -0.59 2.44 102.75 1.47 0.51 -49 261 191 3.71 7.28 14.12
Republic 7 1/4% due 28 2.94 -2.24 3.39 101.00 2.44 0.45 -50 241 145 5.63 10.29 20.39
Republic 7% due 27 2.11 -1.05 1.86 100.00 1.56 0.51 -39 251 200 5.05 10.41 18.14
Republic 8 1/4% due 48 3.77 -1.04 5.43 100.75 3.19 0.49 -52 166 88 7.84 13.33 23.10
Republic 8% due 32 4.49 -0.67 4.80 102.50 3.88 0.54 -68 203 119 9.45 13.44 21.31
Sri Lanka Republic 5 3/4% due 22 7.51 -3.01 -0.97 92.91 6.09 0.46 -505 606 577 7.41 25.28 40.13
Republic 5 3/4% due 23 10.60 -5.02 -3.40 88.91 8.28 0.30 -380 544 523 9.25 30.59 50.02
Republic 5 7/8% due 22 7.68 -5.64 -3.64 90.31 6.03 0.49 -374 617 587 6.42 28.78 29.06
Republic 6 1/8% due 25 12.83 -5.09 -2.75 85.97 9.47 0.40 -281 427 391 11.71 34.14 46.65
Republic 6 3/4% due 28 11.97 -8.24 -6.39 81.63 8.47 0.35 -196 382 349 9.28 32.67 43.50
Republic 6.2% due 27 11.83 -6.31 -4.66 81.53 8.34 0.38 -200 385 356 10.85 32.74 45.84
Republic 6.35% due 24 12.02 -5.98 -4.31 88.22 9.09 0.47 -309 474 449 8.49 32.26 59.81
Republic 6.825% due 26 14.62 -7.70 -6.22 85.16 10.44 0.57 -267 420 396 11.98 30.40 47.85
Republic 6.85% due 24 11.81 -8.09 -6.41 88.56 9.16 0.25 -336 542 518 9.18 32.05 64.03
Republic 6.85% due 25 13.58 -7.16 -5.08 86.38 10.06 0.34 -285 462 434 11.45 32.76 50.46
Republic 7.55% due 30 11.41 -10.27 -9.17 81.53 8.09 0.35 -170 402 379 12.57 33.99 47.23
56


Sri Lanka Republic 7.85% due 29 11.33 -12.24 -10.67 82.78 8.19 0.32 -184 437 409 9.11 32.77 49.02
Mongolia Dev Bank of Mongolia 7 1/4% due 23 2.79 3.63 9.84 104.00 2.33 0.49 -143 138 -8 8.11 11.39 22.99
Republic 5 1/8% due 22 1.53 2.93 7.13 101.69 1.16 0.38 -57 116 6 3.11 6.54 12.79
Republic 5 5/8% due 23 2.19 3.92 8.43 103.09 1.81 0.39 -74 107 0 3.26 6.40 14.67
Republic 8 3/4% due 24 2.99 4.22 9.05 112.75 2.72 0.51 -82 112 6 3.08 6.67 13.98
Mozambique Mozambique International 5% due 31 0.60 -5.65 — 84.50 0.13 0.45 -9 270 — 14.50 15.70 —
Namibia Republic 5 1/2% due 21 1.63 1.03 3.66 101.00 1.22 0.40 -172 136 51 2.86 3.22 8.94
Republic 5 1/4% due 25 1.48 1.31 6.39 101.38 1.09 0.38 -22 187 89 2.80 6.06 11.38
Nigeria Republic 6 1/2% due 27 4.59 1.38 6.23 98.88 3.91 0.46 -82 184 103 7.62 11.61 24.17
Republic 6 3/8% due 23 1.12 0.95 4.50 103.47 0.66 0.48 -38 202 119 3.53 5.75 18.66
Republic 7 5/8% due 25 3.10 0.83 4.01 105.78 2.66 0.52 -68 216 155 5.52 9.17 28.83
Republic 7 5/8% due 47 4.69 3.16 7.23 94.97 3.75 0.56 -60 132 79 10.05 18.62 35.60
Republic 7 7/8% due 32 5.24 2.33 5.81 101.00 4.66 0.39 -82 153 99 10.71 15.00 34.12
Republic 7.143% due 30 5.45 3.24 7.24 100.53 4.78 0.44 -88 142 81 8.41 12.41 25.54
Republic 7.696% due 38 4.56 1.65 4.68 96.88 3.75 0.51 -63 149 102 9.51 15.46 34.19
Republic 8.747% due 31 5.87 2.89 6.10 107.59 5.34 0.62 -91 155 105 10.06 13.26 28.73
Republic 9.248% due 49 4.26 1.44 5.72 106.81 3.69 0.66 -57 149 94 8.96 17.46 35.59
Papua New Guinea Papua New 8 3/8% due 28 0.15 0.21 3.68 100.00 -0.50 0.65 -19 205 145 9.50 21.84 22.42
Pakistan Republic 6 7/8% due 27 5.90 4.13 10.47 103.38 5.31 0.45 -100 135 33 5.48 8.79 13.63
Republic 8 1/4% due 24 4.89 3.75 8.68 109.13 4.59 0.48 -147 164 59 4.94 6.90 12.09
Republic 8 1/4% due 25 5.28 4.51 9.84 110.22 5.06 0.45 -113 143 47 4.05 7.84 13.57
Paraguay Republic 4 5/8% due 23 -0.63 3.32 4.47 106.06 -1.03 0.34 43 65 40 3.06 3.36 9.93
Republic 4.7% due 27 1.27 7.75 8.85 114.72 1.09 0.30 -22 43 8 4.18 4.36 12.21
Republic 4.95% due 31 2.80 — — 116.44 2.84 0.30 -51 — — 8.36 7.27 —
Republic 5% due 26 0.85 7.32 9.10 115.09 0.59 0.33 -16 41 -3 4.18 4.29 9.68
Republic 5.4% due 50 1.47 13.66 13.88 126.00 1.44 0.31 -31 42 7 7.91 7.99 23.83
Republic 5.6% due 48 1.60 12.59 11.73 127.84 1.63 0.31 -29 43 15 7.69 7.81 19.71
Republic 6.1% due 44 0.87 12.23 11.68 133.63 0.78 0.29 -29 42 13 6.09 8.39 17.99
Senegal Republic 6 1/4% due 24 1.33 -1.35 3.23 105.16 0.91 0.46 -31 252 146 3.04 4.97 9.58
Republic 6 1/4% due 33 4.61 2.04 10.67 102.88 4.13 0.42 -67 146 33 5.74 9.76 14.74
Republic 6 3/4% due 48 5.29 3.42 11.48 99.38 4.63 0.39 -62 120 33 7.46 10.79 18.43
Suriname Republic 9 1/4% due 26 8.58 -16.49 -24.94 55.72 3.94 0.90 -72 933 1176 13.81 41.46 54.96
El Salvador Republic 5 7/8% due 25 4.23 -7.33 -2.12 93.97 3.38 0.48 -95 414 305 7.83 15.73 18.16
Republic 6 3/8% due 27 5.52 -8.70 -3.19 92.94 4.41 0.52 -89 381 280 15.42 17.39 19.49
Republic 7 1/8% due 50 4.74 -14.62 -9.04 86.00 3.38 0.63 -57 285 206 9.75 21.66 30.25
Republic 7 3/4% due 23 3.06 -3.58 -0.50 100.47 2.41 0.59 -99 439 359 4.03 10.56 15.46
Republic 7 5/8% due 41 5.55 -14.68 -6.91 92.03 4.28 0.64 -72 310 212 9.86 21.06 26.77
Republic 7.65% due 35 5.54 -13.01 -5.61 93.59 4.41 0.57 -79 326 223 15.83 22.33 27.08
Republic 8 1/4% due 32 3.81 -12.38 -5.47 97.59 3.06 0.56 -55 372 269 6.71 18.26 21.43
Republic 8 5/8% due 29 5.11 -10.10 -4.55 102.44 4.50 0.50 -79 369 275 12.35 18.48 20.03
Republic 9 1/2% due 52 3.31 — — 103.69 2.63 0.70 -41 — — 7.36 — —
Tajikistan Republic of 7 1/8% due 27 0.20 11.58 2.87 85.28 -0.38 0.64 16 74 234 5.44 14.08 20.06
Tunisia Banque de Tunisie 5 3/4% due 25 2.46 4.66 8.60 93.47 1.81 0.48 -41 161 88 4.07 9.53 15.04
Uzbekistan Republic of Uzbekistan 4 3/4% due 24 0.23 2.88 4.87 106.00 -0.13 0.34 -4 115 62 1.90 3.22 9.58
Republic of Uzbekistan 5 3/8% due 29 0.04 4.73 7.34 112.72 -0.38 0.37 -8 98 41 3.19 4.03 13.60
Vietnam Republic 4.8% due 24 1.39 5.42 7.66 111.83 1.18 0.32 -39 46 -9 2.28 3.02 9.73
Zambia Republic 5 3/8% due 22 -5.35 -16.22 -11.11 52.13 -3.50 1.01 506 2133 2145 15.18 23.83 56.93
Republic 8 1/2% due 24 -5.07 -13.36 -8.17 52.25 -3.63 1.52 285 1259 1244 15.38 24.53 56.45
Republic 8.97% due 27 -6.82 -16.23 -10.37 52.03 -4.56 1.35 180 844 791 18.65 24.25 55.43
57


Composition
NEXGEM To Maturity Statistics To Worst Statistics
Face Mkt Avg Avg
O/S Cap Wghts life Yield Sprd IR Dur life Yield Sprd IR Dur
August 31, 2020 (US$ mm) (US$ mm) (%) (yrs) (%) (bps) (yrs) (yrs) (%) (bps) (yrs)
Armenia Republic 3.95% due 29 500 515 0.41 9.07 3.58 297 7.53 9.07 3.58 297 7.53
Republic 7.15% due 25 500 589 0.46 4.57 3.34 312 3.86 4.57 3.34 312 3.86
Angola Republic 8 1/4% due 28 1,750 1,518 1.19 7.69 10.94 1047 5.30 7.69 10.94 1047 5.30
Republic 8% due 29 1,750 1,479 1.16 9.23 10.82 1026 5.99 9.23 10.82 1026 5.99
Republic 9 1/2% due 25 1,500 1,425 1.12 5.19 11.28 1102 3.85 5.19 11.28 1102 3.85
Republic 9 1/8% due 49 1,250 1,040 0.82 29.23 11.13 1018 8.49 29.23 11.13 1018 8.49
Republic 9 3/8% due 48 1,750 1,472 1.16 27.68 11.37 1044 8.32 27.68 11.37 1044 8.32
Azerbaijan Republic 3 1/2% due 32 1,077 1,098 0.86 11.00 3.19 247 9.21 11.00 3.19 247 9.21
Republic 4 3/4% due 24 1,250 1,385 1.09 3.54 2.00 184 3.22 3.54 2.00 184 3.22
Socar 4 3/4% due 23 1,000 1,073 0.84 2.53 2.35 222 2.34 2.53 2.35 222 2.34
Socar 6.95% due 30 750 956 0.75 9.54 3.77 317 7.16 9.54 3.77 317 7.16
Southern Gas 6 7/8% due 26 2,000 2,447 1.92 5.56 2.93 263 4.63 5.56 2.93 263 4.63
Barbados Barbados 6 1/2% due 29 531 533 0.42 6.83 6.61 618 5.27 6.83 6.61 618 5.27
Bolivia Republic 4 1/2% due 28 1,000 895 0.70 6.55 6.53 612 5.39 6.55 6.53 612 5.39
Republic 4 7/8% due 22 500 502 0.39 2.16 4.81 468 1.99 2.16 4.81 468 1.99
Republic 5.95% due 23 500 496 0.39 2.97 5.45 531 2.69 2.97 5.45 531 2.69
Belarus Development Bank 6 3/4% due 24 500 481 0.38 3.67 8.19 802 3.10 3.67 8.19 802 3.10
Republic 6 7/8% due 23 800 787 0.62 2.49 7.21 708 2.25 2.49 7.21 708 2.25
Republic 6.2% due 30 600 558 0.44 9.49 7.06 646 7.03 9.49 7.06 646 7.03
Republic 7 5/8% due 27 600 603 0.47 6.83 7.59 717 5.20 6.83 7.59 717 5.20
Republic of 5 7/8% due 26 500 473 0.37 5.48 7.10 681 4.54 5.48 7.10 681 4.54
Republic of 6.378% due 31 750 705 0.55 10.48 7.19 654 7.41 10.48 7.19 654 7.41
Belize Republic Step due 34 530 234 0.18 11.47 15.39 1473 6.75 11.47 15.39 1473 6.75
Ivory Coast Ivory Coast Step-up due 32 1,051 1,038 0.82 6.85 5.98 546 5.28 6.85 5.98 546 5.28
Republic 6 1/8% due 33 1,250 1,276 1.00 11.79 5.92 520 8.32 11.79 5.92 520 8.32
Republic 6 3/8% due 28 1,000 1,069 0.84 6.50 5.45 505 5.16 6.50 5.45 505 5.16
Cameroon Republic 9 1/2% due 25 750 815 0.64 4.21 7.55 734 3.37 4.21 7.55 734 3.37
Costa Rica ICE 6 3/8% due 43 500 397 0.31 22.70 8.38 737 10.47 22.70 8.38 737 10.47
ICE 6.95% due 21 500 511 0.40 1.19 5.78 566 1.12 1.19 5.78 566 1.12
Republic 4 1/4% due 23 1,000 960 0.75 2.40 5.46 532 2.24 2.40 5.46 532 2.24
Republic 4 3/8% due 25 500 470 0.37 4.66 5.98 575 4.07 4.66 5.98 575 4.07
Republic 5 5/8% due 43 500 420 0.33 22.66 7.12 607 11.61 22.66 7.12 607 11.61
Republic 6 1/8% due 31 1,200 1,122 0.88 9.46 6.95 635 7.03 9.46 6.95 635 7.03
Republic 7% due 44 1,000 948 0.74 23.59 7.64 661 10.80 23.59 7.64 661 10.80
Republic 7.158% due 45 1,300 1,250 0.98 24.53 7.71 667 10.79 24.53 7.71 667 10.79
Ethiopia Republic 6 5/8% due 24 1,000 1,025 0.81 4.28 5.95 575 3.64 4.28 5.95 575 3.64
Gabon Republic 6 3/8% due 24 736 738 0.58 3.28 6.44 627 2.86 3.28 6.44 627 2.86
Republic 6 5/8% due 31 1,000 967 0.76 9.43 6.96 636 6.89 9.43 6.96 636 6.89
Republic 6.95% due 25 700 709 0.56 4.79 6.76 653 3.97 4.79 6.76 653 3.97
Georgia Railway 7 3/4% due 22 500 525 0.41 1.86 4.90 477 1.71 1.86 4.90 477 1.71
Ghana Republic 6 3/8% due 27 1,250 1,183 0.93 5.44 7.46 715 4.47 5.44 7.46 715 4.47
Republic 7 5/8% due 29 1,000 976 0.77 7.71 8.25 776 5.58 7.71 8.25 776 5.58
Republic 7 7/8% due 27 750 757 0.60 5.62 7.89 757 4.41 5.62 7.89 757 4.41
Republic 7 7/8% due 35 1,000 918 0.72 13.44 8.86 811 7.99 13.44 8.86 811 7.99
Republic 8 1/8% due 26 1,000 1,029 0.81 4.38 7.27 705 3.61 4.38 7.27 705 3.61
Republic 8 1/8% due 32 1,250 1,223 0.96 10.62 8.69 806 6.77 10.62 8.69 806 6.77
Republic 8 3/4% due 61 750 719 0.57 39.53 9.53 850 9.66 39.53 9.53 850 9.66
Republic 8.627% due 49 1,000 924 0.73 27.79 9.46 846 9.68 27.79 9.46 846 9.68
Republic 8.95% due 51 1,000 967 0.76 29.57 9.57 856 9.44 29.57 9.57 856 9.44
Guatemala Republic 4 1/2% due 26 700 769 0.60 5.67 2.69 236 4.98 5.67 2.69 236 4.98
Republic 4 3/8% due 27 500 545 0.43 6.76 2.89 246 5.86 6.76 2.89 246 5.86
Republic 4 7/8% due 28 700 784 0.62 7.45 2.95 246 6.35 7.45 2.95 246 6.35
Republic 4.9% due 30 500 569 0.45 8.75 3.11 254 7.19 8.66 3.10 253 7.13
Republic 5 3/4% due 22 700 749 0.59 1.76 1.94 181 1.67 1.76 1.94 181 1.67
Republic 5 3/8% due 32 500 594 0.47 11.64 3.50 277 8.87 11.39 3.47 275 8.72
Republic 6 1/8% due 50 1,400 1,758 1.38 28.91 4.55 333 15.10 28.75 4.55 333 15.06
Honduras Republic 5 5/8% due 30 600 662 0.52 9.81 4.33 370 7.62 9.56 4.31 369 7.46
Republic 6 1/4% due 27 700 777 0.61 6.38 3.86 347 5.32 6.38 3.86 347 5.32
Republic 7 1/2% due 24 500 568 0.45 2.54 2.97 283 2.27 2.54 2.97 283 2.27
Iraq Republic 5.8% due 28 2,531 2,392 1.88 3.87 7.44 716 3.20 3.87 7.44 716 3.20
Republic 6.752% due 23 1,000 1,010 0.79 2.52 7.30 717 2.20 2.52 7.30 717 2.20
Jamaica Govt of Jamaica 6 3/4% due 28 1,421 1,685 1.33 6.66 3.77 335 5.39 6.66 3.77 335 5.39
Govt of Jamaica 7 7/8% due 45 1,815 2,396 1.88 24.91 5.46 437 12.68 24.91 5.46 437 12.68
Govt of Jamaica 8% due 39 1,243 1,693 1.33 17.54 5.05 413 10.39 17.54 5.05 413 10.39
Jordan Kingdom 4.95% due 25 500 503 0.40 4.85 4.83 459 4.24 4.85 4.83 459 4.24
Kingdom 5 3/4% due 27 1,000 1,033 0.81 6.41 5.06 466 5.34 6.41 5.06 466 5.34
Kingdom 5.85% due 30 1,250 1,274 1.00 9.85 5.63 501 7.43 9.85 5.63 501 7.43
Kingdom 6 1/8% due 26 1,000 1,053 0.83 5.41 4.93 464 4.58 5.41 4.93 464 4.58
Kingdom 7 3/8% due 47 1,000 1,072 0.84 27.11 6.91 581 11.79 27.11 6.91 581 11.79
Kenya Republic 6 7/8% due 24 2,000 2,081 1.64 3.81 5.76 559 3.29 3.81 5.76 559 3.29
Republic 7 1/4% due 28 1,000 1,011 0.79 7.49 6.90 643 5.76 7.49 6.90 643 5.76
Republic 7% due 27 900 917 0.72 5.72 6.78 645 4.57 5.72 6.78 645 4.57
Republic 8 1/4% due 48 1,000 1,008 0.79 27.49 8.09 704 10.95 27.49 8.09 704 10.95
Republic 8% due 32 1,200 1,257 0.99 10.72 7.52 687 7.08 10.72 7.52 687 7.08
Sri Lanka Republic 5 3/4% due 22 500 468 0.37 1.38 9.94 981 1.28 1.38 9.94 981 1.28
Republic 5 3/4% due 23 1,250 1,138 0.89 2.63 9.78 964 2.30 2.63 9.78 964 2.30
Republic 5 7/8% due 22 1,000 909 0.71 1.90 10.15 1002 1.72 1.90 10.15 1002 1.72
Republic 6 1/8% due 25 650 569 0.45 4.75 9.42 919 3.90 4.75 9.42 919 3.90
Republic 6 3/4% due 28 1,250 1,052 0.83 7.63 9.84 936 5.51 7.63 9.84 936 5.51
Republic 6.2% due 27 1,500 1,252 0.98 6.69 9.66 925 5.11 6.69 9.66 925 5.11
Republic 6.35% due 24 500 447 0.35 3.82 9.56 938 3.24 3.82 9.56 938 3.24
Republic 6.825% due 26 1,000 860 0.68 5.88 9.75 942 4.60 5.88 9.75 942 4.60
Republic 6.85% due 24 1,000 918 0.72 3.53 10.19 1003 2.92 3.53 10.19 1003 2.92
Republic 6.85% due 25 1,500 1,330 1.05 5.17 9.80 954 4.09 5.17 9.80 954 4.09
Republic 7.55% due 30 1,500 1,271 1.00 9.57 10.33 975 6.17 9.57 10.33 975 6.17
58


Composition
NEXGEM To Maturity Statistics To Worst Statistics
Face Mkt Avg Avg
O/S Cap Wghts life Yield Sprd IR Dur life Yield Sprd IR Dur
August 31, 2020 (US$ mm) (US$ mm) (%) (yrs) (%) (bps) (yrs) (yrs) (%) (bps) (yrs)
Sri Lanka Republic 7.85% due 29 1,400 1,210 0.95 8.53 10.63 1010 5.64 8.53 10.63 1010 5.64
Mongolia Dev Bank of Mongolia 7 1/4% due 23 500 533 0.42 3.14 5.15 500 2.74 3.14 5.15 500 2.74
Republic 5 1/8% due 22 1,000 1,029 0.81 2.26 3.70 356 2.10 2.26 3.70 356 2.10
Republic 5 5/8% due 23 800 840 0.66 2.66 3.89 375 2.42 2.66 3.89 375 2.42
Republic 8 3/4% due 24 600 702 0.55 3.52 4.49 433 2.96 3.52 4.49 433 2.96
Mozambique Mozambique International 5% due 31 900 781 0.61 9.29 9.35 878 6.54 9.29 9.35 878 6.54
Namibia Republic 5 1/2% due 21 500 514 0.40 1.17 2.87 275 1.13 1.17 2.87 275 1.13
Republic 5 1/4% due 25 750 774 0.61 5.16 4.72 446 4.42 5.16 4.72 446 4.42
Nigeria Republic 6 1/2% due 27 1,500 1,509 1.19 7.24 6.48 602 5.64 7.24 6.48 602 5.64
Republic 6 3/8% due 23 500 522 0.41 2.86 4.64 450 2.58 2.86 4.64 450 2.58
Republic 7 5/8% due 25 1,118 1,207 0.95 5.22 6.05 578 4.23 5.22 6.05 578 4.23
Republic 7 5/8% due 47 1,500 1,454 1.14 27.24 7.98 691 10.95 27.24 7.98 691 10.95
Republic 7 7/8% due 32 1,500 1,520 1.20 11.46 7.57 690 7.55 11.46 7.57 690 7.55
Republic 7.143% due 30 1,250 1,259 0.99 9.48 6.89 630 6.87 9.48 6.89 630 6.87
Republic 7.696% due 38 1,250 1,213 0.95 17.48 7.90 702 9.53 17.48 7.90 702 9.53
Republic 8.747% due 31 1,000 1,086 0.85 10.39 7.51 689 6.91 10.39 7.51 689 6.91
Republic 9.248% due 49 750 809 0.64 28.39 8.50 746 10.44 28.39 8.50 746 10.44
Papua New Guinea Papua New 8 3/8% due 28 500 517 0.41 8.09 7.95 745 5.67 8.09 7.95 745 5.67
Pakistan Republic 6 7/8% due 27 1,500 1,576 1.24 7.26 6.05 559 5.64 7.26 6.05 559 5.64
Republic 8 1/4% due 24 1,000 1,123 0.88 3.62 5.22 505 3.06 3.62 5.22 505 3.06
Republic 8 1/4% due 25 500 569 0.45 5.08 5.59 534 4.07 5.08 5.59 534 4.07
Republic Sukuk 5 1/2% due 21 1,000 1,032 0.81 1.11 3.53 341 1.07 1.11 3.53 341 1.07
Republic Sukuk 5 5/8% due 22 1,000 1,027 0.81 2.26 4.40 427 2.08 2.26 4.40 427 2.08
Paraguay Republic 4 5/8% due 23 780 831 0.65 2.40 1.71 158 2.27 2.40 1.71 158 2.27
Republic 4.7% due 27 500 584 0.46 6.57 2.10 169 5.67 6.57 2.10 169 5.67
Republic 4.95% due 31 1,000 1,181 0.93 9.65 2.85 222 7.80 9.57 2.84 221 7.74
Republic 5% due 26 600 702 0.55 5.62 1.97 166 4.91 5.62 1.97 166 4.91
Republic 5.4% due 50 950 1,219 0.96 28.58 3.82 257 16.13 28.41 3.82 257 16.09
Republic 5.6% due 48 530 692 0.54 27.53 3.87 264 15.60 27.53 3.87 264 15.60
Republic 6.1% due 44 1,000 1,340 1.05 23.94 3.87 272 14.40 23.94 3.87 272 14.40
Senegal Republic 6 1/4% due 24 500 529 0.42 3.91 4.52 434 3.45 3.91 4.52 434 3.45
Republic 6 1/4% due 33 1,100 1,151 0.90 11.73 5.79 507 8.25 11.73 5.79 507 8.25
Republic 6 3/4% due 48 1,000 1,025 0.81 26.53 6.73 562 12.01 26.53 6.73 562 12.01
Suriname Republic 9 1/4% due 26 550 324 0.25 6.15 21.88 2155 3.73 6.15 21.88 2155 3.73
El Salvador Republic 5 7/8% due 25 800 756 0.59 4.41 7.11 690 3.79 4.41 7.11 690 3.79
Republic 6 3/8% due 27 800 750 0.59 6.38 7.51 712 5.09 6.38 7.51 712 5.09
Republic 7 1/8% due 50 1,097 953 0.75 29.38 8.27 719 11.12 29.38 8.27 719 11.12
Republic 7 3/4% due 23 800 810 0.64 2.39 7.04 691 2.14 2.39 7.04 691 2.14
Republic 7 5/8% due 41 654 606 0.48 20.41 8.27 732 9.96 20.41 8.27 732 9.96
Republic 7.65% due 35 1,000 952 0.75 14.79 8.21 741 8.55 14.79 8.21 741 8.55
Republic 8 1/4% due 32 500 504 0.40 11.61 8.39 771 7.18 11.61 8.39 771 7.18
Republic 8 5/8% due 29 601 616 0.48 8.49 8.02 750 6.02 8.49 8.02 750 6.02
Republic 9 1/2% due 52 1,000 1,049 0.82 31.87 9.04 801 10.18 31.37 9.04 801 10.15
Tajikistan Republic of 7 1/8% due 27 500 443 0.35 5.78 10.06 973 4.35 5.78 10.06 973 4.35
Tunisia Banque de Tunisie 5 3/4% due 25 1,000 940 0.74 4.41 7.26 705 3.79 4.41 7.26 705 3.79
Uzbekistan Republic of Uzbekistan 4 3/4% due 24 500 531 0.42 3.47 2.65 249 3.20 3.47 2.65 249 3.20
Republic of Uzbekistan 5 3/8% due 29 500 564 0.44 8.47 3.48 292 6.95 8.47 3.48 292 6.95
Vietnam Republic 4.8% due 24 1,000 1,132 0.89 4.21 1.58 138 3.82 4.21 1.58 138 3.82
Zambia Republic 5 3/8% due 22 750 409 0.32 2.05 40.61 4048 1.54 2.05 40.61 4048 1.54
Republic 8 1/2% due 24 1,000 555 0.44 3.62 30.16 3000 2.47 3.62 30.16 3000 2.47
Republic 8.97% due 27 1,250 660 0.52 5.91 23.73 2342 3.67 5.91 23.73 2342 3.67
59

JPM CACI J.P. Morgan Central America and Caribbean Index (JPM CACI)
CACI 0.74 Index % change over Price Return % for the period of
Belize 4.36
JPM CACI 388.28 0.74 10.72 0.83 3.63 112.38 0.32 0.42 3.33 4.92 11.93
El Salvador 4.26 By instrument type
Corporate 283.78 1.28 7.71 -0.84 7.16 80.54 0.84 0.44 3.48 5.10 9.52
Honduras 2.77
Quasi-Sovereign 309.17 1.95 12.66 0.98 2.77 107.51 1.53 0.41 3.19 4.39 7.22
Sovereign 397.08 0.57 10.97 0.98 3.12 120.29 0.16 0.41 3.77 5.61 13.70
Costa Rica 2.31
Barbados 2.31 By country

Aruba 141.30 0.82 4.73 -1.58 -0.22 99.50 0.47 0.35 4.66 4.02 5.01
Trinidad & Tobago 1.98 Bahamas 310.37 0.21 17.53 -15.48 -14.32 98.23 -0.33 0.54 2.11 12.67 17.87
Barbados 285.90 2.31 9.85 0.03 6.32 78.54 1.76 0.53 3.84 5.67 13.71
Guatemala 1.47
Belize 176.11 4.36 53.26 -22.15 -20.26 38.01 3.53 0.80 15.53 58.85 62.04
Bermuda 1.24 Bermuda 168.85 1.24 3.83 4.86 4.99 104.72 0.94 0.30 2.25 2.25 9.64
Costa Rica 303.19 2.31 15.59 -4.46 0.35 91.42 1.81 0.49 5.42 9.43 15.20
Dominican Rep 1.23 Dominican Rep 401.94 1.23 12.00 0.05 2.19 110.20 0.76 0.46 4.36 9.17 21.36
El Salvador 354.39 4.26 16.81 -10.44 -4.77 98.56 3.68 0.56 5.67 12.22 17.62
Jamaica 1.18
Guatemala 380.83 1.47 6.97 6.94 8.78 113.00 1.09 0.37 3.42 3.52 8.50
Aruba 0.82 Honduras 184.32 2.77 7.49 5.24 7.72 109.64 2.33 0.42 8.34 5.98 11.09
Jamaica 425.65 1.18 16.54 -0.54 10.09 91.11 0.72 0.46 4.65 6.99 16.57
Bahamas 0.21 Panama 450.33 -1.33 7.13 7.01 6.22 153.15 -1.66 0.33 6.37 5.60 10.67
Trinidad & Tobago 329.72 1.98 12.41 1.07 4.81 98.87 1.55 0.43 2.52 6.26 8.42
Panama -1.33
JPM CACI J.P. Morgan Central America and Caribbean Index (JPM CACI)
Panama 35.30
Dominican Rep 18.79 JPM CACI 85,805 93,732 100.00 5.01 418 13.33 8.42 5.00 413 13.39 8.29
By instrument type
Jamaica 10.31 Corporate 12,698 12,181 13.00 7.42 714 5.10 4.28 7.84 749.83 3.96 3.47
Quasi-Sovereign 6,440 6,818 7.27 4.66 392 11.14 7.66 4.62 379.41 11.19 7.60
Guatemala 9.03
Sovereign 66,667 74,732 79.73 4.84 395 15.16 9.16 4.85 392.14 15.16 9.14
El Salvador 8.43
By country
Costa Rica 7.27 Aruba 253 257 0.27 3.91 378 2.04 1.89 3.91 377.45 2.04 1.89
Bahamas 1,650 1,507 1.61 7.96 739 8.18 5.76 7.96 741.48 8.18 5.76
Barbados 851 868 0.93 6.53 626 4.99 3.92 6.33 589.74 5.23 3.27
Belize 530 234 0.25 15.39 1464 11.47 6.75 15.39 1472.93 11.47 6.75
Honduras 2.14
Bermuda 1,361 1,489 1.59 1.68 144 4.46 4.09 1.63 133.83 3.85 4.00
Bahamas 1.61 Costa Rica 7,247 6,816 7.27 7.37 653 13.53 7.01 7.37 651.68 13.53 7.01
Dominican Rep 16,617 17,616 18.79 5.73 480 16.09 8.44 5.73 481.01 16.09 8.44
Bermuda 1.59 El Salvador 8,198 7,898 8.43 8.32 744 14.61 6.97 8.32 752.32 13.45 6.96
Guatemala 7,460 8,461 9.03 4.05 333 10.50 7.30 3.88 300.59 9.83 6.58
Barbados 0.93
Honduras 1,800 2,007 2.14 3.98 356 6.46 5.21 3.96 349.47 5.75 5.16
Aruba 0.27 Jamaica 9,014 9,667 10.31 6.99 627 10.57 7.43 6.98 625.40 10.75 7.37
Panama 27,154 33,089 35.30 2.93 202 15.52 10.70 2.92 189.86 16.19 10.56
Belize 0.25 Trinidad & Tobago 3,670 3,823 4.08 5.13 473 6.24 5.09 4.99 461.24 5.77 4.94
Source: J.P. Morgan
60

JPM CACI Diversified J.P. Morgan Central America and Caribbean Index Diversified (JPM CACI Diversified)

CACI Diversified 1.61 Index % change over Price Return % for the period of
Belize 4.36 August 31, 2020 Aug 31 1-mo 3-mo YTD 12-mo index Price Interest 1-mo 3-mo 12-mo
JPM CACI Div 365.53 1.61 11.82 -0.72 2.68 104.65 1.17 0.44 2.27 4.50 8.88
El Salvador 4.26 By instrument type
Corporate 295.51 1.13 8.00 0.19 8.27 81.96 0.63 0.50 3.65 6.23 9.87
Honduras 2.77
Quasi-Sovereign 302.86 2.16 17.42 1.92 4.50 103.38 1.67 0.49 2.65 7.13 9.00
Costa Rica 2.31 Eurobonds 365.02 1.63 11.85 -1.12 1.76 109.37 1.20 0.43 2.50 5.05 9.80
Barbados 2.31 By country

Aruba 141.30 0.82 4.73 -1.58 -0.22 99.50 0.47 0.35 4.66 4.02 5.01
Bahamas 310.37 0.21 17.53 -15.48 -14.32 98.23 -0.33 0.54 2.11 12.67 17.87
Guatemala 1.47 Barbados 285.77 2.31 9.85 0.03 6.32 78.51 1.76 0.53 3.84 5.67 13.71
Belize 176.11 4.36 53.26 -22.15 -20.26 38.01 3.53 0.80 15.53 58.85 62.04
Bermuda 1.24
Bermuda 168.85 1.24 3.83 4.86 4.99 104.72 0.94 0.30 2.25 2.25 9.64
Costa Rica 301.49 2.31 15.59 -4.46 0.35 90.83 1.81 0.49 5.42 9.43 15.20
Dominican Rep 1.23
Dominican Rep 394.70 1.23 12.00 0.05 2.19 108.25 0.76 0.46 4.36 9.17 21.36
Jamaica 1.18 El Salvador 352.76 4.26 16.81 -10.44 -4.77 98.12 3.68 0.56 5.67 12.22 17.62
Guatemala 375.81 1.47 6.97 6.94 8.78 111.48 1.09 0.37 3.42 3.52 8.50
Aruba 0.82
Honduras 184.32 2.77 7.49 5.24 7.72 109.64 2.33 0.42 8.34 5.98 11.09
Bahamas 0.21 Jamaica 417.66 1.18 16.54 -0.54 10.09 89.29 0.72 0.46 4.65 6.99 16.57
Panama 449.07 -1.33 7.13 7.01 6.22 152.72 -1.66 0.33 6.37 5.60 10.67
Panama -1.33 Trinidad & Tobago 327.53 1.98 12.41 1.07 4.81 98.26 1.55 0.43 2.52 6.26 8.42
JPM CACI Diversified J.P. Morgan Central America and Caribbean Index Diversified (JPM CACI Diversified)
Costa Rica 10.00
Dominican Rep 10.00 JPM CACI Div 20,524 21,206 100.00 5.89 517 10.58 6.74 5.88 514 10.52 6.60
By instrument type
El Salvador 10.00 Corporate 2,447 2,311 10.90 9.08 884 4.48 3.66 10.10 980 3.54 2.63
Quasi-Sovereign 1,353 1,393 6.57 6.00 541 8.35 5.51 5.88 526 8.49 5.36
Guatemala 10.00
Sovereign 16,724 17,502 82.53 5.66 490 11.68 7.24 5.66 488 11.55 7.22
Jamaica 10.00
By country
Panama 10.00 Aruba 253 257 1.21 3.91 378 2.04 1.89 3.91 377 2.04 1.89
Bahamas 1,650 1,507 7.11 7.96 739 8.18 5.76 7.96 741 8.18 5.76
Barbados 851 868 4.09 6.53 626 4.99 3.92 6.33 590 5.23 3.27
Honduras 9.46 Belize 530 234 1.10 15.39 1,464 11.47 6.75 15.39 1,473 11.47 6.75
Bermuda 1,361 1,489 7.02 1.68 144 4.46 4.09 1.63 134 3.85 4.00
Bahamas 7.11 Costa Rica 2,255 2,121 10.00 7.37 653 13.53 7.01 7.37 652 13.53 7.01
Dominican Rep 2,000 2,121 10.00 5.73 480 16.09 8.44 5.73 481 16.09 8.44
Bermuda 7.02
El Salvador 2,201 2,121 10.00 8.32 744 14.61 6.97 8.32 752 13.45 6.96
Guatemala 1,870 2,121 10.00 4.05 333 10.50 7.30 3.88 301 9.83 6.58
Barbados 4.09
Honduras 1,800 2,007 9.46 3.98 356 6.46 5.21 3.96 349 5.75 5.16
Aruba 1.21 Jamaica 1,977 2,121 10.00 6.99 627 10.57 7.43 6.98 625 10.75 7.37
Panama 1,740 2,121 10.00 2.93 202 15.52 10.70 2.92 190 16.19 10.56
Belize 1.10 Trinidad & Tobago 2,036 2,121 10.00 5.13 473 6.24 5.09 4.99 461 5.77 4.94
Source: J.P. Morgan
61

JACI J.P. Morgan Asia Credit Index (JACI)


JACI 0.40 JACI 248.93 0.40 4.74 4.94 5.95 112.18 0.08 0.32 1.84 1.97 4.33
By type
Sri Lanka 11.53 Corporate 238.54 0.63 4.60 4.58 5.95 105.97 0.29 0.34 1.35 1.66 4.08
Sovereign 303.78 0.34 7.47 5.53 5.70 126.69 0.02 0.32 4.57 4.59 8.13
Pakistan 4.52 Quasi-Sovereign 227.98 -0.18 3.60 5.64 6.12 115.04 -0.46 0.28 2.12 2.14 3.71
By corporate sub sector
Cambodia 3.78 Consumer 234.36 1.79 7.14 1.98 3.20 92.70 1.41 0.38 2.78 3.22 6.37
Diversified 237.22 0.22 3.32 5.11 2.50 107.10 -0.09 0.31 2.41 2.66 4.20
Maldives 2.24 Financial 215.67 0.45 3.07 3.92 4.87 108.72 0.20 0.25 0.94 1.15 2.29
Industrial 220.44 0.93 5.12 3.38 4.30 86.99 0.62 0.31 1.08 1.63 2.96
Infrastructure 239.87 0.58 3.80 3.91 4.92 113.92 0.28 0.30 1.03 1.45 3.44
India 2.00
Metals & Mining 213.54 3.93 13.13 -0.57 0.38 71.54 3.49 0.42 5.43 9.34 13.04
Oil & Gas 250.68 -0.42 5.46 5.60 5.28 118.80 -0.73 0.31 3.48 3.59 6.52
Macau 1.62
Pulp & Paper 106.85 1.56 8.87 4.53 6.69 99.98 1.14 0.41 3.07 8.07 27.41
Real Estate 292.74 1.26 6.02 5.55 9.67 103.06 0.76 0.50 1.21 2.26 7.26
Mongolia 1.12
TMT 246.25 -0.47 4.08 7.47 7.91 111.69 -0.74 0.27 3.44 3.15 5.34
Transport 168.13 -0.31 -2.47 -1.24 -8.15 65.83 -0.82 0.51 7.23 15.32 14.68
Vietnam 1.08
Utilities 238.64 0.30 4.33 4.58 5.39 112.03 -0.02 0.32 1.81 1.95 4.51
By rating
Hong Kong 0.57
Non Investment Grade 323.04 2.15 8.72 2.96 5.92 111.72 1.65 0.49 1.33 3.42 7.57
Taiwan 0.33 By country
Cambodia 103.78 3.78 - - - 103.17 3.17 0.59 5.38 - -
China 0.31 China 242.51 0.31 3.77 5.34 6.79 102.83 -0.02 0.33 1.32 1.54 3.74
Hong Kong 228.41 0.57 3.64 4.98 5.37 105.46 0.26 0.31 1.90 2.01 3.27
Singapore 0.26 Indonesia 310.00 0.01 6.83 5.73 6.09 120.92 -0.33 0.34 4.45 4.33 9.19
India 251.53 2.00 7.98 2.83 3.91 112.30 1.65 0.34 2.70 3.75 8.46
Korea 0.06 Korea 203.60 0.06 2.39 5.34 5.71 107.73 -0.16 0.22 1.22 1.40 2.86
Malaysia 229.15 -0.47 5.12 5.79 5.79 107.38 -0.76 0.29 4.25 4.66 5.79
Indonesia 0.01 Macau 223.78 1.62 5.79 3.22 5.87 115.02 1.25 0.37 3.01 3.28 8.07
Maldives 92.78 2.24 0.51 -14.55 -13.03 74.63 1.54 0.69 6.03 16.98 25.82
Malaysia -0.47 Mongolia 162.08 1.12 14.05 2.63 6.63 89.60 0.62 0.50 3.27 6.67 10.52
Philippines 325.77 -1.41 3.15 4.59 4.13 133.07 -1.75 0.35 4.05 3.34 6.45
Thailand -0.71 Pakistan 372.26 4.52 11.02 3.98 8.80 113.79 4.07 0.43 3.36 5.44 8.76
Singapore 214.44 0.26 3.97 6.23 6.81 109.25 0.02 0.24 2.18 2.05 3.74
Philippines -1.41 Sri Lanka 243.15 11.53 56.08 -6.20 -4.42 99.46 11.11 0.38 8.01 28.70 30.30
Thailand 247.92 -0.71 5.52 3.67 3.55 109.55 -1.00 0.29 4.24 4.03 6.82
Taiwan 224.64 0.33 2.57 6.44 6.75 115.69 0.09 0.24 2.46 2.24 4.02
Vietnam 278.22 1.08 6.21 3.97 7.01 113.25 0.71 0.37 1.53 3.04 7.50
JACI J.P. Morgan Asia Credit Index (JACI)

Number of Face O/S Market cap Yield Spread Avg life IR Dur Yield Spread Avg life IR Dur
August 31, 2020 issues (US$ mil) (US$ mil) (%) (%) (bps) (yrs) (yrs) (%) (bps) (yrs) (yrs)
China 50.44
JACI 1,796 1,081,248 1,159,749 100.00 3.78 319 7.97 4.99 3.14 248 6.02 4.81
By type
Indonesia 11.51 Corporate 1,278 704,820 739,736 63.78 4.26 371 7.52 4.18 3.44 292 4.84 3.89
Sovereign 109 131,835 153,517 13.24 2.95 218 10.79 8.22 2.95 205 10.79 8.22
Hong Kong 8.04 Quasi-Sovereign 409 244,592 266,496 22.98 3.08 251 7.75 5.41 2.66 187 6.37 5.37
Korea 7.95 Consumer 54 30,518 30,908 2.67 5.20 469 7.06 4.51 5.09 460 5.78 3.90
Diversified 34 23,002 25,288 2.18 3.35 269 8.92 5.70 2.65 190 5.68 5.33
Financial 447 249,344 260,503 22.46 3.43 295 6.78 2.90 2.51 210 3.91 2.91
India 6.08
Industrial 57 27,388 28,236 2.43 5.27 458 9.40 3.71 3.33 301 3.93 3.57
Infrastructure 47 24,335 25,359 2.19 5.21 441 11.50 4.53 3.13 274 4.83 4.21
Philippines 4.66 Metals & Mining 38 17,720 16,254 1.40 9.00 879 3.96 2.80 8.96 875 3.20 2.79
Oil & Gas 81 49,416 55,768 4.81 3.00 227 9.81 7.19 2.94 205 9.27 7.17
Singapore 3.16 Pulp & Paper 1 300 304 0.03 8.56 706 29.33 3.78 5.20 502 3.74 3.30
Real Estate 345 173,578 179,086 15.44 6.13 569 6.38 3.61 5.51 516 3.82 2.92
Malaysia 2.73 TMT 75 60,012 66,213 5.71 2.49 181 9.23 6.98 2.33 151 7.63 6.86
Transport 10 4,183 3,739 0.32 8.99 821 10.85 4.34 8.60 786 9.23 4.33
Utilities 89 45,025 48,078 4.15 3.96 333 8.53 5.36 2.97 246 5.55 4.55
Thailand 1.63
By rating
Investment Grade 1,254 812,256 892,600 76.96 2.93 233 8.20 5.56 2.47 173 6.68 5.44
Macau 1.56
Non Investment Grade 542 268,992 267,149 23.04 7.08 655 7.29 3.11 6.96 662 3.89 2.68
By country
Sri Lanka 1.00 Cambodia 1 350 357 0.03 7.45 724 3.84 3.23 7.45 726 3.84 3.23
China 968 553,502 584,939 50.44 4.03 359 6.42 3.94 3.06 252 4.53 3.82
Pakistan 0.49 Hong Kong 151 87,952 93,197 8.04 4.24 338 13.12 5.60 3.35 270 6.27 4.58
Indonesia 133 116,500 133,483 11.51 3.46 264 12.17 8.67 3.46 248 11.97 8.63
Mongolia 0.30 India 125 68,314 70,546 6.08 4.13 379 5.47 4.24 3.98 354 5.00 4.17
Korea 175 85,724 92,205 7.95 2.27 188 5.96 3.65 1.46 102 4.34 3.65
Malaysia 32 27,842 31,674 2.73 2.75 198 10.53 7.53 2.61 163 8.36 7.49
Taiwan 0.23
Macau 20 17,075 18,137 1.56 4.15 375 6.01 5.05 3.88 351 4.99 4.07
Maldives 1 250 192 0.02 23.43 2331 1.76 1.48 23.43 2331 1.76 1.48
Vietnam 0.18 Mongolia 5 3,340 3,421 0.30 6.56 641 2.89 2.50 6.56 641 2.89 2.50
Philippines 67 46,368 54,057 4.66 3.62 278 12.48 7.64 2.67 187 9.49 7.31
Cambodia 0.03 Pakistan 6 5,300 5,659 0.49 5.75 549 4.73 3.68 5.75 533 4.73 3.68
Singapore 55 33,800 36,647 3.16 2.47 188 8.05 4.76 1.90 137 5.45 4.71
Maldives 0.02 Sri Lanka 13 13,225 11,569 1.00 10.06 970 5.64 4.13 10.06 965 5.64 4.13
Thailand 37 17,325 18,904 1.63 3.24 237 13.30 8.06 3.21 220 12.19 8.06
Taiwan 4 2,400 2,629 0.23 1.80 152 5.04 4.57 1.80 147 5.04 4.57
Source: J.P. Morgan Vietnam 3 1,979 2,130 0.18 3.25 301 4.42 3.88 3.25 296 4.42 3.88
62

JACI Diversified J.P. Morgan Asia Credit Index - Diversified (JACI Diversified)

JACI Diversified 0.50
JACI Diversified 248.38 0.50 5.38 4.45 5.23 111.16 0.19 0.32 2.16 2.33 4.76
By type
Sri Lanka 11.53
Corporate 235.95 0.77 4.94 4.03 5.15 104.93 0.45 0.33 1.50 1.82 4.14
Sovereign 300.33 0.53 8.44 4.67 4.89 124.14 0.19 0.34 4.66 5.07 8.71
Pakistan 4.52 Quasi-Sovereign 230.13 -0.30 4.03 5.75 6.09 114.59 -0.57 0.28 2.55 2.59 4.31
Cambodia 3.78 Consumer 241.46 1.96 6.97 2.12 3.98 94.83 1.58 0.37 3.14 3.38 6.95
Diversified 243.27 0.11 3.24 6.03 5.30 111.12 -0.18 0.29 2.55 2.85 3.93
Maldives 2.24 Financial 215.99 0.60 3.66 3.86 4.82 107.81 0.33 0.26 1.01 1.31 2.77
Industrial 216.13 0.85 5.66 3.35 4.04 84.37 0.55 0.30 1.34 2.08 3.62
India 2.00 Infrastructure 241.42 0.91 4.97 2.78 4.18 111.82 0.57 0.33 1.13 1.80 4.45
Metals & Mining 226.03 4.92 16.41 -1.81 -0.21 73.08 4.47 0.43 7.14 11.85 16.24
Macau 1.62 Oil & Gas 251.74 -0.29 6.06 4.55 4.26 118.16 -0.60 0.32 3.59 3.68 6.88
Pulp & Paper 106.85 1.56 8.87 4.53 6.69 99.98 1.14 0.41 3.07 8.07 27.41
Real Estate 285.63 1.13 5.44 4.90 7.94 102.52 0.68 0.44 1.20 1.95 5.45
Mongolia 1.12
TMT 247.56 0.06 4.32 7.33 8.01 109.60 -0.22 0.28 2.70 2.46 4.47
Transport 160.34 0.69 -3.75 -2.84 -11.65 63.25 0.10 0.59 9.79 22.50 19.76
Vietnam 1.08
Utilities 242.62 0.40 4.46 4.46 5.49 112.57 0.07 0.32 1.66 1.96 4.95
By rating
Hong Kong 0.57
Taiwan 0.33 Non Investment Grade 313.04 2.77 10.77 1.44 4.04 110.32 2.32 0.45 1.57 4.47 7.86
By country
China 0.31 Cambodia 103.78 3.78 - - - 103.17 3.17 0.59 5.38 - -
China 242.78 0.31 3.77 5.34 6.79 102.83 -0.02 0.33 1.32 1.54 3.74
Hong Kong 228.44 0.57 3.64 4.98 5.37 105.46 0.26 0.31 1.90 2.01 3.27
Singapore 0.26
Indonesia 309.88 0.01 6.83 5.73 6.09 120.87 -0.33 0.34 4.45 4.33 9.19
India 252.15 2.00 7.98 2.83 3.91 112.30 1.65 0.34 2.70 3.75 8.46
Korea 0.06
Korea 203.60 0.06 2.39 5.34 5.71 107.73 -0.16 0.22 1.22 1.40 2.86
Malaysia 229.15 -0.47 5.12 5.79 5.79 107.38 -0.76 0.29 4.25 4.66 5.79
Indonesia 0.01
Macau 223.78 1.62 5.79 3.22 5.87 115.02 1.25 0.37 3.01 3.28 8.07
Maldives 92.78 2.24 0.51 -14.55 -13.03 74.63 1.54 0.69 6.03 16.98 25.82
Malaysia -0.47 Mongolia 162.08 1.12 14.05 2.63 6.63 89.60 0.62 0.50 3.27 6.67 10.52
Philippines 325.77 -1.41 3.15 4.59 4.13 133.06 -1.75 0.35 4.05 3.34 6.45
Thailand -0.71 Pakistan 372.84 4.52 11.02 3.98 8.80 113.98 4.07 0.43 3.36 5.44 8.76
Singapore 213.51 0.26 3.97 6.23 6.81 109.24 0.02 0.24 2.18 2.05 3.74
Philippines -1.41 Sri Lanka 243.15 11.53 56.08 -6.20 -4.42 99.46 11.11 0.38 8.01 28.70 30.30
Thailand 248.51 -0.71 5.52 3.67 3.55 109.81 -1.00 0.29 4.24 4.03 6.82
Taiwan 224.64 0.33 2.57 6.44 6.75 115.69 0.09 0.24 2.46 2.24 4.02
Vietnam 278.23 1.08 6.21 3.97 7.01 113.25 0.71 0.37 1.53 3.04 7.50
JACI Diversified J.P. Morgan Asia Credit Index - Diversified (JACI Diversified)
Number of Face O/S Market cap Yield Spread Avg life IR Dur Yield Spread Avg life IR Dur
China 22.07 August 31, 2020 issues (US$ mil) (US$ mil) (%) (%) (bps) (yrs) (yrs) (%) (bps) (yrs) (yrs)
JACI Diversified 1,796 564,384 609,110 100.00 3.68 304 8.69 5.48 3.17 248 6.68 5.26
By type
Indonesia 13.26
Corporate 1,278 355,016 372,627 61.18 4.15 354 8.29 4.50 3.43 290 5.24 4.14
Sovereign 109 96,606 112,109 18.41 3.11 234 10.61 8.12 3.11 223 10.61 8.12
Korea 11.74 Quasi-Sovereign 409 112,763 124,374 20.42 2.87 226 8.34 6.04 2.67 182 7.17 6.01
Hong Kong 11.61 Consumer 54 25,550 26,267 4.31 4.89 435 7.26 4.75 4.65 419 5.73 4.07
Diversified 34 16,578 18,269 3.00 3.46 273 9.88 6.12 2.65 187 6.15 5.64
India 10.89 Financial 447 123,294 129,104 21.20 3.53 295 7.97 3.11 2.74 231 4.21 3.13
Industrial 57 15,095 15,875 2.61 4.34 380 7.47 4.10 2.90 256 4.30 3.98
Infrastructure 47 12,689 13,106 2.15 5.55 476 11.40 4.80 3.78 337 5.14 4.31
Philippines 8.87
Metals & Mining 38 12,673 11,553 1.90 9.11 892 3.66 2.97 9.11 888 3.42 2.97
Oil & Gas 81 29,124 32,058 5.26 3.29 251 10.79 7.39 3.20 228 10.01 7.37
Singapore 6.02 Pulp & Paper 1 69 70 0.01 8.56 706 29.33 3.78 5.20 502 3.74 3.30
Real Estate 345 58,685 60,706 9.97 5.40 485 7.48 4.34 4.70 432 4.08 3.26
Malaysia 5.20 TMT 75 24,424 26,848 4.41 2.67 203 8.63 6.27 2.31 159 6.70 6.17
Transport 10 2,413 2,092 0.34 10.16 932 12.48 3.90 9.89 915 10.42 3.89
Thailand 3.10 Utilities 89 34,422 36,679 6.02 4.13 346 9.01 5.43 3.03 253 5.64 4.59
By rating
Macau 2.98 Investment Grade 1,254 419,714 466,178 76.53 2.81 216 8.72 6.05 2.52 174 7.38 5.92
Non Investment Grade 542 144,670 142,932 23.47 6.65 601 8.62 3.62 6.58 620 4.48 3.09
Sri Lanka 1.90 By country
Cambodia 1 350 357 0.06 7.45 724 3.84 3.23 7.45 726 3.84 3.23
Pakistan 0.93 China 968 127,206 134,430 22.07 4.03 359 6.42 3.94 3.06 252 4.53 3.82
Hong Kong 151 66,764 70,745 11.61 4.24 338 13.12 5.60 3.35 270 6.27 4.58
Indonesia 133 70,470 80,743 13.26 3.46 264 12.17 8.67 3.46 248 11.97 8.63
Mongolia 0.56
India 125 64,214 66,313 10.89 4.13 379 5.47 4.24 3.98 354 5.00 4.17
Korea 175 66,475 71,500 11.74 2.27 188 5.96 3.65 1.46 102 4.34 3.65
Taiwan 0.43 Malaysia 32 27,842 31,674 5.20 2.75 198 10.53 7.53 2.61 163 8.36 7.49
Macau 20 17,075 18,137 2.98 4.15 375 6.01 5.05 3.88 351 4.99 4.07
Vietnam 0.35 Maldives 1 250 192 0.03 23.43 2331 1.76 1.48 23.43 2331 1.76 1.48
Mongolia 5 3,340 3,421 0.56 6.56 641 2.89 2.50 6.56 641 2.89 2.50
Philippines 67 46,368 54,057 8.87 3.62 278 12.48 7.64 2.67 187 9.49 7.31
Cambodia 0.06
Pakistan 6 5,300 5,659 0.93 5.75 549 4.73 3.68 5.75 533 4.73 3.68
Singapore 55 33,800 36,647 6.02 2.47 188 8.05 4.76 1.90 137 5.45 4.71
Maldives 0.03
Sri Lanka 13 13,225 11,569 1.90 10.06 970 5.64 4.13 10.06 965 5.64 4.13
Thailand 37 17,325 18,904 3.10 3.24 237 13.30 8.06 3.21 220 12.19 8.06
Taiwan 4 2,400 2,629 0.43 1.80 152 5.04 4.57 1.80 147 5.04 4.57
Source: J.P. Morgan Vietnam 3 1,979 2,130 0.35 3.25 301 4.42 3.88 3.25 296 4.42 3.88
63

MECI J.P. Morgan Middle East Composite Index (MECI)


MECI -0.70
MECI 352.39 -0.70 5.93 4.28 4.00 122.07 -1.01 0.31 3.80 4.06 8.85
Iraq 2.48
By sub region
GCC 338.51 -0.69 6.28 5.55 5.73 128.45 -0.99 0.31 3.98 4.20 8.74
Oman 2.11
By instrument type
Corporate 318.58 0.51 5.84 4.78 7.20 121.12 0.18 0.33 2.22 2.43 6.87
Bahrain 1.55
Quasi-Sovereign 213.82 -0.98 4.81 4.13 3.89 124.70 -1.30 0.33 3.62 3.06 7.78
Sovereign 401.16 -1.26 6.16 4.00 2.28 129.94 -1.55 0.30 4.89 5.28 10.73
Jordan 1.24
By rating
Kuwait 0.54
Non Investment Grade 459.67 1.33 7.85 -3.71 -2.45 123.13 0.91 0.41 2.69 5.33 12.45
UAE -0.32 By country

Bahrain 225.15 1.55 8.19 0.89 5.06 94.23 1.11 0.44 2.05 4.72 10.09
Israel Iraq 402.74 2.48 7.33 0.60 2.96 137.13 1.98 0.50 3.13 8.04 16.11
-1.06
Israel 335.50 -1.06 3.38 7.78 13.01 121.86 -1.37 0.31 5.42 4.61 9.40
Jordan 139.97 1.24 9.15 1.92 7.07 104.71 0.78 0.45 3.58 7.22 13.10
Qatar -1.40 Kuwait 227.82 0.54 4.44 3.95 4.32 118.28 0.26 0.27 1.53 1.65 4.38
Lebanon 79.07 -3.96 -7.09 -65.78 -76.34 19.98 -3.96 0.00 23.20 23.01 59.98
Saudi Arabia -1.80 Oman 162.02 2.11 13.76 -0.99 4.92 86.42 1.69 0.42 3.47 9.14 16.84
Qatar 355.83 -1.40 6.02 8.33 7.53 131.13 -1.68 0.29 5.59 5.26 10.08
Saudi Arabia 212.48 -1.80 5.70 8.03 6.45 116.42 -2.08 0.29 5.42 5.63 10.92
Lebanon -3.96 UAE 240.31 -0.32 5.49 4.73 4.71 111.12 -0.61 0.29 3.32 3.11 6.58
By issue type
Sukuk 191.53 0.68 4.84 3.60 4.22 102.08 0.37 0.31 1.49 1.81 5.19
ex Sukuk 361.85 -1.01 6.21 4.45 3.96 122.34 -1.32 0.31 4.36 4.63 9.87
MECI J.P. Morgan Middle East Composite Index (MECI)

UAE 28.05
MECI 413,812 447,173 100.00 3.65 275 # 11.68 8.09 3.56 268 11.14 8.05
Saudi Arabia 26.43 By sub region
GCC 346,080 388,295 86.83 3.18 225 # 11.44 7.90 3.07 217 10.76 7.90
Qatar 17.10
By instrument type
Corporate 126,505 134,835 30.15 3.71 296 # 8.45 5.17 3.40 275 6.87 5.06
Israel 10.67 Quasi-Sovereign 36,036 40,171 8.98 3.51 260 # 11.52 7.83 3.25 239 9.60 7.77
Sovereign 251,270 272,166 60.86 3.65 270 # 13.32 9.58 3.65 270 13.32 9.58
Oman 5.61
By rating
Investment Grade 301,394 346,685 77.53 2.65 166 # 12.56 8.99 2.63 164 12.36 8.98
Bahrain 5.18 Non Investment Grade 112,418 100,487 22.47 7.93 732 # 9.30 5.00 8.15 761 7.69 4.84
Kuwait 4.46 By country

Bahrain 21,220 23,162 5.18 5.16 450 # 8.60 5.35 5.01 442 7.68 5.30
Iraq 3,831 3,709 0.83 7.53 729 # 3.39 2.83 7.50 726 3.42 2.79
Jordan 1.10 Israel 43,587 47,719 10.67 3.22 220 # 16.24 10.50 3.12 206 16.93 10.18
Jordan 4,750 4,934 1.10 5.91 518 # 11.30 7.01 5.91 518 11.30 7.01
Iraq 0.83 Kuwait 18,600 19,943 4.46 3.16 242 # 7.39 3.80 2.71 218 4.93 3.83
Lebanon 15,564 2,516 0.56 85.17 8500 # 6.42 1.75 85.17 8500 6.42 1.75
Oman 25,600 25,076 5.61 6.27 557 # 10.08 5.72 6.27 557 9.92 5.72
Lebanon 0.56
Qatar 62,500 76,474 17.10 2.48 145 # 13.04 9.57 2.47 145 12.94 9.57
Saudi Arabia 103,814 118,194 26.43 2.85 187 # 12.62 9.09 2.85 187 12.60 9.09
UAE 114,346 125,446 28.05 3.12 219 # 10.98 7.33 2.83 198 9.46 7.32
Source: J.P. Morgan
By issue type
Sukuk 81,355 86,667 19.38 3.48 285 # 6.79 4.45 2.95 250 5.25 4.45
ex Sukuk 332,457 360,506 80.62 3.68 274 # 12.87 8.97 3.64 271 12.57 8.92
64

Middle East Composite Index (MECI)

Index instruments: historical returns, return components and statistics
Total return 1-month return components Face Market Index To Maturity Statistics To Worst Statistics
% change over Bid price Interest O/S Cap Weight Yield Sprd IR Dur Yield Sprd IR Dur
August 31, 2020 1-mo YTD 12-mo Aug 31 Δ return (%) (US$ mm) (US$ mm) (%) (%) (bps) (yrs) (%) (bps) (yrs)
UAE ADCB 4 1/2% due 23 0.79 4.46 5.06 106.31 0.50 0.32 750 814 0.18 1.70 157 2.33 1.70 157 2.33
ADCB 4% due 23 0.85 4.40 5.34 105.97 0.59 0.28 750 808 0.18 1.35 121 2.42 1.35 121 2.42
AHB Sukuk Co 4 3/8% due 23 1.15 4.53 6.31 107.78 0.91 0.30 500 549 0.12 1.54 139 2.82 1.54 139 2.82
ALdar Sukuk Ltd 4 3/4% due 25 2.06 6.35 7.57 110.94 1.91 0.30 500 565 0.13 2.27 201 4.48 2.27 201 4.48
Abu Dhabi 2 1/2% due 22 -0.36 4.07 4.15 103.43 -0.57 0.19 3,000 3,132 0.70 0.46 33 2.04 0.46 33 2.04
Abu Dhabi 2 1/2% due 25 -0.41 - - 105.87 -0.63 0.19 3,000 3,204 0.72 1.03 80 4.35 1.03 80 4.35
Abu Dhabi 2 1/2% due 29 -0.77 9.54 - 106.97 -1.03 0.19 3,000 3,241 0.72 1.58 96 8.15 1.58 96 8.15
Abu Dhabi 2 1/8% due 24 -0.47 5.82 - 103.97 -0.66 0.16 3,000 3,146 0.70 1.00 81 3.88 1.00 81 3.88
Abu Dhabi 3 1/8% due 26 -0.65 7.88 5.71 110.13 -0.97 0.23 2,500 2,779 0.62 1.18 85 5.20 1.18 85 5.20
Abu Dhabi 3 1/8% due 27 -0.56 8.22 5.60 111.12 -0.88 0.22 4,000 4,494 1.00 1.35 87 6.40 1.35 87 6.40
Abu Dhabi 3 1/8% due 30 -0.12 - - 112.13 -0.38 0.22 3,000 3,399 0.76 1.70 105 8.39 1.70 105 8.39
Abu Dhabi 3 1/8% due 49 -3.68 12.52 - 107.50 -4.41 0.26 4,000 4,353 0.97 2.71 136 19.83 2.71 136 19.83
Abu Dhabi 3 7/8% due 50 -1.85 - - 122.13 -2.63 0.26 4,000 4,944 1.11 2.74 140 19.13 2.74 140 19.13
Abu Dhabi 4 1/8% due 47 -2.75 11.43 5.65 126.50 -3.94 0.28 3,000 3,843 0.86 2.70 142 17.86 2.70 142 17.86
Abu Dhabi Crude Oil 3.65% due 29 -1.53 8.67 5.37 113.94 -2.06 0.25 837 959 0.21 1.88 126 7.93 1.88 126 7.93
Abu Dhabi Crude Oil 4.6% due 47 -2.55 7.97 2.03 121.56 -3.56 0.30 2,200 2,692 0.60 3.04 197 13.57 3.04 197 13.57
Adib Capital Sukuk 7 1/8% due 23 Perp 1.07 0.48 2.84 105.00 0.59 0.50 750 812 0.18 5.63 443 2.05 4.53 439 2.26
Aldar Sukuk No 2 Ltd 3 7/8% due 29 3.05 7.26 - 106.88 2.91 0.25 500 541 0.12 2.91 230 7.70 2.91 230 7.70
Alpha Star Sukuk 6 1/4% due 22 4.20 6.68 6.90 95.06 3.44 0.43 489 476 0.11 8.54 841 1.48 8.54 841 1.48
Alpha Star Sukuk 6 5/8% due 23 4.53 -0.41 -0.60 87.22 3.38 0.49 392 351 0.08 11.43 1129 2.25 11.43 1129 2.25
Bank of Sharjah 4% due 24 1.13 4.77 - 101.97 0.84 0.29 600 623 0.14 3.20 301 3.66 3.20 301 3.66
Bank of Sharjah 4.23% due 22 0.62 3.38 3.79 101.63 0.31 0.31 500 518 0.12 2.45 233 1.44 2.45 233 1.44
DAE Funding LLC 4 1/2% due 22 0.90 0.09 2.17 98.75 0.53 0.35 651 646 0.14 5.00 487 1.80 5.00 487 1.80
DAE Funding LLC 5% due 24 6.60 -3.49 -1.47 97.88 5.70 0.39 699 687 0.15 5.39 521 3.49 5.39 521 3.49
DIB Sukuk 2.95% due 25 1.28 6.91 - 103.88 1.09 0.21 750 780 0.17 1.92 170 4.19 1.92 170 4.19
DIB Sukuk 2.95% due 26 0.43 - - 103.34 0.22 0.22 1,300 1,352 0.30 2.15 185 4.95 2.15 185 4.95
DIB Sukuk 3 5/8% due 23 0.99 4.83 5.28 104.25 0.75 0.26 1,000 1,045 0.23 1.52 139 2.33 1.52 139 2.33
DIB Sukuk 3.664% due 22 0.67 3.47 4.19 102.88 0.41 0.27 1,000 1,031 0.23 1.14 101 1.43 1.14 101 1.43
DIB Sukuk 6 3/4% due 21 Perp 1.09 2.18 3.26 100.16 0.56 0.52 1,000 1,009 0.23 6.13 496 0.21 3.34 324 0.38
DIB Tier 6 1/4% due 25 Perp 1.69 1.49 2.35 103.50 1.25 0.47 750 781 0.17 4.88 364 3.46 4.79 387 3.71
DIFC Investments Sukuk 4.325% due 24 1.11 0.86 1.99 103.09 0.81 0.32 700 731 0.16 3.19 300 3.79 3.19 300 3.79
DP World 3 3/4% due 30 0.28 5.23 - 104.00 0.00 0.28 500 522 0.12 3.10 247 7.98 3.09 248 7.80
DP World 3 7/8% due 29 0.33 4.96 5.94 104.72 0.05 0.29 1,000 1,052 0.24 3.13 254 7.55 3.13 254 7.55
DP World 4.7% due 49 -5.48 8.37 - 104.50 -6.54 0.43 500 532 0.12 4.33 307 16.16 4.33 308 16.03
DP World 4.848% due 28 0.27 6.58 7.10 112.50 -0.07 0.33 1,000 1,146 0.26 2.99 245 6.69 2.99 245 6.69
DP World 5 5/8% due 48 -4.33 5.60 4.18 117.16 -5.84 0.45 1,300 1,555 0.35 4.43 321 15.16 4.43 321 15.16
DP World 6.85% due 37 -4.49 0.32 -0.50 127.16 -6.56 0.44 1,750 2,245 0.50 4.38 346 10.92 4.38 346 10.92
DP World Salaam 6% due 25 Perp 5.07 - - 107.00 4.75 0.41 1,500 1,620 0.36 6.40 523 4.87 4.29 403 4.35
DP World Sukuk 3.908% due 23 -0.13 4.70 5.87 105.31 -0.44 0.29 1,200 1,276 0.29 1.63 149 2.59 1.63 149 2.59
Dolphin Energy 5 1/2% due 21 0.64 2.99 3.83 105.13 0.25 0.40 1,300 1,382 0.31 1.06 94 1.25 1.06 94 1.25
Dubai DOF Sukuk 3 7/8% due 23 0.62 3.86 4.04 105.19 0.34 0.29 750 791 0.18 1.34 120 2.31 1.34 120 2.31
Dubai DOF Sukuk 5% due 29 -0.07 3.75 4.26 115.25 -0.47 0.34 750 877 0.20 2.81 224 7.12 2.81 224 7.12
Dubai DOF Sukuk 6.45% due 22 0.54 3.72 4.15 108.59 0.09 - 650 720 0.16 0.87 74 1.58 0.87 74 1.58
Dubai Government 5 1/4% due 43 1.75 4.37 2.19 115.81 1.59 0.35 500 581 0.13 4.02 291 14.14 4.02 291 14.14
Emaar Sukuk 3.635% due 26 5.22 -1.55 -0.46 95.97 4.56 0.22 750 732 0.16 3.90 353 5.30 3.90 353 5.30
Emaar Sukuk 4.564% due 24 3.77 1.63 2.66 103.50 3.44 0.32 750 783 0.18 3.29 311 3.45 3.29 311 3.45
Emaar Sukuk Ltd 3 7/8% due 29 5.42 -3.11 - 93.47 4.59 0.24 500 476 0.11 4.38 378 7.44 4.38 378 7.44
Emirates Airlines 4 1/2% due 25 2.42 -2.01 -0.34 96.84 1.50 0.35 321 312 0.07 5.53 537 2.21 5.53 537 2.21
Emirates Bank 2 5/8% due 25 1.66 - - 103.75 1.50 0.19 500 519 0.12 1.52 130 4.22 1.52 130 4.22
Emirates Bank 3 1/4% due 22 0.48 4.14 5.26 103.91 0.25 0.24 750 787 0.18 1.03 90 2.11 1.03 90 2.11
Emirates Bank 6 1/8% due 25 Perp 3.57 1.62 3.88 102.69 3.16 0.38 1,000 1,054 0.24 4.96 372 3.42 4.90 394 3.69
Emirates Development 3.516% due 24 0.49 5.40 5.81 106.50 0.25 0.25 750 812 0.18 1.32 116 3.27 1.32 116 3.27
Emirates Reit Sukuk 5 1/8% due 22 -7.58 -39.66 -39.37 55.00 -5.00 0.83 400 225 0.05 31.71 3158 1.82 31.71 3158 1.82
Emirates Semb 4.45% due 35 1.61 9.19 9.78 116.00 1.50 0.30 400 466 0.10 2.51 174 9.69 2.51 174 9.69
Emirates Telecom 3 1/2% due 24 0.71 6.66 8.09 108.94 0.50 0.25 500 548 0.12 0.77 59 3.56 0.77 59 3.56
Esic Sukuk Ltd 3.939% due 24 1.89 3.42 3.85 100.25 1.56 0.30 600 604 0.13 3.63 344 3.59 3.63 344 3.59
Etihad Airways Sukuk 3.86% due 21 0.42 1.67 2.96 101.31 0.13 0.29 1,500 1,534 0.34 2.50 237 1.21 2.50 237 1.21
Fab Sukuk Co Ltd 2.526% due 25 1.50 - - 103.69 1.34 0.19 500 520 0.12 1.53 132 4.15 1.53 132 4.15
Fab Sukuk Co Ltd 3 5/8% due 23 0.85 4.65 5.41 105.97 0.63 0.25 650 700 0.16 0.99 86 2.37 0.99 86 2.37
Fab Sukuk Co Ltd 3 7/8% due 24 1.13 5.43 6.12 108.00 0.91 0.28 1,225 1,328 0.30 1.29 113 3.19 1.29 113 3.19
Finance Department of Sharjah 4% due 50 2.08 - - 106.88 1.88 0.29 1,000 1,073 0.24 3.58 226 18.21 3.58 226 18.21
First Abu Dhabi Bank 3% due 22 0.22 4.02 4.77 103.13 0.00 0.22 587 613 0.14 0.38 25 1.53 0.38 25 1.53
First Abu Dhabi Bank FRN due 24 0.99 0.70 2.23 99.00 0.88 0.09 900 893 0.20 1.18 100 0.09 1.18 100 0.09
GEMS MENASA 7 1/8% due 26 0.33 -3.95 1.52 96.50 -0.25 0.59 900 872 0.19 7.44 711 4.74 7.44 711 4.74
ICD Funding Ltd 4 5/8% due 24 0.60 3.90 4.98 105.50 0.28 0.34 500 534 0.12 2.70 252 3.38 2.70 252 3.38
ICD Sukuk Co Ltd 5% due 27 0.42 3.86 4.53 106.97 0.06 0.36 1,000 1,074 0.24 3.55 315 5.51 3.55 315 5.51
MAF 4 3/4% due 24 1.40 2.60 3.80 106.38 1.13 0.33 800 863 0.19 2.67 250 3.34 2.67 250 3.34
MAF 5 1/2% due 22 Perp 3.51 0.53 3.44 98.50 3.00 0.35 500 506 0.11 4.97 371 1.70 4.68 432 1.78
MAF 6 3/8% due 26 Perp 2.93 -0.94 5.12 98.03 2.38 0.43 400 404 0.09 5.84 463 3.81 5.77 485 4.13
MAF Sukuk 3.9325% due 30 4.05 4.34 - 103.66 3.78 0.25 600 622 0.14 3.32 269 7.99 3.32 269 7.99
MAF Sukuk 4 1/2% due 25 1.82 3.73 4.99 107.25 1.59 0.31 500 544 0.12 2.78 250 4.58 2.78 250 4.58
MAF Sukuk 4.638% due 29 4.21 4.22 3.70 108.88 4.09 0.29 600 662 0.15 3.29 272 7.18 3.29 272 7.18
Mashreqbank 4 1/4% due 24 0.90 4.72 5.18 106.75 0.66 0.28 675 721 0.16 2.03 186 3.25 2.03 186 3.25
Mubadala 2 1/2% due 24 0.30 6.56 - 105.12 0.12 0.18 1,000 1,059 0.24 1.03 83 3.96 1.00 81 3.88
Mubadala 2 1/2% due 26 -0.73 - - 104.88 -0.97 0.19 1,000 1,056 0.24 1.52 118 5.32 1.50 118 5.24
Mubadala 2 3/4% due 23 0.05 4.92 4.70 104.38 -0.16 0.20 500 526 0.12 0.89 75 2.58 0.89 75 2.58
Mubadala 2 7/8% due 29 -0.71 8.47 - 107.47 -1.00 0.21 1,000 1,084 0.24 1.89 127 8.11 1.87 126 7.92
Mubadala 2 7/8% due 30 -1.36 - - 107.28 -1.71 0.22 1,000 1,081 0.24 1.96 130 8.54 1.94 130 8.35
Mubadala 3 1/4% due 22 -0.12 3.68 4.52 103.56 -0.38 0.25 378 396 0.09 0.61 48 1.61 0.61 48 1.61
Mubadala 3 3/4% due 29 -0.45 8.86 7.49 114.91 -0.81 0.26 650 756 0.17 1.78 120 7.46 1.78 120 7.46
Mubadala 3% due 24 -0.19 5.84 5.08 106.28 -0.44 0.22 850 913 0.20 1.02 85 3.42 1.02 85 3.42
Mubadala 3.7% due 49 -5.43 8.61 - 110.25 -6.69 0.31 1,500 1,671 0.37 3.09 176 18.75 3.08 176 18.56
Mubadala 3.95% due 50 -5.65 - - 114.75 -7.25 0.31 2,000 2,317 0.52 3.11 179 18.67 3.11 179 18.49
Mubadala 4 1/2% due 28 -0.25 8.77 7.05 120.44 -0.66 0.29 800 975 0.22 1.74 119 6.98 1.74 119 6.98
Mubadala 5 1/2% due 22 0.28 3.38 4.29 107.13 -0.13 0.39 1,500 1,607 0.36 0.63 50 1.46 0.63 50 1.46
Mubadala 6 7/8% due 41 -0.94 8.82 3.85 162.00 -2.09 0.34 750 1,232 0.28 2.70 162 13.59 2.70 162 13.59
National Bank 5 7/8% due 24 Perp 0.46 -0.16 - 97.81 0.00 0.46 350 351 0.08 5.68 447 2.99 5.63 464 3.24
Noor Sukuk Co Ltd 4.471% due 23 0.70 4.68 5.65 106.47 0.41 0.32 500 540 0.12 1.58 144 2.47 1.58 144 2.47
Noor Tier Sukuk 6 1/4% due 21 Perp 1.01 2.03 2.81 100.13 0.53 0.47 500 509 0.11 5.92 473 0.54 4.60 449 0.72
Rak Capital Sukuk 3.094% due 25 0.40 6.11 5.30 104.97 0.19 0.23 1,000 1,063 0.24 1.70 147 4.23 1.70 147 4.23
RakBank 4 1/8% due 24 1.16 4.54 5.18 105.69 0.91 0.29 500 537 0.12 2.02 185 3.31 2.02 185 3.31
Ruwais Power 6% due 36 1.79 12.23 11.47 134.47 1.97 0.30 825 1,110 0.25 2.74 191 10.34 2.74 191 10.34
SIB Sukuk 2.85% due 25 0.98 - - 102.94 0.78 0.21 500 517 0.12 2.09 185 4.47 2.09 185 4.47
SIB Sukuk 4.231% due 23 1.01 4.63 5.33 106.06 0.75 0.30 500 538 0.12 1.67 153 2.46 1.67 153 2.46
Senaat Sukuk Ltd 4.76% due 25 2.09 5.55 7.32 111.47 1.94 - 300 338 0.08 2.20 192 4.66 2.20 192 4.66
65


August 31, 2020 1-mo YTD 12-mo Aug 31 Δ return (%) (US$ mm) (US$ mm) (%) (%) (bps) (yrs) (%) (bps) (yrs)
UAE Sharjah Government Sukuk 3.764% due 24 0.56 4.38 4.99 107.50 0.31 0.26 750 819 0.18 1.66 147 3.71 1.66 147 3.71
Sharjah Sukuk 2.942% due 27 0.17 — — 103.57 -0.06 0.22 1,000 1,042 0.23 2.27 182 6.13 2.27 182 6.13
Sharjah Sukuk 3.234% due 29 1.00 7.44 — 105.81 0.81 0.23 750 802 0.18 2.41 180 7.92 2.41 180 7.92
Sharjah Sukuk 3.854% due 26 0.53 6.06 5.32 109.19 0.28 0.27 1,000 1,108 0.25 1.97 165 5.00 1.97 165 5.00
Sharjah Sukuk 4.226% due 28 0.67 6.38 5.49 112.47 0.44 0.28 1,200 1,373 0.31 2.30 180 6.46 2.30 180 6.46
Shelf Drill 8 1/4% due 25 1.38 -54.00 -50.38 38.00 0.00 1.38 900 346 0.08 36.47 3627 2.82 36.47 3627 2.82
Tabreed Sukuk 5 1/2% due 25 1.88 5.78 6.64 114.50 1.72 0.35 500 582 0.13 2.25 198 4.50 2.25 198 4.50
Taqa Abu Dhabi 3 5/8% due 23 -0.03 5.55 6.01 105.88 -0.31 0.27 1,250 1,330 0.30 0.81 68 2.27 0.81 68 2.27
Taqa Abu Dhabi 3 7/8% due 24 0.02 6.89 6.98 109.06 -0.28 0.28 750 827 0.19 1.11 94 3.42 1.11 94 3.42
Taqa Abu Dhabi 4 3/8% due 25 -0.06 7.80 8.16 113.00 -0.41 0.30 750 859 0.19 1.34 111 4.20 1.34 111 4.20
Taqa Abu Dhabi 4% due 49 -3.29 15.89 — 117.25 -4.35 0.30 500 595 0.13 3.00 169 18.43 3.00 169 18.43
Taqa Abu Dhabi 5 7/8% due 21 0.60 3.78 4.96 106.63 0.19 0.42 750 809 0.18 0.30 17 1.25 0.30 17 1.25
Taqa Abu Dhabi 6 1/2% due 36 -0.41 12.21 9.87 146.88 -1.13 0.35 912 1,361 0.30 2.74 183 11.25 2.74 183 11.25
Union National Bank 2 3/4% due 21 0.70 3.30 4.23 101.81 0.50 0.20 600 618 0.14 0.68 56 1.08 0.68 56 1.08
Union National Bank 4% due 23 1.02 4.57 5.32 106.25 0.78 0.28 500 541 0.12 1.26 112 2.37 1.26 112 2.37
Zahidi Sukuk Ltd 4 1/2% due 28 6.02 -3.69 -1.60 96.00 5.22 0.26 455 445 0.10 5.10 480 3.26 5.10 480 3.26
Bahrain ABG Sukuk Ltd 7 7/8% due 22 Perp -1.73 1.69 3.23 97.94 -2.38 0.65 400 400 0.09 7.14 602 1.28 6.95 675 1.56
Ahli United Bank 6 7/8% due 20 Perp 0.83 2.77 4.99 98.88 0.31 0.51 400 405 0.09 6.63 547 3.55 5.77 573 0.15
BBK 5 1/2% due 24 1.45 1.57 5.24 101.03 1.03 0.42 500 509 0.11 4.74 457 3.42 4.74 457 3.42
CBB International 4 1/2% due 27 2.70 1.83 — 103.03 2.41 0.30 1,000 1,049 0.23 3.82 340 5.60 3.82 340 5.60
CBB International 6 1/4% due 24 1.04 — — 108.63 0.66 0.43 1,000 1,105 0.25 3.84 365 3.65 3.84 365 3.65
CBB International Sukuk 6 7/8% due 25 1.20 1.60 5.29 113.06 0.84 0.45 1,000 1,159 0.26 3.83 358 4.25 3.83 358 4.25
CBB Intl Sukuk 5 1/4% due 25 1.20 1.46 4.97 105.53 0.88 0.36 850 917 0.21 3.69 347 3.96 3.69 347 3.96
GFH Sukuk Ltd 7 1/2% due 25 -1.57 — — 88.00 -2.00 0.67 500 444 0.10 9.48 927 3.61 9.48 927 3.61
Kingdom 5 5/8% due 31 3.27 1.65 — 104.13 2.94 0.36 1,000 1,065 0.24 5.02 433 8.16 5.02 433 8.16
Kingdom 6 1/8% due 22 0.75 1.16 4.19 104.75 0.31 0.45 1,500 1,586 0.35 3.01 288 1.73 3.01 288 1.73
Kingdom 6 1/8% due 23 0.92 0.50 4.09 106.81 0.50 0.45 1,500 1,610 0.36 3.39 325 2.66 3.39 325 2.66
Kingdom 6 3/4% due 29 2.35 1.67 6.87 112.59 2.13 0.41 1,250 1,445 0.32 4.88 430 6.77 4.88 430 6.77
Kingdom 6% due 44 0.96 -0.83 5.03 98.94 0.50 0.45 1,250 1,271 0.28 5.99 489 12.49 5.99 489 12.49
Kingdom 7 1/2% due 47 2.51 -1.23 6.19 113.84 2.28 0.45 900 1,055 0.24 6.32 521 12.23 6.32 521 12.23
Kingdom 7 3/8% due 30 2.16 — — 116.44 1.94 0.46 1,000 1,187 0.27 5.09 448 7.06 5.09 448 7.06
Kingdom 7% due 26 2.07 0.72 6.72 113.84 1.78 0.48 1,125 1,289 0.29 3.91 362 4.55 3.91 362 4.55
Kingdom 7% due 28 2.26 1.06 6.24 113.84 2.03 0.44 1,600 1,865 0.42 4.78 426 6.20 4.78 426 6.20
Kingdom Sukuk 5.624% due 24 1.58 1.34 4.74 105.69 1.25 0.38 1,000 1,060 0.24 3.61 345 3.13 3.61 345 3.13
Mumtalakat Sukuk 4% due 21 1.28 2.72 4.55 100.56 0.97 0.30 345 351 0.08 2.62 250 1.20 2.62 250 1.20
Mumtalakat Sukuk 4.1% due 27 0.91 — — 97.78 0.56 0.32 500 491 0.11 4.31 391 5.56 4.31 391 5.56
Mumtalakat Sukuk 5 5/8% due 24 1.27 2.98 4.77 104.81 0.91 0.40 600 629 0.14 3.83 366 3.16 3.83 366 3.16
Oil and 7 1/2% due 27 1.66 0.23 5.37 109.75 1.25 0.50 1,000 1,124 0.25 5.63 518 5.49 5.63 518 5.49
Oil and 7 5/8% due 24 0.96 -0.63 3.00 109.69 0.47 0.52 500 561 0.13 4.71 452 3.53 4.71 452 3.53
Oil and 8 3/8% due 28 2.42 -0.17 4.84 114.63 2.13 0.53 500 587 0.13 5.88 537 5.97 5.88 537 5.97
Israel Altice 5% due 28 0.13 — — 102.50 -0.25 0.38 1,200 1,238 0.28 4.44 396 6.14 4.12 391 3.89
Altice 7 1/2% due 26 0.43 4.12 7.49 106.88 -0.12 0.54 2,750 2,966 0.66 5.85 554 4.62 1.51 140 0.69
Bank Leumi Le-Israel BM 3.275% due 31 2.03 — — 100.50 1.75 0.25 750 756 0.17 2.99 230 4.82 2.99 230 4.82
Delek & Avner 5.082% due 23 1.91 0.01 2.85 100.50 1.50 0.38 320 324 0.07 4.59 443 3.01 4.59 443 3.01
Delek & Avner 5.412% due 25 2.59 -1.30 1.72 99.88 2.13 0.41 320 323 0.07 5.22 494 4.55 5.22 494 4.55
Electric Corp 4 1/4% due 28 0.04 6.71 7.19 113.50 -0.28 0.29 1,000 1,137 0.25 2.28 175 6.87 2.28 175 6.87
Electric Corp 5% due 24 0.37 5.50 6.24 112.50 0.03 0.34 1,250 1,425 0.32 1.77 157 3.78 1.77 157 3.78
Electric Corp 6 7/8% due 23 0.46 4.84 5.88 114.50 0.00 0.46 650 753 0.17 1.40 126 2.56 1.40 126 2.56
Electric Corp 7 3/4% due 27 0.08 4.78 5.80 132.75 -0.50 0.45 300 403 0.09 2.63 217 5.83 2.63 217 5.83
Israel Chemicals 6 3/8% due 38 1.99 8.33 10.39 124.47 1.97 0.38 600 757 0.17 4.31 335 11.46 4.27 333 11.26
State of Israel 2 1/2% due 30 -0.08 — — 107.97 -0.28 0.18 1,000 1,083 0.24 1.53 89 8.45 1.53 89 8.45
State of Israel 2 7/8% due 26 0.12 7.34 5.61 109.97 -0.09 0.20 1,000 1,113 0.25 0.89 57 5.11 0.89 57 5.11
State of Israel 3 1/4% due 28 -0.43 7.97 6.06 113.63 -0.75 0.22 1,000 1,140 0.26 1.21 71 6.66 1.21 71 6.66
State of Israel 3.15% due 23 0.11 4.75 4.58 107.00 -0.13 — 1,000 1,075 0.24 0.48 34 2.71 0.48 34 2.71
State of Israel 3.8% due 60 -4.19 — — 118.47 -5.53 0.28 5,000 5,981 1.34 2.97 160 22.34 2.97 160 22.34
State of Israel 4% due 22 -0.18 3.42 3.68 106.00 -0.50 — 1,500 1,600 0.36 0.39 26 1.77 0.39 26 1.77
Teva 2.8% due 23 -0.68 5.89 17.76 96.13 -0.88 0.23 3,000 2,893 0.65 3.85 371 2.73 3.85 371 2.73
Teva 2.95% due 22 -0.97 3.49 14.03 97.31 -1.19 0.24 844 827 0.18 3.84 371 2.18 3.84 371 2.18
Teva 3.15% due 26 0.84 12.77 28.83 91.56 0.53 0.26 3,500 3,251 0.73 4.50 412 5.38 4.50 412 5.38
Teva 3.65% due 21 -0.86 3.54 8.96 99.50 -1.16 0.29 613 617 0.14 2.79 266 1.16 2.79 266 1.16
Teva 4.1% due 46 1.40 22.48 40.47 85.50 0.88 0.35 2,000 1,744 0.39 5.01 380 15.11 5.01 380 15.11
Teva 6 3/4% due 28 -1.21 12.11 38.81 108.75 -1.91 0.52 1,250 1,360 0.30 5.12 464 5.97 5.08 462 5.81
Teva 6% due 24 -0.96 7.48 22.77 104.47 -1.50 0.46 1,250 1,334 0.30 4.16 399 3.18 4.04 388 2.99
Teva 6.15% due 36 1.81 15.10 37.62 104.00 1.38 0.46 789 825 0.18 5.63 476 10.14 5.63 476 10.14
Teva 7 1/8% due 25 -0.47 9.56 — 107.88 -1.06 0.51 1,000 1,085 0.24 4.80 460 3.78 4.69 449 3.60
Iraq Genel Energy 7 1/2% due 22 2.42 2.77 6.54 100.25 1.63 0.76 300 307 0.07 9.49 935 1.96 9.32 919 1.57
Republic 5.8% due 28 2.22 0.16 2.39 93.76 1.60 0.47 2,531 2,392 0.54 7.44 716 3.20 7.44 716 3.20
Republic 6.752% due 23 3.12 -0.23 2.16 97.75 2.53 0.45 1,000 1,010 0.23 7.30 717 2.20 7.30 717 2.20
Jordan Kingdom 4.95% due 25 0.67 — — 99.88 0.28 0.38 500 503 0.11 4.83 459 4.24 4.83 459 4.24
Kingdom 5 3/4% due 27 1.70 1.06 6.87 102.75 1.28 0.43 1,000 1,033 0.23 5.06 466 5.34 5.06 466 5.34
Kingdom 5.85% due 30 1.61 — — 101.00 1.16 0.44 1,250 1,274 0.28 5.63 501 7.43 5.63 501 7.43
Kingdom 6 1/8% due 26 1.42 1.49 6.42 104.75 1.00 0.45 1,000 1,053 0.24 4.93 464 4.58 4.93 464 4.58
Kingdom 7 3/8% due 47 0.45 3.22 7.94 104.25 -0.09 0.54 1,000 1,072 0.24 6.91 581 11.79 6.91 581 11.79
Kuwait Al Ahli 3 1/2% due 22 0.83 3.96 5.18 103.41 0.59 0.25 500 524 0.12 1.02 89 1.54 1.02 89 1.54
Al Ahli 7 1/4% due 23 Perp 2.40 1.17 4.17 102.09 1.91 0.49 300 316 0.07 5.44 423 1.80 5.37 441 2.03
Boubyan Sukuk Ltd 2.593% due 25 0.68 — — 102.00 0.50 0.19 750 766 0.17 1.89 167 4.21 1.89 167 4.21
Burgan Bank SAK 5.7492% due 24 Perp 1.26 -0.21 3.88 97.78 0.78 0.45 500 494 0.11 5.43 421 2.83 5.38 439 3.10
Equate Petrochemical 3% due 22 -0.08 2.70 3.39 101.31 -0.31 0.23 1,000 1,028 0.23 1.67 154 1.45 1.67 154 1.45
Equate Petrochemical 4 1/4% due 26 0.16 3.20 3.10 107.19 -0.16 0.31 1,250 1,357 0.30 2.89 251 5.40 2.89 251 5.40
Equate Petrochemical 5 7/8% due 30 2.06 — — 120.25 2.00 0.36 600 732 0.16 3.35 273 7.59 3.35 273 7.59
Equate Petrochemical 5% due 25 -0.03 — — 108.94 -0.43 0.36 1,000 1,104 0.25 2.82 259 4.17 2.82 259 4.17
Equate Petrochemical Sukuk 3.944% due 24 1.38 4.82 6.48 106.59 1.16 0.28 500 534 0.12 1.77 161 3.26 1.77 161 3.26
Kipco 4 1/2% due 27 1.62 -3.55 0.65 97.69 1.25 0.32 500 489 0.11 4.72 431 5.57 4.72 431 5.57
Kipco 4.229% due 26 1.33 -2.88 — 97.75 0.97 0.32 500 496 0.11 4.51 413 5.30 4.51 413 5.30
Kipco 5% due 23 1.08 1.04 3.40 103.81 0.75 0.35 500 531 0.12 3.11 298 2.32 3.11 298 2.32
Kuwait International 2 3/4% due 22 -0.42 3.09 3.61 102.72 -0.66 0.21 3,500 3,638 0.81 0.66 53 1.51 0.66 53 1.51
Kuwait International 3 1/2% due 27 0.35 7.52 6.29 113.31 0.13 0.24 4,500 5,170 1.16 1.30 88 5.87 1.30 88 5.87
NBK 5 3/4% due 21 Perp 1.09 1.79 2.81 100.38 0.66 0.43 700 719 0.16 5.15 392 0.38 3.16 305 0.59
NBK SPC 2 3/4% due 22 0.45 4.27 5.08 102.69 0.25 0.21 750 775 0.17 0.76 63 1.70 0.76 63 1.70
NBK Tier 4 1/2% due 25 Perp 3.30 2.29 — 98.72 2.84 0.33 750 749 0.17 4.20 292 4.05 4.15 313 4.37
Warba Sukuk Ltd 2.982% due 24 0.95 4.73 — 103.00 0.75 0.22 500 522 0.12 1.95 176 3.78 1.95 176 3.78
Lebanon Republic 6 1/4% due 24 -3.73 -64.53 -76.02 16.13 -0.63 0.00 538 87 0.02 71.66 7148 1.87 71.66 7148 1.87
Republic 6 3/4% due 27 -4.62 -65.50 -75.79 15.50 -0.75 0.00 1,000 155 0.03 52.46 5211 2.35 52.46 5211 2.35
Republic 6% due 23 -5.80 -64.34 -76.34 16.25 -1.00 0.00 1,100 179 0.04 109.21 10908 1.28 109.21 10908 1.28
Republic 6.1% due 22 -5.56 -65.74 -76.85 17.00 -1.00 0.00 1,540 262 0.06 128.11 12798 1.01 128.11 12798 1.01
Republic 6.2% due 25 -4.62 -63.07 -75.08 15.50 -0.75 0.00 800 124 0.03 63.42 6322 2.30 63.42 6322 2.30
Republic 6.6% due 26 -4.43 -65.71 -75.94 15.50 -0.72 0.00 1,600 248 0.06 55.92 5561 2.30 55.92 5561 2.30
Republic 6.65% due 24 -2.09 -65.06 -76.85 16.13 -0.34 0.00 700 113 0.03 83.09 8293 1.58 83.09 8293 1.58
66


(US$ mm) (US$ mm) (%)

August 31, 2020 1-mo YTD 12-mo Aug 31 Δ return (%) (%) (bps) (yrs) (%) (bps) (yrs)
Lebanon Republic 6.65% due 28 -3.10 -65.87 -75.89 15.63 -0.50 0.00 893 140 0.03 50.08 4971 2.31 50.08 4971 2.31
Republic 6.65% due 30 -6.06 -62.91 -73.92 15.50 -1.00 0.00 1,400 217 0.05 43.33 4292 2.89 43.33 4292 2.89
Republic 6.85% due 27 -4.43 -66.55 -76.68 15.50 -0.72 0.00 1,250 194 0.04 59.19 5888 1.94 59.19 5888 1.94
Republic 7 1/4% due 37 -7.35 -66.57 -76.17 15.75 -1.25 0.00 750 118 0.03 49.87 4957 1.68 49.87 4957 1.68
Republic 7% due 31 -2.57 -66.47 -76.50 15.38 -0.41 0.00 300 46 0.01 49.48 4911 2.02 49.48 4911 2.02
Republic 7% due 32 -0.97 -65.50 -75.93 16.00 -0.16 0.00 1,000 160 0.04 48.64 4828 1.92 48.64 4828 1.92
Republic 7.05% due 35 -7.35 -65.43 -75.58 15.75 -1.25 0.00 600 95 0.02 45.89 4555 2.00 45.89 4555 2.00
Republic 8 1/4% due 21 0.17 -68.74 -78.36 18.13 0.03 0.00 2,092 379 0.08 178.91 17879 0.64 178.91 17879 0.64
Oman Bank Dhofar SAOG 6.85% due 20 Perp 1.46 -8.94 -6.94 87.38 0.88 0.45 300 266 0.06 6.69 552 3.42 6.69 565 3.63
Bank Muscat 4 7/8% due 23 1.86 1.86 4.88 100.75 1.50 0.34 500 515 0.12 4.14 401 2.31 4.14 401 2.31
Lamar Funding Ltd 3.958% due 25 2.18 0.48 7.67 95.06 1.75 0.30 1,000 963 0.22 4.92 469 4.16 4.92 469 4.16
Mazoon Assets Sukuk 5.2% due 27 1.21 0.63 4.00 97.31 0.78 0.40 500 495 0.11 5.39 493 5.86 5.39 493 5.86
National Bank Of Oman SAOG 5 5/8% due 23 0.40 -0.41 2.61 99.97 -0.03 0.43 500 512 0.11 5.19 504 2.72 5.19 504 2.72
National Bank Of Oman SAOG 7 7/8% due 20 Perp 1.94 -1.25 0.92 94.00 1.22 0.62 300 289 0.06 7.24 611 -0.02 7.24 611 -0.02
OmGrid Funding Ltd 5.196% due 27 2.45 -3.11 6.66 96.13 1.94 0.38 500 482 0.11 5.71 529 5.58 5.71 529 5.58
Oman Government 3 7/8% due 22 0.61 0.28 3.62 99.09 0.31 0.29 1,000 1,010 0.23 3.87 375 1.44 3.87 375 1.44
Oman Government 4 1/8% due 23 0.64 -1.32 3.04 98.44 0.31 0.32 1,250 1,237 0.28 4.46 433 2.23 4.46 433 2.23
Oman Government 4 7/8% due 25 2.08 -2.09 2.90 97.94 1.63 0.39 750 738 0.16 5.17 496 3.91 5.17 496 3.91
Oman Government 6% due 29 3.75 -2.26 4.63 98.00 3.09 0.47 2,250 2,217 0.50 6.15 557 6.82 6.15 557 6.82
Oman Government Sukuk 4.397% due 24 1.72 2.19 4.68 100.25 1.38 0.33 2,000 2,027 0.45 3.99 381 3.40 3.99 381 3.40
Oman Government Sukuk 5.932% due 25 2.20 2.16 6.43 106.34 1.88 0.40 1,500 1,625 0.36 4.31 404 4.38 4.31 404 4.38
Oztel Holdings 5 5/8% due 23 1.88 -1.15 4.52 101.09 1.47 0.40 600 619 0.14 4.94 479 2.80 4.94 479 2.80
Oztel Holdings 6 5/8% due 28 3.87 0.50 8.24 101.25 3.34 0.44 900 932 0.21 6.22 574 5.86 6.22 574 5.86
Qatar AKCB Finance 4 3/4% due 23 0.85 4.49 6.61 108.59 0.56 0.33 500 552 0.12 1.54 139 2.86 1.54 139 2.86
Ahli Bank 3 1/2% due 22 0.38 3.81 4.41 102.69 0.13 0.26 500 514 0.11 1.16 103 1.45 1.16 103 1.45
Ahli Bank 3 1/8% due 24 0.67 7.36 — 104.97 0.47 0.22 500 532 0.12 1.60 141 3.78 1.60 141 3.78
CBQ Finance 5% due 23 0.87 4.17 6.00 108.38 0.56 0.35 500 549 0.12 1.61 148 2.54 1.61 148 2.54
DOHA Fin Ltd 1 1/2% due 25 0.12 — — 100.00 0.00 0.12 500 503 0.11 1.48 125 4.44 1.48 125 4.44
Ezdan Sukuk 4 7/8% due 22 1.20 -3.42 -0.64 82.63 0.63 0.44 500 423 0.09 15.19 1506 1.41 15.19 1506 1.41
MAR Sukuk Ltd 3.025% due 24 2.38 7.40 — 104.53 2.22 0.21 500 527 0.12 1.67 147 3.92 1.67 147 3.92
Nakilat 6.067% due 33 1.50 8.52 9.58 127.88 1.44 0.36 850 1,096 0.25 1.97 137 6.61 1.97 137 6.61
QIB Sukuk 3.251% due 22 0.25 3.52 4.40 102.25 0.00 0.25 750 774 0.17 1.45 132 1.67 1.45 132 1.67
QIB Sukuk 3.982% due 24 2.04 5.90 6.78 107.44 1.88 0.26 850 928 0.21 1.66 150 3.29 1.66 150 3.29
QIB Sukuk FRN due 25 1.05 — — 97.75 0.89 0.13 800 783 0.18 1.73 151 0.17 1.73 151 0.17
QIIB Senior 4.264% due 24 2.01 5.61 6.49 108.06 1.84 0.27 500 551 0.12 1.68 152 3.22 1.68 152 3.22
QNB Finance 2 3/4% due 27 0.46 — — 105.47 0.28 0.19 1,000 1,056 0.24 1.75 133 5.94 1.75 133 5.94
QNB Finance 2 5/8% due 25 0.16 — — 104.47 -0.03 0.19 1,000 1,053 0.24 1.52 129 4.39 1.52 129 4.39
QNB Finance 3 1/2% due 24 0.02 6.04 6.90 107.16 -0.25 0.25 1,000 1,087 0.24 1.27 110 3.33 1.27 110 3.33
Qatar Reinsurance 4.95% due 22 Perp 2.60 1.83 4.39 100.25 2.22 0.33 450 462 0.10 4.05 277 1.83 3.96 296 2.09
Qatar Telecom 3 1/4% due 23 0.21 5.04 5.37 104.72 -0.03 0.24 1,000 1,048 0.23 0.90 77 2.38 0.90 77 2.38
Qatar Telecom 3 3/4% due 26 0.82 8.84 8.96 112.00 0.63 0.26 500 564 0.13 1.41 107 5.26 1.41 107 5.26
Qatar Telecom 5% due 25 0.99 8.81 8.73 117.53 0.78 0.32 750 895 0.20 1.30 104 4.55 1.30 104 4.55
Raslaf 5.838% due 27 0.69 6.41 8.88 117.75 0.38 0.37 850 1,022 0.23 1.45 115 3.92 1.45 115 3.92
Raslaf 6.332% due 27 0.62 5.55 7.44 118.50 0.25 0.40 800 969 0.22 1.46 119 3.69 1.46 119 3.69
Republic 3 1/4% due 26 -0.47 6.95 6.16 110.22 -0.78 0.23 3,500 3,886 0.87 1.22 89 5.27 1.22 89 5.27
Republic 3 3/4% due 30 -1.02 — — 116.12 -1.51 0.26 3,000 3,526 0.79 1.86 121 8.20 1.86 121 8.20
Republic 3 3/8% due 24 -0.39 5.03 4.96 107.72 -0.69 0.25 2,000 2,186 0.49 0.73 56 3.31 0.73 56 3.31
Republic 3 7/8% due 23 -0.18 4.37 4.80 107.47 -0.50 0.28 3,000 3,266 0.73 0.77 64 2.50 0.77 64 2.50
Republic 3.4% due 25 -0.66 — — 109.32 -0.99 0.25 2,000 2,212 0.49 1.21 98 4.26 1.21 98 4.26
Republic 4 1/2% due 22 0.04 2.89 3.63 104.91 -0.31 0.33 2,000 2,109 0.47 0.46 34 1.36 0.46 34 1.36
Republic 4 1/2% due 28 -0.86 7.19 6.18 119.72 -1.41 0.30 3,000 3,640 0.81 1.65 115 6.57 1.65 115 6.57
Republic 4 5/8% due 46 -2.60 12.20 7.89 133.09 -3.94 0.29 2,000 2,685 0.60 2.77 153 16.87 2.77 153 16.87
Republic 4% due 29 -1.22 7.12 6.09 116.98 -1.78 0.28 4,000 4,754 1.06 1.77 120 7.30 1.77 120 7.30
Republic 4.4% due 50 -3.95 — — 129.75 -5.75 0.30 5,000 6,571 1.47 2.86 154 18.46 2.86 154 18.46
Republic 4.817% due 49 -3.71 13.59 10.59 137.13 -5.75 0.32 6,000 8,362 1.87 2.86 157 17.63 2.86 157 17.63
Republic 5 3/4% due 42 -1.95 11.95 7.85 149.63 -3.44 0.30 1,000 1,503 0.34 2.61 151 14.37 2.61 151 14.37
Republic 5.103% due 48 -3.66 12.97 10.33 141.38 -5.84 0.32 6,000 8,592 1.92 2.87 161 17.12 2.87 161 17.12
Republic 6.4% due 40 -2.36 10.24 7.14 155.88 -4.28 0.32 1,000 1,566 0.35 2.57 154 13.13 2.57 154 13.13
Republic 9 3/4% due 30 -1.21 6.71 5.62 168.72 -2.84 0.46 1,400 2,391 0.53 1.74 113 7.26 1.74 113 7.26
Republic Sukuk 3.241% due 23 -0.06 3.75 4.19 105.09 -0.31 0.24 2,000 2,110 0.47 0.81 67 2.29 0.81 67 2.29
Saudi Arabia Acwa Power 5.95% due 39 0.44 8.77 7.25 111.50 0.03 0.41 814 918 0.21 4.21 356 7.38 4.21 356 7.38
Almarai Co 4.311% due 24 0.69 4.71 4.42 106.88 0.41 0.30 500 545 0.12 1.93 177 3.21 1.93 177 3.21
Arabian Centres 5 3/8% due 24 0.53 -9.46 — 88.91 0.06 0.46 500 452 0.10 7.79 760 3.63 7.79 760 3.63
Dar Al-Arkan 6 3/4% due 25 1.74 -5.33 — 89.13 1.06 0.53 600 537 0.12 9.48 927 3.70 9.48 927 3.70
Dar Al-Arkan Sukuk 6 7/8% due 22 -0.21 1.31 3.10 97.50 -0.75 0.55 500 501 0.11 7.20 708 1.46 7.20 708 1.46
Dar Al-Arkan Sukuk 6 7/8% due 23 1.70 1.39 3.35 96.00 1.13 0.51 500 495 0.11 7.31 717 2.23 7.31 717 2.23
Dar Al-Arkan Sukuk 6 7/8% due 27 6.73 — — 85.44 5.06 0.40 400 342 0.08 9.68 929 5.01 9.68 929 5.01
Kingdom 2 1/2% due 27 -0.91 — — 103.85 -1.15 0.19 1,250 1,301 0.29 1.78 137 5.95 1.78 137 5.95
Kingdom 2 3/4% due 32 -2.61 — — 103.75 -3.00 0.21 1,000 1,040 0.23 2.30 155 9.92 2.30 155 9.92
Kingdom 2 3/8% due 21 0.00 3.16 3.45 101.62 -0.18 0.18 5,500 5,635 1.26 0.61 49 1.14 0.61 49 1.14
Kingdom 2 7/8% due 23 -0.37 4.42 3.97 104.19 -0.61 0.22 3,000 3,168 0.71 0.94 81 2.39 0.94 81 2.39
Kingdom 2.9% due 25 -0.86 — — 106.10 -1.15 0.22 2,500 2,679 0.60 1.56 129 4.75 1.56 129 4.75
Kingdom 3 1/4% due 26 -1.13 7.01 5.49 108.25 -1.50 0.24 5,500 6,016 1.35 1.70 132 5.57 1.70 132 5.57
Kingdom 3 1/4% due 30 -2.01 — — 108.25 -2.50 0.25 1,500 1,641 0.37 2.25 158 8.69 2.25 158 8.69
Kingdom 3 3/4% due 55 -5.38 — — 108.88 -6.50 0.27 2,750 3,002 0.67 3.28 193 20.37 3.28 193 20.37
Kingdom 3 5/8% due 28 -0.99 7.25 5.64 110.66 -1.41 0.27 5,000 5,622 1.26 2.00 150 6.56 2.00 150 6.56
Kingdom 4 1/2% due 30 -1.60 8.03 6.13 119.19 -2.31 0.31 3,000 3,626 0.81 2.20 156 7.96 2.20 156 7.96
Kingdom 4 1/2% due 46 -4.42 11.95 8.22 120.63 -6.00 0.34 6,500 7,943 1.78 3.28 204 16.57 3.28 204 16.57
Kingdom 4 1/2% due 60 -4.36 — — 124.65 -6.10 0.33 3,000 3,788 0.85 3.34 199 20.72 3.34 199 20.72
Kingdom 4 3/8% due 29 -1.09 7.83 5.87 117.47 -1.66 0.30 4,000 4,765 1.07 2.07 150 7.28 2.07 150 7.28
Kingdom 4 5/8% due 47 -4.46 12.02 8.28 122.63 -6.18 0.35 4,500 5,604 1.25 3.31 205 16.77 3.31 205 16.77
Kingdom 4% due 25 -0.74 5.44 5.54 110.85 -1.15 0.29 4,500 5,056 1.13 1.45 123 4.21 1.45 123 4.21
Kingdom 5 1/4% due 50 -4.26 11.78 9.13 135.50 -6.47 0.31 3,500 4,766 1.07 3.31 202 17.30 3.31 202 17.30
Kingdom 5% due 49 -4.55 12.42 8.87 130.34 -6.69 0.35 3,500 4,628 1.03 3.31 203 17.06 3.31 203 17.06
Kingdom Sukuk 2.894% due 22 -0.15 3.47 3.63 102.97 -0.38 0.22 4,500 4,681 1.05 0.75 63 1.59 0.75 63 1.59
Kingdom Sukuk 2.969% due 29 -1.35 8.18 — 106.15 -1.70 0.23 2,500 2,679 0.60 2.14 151 8.04 2.14 151 8.04
Riyad Bank Sukuk 3.174% due 30 0.62 — — 100.56 0.38 0.25 1,500 1,509 0.34 2.95 231 4.07 2.84 262 4.16
Sabic Capital 4 1/2% due 28 -0.10 8.54 8.40 117.65 -0.47 0.30 1,000 1,194 0.27 2.03 149 6.88 2.03 149 6.88
Sabic Capital 4% due 23 -0.11 4.70 4.49 107.32 -0.43 0.29 1,000 1,089 0.24 1.39 124 2.90 1.39 124 2.90
Samba Funding Ltd 2 3/4% due 24 1.11 7.31 — 104.06 0.94 0.20 1,000 1,052 0.24 1.50 131 3.83 1.50 131 3.83
Samba Funding Ltd 2.9% due 27 1.55 — — 104.31 1.38 0.22 500 523 0.12 2.08 167 5.86 2.08 167 5.86
Saudi Arabian Oil Co 2 3/4% due 22 -0.10 3.05 3.85 102.50 -0.31 0.21 1,000 1,035 0.23 0.88 76 1.58 0.88 76 1.58
Saudi Arabian Oil Co 2 7/8% due 24 0.09 5.65 5.48 105.12 -0.13 0.21 2,000 2,124 0.48 1.28 111 3.42 1.28 111 3.42
Saudi Electricity Sukuk 3.473% due 23 0.34 4.74 5.76 105.19 0.09 0.25 1,000 1,066 0.24 1.08 94 2.46 1.08 94 2.46
Saudi Electricity Sukuk 4% due 24 0.51 5.64 6.22 108.50 0.25 0.28 1,500 1,652 0.37 1.43 126 3.33 1.43 126 3.33
Saudi Electricity Sukuk 4.211% due 22 0.31 3.30 4.60 104.81 0.00 0.31 1,250 1,332 0.30 0.87 74 1.52 0.87 74 1.52
Saudi Electricity Sukuk 4.222% due 24 0.33 5.08 5.92 108.47 0.03 0.30 800 871 0.19 1.47 131 3.18 1.47 131 3.18
Saudi Electricity Sukuk 4.723% due 28 0.28 8.93 7.97 117.94 -0.03 0.31 1,200 1,440 0.32 2.20 166 6.78 2.20 166 6.78
Saudi Electricity Sukuk 5 1/2% due 44 -2.12 11.65 10.19 129.81 -3.28 0.36 1,000 1,320 0.30 3.51 236 14.66 3.51 236 14.66
Saudi Electricity Sukuk 5.06% due 43 -1.39 14.00 11.67 125.22 -2.19 0.33 1,000 1,272 0.28 3.37 223 14.62 3.37 223 14.62
Saudi Telecom Co 3.89% due 29 0.81 9.36 9.63 114.03 0.63 0.26 1,250 1,440 0.32 1.95 137 7.47 1.95 137 7.47
67

Preetham Nanda (1-212) 834-2944 Amit Thakur (44-20) 7134-2515
preetham.k.nanda@jpmorgan.com amit.s.thakur@jpmorgan.com
EURO EMBI Global EURO Emerging Markets Bond Index Global (EURO EMBIG)
Total return
Index % change over
EURO EMBI Global 0.59
August 28, 2020 Level 1 mo 3 mo YTD 12 mo
Argentina 7.98 EURO EMBI Global 369.83 0.59 3.83 -1.56 -1.26
Tunisia 3.58 By region
Africa 335.57 2.54 6.86 -3.55 -0.58
Ivory Coast 3.14
Asia 127.62 0.49 3.02 -0.38 -1.04
Senegal 2.74 Europe 555.35 0.03 3.38 -0.41 -0.87
Egypt 2.67 Latin America 297.49 2.12 4.69 -4.24 -1.95
Middle East 100.52 -1.65 6.41 -1.59 -4.87
Ukraine 2.17 542.74 0.25 3.66 -0.73 -1.03
Non Latin
Mexico 2.16 By country
Montenegro 2.01 Albania 109.87 0.85 3.00 -3.21 -0.48
Argentina 57.00 7.98 23.45 -2.49 24.70
Benin 1.80 105.89 1.80 9.38 -3.02 0.38
Benin
Colombia 1.66 Bulgaria 153.78 0.18 3.37 -0.46 0.07
Ivory Coast 115.37 3.14 6.50 -3.45 -1.43
Kazakhstan 1.42
Chile 124.18 0.86 2.01 -0.76 -3.50
Turkey 1.11 China 119.66 0.32 1.16 -0.27 -0.85
Serbia 0.99 Colombia 126.03 1.66 4.46 -2.06 -2.98
Czech Republic 101.03 0.10 0.97 -0.09 -0.67
Morocco 0.93
Estonia 116.21 -0.36 1.37 0.19 -0.22
Macedonia 0.91 Egypt 110.83 2.67 5.34 -4.86 -1.41
Chile 0.86 Croatia 393.86 -0.34 4.04 -0.59 -1.72
Hungary 263.55 0.47 5.26 0.65 0.00
Albania 0.85
Indonesia 133.51 0.75 5.19 -0.50 -1.23
Indonesia 0.75 Kazakhstan 111.30 1.42 4.73 -1.60 -1.13
South Africa 0.70 Lithuania 209.26 0.06 3.49 4.96 1.93
Latvia 142.72 0.04 2.99 5.29 2.46
Peru 0.57
Morocco 201.95 0.93 7.37 -1.54 -0.73
Russia 0.55 Montenegro 107.80 2.01 4.81 -5.43 -5.07
Hungary 0.47 Macedonia 133.71 0.91 5.27 1.12 1.28
Mexico 419.58 2.16 4.32 -6.06 -3.75
UAE 0.38
Peru 132.75 0.57 2.38 -1.69 -3.20
Philippines 0.33 Philippines 100.11 0.33 3.77 -0.99 -2.44
China 0.32 Poland 304.70 0.09 2.15 0.59 -0.85
Romania 398.72 -0.93 5.26 -3.35 -3.81
Bulgaria 0.18 139.51 0.55 0.41 -1.19 0.84
Russia
Czech Republic 0.10 Saudi Arabia 97.47 -2.25 7.83 -1.90 -6.15
Senegal 110.40 2.74 9.07 -3.39 -0.64
Poland 0.09
Serbia 97.14 0.99 3.42 -4.64 -6.35
Lithuania 0.06 South Africa 304.69 0.70 4.25 -6.85 -5.06
Latvia 0.04 Tunisia 113.32 3.58 8.93 -1.86 1.98
Turkey 434.18 1.11 -0.23 -4.27 1.73
Croatia -0.34
UAE 102.43 0.38 2.03 -0.63 -0.50
Estonia -0.36 Ukraine 99.89 2.17 6.60 -5.13 -0.91
Romania -0.93 By maturity
1 - 3 year 220.97 0.55 1.81 -0.03 0.44
Saudi Arabia -2.25
3 - 5 year 333.67 0.53 2.64 -1.15 -0.45
5 - 7 year 426.36 0.72 3.76 -2.12 -1.07
7 - 10 year 407.02 0.85 4.75 -2.78 -2.01
10+ years 323.84 0.33 6.23 -1.09 -2.63
By rating
AA 100.67 -0.02 1.07 0.06 -0.38
A 258.49 0.08 2.45 1.12 -0.74
BBB 288.58 0.24 4.51 -2.75 -2.22
BB 299.64 2.17 3.71 -1.47 -1.08
B 106.09 2.18 4.50 -4.27 0.52
C 116.05 7.98 23.45 -2.49 -
EURO EMBI Global EURO Emerging Markets Bond Index Global (EURO EMBIG)
New composition
Poland 15.16 Face O/S Market cap Spreads (bps)
August 28, 2020 ( € mil) ( € mil) (%) Govt Asset Swap YTM Duration Convexity
Romania 12.83
EURO EMBI Global 205,313.57 216,185.71 100.00 40.22 198.49 1.83 6.85 199.39
Mexico 12.00 By region
China 6.13 Africa 13,450 13,412 6.20 44 581 5.61 6.21 81.81
Asia 24,950 25,845 11.96 39 130 0.98 3.88 43.30
Lithuania 5.16
Europe 121,612 133,010 61.53 40 138 1.24 7.43 212.27
Indonesia 4.93 Latin America 41,452 39,908 18.46 42 336 3.19 6.67 242.04
Croatia 4.85 Middle East 3,850 4,011 1.86 40 152 1.52 10.38 232.32
Non Latin 163,862 176,278 81.54 40 168 1.53 6.89 190.04
Latvia 4.01
By country
Bulgaria 3.82 Albania 1,150 1,208 0.56 41 323 2.90 5.32 37.08
Chile 3.50 Argentina 5,250 2,355 1.09 66 2826 27.98 2.92 31.72
Benin 500 494 0.23 45 711 6.73 3.78 19.40
Hungary 3.07 7,237 8,254 3.82 39 74 0.50 5.17 79.42
Bulgaria
Turkey 2.78 Ivory Coast 3,400 3,364 1.56 45 694 6.86 8.66 131.78
Chile 7,106 7,569 3.50 39 87 0.65 6.98 78.20
Egypt 1.81
China 13,000 13,244 6.13 39 87 0.46 2.26 12.90
Serbia 1.70 1,350 1,548 0.72 40 178 1.43 5.00 31.42
Colombia
Russia 1.66 Czech Republic 3,250 3,497 1.62 39 52 0.12 2.25 15.61
Estonia 2,000 2,052 0.95 38 27 0.09 7.94 95.65
Czech Republic 1.62
Egypt 4,000 3,924 1.81 45 653 6.29 5.94 54.10
Ivory Coast 1.56 Croatia 9,525 10,480 4.85 39 107 0.85 6.71 75.56
Saudi Arabia 1.42 Hungary 6,250 6,644 3.07 39 106 0.91 8.10 116.67
Indonesia 10,000 10,662 4.93 40 155 1.26 5.57 56.39
Ukraine 1.27
Kazakhstan 2,200 2,286 1.06 40 138 1.22 7.47 109.68
Peru 1.15 Lithuania 9,800 11,163 5.16 39 32 0.32 13.86 481.50
Argentina 1.09 Latvia 7,350 8,662 4.01 39 26 0.25 11.55 402.59
Morocco 2,000 2,101 0.97 40 162 1.42 6.67 89.58
Kazakhstan 1.06
Montenegro 1,000 975 0.45 42 383 3.56 5.86 53.54
Morocco 0.97 Macedonia 1,200 1,279 0.59 41 260 2.24 4.70 28.80
Estonia 0.95 Mexico 25,650 25,944 12.00 42 340 3.27 7.03 322.61
Peru 2,096 2,492 1.15 39 118 0.93 6.58 61.67
Tunisia 0.93
Philippines 1,950 1,939 0.90 39 111 0.82 5.73 54.97
Philippines 0.90 Poland 29,200 32,769 15.16 39 39 0.19 5.66 147.65
Colombia 0.72 Romania 25,800 27,734 12.83 41 275 2.65 8.92 183.44
Russia 3,250 3,582 1.66 39 148 1.11 4.27 29.30
Macedonia 0.59
Saudi Arabia 3,000 3,078 1.42 40 158 1.60 12.72 246.40
Albania 0.56 Senegal 1,000 1,013 0.47 43 523 4.92 5.37 37.25
Senegal 0.47 Serbia 3,550 3,669 1.70 40 219 1.93 6.88 59.99
South Africa 500 511 0.24 42 376 3.42 5.21 33.73
Montenegro 0.45
Tunisia 2,050 2,006 0.93 46 804 7.65 3.41 18.79
UAE 0.43 Turkey 6,000 6,017 2.78 43 541 5.03 3.26 20.16
South Africa 0.24 UAE 850 933 0.43 39 62 0.18 2.66 9.83
Ukraine 2,850 2,739 1.27 45 679 6.51 5.35 46.38
Benin 0.23
By maturity
Source: J.P. Morgan 1 - 3 year 39,094 39,412 18.23 40 191 1.49 1.89 6.69
3 - 5 year 39,860 42,978 19.88 40 170 1.30 3.86 19.99
5 - 7 year 46,007 47,811 22.12 40 212 1.79 5.42 37.34
7 - 10 year 36,648 38,411 17.77 40 200 1.79 7.65 72.55
10+ years 43,705 47,574 22.01 40 200 2.03 14.43 379.00
By rating
AA 5,100 5,438 2.52 38 16 -0.09 4.10 71.22
A 67,556 74,539 34.48 39 50 0.39 7.50 279.65
BBB 89,458 96,349 44.57 40 204 1.88 7.28 180.53
BB 16,000 15,764 7.29 42 429 3.98 4.88 41.00
B 21,950 21,740 10.06 44 619 5.94 5.20 62.71
C 5,250 2,355 1.09 66 2826 27.98 2.92 31.72
68

EURO EMBIG Diversified EURO Emerging Markets Bond Index Global Diversified (EURO EMBIG Diversified)
Total return
Index % change over
EURO EMBIG Div 0.70 August 28, 2020 Level 1 mo 3 mo YTD 12 mo
EURO EMBIG Div 422.68 0.70 3.99 -1.19 -0.74
Argentina 7.98
By region
Tunisia 3.58 Africa 334.02 2.54 6.86 -3.55 -0.58
Asia 129.40 0.50 3.17 -0.42 -1.12
Ivory Coast 3.14
Europe 583.40 0.20 3.32 -0.14 -0.32
Senegal 2.74 Latin America 344.61 2.14 5.05 -3.13 -0.71
Egypt 2.67 Middle East 100.52 -1.65 6.41 -1.59 -4.87
Non Latin 557.00 0.43 3.80 -0.70 -0.71
Ukraine 2.17
By country
Mexico 2.16 Albania 109.87 0.85 3.00 -3.21 -0.48
Montenegro 2.01 Argentina 57.00 7.98 23.45 -2.49 24.70
Benin 105.89 1.80 9.38 -3.02 0.38
Benin 1.80 Bulgaria 153.78 0.18 3.37 -0.46 0.07
Colombia 1.66 Ivory Coast 115.37 3.14 6.50 -3.45 -1.43
Chile 124.18 0.86 2.01 -0.76 -3.50
Kazakhstan 1.42
China 119.66 0.32 1.16 -0.27 -0.85
Turkey 1.11 Colombia 126.03 1.66 4.46 -2.06 -2.98
Czech Republic 101.03 0.10 0.97 -0.09 -0.67
Serbia 0.99
Estonia 116.21 -0.36 1.37 0.19 -0.22
Morocco 0.93 Egypt 110.83 2.67 5.34 -4.86 -1.41
Macedonia Croatia 393.86 -0.34 4.04 -0.59 -1.72
0.91
Hungary 263.55 0.47 5.26 0.65 0.00
Chile 0.86 Indonesia 133.51 0.75 5.19 -0.50 -1.23
Albania 0.85 Kazakhstan 111.30 1.42 4.73 -1.60 -1.13
Lithuania 209.28 0.06 3.49 4.96 1.93
Indonesia 0.75 142.72 0.04 2.99 5.29 2.46
Latvia
South Africa 0.70 Morocco 201.95 0.93 7.37 -1.54 -0.73
Montenegro 107.80 2.01 4.81 -5.43 -5.07
Peru 0.57
Macedonia 133.71 0.91 5.27 1.12 1.28
Russia 0.55 Mexico 419.60 2.16 4.32 -6.06 -3.75
Peru 132.75 0.57 2.38 -1.69 -3.20
Hungary 0.47
Philippines 100.11 0.33 3.77 -0.99 -2.44
UAE 0.38 Poland 304.68 0.09 2.15 0.59 -0.85
Philippines Romania 398.72 -0.93 5.26 -3.35 -3.81
0.33
Russia 139.51 0.55 0.41 -1.19 0.84
China 0.32 Saudi Arabia 97.47 -2.25 7.83 -1.90 -6.15
Bulgaria 0.18 Senegal 110.40 2.74 9.07 -3.39 -0.64
Serbia 97.14 0.99 3.42 -4.64 -6.35
Czech Republic 0.10 304.69 0.70 4.25 -6.85 -5.06
South Africa
Poland 0.09 Tunisia 113.32 3.58 8.93 -1.86 1.98
Turkey 434.17 1.11 -0.23 -4.27 1.73
Lithuania 0.06
UAE 102.43 0.38 2.03 -0.63 -0.50
Latvia 0.04 Ukraine 99.89 2.17 6.60 -5.13 -0.91
Croatia -0.34 By maturity
1 - 3 year 255.99 0.68 2.02 0.05 0.68
Estonia -0.36 3 - 5 year 419.55 0.61 2.80 -0.79 0.16
Romania -0.93 5 - 7 year 540.17 0.82 3.76 -2.21 -0.83
7 - 10 year 425.48 0.92 4.83 -2.23 -1.48
Saudi Arabia -2.25 354.39 0.49 6.56 -0.09 -1.63
10+ years
By rating
AA 100.68 -0.02 1.07 0.06 -0.38
A 257.84 0.05 2.69 1.42 -0.74
BBB 291.60 0.32 4.36 -2.01 -1.75
BB 326.17 1.75 3.67 -1.46 -1.20
B 105.79 2.18 4.53 -4.32 0.41
C 116.05 7.98 23.45 -2.49 -
EURO EMBIG Diversified EURO Emerging Markets Bond Index Global Diversified (EURO EMBIG Diversified)
New composition
Face alloc. Market cap Spreads (bps)
Poland 9.09 August 28, 2020 ( € mil) ( € mil) (%) Govt Asset Swap YTM Duration Convexity
EURO EMBIG Div 142,850 149,073 100.00 41.34 205.22 1.89 6.78 188.09
Romania 8.07
By region
Mexico 7.57 Africa 13,450 13,412 9.00 45 581 5.61 6.21 81.81
China 5.37 Asia 16,875 17,480 11.73 40 131 0.99 4.07 45.14
Europe 82,510 89,768 60.22 41 136 1.22 7.32 212.50
Lithuania 5.36 26,164 24,403 16.37 43 342 3.23 6.44 195.35
Latin America
Croatia 5.13 Middle East 3,850 4,011 2.69 41 152 1.52 10.38 232.32
Non Latin 116,685 124,670 83.63 41 180 1.64 6.84 186.75
Indonesia 5.06
By country
Latvia 5.04 Albania 1,150 1,208 0.81 42 323 2.90 5.32 37.08
Bulgaria 4.86 Argentina 5,250 2,355 1.58 67 2,826 27.98 2.92 31.72
Benin 500 494 0.33 46 711 6.73 3.78 19.40
Chile 4.51
Bulgaria 6,351 7,243 4.86 40 74 0.50 5.17 79.42
Hungary 4.35 Ivory Coast 3,400 3,364 2.26 46 694 6.86 8.66 131.78
Turkey 4.04 Chile 6,317 6,728 4.51 40 87 0.65 6.98 78.20
China 7,854 8,001 5.37 40 87 0.46 2.26 12.90
Egypt 2.63 1,350 1,548 1.04 41 178 1.43 5.00 31.42
Colombia
Serbia 2.46 Czech Republic 3,250 3,497 2.35 40 52 0.12 2.25 15.61
Estonia 2,000 2,052 1.38 40 27 0.09 7.94 95.65
Russia 2.40
Egypt 4,000 3,924 2.63 46 653 6.29 5.94 54.10
Czech Republic 2.35 Croatia 6,948 7,644 5.13 40 107 0.85 6.71 75.56
Ivory Coast 2.26 Hungary 6,094 6,478 4.35 40 106 0.91 8.10 116.67
Indonesia 7,071 7,540 5.06 41 155 1.26 5.57 56.39
Saudi Arabia 2.06
Kazakhstan 2,200 2,286 1.53 41 138 1.22 7.47 109.68
Ukraine 1.84 Lithuania 7,019 7,996 5.36 40 32 0.32 13.86 481.50
Peru 1.67 Latvia 6,381 7,519 5.04 40 26 0.25 11.55 402.59
Morocco 2,000 2,101 1.41 41 162 1.42 6.67 89.58
Argentina 1.58 1,000 975 0.65 43 383 3.56 5.86 53.54
Montenegro
Kazakhstan 1.53 Macedonia 1,200 1,279 0.86 42 260 2.24 4.70 28.80
Mexico 11,152 11,279 7.57 43 340 3.27 7.03 322.61
Morocco 1.41
Peru 2,096 2,492 1.67 40 118 0.93 6.58 61.67
Estonia 1.38 Philippines 1,950 1,939 1.30 40 111 0.82 5.73 54.97
Tunisia 1.35 Poland 12,077 13,554 9.09 40 39 0.19 5.66 147.65
Romania 11,191 12,030 8.07 42 275 2.65 8.92 183.44
Philippines 1.30
Russia 3,250 3,582 2.40 41 148 1.11 4.27 29.30
Colombia 1.04 Saudi Arabia 3,000 3,078 2.06 41 158 1.60 12.72 246.40
Macedonia 0.86 Senegal 1,000 1,013 0.68 44 523 4.92 5.37 37.25
Serbia 3,550 3,669 2.46 41 219 1.93 6.88 59.99
Albania 0.81 500 511 0.34 43 376 3.42 5.21 33.73
South Africa
Senegal 0.68 Tunisia 2,050 2,006 1.35 47 804 7.65 3.41 18.79
Turkey 6,000 6,017 4.04 44 541 5.03 3.26 20.16
Montenegro 0.65
UAE 850 933 0.63 40 62 0.18 2.66 9.83
UAE 0.63 Ukraine 2,850 2,739 1.84 46 679 6.51 5.35 46.38
South Africa 0.34 By maturity
1 - 3 year 26,310 26,189 17.57 41 237 1.95 1.90 6.68
Benin 0.33
3 - 5 year 26,777 28,567 19.16 41 204 1.63 3.86 20.06
Source: J.P. Morgan 5 - 7 year 34,761 36,023 24.16 41 228 1.94 5.40 37.24
7 - 10 year 25,471 26,427 17.73 41 206 1.85 7.71 73.81
10+ years 29,531 31,867 21.38 41 192 1.94 14.19 365.36
By rating
AA 5,100 5,438 3.65 39 16 -0.09 4.10 71.22
A 41,500 45,701 30.66 40 54 0.46 8.24 300.52
BBB 58,861 63,626 42.68 41 178 1.60 6.88 149.73
BB 10,189 10,214 6.85 43 359 3.28 5.27 44.69
B 21,950 21,740 14.58 45 619 5.94 5.20 62.71
C 5,250 2,355 1.58 67 2,826 27.98 2.92 31.72
69


EURO EMBIG and EURO EMBIG Diversified

Index instruments: Historical returns, spread changes, and return volatility
Total return 1-month return components Return volatility
% change over Bid price Interest for the period of
August 28, 2020 1-mo YTD 12-mo Aug, 2020 return (%) 1-mo 3-mo 12-mo
UAE AE Mubadala 3 5/8% due 23 EUR 0.38 -0.63 -0.50 109.03 0.13 0.26 2.02 2.24 2.70
Albania AL Republic 3 1/2% due 25 EUR 0.62 -3.43 -0.71 102.91 0.38 0.25 2.48 4.16 4.05
AL Republic 3 1/2% due 27 EUR 1.03 4.77 4.77 103.00 0.78 0.26 4.60 - -
Argentina AR Republic 3 3/8% due 23 EUR 9.73 2.67 26.62 46.19 4.09 - 46.30 35.62 49.27
AR Republic 3 7/8% due 22 EUR 10.11 -3.13 24.38 46.28 4.25 - 44.79 32.96 49.02
AR Republic 5% due 27 EUR 6.95 -3.10 24.47 42.78 2.78 - 47.90 36.81 49.16
Bulgaria BG Bulgarian Energy 3 1/2% due 25 EUR 0.55 -4.70 -1.41 102.25 0.28 0.27 3.64 3.26 4.29
BG Republic 1 7/8% due 23 EUR 0.08 0.18 -0.05 105.13 -0.06 0.14 2.19 2.57 2.52
BG Republic 2 5/8% due 27 EUR 0.18 0.34 0.18 116.56 0.00 0.18 2.22 3.07 3.22
BG Republic 2% due 22 EUR 0.42 0.00 -0.40 103.53 0.28 0.15 2.53 2.57 2.64
BG Republic 2.95% due 24 EUR 0.15 -0.04 -0.29 111.94 -0.06 0.21 1.84 2.05 2.63
BG Republic 3 1/8% due 35 EUR -0.12 -0.78 2.11 127.63 -0.41 0.20 2.25 4.34 4.98
BG Republic 3% due 28 EUR 0.17 0.52 0.62 121.47 -0.03 0.19 1.98 3.15 3.73
Benin BJ Benin Government 5 3/4% due 26 EUR 1.80 -3.02 0.38 95.63 1.28 0.44 3.38 7.12 13.31
Ivory Coast CI Republic 5 1/4% due 30 EUR 3.12 -2.10 -0.27 94.97 2.53 0.37 5.96 8.47 14.23
CI Republic 5 7/8% due 31 EUR 3.14 -4.23 -0.29 95.41 2.59 0.33 6.44 8.50 -
CI Republic 6 5/8% due 48 EUR 3.18 -3.30 -3.76 91.25 2.38 0.49 9.97 13.12 19.23
CI Republic 6 7/8% due 40 EUR 3.12 -4.27 -1.77 95.53 2.53 0.39 6.66 9.97 -
Chile CL Codelco 2 1/4% due 24 EUR 0.73 -1.18 -2.18 105.50 0.59 0.17 2.45 3.29 4.96
CL Republic 0.83% due 31 EUR 1.43 -1.22 -5.40 99.66 1.34 0.06 2.69 3.10 7.39
CL Republic 1 3/4% due 26 EUR 0.68 -0.23 -2.29 107.00 0.59 0.12 1.86 2.38 3.62
CL Republic 1.44% due 29 EUR 0.61 -1.13 -4.35 105.56 0.53 0.10 2.48 2.33 4.43
China CN CNRC Capital Ltd 1.871% due 21 EUR 0.57 -0.31 -0.46 101.09 0.44 0.14 1.61 2.10 2.72
CN China Dvlp Bk Corp 3/8% due 21 EUR 0.06 0.06 -0.37 100.50 0.03 0.03 1.93 2.15 3.19
CN China Dvlp Bk Corp 3/8% due 22 EUR 0.00 -0.06 -0.95 100.13 -0.03 0.03 2.44 2.39 4.76
CN China Dvlp Bk Corp 5/8% due 22 EUR 0.28 -0.34 -1.02 100.80 0.24 0.05 2.32 2.61 3.85
CN China Gen Nuclear Pwr 2% due 25 EUR 0.15 0.86 0.23 106.38 0.00 0.15 3.07 2.88 3.37
CN China Natl Chem Corp 1 3/4% due 22 EUR 0.97 -0.22 -0.34 101.56 0.84 0.13 2.56 3.54 3.64
CN China State Grid 1 3/8% due 25 EUR 1.05 0.21 -1.00 103.34 0.97 0.10 2.54 2.87 3.61
CN Export Import Bank 0% due 24 EUR -0.29 -0.93 -1.43 97.66 -0.28 - 1.30 3.01 -
CN Export Import Bank 0.3% due 22 EUR 0.15 -0.41 -0.80 100.00 0.13 0.02 2.89 2.38 3.90
CN Export Import Bank 3/4% due 22 EUR 0.00 -0.61 -1.39 100.66 -0.06 0.06 2.70 2.73 2.71
CN Export Import Bank 3/4% due 23 EUR -0.22 -0.76 -1.57 100.56 -0.28 0.06 3.35 3.20 3.20
CN Export Import Bank 5/8% due 21 EUR 0.49 -0.42 -0.62 100.34 0.44 0.05 20.69 12.11 6.66
CN Sinopec Group 1% due 22 EUR 0.20 -0.29 -0.87 100.81 0.13 0.08 1.98 2.24 2.54
CN State Grid 1 1/2% due 22 EUR 0.21 -0.01 -0.75 101.59 0.09 0.12 1.79 2.00 2.22
CN State Grid 1 1/4% due 22 EUR 0.34 -0.40 -0.98 101.31 0.25 0.10 2.20 2.06 2.39
CN State Grid 1 3/4% due 25 EUR 1.06 0.45 -0.89 105.09 0.97 0.13 3.00 3.17 3.54
CN Three Gorges 1.3% due 24 EUR 0.66 -1.21 -2.53 101.72 0.56 0.10 2.62 2.46 3.46
CN Three Gorges 1.7% due 22 EUR 0.10 -0.79 -1.08 101.88 -0.03 0.13 1.95 2.10 2.60
Colombia CO Republic 3 7/8% due 26 EUR 1.66 -2.06 -2.98 112.47 1.56 0.25 1.80 2.52 6.55
Serbia CS Serbia International 1 1/2% due 29 EUR 1.20 -4.18 -5.90 96.53 1.03 0.12 1.90 5.42 8.41
CS Serbia International 3 1/8% due 27 EUR 0.84 8.20 8.20 107.03 0.66 0.23 2.95 4.97 -
Czech Republic CZ Ceske Drahy AS 1 1/2% due 26 EUR 0.18 -2.16 -3.06 100.91 0.06 0.12 2.26 2.46 3.50
CZ Republic 3 7/8% due 22 EUR 0.08 -0.09 -0.69 107.38 -0.22 0.29 1.58 2.06 1.93
Estonia EE Eesti Energia AS 2.384% due 23 EUR -0.11 0.22 -0.19 104.40 -0.31 0.18 1.74 1.69 2.14
EE Republic of Estonia 1/8% due 30 EUR -0.45 1.38 1.38 100.91 -0.47 0.01 2.83 - -
Egypt EG Republic 4 3/4% due 25 EUR 1.75 -3.13 -0.30 98.19 1.34 0.36 2.87 5.56 9.92
EG Republic 4 3/4% due 26 EUR 1.46 -5.25 -1.83 95.75 1.03 0.37 4.41 7.39 11.96
Croatia HR Republic 1 1/2% due 31 EUR -0.34 5.02 5.02 103.53 -0.47 0.12 2.94 - -
HR Republic 1 1/8% due 29 EUR -0.58 -0.92 -3.16 101.84 -0.69 0.09 2.50 4.53 8.12
HR Republic 2 3/4% due 30 EUR -0.87 -1.70 -3.06 115.41 -1.25 0.20 2.66 4.56 6.99
HR Republic 2.7% due 28 EUR -0.22 -0.34 -1.46 114.59 -0.47 0.19 2.21 3.97 5.26
HR Republic 3 7/8% due 22 EUR 0.23 -0.22 -0.32 106.66 -0.06 0.29 1.92 2.35 2.65
HR Republic 3% due 25 EUR -0.26 0.11 -0.83 111.44 -0.53 0.22 2.69 2.97 3.57
HR Republic 3% due 27 EUR -0.25 -0.52 -1.43 114.59 -0.53 0.21 2.07 3.53 4.53
Hungary HU Dev Bank 1 3/8% due 25 EUR 0.09 1.69 1.69 101.65 -0.02 0.11 2.44 - -
HU Republic 1 1/4% due 25 EUR 0.75 -0.60 -1.03 104.88 0.69 0.09 2.28 2.42 3.29
HU Republic 1 1/8% due 26 EUR 0.44 6.41 6.41 104.09 0.37 0.08 2.86 3.12 -
HU Republic 1 3/4% due 27 EUR 0.63 -0.19 -1.04 109.66 0.56 0.12 2.40 3.07 4.31
HU Republic 1 3/4% due 35 EUR 0.22 6.46 6.46 104.94 0.09 0.13 4.91 - -
HU Republic 1 5/8% due 32 EUR 0.71 10.98 10.98 105.94 0.63 0.12 3.09 4.37 -
Indonesia ID PLNIJ 1 7/8% due 31 EUR 0.83 -1.60 -1.41 96.53 0.66 0.14 2.87 4.10 -
ID PLNIJ 2 7/8% due 25 EUR 0.70 -0.65 -0.48 107.38 0.53 0.20 2.00 3.03 5.77
ID Republic 0.9% due 27 EUR 0.81 -1.66 -1.66 97.53 0.72 0.07 4.13 3.70 -
ID Republic 1 3/4% due 25 EUR 0.56 -0.99 -1.09 102.84 0.44 0.13 1.88 2.74 4.76
ID Republic 1.4% due 31 EUR 2.01 -0.45 -0.14 98.25 1.84 0.09 9.84 6.76 -
ID Republic 1.45% due 26 EUR 0.60 -1.32 -2.28 101.16 0.50 0.10 2.46 3.50 6.91
ID Republic 2 5/8% due 23 EUR 0.11 -0.28 -1.07 105.41 -0.09 0.20 3.01 3.11 4.27
ID Republic 2.15% due 24 EUR 0.55 -0.47 -0.70 104.72 0.41 0.16 2.67 2.84 4.01
Kazakhstan KZ Republic 0.6% due 26 EUR 0.80 -1.42 -0.92 97.88 0.73 0.04 4.63 4.69 -
KZ Republic 1 1/2% due 34 EUR 2.26 -2.18 0.06 98.53 2.09 0.09 6.71 5.82 -
KZ Republic 1.55% due 23 EUR 0.63 -1.13 -1.81 102.53 0.53 0.11 1.47 2.73 4.38
KZ Republic 2 3/8% due 28 EUR 1.76 -1.56 -1.01 109.91 1.75 0.14 3.92 3.88 7.72
Lithuania LT Republic 0.95% due 27 EUR 0.07 2.87 0.87 108.63 0.00 0.07 2.25 2.50 3.77
LT Republic 1 5/8% due 49 EUR -0.14 10.36 4.61 129.47 -0.31 0.10 2.91 2.81 5.73
LT Republic 1/2% due 29 EUR 0.07 3.91 0.03 106.19 0.03 0.04 1.87 2.57 5.09
LT Republic 1/2% due 50 EUR -1.70 -0.94 -0.94 95.13 -1.68 0.04 9.95 - -
LT Republic 1/4% due 25 EUR 0.11 2.65 2.65 102.84 0.09 0.02 2.55 3.34 -
LT Republic 2 1/8% due 26 EUR 0.06 2.60 1.45 115.59 -0.09 0.14 1.56 1.95 5.71
LT Republic 2 1/8% due 35 EUR 0.18 5.38 1.83 128.37 0.06 0.13 1.49 2.53 6.26
LT Republic 2.1% due 47 EUR 0.16 10.29 6.19 138.88 0.06 0.12 2.27 2.40 4.95
LT Republic 3 3/8% due 24 EUR -0.03 0.90 0.48 113.26 -0.30 - 1.46 1.97 2.88
LT Republic 3/4% due 30 EUR -0.02 6.18 6.18 107.00 -0.08 0.06 5.66 5.24 -
Latvia LV Republic 1 1/8% due 28 EUR -0.24 3.40 -0.10 109.94 -0.35 0.08 4.15 5.03 5.62
LV Republic 1 3/8% due 25 EUR -0.09 1.56 0.50 108.39 -0.21 0.10 1.80 3.24 3.57
LV Republic 1 3/8% due 36 EUR 0.25 6.23 2.05 118.34 0.19 0.09 2.35 3.43 4.50
LV Republic 1/8% due 23 EUR -0.21 1.23 1.23 101.13 -0.22 0.01 1.87 2.41 -
LV Republic 2 7/8% due 24 EUR -0.16 0.15 -0.72 111.84 -0.41 0.20 2.32 2.11 2.45
70



Index instruments: Historical returns, spread changes, and return volatility
Total return 1-month return components Return volatility
% change over Bid price Interest for the period of
August 28, 2020 1-mo YTD 12-mo Aug, 2020 return (%) 1-mo 3-mo 12-mo
Latvia LV Republic 3/8% due 26 EUR -0.27 2.41 -0.27 103.87 -0.31 0.03 3.30 3.77 4.79
Morocco MA Kingdom 1 1/2% due 31 EUR 1.48 -2.12 -0.62 97.25 1.31 0.11 3.29 6.23 -
MA Kingdom 3 1/2% due 24 EUR 0.45 -1.10 -0.47 110.06 0.22 0.25 2.26 2.50 3.75
Montenegro ME Republic 2.55% due 29 EUR 2.44 -7.11 -6.73 90.22 2.00 0.17 3.67 4.45 -
ME Republic 3 3/8% due 25 EUR 1.61 -3.98 -3.37 100.16 1.34 0.25 2.69 3.15 4.69
Macedonia MK Republic 2 3/4% due 25 EUR 0.82 -1.97 -2.35 102.50 0.63 0.20 2.35 4.41 4.91
MK Republic 3.675% due 26 EUR 0.98 3.79 3.79 106.69 0.75 0.27 2.45 - -
Mexico MX Pemex 1 7/8% due 22 EUR 1.24 -4.85 -1.24 95.53 1.03 0.15 2.70 4.05 9.96
MX Pemex 2 1/2% due 22 EUR 1.44 -6.54 -1.95 95.41 1.19 0.18 2.56 4.69 11.70
MX Pemex 2 3/4% due 27 EUR 3.92 -10.93 -5.27 82.56 2.94 0.23 3.68 10.95 19.40
MX Pemex 3 3/4% due 24 EUR 2.39 -8.32 -2.36 95.28 1.97 0.27 3.01 5.01 12.46
MX Pemex 3 3/4% due 26 EUR 2.78 -8.91 -2.30 90.56 2.19 0.29 3.26 8.43 16.18
MX Pemex 3 5/8% due 25 EUR 2.08 -9.73 -3.04 91.09 1.63 0.26 3.57 7.31 15.82
MX Pemex 4 3/4% due 29 EUR 5.93 -13.37 -5.65 89.16 4.75 0.28 5.37 12.51 21.14
MX Pemex 4 7/8% due 28 EUR 5.02 -12.61 -5.87 90.56 4.06 0.30 4.25 10.77 18.66
MX Pemex 5 1/2% due 25 EUR 1.77 -7.14 -1.53 102.78 1.41 0.38 2.55 6.16 14.53
MX Pemex 5 1/8% due 23 EUR 1.66 -6.23 -0.82 100.78 1.28 0.37 3.06 4.02 11.28
MX UMS 1 3/4% due 28 EUR 0.96 -4.75 -3.91 99.25 0.81 0.13 2.64 4.12 6.45
MX UMS 1 3/8% due 25 EUR 0.73 -2.69 -2.96 100.53 0.63 0.10 2.02 3.06 5.23
MX UMS 1 5/8% due 24 EUR 0.79 -0.88 -1.59 103.13 0.69 0.12 2.40 2.90 3.75
MX UMS 1 5/8% due 26 EUR 1.13 -2.90 -3.15 100.09 1.00 0.12 2.49 3.50 5.80
MX UMS 1 7/8% due 22 EUR 0.20 -0.40 -0.66 102.19 0.06 0.14 2.36 2.66 2.99
MX UMS 2 3/4% due 23 EUR 0.56 -0.95 -0.88 105.44 0.38 0.20 2.06 2.27 3.43
MX UMS 2 7/8% due 39 EUR 3.67 -9.63 -8.40 100.56 3.38 0.19 4.60 6.06 10.21
MX UMS 3 3/8% due 31 EUR 1.98 -7.52 -6.17 110.31 1.91 0.22 3.20 3.94 7.27
MX UMS 3 5/8% due 29 EUR 1.87 -5.06 -4.05 112.72 1.81 0.24 2.46 3.90 6.32
MX UMS 3% due 45 EUR 2.85 -7.54 -7.31 102.81 2.66 0.20 4.52 5.41 11.18
MX UMS 4% due 2115 EUR 3.87 -8.06 -10.04 100.66 3.50 0.26 4.58 7.64 14.37
Peru PE Republic 2 3/4% due 26 EUR 0.39 -0.82 -2.41 110.97 0.22 0.19 1.54 2.35 4.13
PE Republic 3 3/4% due 30 EUR 0.74 -2.54 -3.97 122.97 0.63 0.23 1.85 2.30 6.72
Philippines PH Republic 0% due 23 EUR 0.03 -0.82 -0.82 98.81 0.03 - 2.30 3.15 -
PH Republic 0.7% due 29 EUR 0.80 -2.02 -2.02 97.34 0.72 0.05 4.03 3.77 -
PH Republic 7/8% due 27 EUR 0.19 -1.57 -3.01 99.66 0.13 0.07 2.90 3.04 7.66
Poland PL BGK 1 3/4% due 26 EUR 0.42 -0.84 -1.63 107.34 0.31 0.13 2.00 2.28 2.66
PL BGK 1 3/8% due 25 EUR 0.40 -0.23 -1.31 105.06 0.31 0.10 1.96 2.02 2.66
PL BGK 1 5/8% due 28 EUR 0.53 -1.85 -2.01 107.00 0.44 0.12 2.52 2.60 4.36
PL BGK 2% due 30 EUR 0.79 -2.01 -1.84 111.66 0.72 0.14 2.97 2.98 4.18
PL Republic 0% due 23 EUR -0.16 0.01 0.01 100.41 -0.16 - 0.99 - -
PL Republic 0% due 25 EUR 0.03 -0.62 -0.62 100.19 0.03 - 1.89 2.22 -
PL Republic 1 1/2% due 25 EUR 0.02 1.07 -0.89 108.34 -0.09 0.11 1.71 2.24 2.87
PL Republic 1 1/2% due 26 EUR -0.35 0.74 -1.06 108.69 -0.50 0.11 2.39 2.63 2.88
PL Republic 1% due 28 EUR 0.24 1.05 -1.02 108.34 0.19 0.07 2.06 2.64 3.64
PL Republic 1% due 29 EUR 0.33 1.32 -1.55 108.72 0.28 0.07 2.75 3.59 3.80
PL Republic 1/2% due 21 EUR 0.04 -0.12 -0.59 100.94 0.00 0.04 2.24 2.23 2.40
PL Republic 2 3/8% due 36 EUR 0.27 3.26 -0.35 125.72 0.16 0.15 1.77 2.85 3.80
PL Republic 2% due 46 EUR 0.64 4.98 2.14 127.16 0.66 0.12 3.07 3.15 4.80
PL Republic 2% due 49 EUR 0.20 5.24 1.59 127.75 0.09 0.12 2.33 3.03 5.02
PL Republic 3 3/4% due 23 EUR 0.05 -0.02 -0.51 109.80 -0.24 0.27 0.91 1.19 1.75
PL Republic 3% due 24 EUR -0.02 0.05 -0.80 110.90 -0.25 - 1.35 1.92 2.30
PL Republic 4 1/2% due 22 EUR 0.00 -0.18 -0.52 106.71 -0.36 0.33 0.39 0.87 1.38
PL Republic 7/8% due 21 EUR 0.01 -0.16 -0.49 101.22 -0.06 0.07 0.39 1.11 1.47
PL Republic 7/8% due 27 EUR 0.43 1.37 -0.89 106.46 0.39 0.06 3.94 3.85 3.46
Romania RO Republic 2 1/2% due 30 EUR -0.72 -5.22 -4.38 101.03 -0.94 0.20 5.21 6.44 8.07
RO Republic 2 3/4% due 25 EUR 0.08 -2.54 -2.28 107.59 -0.13 0.20 2.99 4.11 5.89
RO Republic 2 3/4% due 26 EUR -0.58 6.60 6.60 105.66 -0.84 0.21 2.45 6.10 -
RO Republic 2 3/8% due 27 EUR -0.27 -3.25 -2.11 104.09 -0.47 0.18 3.72 4.75 5.47
RO Republic 2% due 26 EUR -0.36 -3.66 -3.61 101.88 -0.53 0.16 3.23 4.43 5.75
RO Republic 2% due 32 EUR -1.33 -5.96 -5.96 94.03 -1.44 0.18 6.61 8.02 -
RO Republic 2.124% due 31 EUR -1.30 -4.46 -5.08 96.09 -1.44 0.18 5.19 7.64 10.25
RO Republic 3 3/8% due 50 EUR -3.33 -0.86 -0.86 98.31 -3.72 0.33 10.54 13.49 -
RO Republic 3.624% due 30 EUR -0.95 9.31 9.31 109.38 -1.34 0.27 4.63 7.76 -
Russia RU Republic 2 7/8% due 25 EUR 0.54 -2.24 1.36 109.44 0.38 0.20 3.12 3.07 7.44
RU Russian Railways 2.2% due 27 EUR 1.17 -2.54 -0.27 103.22 1.03 0.16 2.24 3.13 7.99
RU Russian Railways 4.6% due 23 EUR 0.36 -1.17 -0.67 109.28 0.03 0.33 2.21 2.27 4.11
RU VEB Finance 4.032% due 23 EUR 0.21 -1.46 -0.91 106.22 -0.09 0.30 1.96 3.07 7.05
Saudi Arabia SA Kingdom 2% due 39 EUR -3.14 -1.40 -7.26 102.75 -3.50 0.16 6.41 10.76 15.61
SA Kingdom 3/4% due 27 EUR -0.34 -2.96 -3.77 99.60 -0.40 0.06 2.55 5.13 9.66
Senegal SN Republic 4 3/4% due 28 EUR 2.74 -3.39 -0.64 98.59 2.31 0.33 5.47 9.88 12.30
Tunisia TN Banque de Tunisie 5 5/8% due 24 EUR 3.17 -2.06 1.91 93.88 2.53 0.39 3.93 7.87 10.42
TN Banque de Tunisie 6 3/4% due 23 EUR 2.95 -1.93 1.77 96.84 2.41 0.40 3.30 6.92 8.33
TN Banque de Tunisie 6 3/8% due 26 EUR 4.59 -1.47 2.35 93.19 3.63 0.52 4.13 8.34 11.83
Turkey TR Republic 3 1/4% due 25 EUR 0.28 -6.60 1.28 91.00 0.00 0.28 9.81 8.72 11.26
TR Republic 4 1/8% due 23 EUR 1.11 -2.79 1.47 99.44 0.78 0.31 7.32 6.02 7.81
TR Republic 4 5/8% due 25 EUR 0.82 -4.64 2.16 97.19 0.44 0.36 7.43 7.36 9.69
TR Republic 4.35% due 21 EUR 1.24 -1.02 1.75 101.38 0.94 0.30 4.35 4.09 5.09
TR Republic 5.2% due 26 EUR 1.77 -6.18 1.76 98.16 1.34 0.38 9.13 8.24 12.00
Ukraine UA NAK Naftogaz 7 1/8% due 24 EUR 1.35 -3.92 1.22 97.69 0.75 0.57 2.36 5.91 15.95
UA Republic 4 3/8% due 30 EUR 3.43 -10.66 -10.66 86.25 2.60 0.31 8.76 18.26 -
UA Republic 6 3/4% due 26 EUR 1.30 -5.84 -1.25 100.91 0.78 0.52 3.81 11.70 19.84
South Africa ZA Republic 3 3/4% due 26 EUR 0.70 -6.85 -5.06 101.25 0.41 0.29 3.25 6.17 12.43
71



EURO EMBI Global EURO EMBI Global Diversified
Face O/S Market cap Face Alloc Market cap Spreads (bps) Yrs to
August 28, 2020 (EUR$ mil) (EUR$ mil) (%) (EUR$ mil) (EUR$ mil) (%) Govt Swap YTM Dur. Convexity Maturity
UAE AE Mubadala 3 5/8% due 23 EUR 850 933 0.43 850 933 0.63 88 62 0.18 2.66 9.83 2.75
Albania AL Republic 3 1/2% due 25 EUR 500 532 0.25 500 532 0.36 344 316 2.79 4.51 26.17 5.12
AL Republic 3 1/2% due 27 EUR 650 676 0.31 650 676 0.45 353 327 2.96 5.96 43.58 6.80
Argentina AR Republic 3 3/8% due 23 EUR 1,000 468 0.22 1,000 468 0.31 4716 4691 46.47 1.51 3.45 2.38
AR Republic 3 7/8% due 22 EUR 1,250 587 0.27 1,250 587 0.39 8827 8806 87.66 0.70 0.89 1.38
AR Republic 5 1/4% due 28 EUR 1,000 435 0.20 1,000 435 0.29 2314 2289 22.59 4.26 26.47 7.39
AR Republic 5% due 27 EUR 1,250 544 0.25 1,250 544 0.36 2489 2463 24.29 3.84 21.15 6.39
AR Republic 6 1/4% due 47 EUR 750 322 0.15 750 322 0.22 1692 1702 16.91 5.63 67.38 27.22
Bulgaria BG Bulgarian Energy 3 1/2% due 25 EUR 600 621 0.29 527 545 0.37 350 322 2.84 4.38 24.32 4.84
BG Republic 1 7/8% due 23 EUR 1,144 1,215 0.56 1,004 1,066 0.72 48 23 -0.21 2.51 8.89 2.56
BG Republic 2 5/8% due 27 EUR 1,000 1,181 0.55 878 1,036 0.70 63 36 0.04 6.10 45.12 6.58
BG Republic 2% due 22 EUR 1,250 1,307 0.60 1,097 1,147 0.77 26 4 -0.37 1.56 4.00 1.58
BG Republic 2.95% due 24 EUR 1,493 1,718 0.79 1,310 1,508 1.01 60 33 -0.08 3.75 18.54 4.02
BG Republic 3 1/8% due 35 EUR 900 1,164 0.54 790 1,022 0.69 135 105 1.04 12.04 173.56 14.58
BG Republic 3% due 28 EUR 850 1,047 0.48 746 919 0.62 64 37 0.10 6.87 56.95 7.57
Benin BJ Benin Government 5 3/4% due 26 EUR 500 494 0.23 500 494 0.33 740 711 6.73 3.78 19.40 5.58
Ivory Coast CI Republic 5 1/4% due 30 EUR 850 831 0.38 850 831 0.56 642 618 5.94 6.52 55.08 9.57
CI Republic 5 7/8% due 31 EUR 850 858 0.40 850 858 0.58 685 662 6.44 7.01 66.81 11.14
Chile CL Codelco 2 1/4% due 24 EUR 600 638 0.30 533 567 0.38 135 107 0.66 3.71 17.71 3.87
CL Republic 0.83% due 31 EUR 1,555 1,558 0.72 1,382 1,385 0.93 122 94 0.83 10.31 119.36 10.85
CL Republic 1 3/4% due 26 EUR 1,110 1,204 0.56 987 1,070 0.72 100 72 0.36 5.13 32.23 5.40
CL Republic 1 5/8% due 25 EUR 1,642 1,757 0.81 1,459 1,562 1.05 91 63 0.23 4.25 22.76 4.43
CL Republic 1 7/8% due 30 EUR 1,491 1,655 0.77 1,325 1,471 0.99 118 92 0.75 8.93 92.70 9.75
CL Republic 1.44% due 29 EUR 709 757 0.35 630 673 0.45 120 93 0.71 7.89 72.46 8.44
China CN CNRC Capital Ltd 1.871% due 21 EUR 700 719 0.33 423 435 0.29 136 116 0.77 1.24 2.78 1.28
CN China Dvlp Bk Corp 3/8% due 21 EUR 1,000 1,009 0.47 604 609 0.41 48 28 -0.10 1.20 2.66 1.22
CN China Dvlp Bk Corp 3/8% due 22 EUR 500 502 0.23 302 304 0.20 79 58 0.18 1.39 3.32 1.41
CN China Dvlp Bk Corp 5/8% due 22 EUR 800 811 0.38 483 490 0.33 91 66 0.22 2.26 7.37 2.29
CN China Gen Nuclear Pwr 2% due 25 EUR 500 543 0.25 302 328 0.22 132 104 0.66 4.72 27.91 5.04
CN China Natl Chem Corp 1 3/4% due 22 EUR 1,200 1,226 0.57 725 741 0.50 139 117 0.74 1.76 4.84 1.79
CN China State Grid 1 3/8% due 25 EUR 500 521 0.24 302 315 0.21 124 96 0.58 4.51 25.23 4.68
CN Export Import Bank 0% due 24 EUR 700 689 0.32 423 416 0.28 107 79 0.39 4.11 21.00 4.13
CN Export Import Bank 0.3% due 22 EUR 1,000 1,002 0.46 604 605 0.41 87 66 0.25 1.51 3.77 1.52
CN Export Import Bank 3/4% due 22 EUR 550 555 0.26 332 335 0.22 96 74 0.31 1.75 4.84 1.78
CN Export Import Bank 3/4% due 23 EUR 1,000 1,010 0.47 604 610 0.41 117 90 0.47 2.71 10.06 2.75
CN Export Import Bank 5/8% due 21 EUR 850 858 0.40 514 518 0.35 - 88 67 0.29 1.24 2.78 1.26
CN Sinopec Group 1% due 22 EUR 650 659 0.30 393 398 0.27 101 79 0.37 1.64 4.34 1.67
CN State Grid 1 1/2% due 22 EUR 700 719 0.33 423 434 0.29 80 59 0.19 1.39 3.32 1.41
CN Three Gorges 1.3% due 24 EUR 650 664 0.31 393 401 0.27 147 119 0.78 3.70 17.54 3.82
CN Three Gorges 1.7% due 22 EUR 700 718 0.33 423 434 0.29 112 90 0.47 1.75 4.82 1.78
Colombia CO Republic 3 7/8% due 26 EUR 1,350 1,548 0.72 1,350 1,548 1.04 206 178 1.43 5.00 31.42 5.57
Serbia CS Serbia International 1 1/2% due 29 EUR 1,550 1,504 0.70 1,550 1,504 1.01 237 211 1.90 8.14 76.86 8.83
CS Serbia International 3 1/8% due 27 EUR 2,000 2,164 1.00 2,000 2,164 1.45 253 226 1.95 6.01 44.11 6.72
Czech Republic CZ Ceske Drahy AS 1 1/2% due 26 EUR 500 509 0.24 500 509 0.34 188 161 1.26 5.45 35.76 5.74
CZ Republic 3 7/8% due 22 EUR 2,750 2,988 1.38 2,750 2,988 2.00 14 -7 -0.50 1.70 4.65 1.74
Estonia EE Eesti Energia AS 2.384% due 23 EUR 500 535 0.25 500 535 0.36 152 124 0.81 2.90 11.60 3.07
EE Republic of Estonia 1/8% due 30 EUR 1,500 1,517 0.70 1,500 1,517 1.02 43 16 0.01 9.72 104.50 9.79
Egypt EG Republic 4 3/4% due 25 EUR 750 754 0.35 750 754 0.51 574 546 5.07 3.98 20.63 4.62
EG Republic 4 3/4% due 26 EUR 1,000 981 0.45 1,000 981 0.66 616 589 5.53 4.71 28.50 5.64
EG Republic 5 5/8% due 30 EUR 1,000 954 0.44 1,000 954 0.64 701 678 6.58 7.00 63.99 9.64
EG Republic 6 3/8% due 31 EUR 1,250 1,235 0.57 1,250 1,235 0.83 727 704 6.87 7.29 71.04 10.62
Croatia HR Republic 1 1/2% due 31 EUR 2,000 2,084 0.96 1,459 1,520 1.02 151 124 1.11 9.93 112.94 10.81
HR Republic 1 1/8% due 29 EUR 1,500 1,536 0.71 1,094 1,121 0.75 134 107 0.87 8.34 79.88 8.81
HR Republic 2 3/4% due 30 EUR 1,275 1,496 0.69 - 930 1,091 0.73 143 118 0.99 8.30 82.42 9.42
HR Republic 2.7% due 28 EUR 750 866 0.40 547 632 0.42 125 98 0.72 7.10 60.15 7.80
HR Republic 3 7/8% due 22 EUR 1,250 1,348 0.62 912 983 0.66 60 38 -0.05 1.71 4.68 1.75
HR Republic 3% due 25 EUR 1,500 1,697 0.78 1,094 1,238 0.83 106 78 0.39 4.25 22.99 4.54
HR Republic 3% due 27 EUR 1,250 1,453 0.67 912 1,060 0.71 126 99 0.67 5.98 43.69 6.56
Hungary HU Dev Bank 1 3/8% due 25 EUR 750 766 0.35 731 747 0.50 163 135 0.97 4.64 26.47 4.82
HU Republic 1 1/4% due 25 EUR 1,000 1,062 0.49 975 1,035 0.69 90 62 0.25 4.95 30.08 5.15
HU Republic 1 3/4% due 35 EUR 1,500 1,585 0.73 1,462 1,545 1.04 166 135 1.36 12.96 193.31 14.78
Indonesia ID PLNIJ 1 7/8% due 31 EUR 500 493 0.23 354 348 0.23 257 230 2.18 9.80 112.95 11.19
ID PLNIJ 2 7/8% due 25 EUR 500 553 0.26 354 391 0.26 190 162 1.25 4.71 28.10 5.16
ID Republic 0.9% due 27 EUR 1,000 987 0.46 707 698 0.47 179 152 1.20 6.19 45.23 6.47
ID Republic 1 3/4% due 25 EUR 1,000 1,040 0.48 707 736 0.49 166 138 1.00 4.44 24.58 4.66
ID Republic 1.4% due 31 EUR 1,000 998 0.46 707 706 0.47 192 165 1.53 10.13 118.41 11.18
ID Republic 1.45% due 26 EUR 750 776 0.36 530 549 0.37 176 149 1.15 5.68 39.08 6.06
ID Republic 2 5/8% due 23 EUR 1,500 1,593 0.74 1,061 1,126 0.76 129 103 0.59 2.70 10.06 2.79
ID Republic 2.15% due 24 EUR 1,000 1,055 0.49 707 746 0.50 145 118 0.76 3.73 17.92 3.89
ID Republic 3 3/4% due 28 EUR 1,500 1,773 0.82 1,061 1,254 0.84 190 164 1.38 6.84 57.00 7.80
ID Republic 3 3/8% due 25 EUR 1,250 1,395 0.65 884 987 0.66 166 138 1.00 4.58 26.26 4.92
Kazakhstan KZ Republic 0.6% due 26 EUR 500 495 0.23 500 495 0.33 148 120 0.87 5.91 41.26 6.09
KZ Republic 1 1/2% due 34 EUR 650 653 0.30 650 653 0.44 189 158 1.57 12.43 178.25 14.10
KZ Republic 1.55% due 23 EUR 525 548 0.25 525 548 0.37 130 102 0.59 3.08 12.78 3.20
KZ Republic 2 3/8% due 28 EUR 525 590 0.27 525 590 0.40 153 127 1.03 7.38 65.28 8.21
Lithuania LT Republic 0.95% due 27 EUR 1,100 1,200 0.56 788 860 0.58 23 -5 -0.35 6.57 50.58 6.75
LT Republic 1 5/8% due 49 EUR 850 1,108 0.51 609 794 0.53 47 40 0.50 23.87 656.38 28.83
LT Republic 1/2% due 29 EUR 650 693 0.32 466 497 0.33 24 -4 -0.24 8.65 84.45 8.81
LT Republic 1/2% due 50 EUR 1,750 1,671 0.77 1,253 1,197 0.80 61 56 0.67 27.60 823.51 29.93
LT Republic 1/4% due 25 EUR 750 774 0.36 537 554 0.37 26 -3 -0.41 4.68 26.63 4.69
LT Republic 2 1/8% due 26 EUR 1,000 1,176 0.54 716 843 0.57 19 -8 -0.41 5.80 41.01 6.17
LT Republic 2 1/8% due 35 EUR 1,200 1,569 0.73 860 1,124 0.75 48 17 0.19 13.19 202.78 15.16
LT Republic 2.1% due 47 EUR 750 1,050 0.49 537 752 0.50 53 41 0.52 21.61 547.21 26.76
LT Republic 3 3/8% due 24 EUR 500 578 0.27 358 414 0.28 15 -12 -0.55 3.23 14.08 3.40
72



EURO EMBI Global EURO EMBI Global Diversified
Face O/S Market cap Face Alloc Market cap Spreads (bps) Yrs to
August 28, 2020 (EUR$ mil) (EUR$ mil) (%) (EUR$ mil) (EUR$ mil) (%) Govt Swap YTM Dur. Convexity Maturity
Lithuania LT Republic 3/4% due 30 EUR 1,250 1,344 0.62 895 962 0.65 43 16 0.00 9.37 98.95 9.69
Latvia LV Republic 1 1/8% due 28 EUR 500 553 0.26 434 480 0.32 34 7 -0.19 7.48 64.72 7.76
LV Republic 1 3/8% due 25 EUR 500 550 0.25 434 478 0.32 32 3 -0.34 4.89 29.48 5.07
LV Republic 1 3/8% due 36 EUR 850 1,013 0.47 738 879 0.59 44 12 0.16 14.32 231.05 15.73
LV Republic 1 7/8% due 49 EUR 1,000 1,374 0.64 868 1,193 0.80 48 40 0.50 23.07 622.18 28.50
LV Republic 1/8% due 23 EUR 1,000 1,014 0.47 868 880 0.59 30 4 -0.40 2.63 9.54 2.63
LV Republic 2 1/4% due 47 EUR 1,000 1,460 0.68 868 1,268 0.85 48 34 0.45 21.17 529.29 26.48
LV Republic 2 7/8% due 24 EUR 1,000 1,130 0.52 868 981 0.66 30 3 -0.39 3.52 16.29 3.67
LV Republic 3/8% due 26 EUR 1,500 1,567 0.72 1,302 1,360 0.91 31 4 -0.29 6.04 42.88 6.11
Morocco MA Kingdom 1 1/2% due 31 EUR 1,000 989 0.46 1,000 989 0.66 211 183 1.72 10.13 118.60 11.25
MA Kingdom 3 1/2% due 24 EUR 1,000 1,113 0.51 1,000 1,113 0.75 137 109 0.67 3.59 16.86 3.81
Montenegro ME Republic 2.55% due 29 EUR 500 466 0.22 500 466 0.31 422 396 3.76 7.69 72.08 9.10
ME Republic 3 3/8% due 25 EUR 500 509 0.24 500 509 0.34 389 361 3.22 4.19 22.44 4.65
Macedonia MK Republic 2 3/4% due 25 EUR 500 523 0.24 500 523 0.35 272 244 2.05 4.04 21.00 4.39
MK Republic 3.675% due 26 EUR 700 756 0.35 700 756 0.51 297 269 2.34 5.15 33.05 5.77
Mexico MX Pemex 1 7/8% due 22 EUR 1,000 967 0.45 435 420 0.28 507 485 4.43 1.55 3.92 1.65
MX Pemex 2 1/2% due 22 EUR 600 587 0.27 261 255 0.17 516 492 4.48 2.07 6.36 2.24
MX Pemex 2 3/4% due 27 EUR 1,250 1,051 0.49 543 457 0.31 648 622 5.90 5.70 39.98 6.65
MX Pemex 3 3/4% due 24 EUR 1,250 1,223 0.57 543 532 0.36 579 551 5.09 3.10 12.99 3.48
MX Pemex 3 3/4% due 26 EUR 1,000 925 0.43 435 402 0.27 627 599 5.64 4.81 29.27 5.64
MX Pemex 3 5/8% due 25 EUR 650 614 0.28 283 267 0.18 616 588 5.51 4.46 25.64 5.24
MX Pemex 4 3/4% due 29 EUR 1,250 1,152 0.53 543 501 0.34 684 659 6.35 6.51 54.45 8.50
MX Pemex 4 7/8% due 28 EUR 1,250 1,171 0.54 543 509 0.34 695 669 6.41 5.85 44.01 7.49
MX Pemex 5 1/2% due 25 EUR 1,000 1,062 0.49 435 462 0.31 532 505 4.65 3.82 19.40 4.50
MX Pemex 5 1/8% due 23 EUR 900 933 0.43 391 406 0.27 526 501 4.57 2.29 7.66 2.55
MX UMS 1 3/4% due 28 EUR 1,500 1,505 0.70 652 654 0.44 233 206 1.79 7.04 58.50 7.64
MX UMS 1 3/8% due 25 EUR 1,200 1,221 0.56 522 531 0.36 184 156 1.17 4.19 22.09 4.39
MX UMS 1 5/8% due 24 EUR 1,250 1,303 0.60 543 566 0.38 133 105 0.63 3.40 15.15 3.52
MX UMS 1 5/8% due 26 EUR 1,500 1,517 0.70 652 660 0.44 216 188 1.53 5.29 33.98 5.61
MX UMS 1 7/8% due 22 EUR 1,500 1,551 0.72 652 674 0.45 84 63 0.22 1.46 3.59 1.49
MX UMS 2 3/4% due 23 EUR 1,600 1,708 0.79 696 742 0.50 125 99 0.55 2.55 9.17 2.65
MX UMS 2 7/8% due 39 EUR 1,500 1,533 0.71 652 666 0.45 301 273 2.80 14.15 245.91 18.62
MX UMS 3 3/8% due 31 EUR 1,700 1,914 0.89 739 832 0.56 261 236 2.21 8.76 93.33 10.50
MX UMS 3 5/8% due 29 EUR 1,000 1,147 0.53 435 499 0.33 242 217 1.94 7.39 66.63 8.62
MX UMS 3% due 45 EUR 1,250 1,311 0.61 543 570 0.38 288 271 2.81 17.13 372.63 24.54
MX UMS 4% due 2115 EUR 1,500 1,550 0.72 652 674 0.45 388 386 3.94 24.44 1070.32 94.61
Peru PE Republic 2 3/4% due 26 EUR 1,097 1,240 0.57 1,097 1,240 0.83 124 96 0.60 5.02 31.42 5.43
PE Republic 3 3/4% due 30 EUR 998 1,252 0.58 998 1,252 0.84 - 156 131 1.12 8.11 80.22 9.51
Philippines PH Republic 0% due 23 EUR 600 596 0.28 600 596 0.40 100 75 0.31 2.42 8.25 2.44
PH Republic 0.7% due 29 EUR 600 590 0.27 600 590 0.40 144 117 0.95 8.10 74.97 8.44
PH Republic 7/8% due 27 EUR 750 753 0.35 750 753 0.51 142 115 0.85 6.48 49.15 6.72
Poland PL BGK 1 3/4% due 26 EUR 700 759 0.35 290 314 0.21 98 70 0.36 5.42 35.63 5.69
PL BGK 1 3/8% due 25 EUR 500 529 0.24 207 219 0.15 89 60 0.22 4.61 26.24 4.76
PL BGK 1 5/8% due 28 EUR 750 811 0.38 310 335 0.22 114 87 0.61 7.21 61.01 7.68
PL BGK 2% due 30 EUR 500 565 0.26 207 234 0.16 110 85 0.68 8.92 92.59 9.76
PL Republic 0% due 23 EUR 2,000 2,011 0.93 827 832 0.56 52 25 -0.19 2.85 11.00 2.86
PL Republic 1 1/2% due 25 EUR 1,000 1,101 0.51 414 455 0.31 44 16 -0.21 4.83 28.86 5.04
PL Republic 1% due 28 EUR 750 821 0.38 310 340 0.23 45 18 -0.06 7.83 70.82 8.16
PL Republic 1/2% due 21 EUR 750 761 0.35 310 315 0.21 21 0 -0.39 1.30 3.01 1.31
PL Republic 2 3/8% due 36 EUR 2,000 2,556 1.18 827 1,057 0.71 87 56 0.58 13.15 202.83 15.40
PL Republic 2% due 46 EUR 500 647 0.30 207 267 0.18 86 72 0.82 20.92 517.94 26.18
PL Republic 2% due 49 EUR 500 648 0.30 207 268 0.18 84 77 0.87 22.56 602.12 28.55
PL Republic 3 3/4% due 23 EUR 1,500 1,684 0.78 - 620 697 0.47 28 3 -0.41 2.29 7.71 2.39
PL Republic 3 3/8% due 24 EUR 2,500 2,862 1.32 1,034 1,184 0.79 45 18 -0.24 3.69 17.68 3.87
PL Republic 4 1/2% due 22 EUR 1,500 1,645 0.76 620 680 0.46 17 -4 -0.44 1.34 3.20 1.39
PL Republic 5 1/4% due 25 EUR 3,000 3,815 1.76 1,578 1.06 49 21 -0.18 3.98 20.89 4.40
PL Republic 7/8% due 21 EUR 1,750 1,787 0.83 724 739 0.50 25 5 -0.32 1.11 2.36 1.13
PL Republic 7/8% due 27 EUR 1,000 1,069 0.49 414 442 0.30 47 19 -0.11 6.53 49.83 6.70
Romania RO Republic 2 1/2% due 30 EUR 750 772 0.36 325 335 0.22 276 250 2.32 8.23 80.99 9.45
RO Republic 2 3/4% due 25 EUR 2,000 2,203 1.02 868 956 0.64 182 154 1.17 4.74 28.32 5.17
RO Republic 2% due 26 EUR 1,150 1,192 0.55 499 517 0.35 222 195 1.63 5.78 40.65 6.28
RO Republic 2% due 32 EUR 1,400 1,339 0.62 607 581 0.39 294 267 2.56 9.90 115.39 11.42
RO Republic 2.124% due 31 EUR 1,400 1,355 0.63 607 588 0.39 289 262 2.50 9.54 106.52 10.89
RO Republic 3 1/2% due 34 EUR 500 538 0.25 217 233 0.16 327 299 2.94 10.68 140.31 13.61
RO Republic 3.624% due 30 EUR 2,000 2,215 1.02 868 961 0.64 291 266 2.48 8.18 81.34 9.75
RO Republic 4 1/8% due 39 EUR 600 680 0.31 260 295 0.20 351 324 3.29 12.97 216.44 18.55
RO Republic 4 5/8% due 49 EUR 1,950 2,310 1.07 846 1,002 0.67 365 361 3.68 16.48 374.94 28.62
Russia RU Republic 2 7/8% due 25 EUR 1,750 1,957 0.91 1,750 1,957 1.31 162 134 0.98 4.83 29.35 5.27
RU Russian Railways 2.2% due 27 EUR 500 521 0.24 500 521 0.35 220 193 1.62 6.20 46.20 6.74
RU Russian Railways 4.6% due 23 EUR 500 560 0.26 500 560 0.38 140 114 0.70 2.38 8.19 2.52
RU VEB Finance 4.032% due 23 EUR 500 544 0.25 500 544 0.36 196 171 1.27 2.33 7.93 2.48
Saudi Arabia SA Kingdom 2% due 39 EUR 2,000 2,076 0.96 2,000 2,076 1.39 198 169 1.78 15.65 286.40 18.87
SA Kingdom 3/4% due 27 EUR 1,000 1,002 0.46 1,000 1,002 0.67 131 103 0.73 6.66 51.53 6.87
Senegal SN Republic 4 3/4% due 28 EUR 1,000 1,013 0.47 1,000 1,013 0.68 550 523 4.92 5.37 37.25 7.55
Tunisia TN Banque de Tunisie 5 5/8% due 24 EUR 850 829 0.38 850 829 0.56 820 792 7.49 2.93 11.86 3.47
TN Banque de Tunisie 6 3/4% due 23 EUR 500 515 0.24 500 515 0.35 841 813 7.70 2.60 9.80 3.18
TN Banque de Tunisie 6 3/8% due 26 EUR 700 662 0.31 700 662 0.44 836 809 7.74 4.66 28.15 5.88
Turkey TR Republic 3 1/4% due 25 EUR 1,000 923 0.43 1,000 923 0.62 593 565 5.27 4.25 22.86 4.80
TR Republic 4 1/8% due 23 EUR 1,000 1,015 0.47 1,000 1,015 0.68 484 458 4.14 2.40 8.22 2.62
TR Republic 4 5/8% due 25 EUR 1,250 1,245 0.58 1,250 1,245 0.84 587 559 5.20 3.95 20.37 4.59
TR Republic 4.35% due 21 EUR 1,250 1,314 0.61 1,250 1,314 0.88 356 336 2.97 1.12 2.39 1.21
TR Republic 5.2% due 26 EUR 1,500 1,519 0.70 1,500 1,519 1.02 616 589 5.53 4.51 26.53 5.47
Ukraine UA NAK Naftogaz 7 1/8% due 24 EUR 600 595 0.28 600 595 0.40 833 805 7.64 3.25 14.28 3.89
UA Republic 4 3/8% due 30 EUR 1,250 1,117 0.52 1,250 1,117 0.75 672 648 6.28 7.12 65.12 9.42
UA Republic 6 3/4% due 26 EUR 1,000 1,027 0.48 1,000 1,027 0.69 707 680 6.45 4.64 28.12 5.81
South Africa ZA Republic 3 3/4% due 26 EUR 500 511 0.24 500 511 0.34 403 376 3.42 5.21 33.73 5.91
73

Index Research (1-212) 834-4230
GBI-EM Broad / GBI-EM Broad Diversified

Historical returns and return components, local currency, USD & Euro (un)hedged
Local currency return Unhedged in US$ Hedged in US$ Unhedged in Euro Hedged in Euro
August 31, 2020 1 mo 3 mo YTD 12 mo 1 mo 3 mo YTD 12 mo 1 mo 3 mo YTD 12 mo 1 mo 3 mo YTD 12 mo 1 mo 3 mo YTD 12 mo
GBI-EM Broad* -0.60 -0.12 4.36 6.35 0.27 2.75 -0.67 4.02 -0.84 -0.78 2.93 4.14 -0.86 -4.43 -6.77 -4.21 -0.89 -0.97 1.99 2.30
By region
Asia Broad -0.72 -0.58 3.71 5.13 0.83 2.86 3.18 6.63 -0.96 -1.20 2.48 3.32 -0.30 -4.33 -3.16 -1.82 -1.01 -1.37 1.59 1.56
Europe Broad -0.51 -0.47 4.63 8.09 -0.34 2.66 -0.65 6.68 -0.81 -1.19 2.97 5.57 -1.46 -4.51 -6.76 -1.77 -0.86 -1.35 2.04 3.70
Latin Broad -0.45 2.24 8.38 11.32 -1.98 2.08 -10.61 -4.99 -0.64 1.52 6.28 8.00 -3.09 -5.06 -16.10 -12.51 -0.70 1.20 5.16 5.89
MidEast/Africa Broad 0.85 0.18 1.42 3.69 1.37 4.25 -16.29 -7.07 0.55 -0.82 -0.09 0.55 0.23 -3.04 -21.43 -14.43 0.49 -0.98 -1.10 -1.34
GBI-EM Broad Div* -0.40 0.91 5.50 7.91 -0.22 3.08 -2.98 2.55 -0.63 0.21 3.87 5.33 -1.34 -4.13 -8.94 -5.57 -0.68 -0.01 2.88 3.39
By region
Asia Broad Div -0.51 0.98 4.97 6.65 0.68 3.72 2.73 6.41 -0.72 0.37 3.64 4.62 -0.46 -3.53 -3.58 -2.01 -0.77 0.15 2.68 2.74
Europe Broad Div -0.51 -0.47 4.63 8.09 -0.34 2.66 -0.65 6.68 -0.81 -1.19 2.97 5.57 -1.46 -4.51 -6.76 -1.77 -0.86 -1.35 2.04 3.70
Latin Broad Div -0.43 2.24 8.36 11.01 -1.88 2.12 -9.82 -4.46 -0.62 1.52 6.28 7.70 -2.98 -5.02 -15.36 -12.03 -0.68 1.20 5.17 5.59
MidEast/Africa Broad Div 0.85 0.18 1.42 3.69 1.37 4.25 -16.29 -7.07 0.55 -0.82 -0.09 0.55 0.23 -3.04 -21.43 -14.43 0.49 -0.98 -1.10 -1.34
By country
Argentina -0.02 10.99 84.08 110.29 1.22 4.14 11.81 3.44 - - - - 0.09 -3.14 4.94 -4.75 - - - -
Brazil -1.26 1.49 6.32 10.63 -6.30 0.48 -22.04 -16.67 -1.30 1.23 5.05 8.62 -7.36 -6.54 -26.83 -23.26 -1.34 0.99 4.03 6.59
Chile -0.18 -1.16 9.21 5.07 -2.58 2.62 5.89 -2.52 -0.13 -1.01 10.01 6.46 -3.68 -4.56 -0.62 -10.24 -0.19 -1.20 8.93 4.56
China Broad -0.63 -2.02 1.53 2.69 1.18 2.14 3.18 7.04 -0.86 -2.54 0.81 1.70 0.04 -5.00 -3.16 -1.43 -0.91 -2.67 -0.01 0.05
Colombia 0.42 2.47 8.49 9.36 -0.16 1.45 -5.07 -0.12 0.17 1.61 7.76 8.19 -1.28 -5.64 -10.90 -8.03 0.11 1.33 6.60 6.06
Czech Republic -0.80 -1.32 4.87 1.82 0.30 8.70 8.07 9.25 -0.79 -1.32 4.96 2.12 -0.82 1.10 1.43 0.60 -0.84 -1.47 4.02 0.31
Dominican Republic 1.30 16.15 5.66 6.98 1.65 14.07 -3.41 -5.70 - - - - 0.51 6.10 -9.34 -13.17 - - - -
Hungary -0.95 -0.34 -1.05 -0.80 -2.78 4.56 -1.76 0.49 -0.96 -0.40 -0.54 0.39 -3.87 -2.75 -7.80 -7.46 -1.00 -0.58 -1.48 -1.44
India -1.55 0.47 8.40 9.81 0.07 3.21 5.12 6.53 -1.86 -0.44 5.70 5.85 -1.06 -4.01 -1.34 -1.90 -1.90 -0.64 4.72 3.93
Indonesia 1.01 5.91 7.18 11.80 1.27 6.25 2.18 8.91 0.72 4.79 5.34 8.58 0.13 -1.17 -4.10 0.28 0.66 4.46 4.20 6.42
Malaysia -0.13 2.10 6.69 7.74 1.65 6.56 4.77 8.78 -0.26 1.71 5.82 6.66 0.51 -0.88 -1.66 0.16 -0.32 1.43 4.79 4.68
Mexico -0.17 2.93 9.75 13.47 1.23 4.07 -5.31 4.04 -0.57 1.56 6.23 7.82 0.09 -3.20 -11.12 -4.20 -0.62 1.35 5.22 5.82
Peru -0.33 3.14 7.50 8.50 -0.83 -0.07 0.38 3.88 -0.36 2.96 6.59 7.06 -1.95 -7.06 -5.79 -4.35 -0.42 2.62 5.41 4.93
Philippines 0.87 6.72 8.59 10.90 2.24 11.41 13.42 19.08 0.71 6.38 7.44 9.28 1.09 3.63 6.46 9.65 0.65 6.01 6.22 7.07
Poland -0.33 -0.14 5.48 5.27 1.38 8.99 8.89 13.98 -0.32 -0.12 5.44 5.34 0.24 1.37 2.20 4.95 -0.37 -0.32 4.47 3.44
Romania 1.15 1.85 4.59 5.05 2.16 9.59 10.24 11.46 0.97 1.25 2.91 3.12 1.01 1.93 3.47 2.64 0.90 1.06 1.97 1.26
Russia -0.34 -0.47 6.37 13.06 -0.15 -5.08 -10.80 1.67 -0.66 -1.61 3.64 8.33 -1.27 -11.71 -16.28 -6.38 -0.71 -1.77 2.69 6.35
South Africa 0.85 0.18 1.42 3.69 1.37 4.25 -16.29 -7.07 0.55 -0.82 -0.09 0.55 0.23 -3.04 -21.43 -14.43 0.49 -0.98 -1.10 -1.34
Thailand -1.07 -0.84 1.44 1.16 -0.54 1.61 -2.84 -0.30 -1.12 -0.81 1.31 0.95 -1.66 -5.49 -8.81 -8.20 -1.16 -0.98 0.43 -0.82
Turkey -2.32 -2.63 2.77 21.57 -7.36 -9.75 -16.89 -3.75 -4.67 -6.58 -5.62 7.84 -8.40 -16.06 -22.00 -11.37 -4.69 -6.53 -6.24 6.27
Uruguay 2.63 10.34 17.13 22.90 2.66 12.17 3.07 5.77 - - - - 1.50 4.33 -3.26 -2.61 - - - -
GBI-EM Broad / Diversified GBI-EM Broad / Diversified GBI-EM Broad / Diversified

Monthly total local returns, % Monthly total USD returns, % Monthly total EUR returns, %
Turkey -7.36 Turkey -8.40

Turkey -2.32
Brazil -6.30 Brazil -7.36
India -1.55
Hungary -2.78 Hungary -3.87
Brazil -1.26
Chile -2.58 Chile -3.68
Thailand -1.07
Peru -0.83 Peru -1.95
Hungary -0.95
Thailand -0.54 Thailand -1.66
Czech Republic -0.80
Colombia -0.16 Colombia -1.28
China Broad -0.63
Russia -0.15 Russia -1.27
Russia -0.34
India 0.07 India -1.06
Poland -0.33
Czech Republic 0.30 Czech Republic -0.82
Peru -0.325
China Broad 1.18 China Broad 0.04
Chile -0.18
Argentina 1.22 Argentina 0.09
Mexico -0.17
Mexico 1.23 Mexico 0.09
Malaysia -0.13
Indonesia 1.27 Indonesia 0.13
Argentina -0.02
South Africa 1.37 South Africa 0.23
Colombia 0.42
Poland 1.38 Poland 0.24
South Africa 0.85
Malaysia 1.65 Malaysia 0.51
Philippines 0.87
Dominican Republic 1.65 Dominican Republic 0.51
Indonesia 1.01
Romania 2.16 Romania 1.01
Romania 1.15
Philippines 2.24 Philippines 1.09
Dominican Republic 1.30
Uruguay 2.66 Uruguay 1.50
Uruguay 2.63
Source: J. P. Morgan
74

GBI-EM Broad Instrument Composition Return Yield Mod Con Market cap Return Yield Mod Con Market cap
August 31, 2020 1M* (%) Dur vexity $ mil % 1M* (%) Dur vexity $ mil %
China China 3.1700% CGB Oct 2021 1.8 2.5 1.1 2.2 24,486 0.83 Indonesia 7.0000% INDOG May 2027 1.9 6.3 5.2 33.9 8,497 0.29
China 2.3900% CGB Oct 2021 1.8 2.6 1.1 2.2 12,667 0.43 Indonesia 6.1250% INDOG May 2028 1.0 6.7 5.9 43.5 7,286 0.25
China 3.7000% CGB Oct 2021 1.9 2.4 1.1 2.3 12,842 0.43 Indonesia 9.0000% INDOG Mar 2029 1.2 6.8 5.9 45.8 7,563 0.26
China 2.8800% CGB Jan 2022 1.7 2.6 1.3 3.0 8,947 0.30 Indonesia 8.2500% INDOGB May 2029 1.2 6.7 6.2 49.0 8,382 0.28
China 3.3600% Jan 2022 1.7 2.6 1.3 3.1 9,025 0.31 Indonesia 10.5000% IDGB Aug 2030 1.3 7.0 6.5 56.9 2,021 0.07
China 2.6900% CGB Mar 2022 1.6 2.7 1.4 3.5 31,639 1.07 Indonesia 7.0000% INDOGB Sep 2030 0.4 6.8 6.9 63.0 11,269 0.38
China 3.1300% CGB Apr 2022 1.7 2.6 1.5 3.9 16,373 0.55 Indonesia 8.7500% INDOG May 2031 0.4 7.2 7.0 65.1 5,240 0.18
China 3.3000% CGB Jul 2022 1.6 2.7 1.8 4.9 13,349 0.45 Indonesia 9.5000% INDOG Jul 2031 0.6 7.2 7.0 65.7 2,199 0.07
China 3.4700% CGB Jul 2022 1.7 2.6 1.8 4.9 16,168 0.55 Indonesia 8.8750% INDOI Nov 2031 1.3 7.3 7.1 68.8 3,737 0.13
China 2.7500% CGB Aug 2022 1.6 2.7 1.9 5.3 40,338 1.36 Indonesia 8.2500% INDOG Jun 2032 0.6 7.3 7.5 76.2 3,204 0.11
China 3.7300% CGB Oct 2022 1.2 2.7 2.0 6.0 14,646 0.50 Indonesia 7.5000% INDOG Aug 2032 0.1 7.3 7.8 81.0 3,346 0.11
China 3.0500% CGB Oct 2022 1.3 2.8 2.0 6.1 15,643 0.53 Indonesia 6.6250% INDOG May 2033 0.7 7.3 8.2 90.3 5,669 0.19
China 3.8100% CGB Jan 2023 1.8 2.6 2.2 7.2 9,202 0.31 Indonesia 8.3750% INDOG Mar 2034 0.7 7.3 8.0 90.2 10,670 0.36
China 2.2400% CGB Mar 2023 1.3 2.8 2.4 8.0 30,256 1.02 Indonesia 7.5000% INDOGB Jun 2035 -0.2 7.4 8.8 107.0 5,138 0.17
China 2.7500% CGB Mar 2023 1.1 2.8 2.4 8.2 13,090 0.44 Indonesia 8.2500% INDOG May 2036 0.3 7.5 8.8 110.9 6,849 0.23
China 3.1700% CGB Apr 2023 1.4 2.8 2.5 8.6 18,351 0.62 Indonesia 7.5000% INDOG May 2038 0.0 7.5 9.5 132.6 4,804 0.16
China 2.9500% CGB Jun 2023 1.1 2.9 2.6 9.6 16,683 0.56 Indonesia 8.3750% INDOGB Apr 2039 -0.1 7.6 9.4 134.3 4,370 0.15
China 2.3600% CGB Jul 2023 1.1 2.9 2.7 9.9 16,475 0.56 India India 6.8400% IGB Dec 2022 1.4 4.4 2.1 5.6 14,350 0.49
China 3.3000% CGB Jul 2023 1.0 2.9 2.7 10.0 18,270 0.62 India 7.3700% IGB Apr 2023 1.3 4.7 2.3 6.9 5,937 0.20
China 2.7500% CGB Sep 2023 1.0 3.0 2.8 10.9 15,268 0.52 India 7.1600% IGB May 2023 1.4 4.7 2.4 7.4 11,336 0.38
China 3.2900% CGB Oct 2023 1.3 2.8 2.9 11.4 26,373 0.89 India 8.8300% IGB Nov 2023 1.4 5.0 2.8 9.7 12,822 0.43
China 3.2000% CGB Mar 2024 1.2 2.9 3.3 14.2 13,142 0.44 India 7.6800% IGB Dec 2023 1.3 5.0 2.9 10.2 13,136 0.44
China 4.4200% CGB Mar 2024 0.7 2.8 3.2 12.6 13,339 0.45 India 7.3200% IGB Jan 2024 1.2 5.0 3.0 11.0 12,749 0.43
China 3.1900% CGB Apr 2024 1.3 2.9 3.3 14.7 42,115 1.42 India 7.3500% INGB Jun 2024 1.0 5.2 3.3 13.2 7,738 0.26
China 4.0000% CGB Jun 2024 0.9 2.9 3.5 14.5 12,857 0.43 India 8.4000% IGB Jul 2024 1.1 5.3 3.3 13.6 12,058 0.41
China 3.5700% CGB Jun 2024 1.0 2.9 3.5 16.1 16,343 0.55 India 6.1800% IGB Nov 2024 0.4 5.3 3.6 15.7 14,586 0.49
China 4.1300% CGB Sep 2024 0.7 2.8 3.7 16.0 13,417 0.45 India 7.7200% IGB May 2025 0.2 5.6 3.9 18.8 13,539 0.46
China 3.6900% CGB Sep 2024 0.7 3.0 3.6 17.4 16,892 0.57 India 5.2200% IGB Jun 2025 0.0 5.5 4.1 20.5 10,054 0.34
China 2.9400% CGB Oct 2024 1.2 2.9 3.7 18.3 33,286 1.13 India 7.5900% IGB Jan 2026 0.2 5.8 4.4 23.4 17,626 0.60
China 3.9000% CGB Dec 2024 -0.2 3.0 3.8 19.3 10,286 0.35 India 7.2700% IGB Apr 2026 0.1 5.8 4.5 25.0 8,975 0.30
China 3.7700% CGB Mar 2025 0.7 3.0 4.1 21.2 16,356 0.55 India 6.9700% IGB Sep 2026 -0.2 6.0 4.7 28.2 13,223 0.45
China 1.9900% CGB Apr 2025 0.8 2.9 4.3 23.0 35,347 1.20 India 8.1500% IGB Nov 2026 -0.1 6.1 4.8 29.3 12,721 0.43
China 3.6100% CGB Jun 2025 0.7 2.9 4.3 23.6 18,634 0.63 India 6.7900% IGB May 2027 -0.1 6.1 5.3 34.3 17,373 0.59
China 3.6000% CGB Sep 2025 1.3 2.9 4.4 25.1 18,595 0.63 India 7.1700% IGB Jan 2028 0.1 6.2 5.7 39.7 16,397 0.55
China 2.9900% CGB Oct 2025 1.2 3.0 4.7 25.2 15,386 0.52 India 8.6000% IGB Jun 2028 0.0 6.3 5.7 41.0 13,223 0.45
China 3.2200% CGB Dec 2025 1.4 2.9 4.7 27.8 31,308 1.06 India 7.2600% IGB Jan 2029 0.1 6.3 6.2 48.7 17,294 0.58
China 2.8500% CGB Jan 2026 1.2 3.0 5.0 28.2 10,622 0.36 India 7.5900% IGB Mar 2029 0.2 6.3 6.1 48.8 14,606 0.49
China 2.9000% CGB May 2026 1.2 3.1 5.1 30.5 15,907 0.54 India 6.4500% IGB Oct 2029 0.2 6.2 6.7 56.4 16,229 0.55
China 3.2500% CGB Jun 2026 1.1 3.1 5.2 32.9 41,596 1.41 India 6.7900% IGB Dec 2029 -0.1 6.3 6.8 58.5 16,853 0.57
China 2.7400% CGB Aug 2026 1.4 3.1 5.4 33.4 14,724 0.50 India 7.8800% IGB Mar 2030 0.0 6.4 6.6 57.3 13,801 0.47
China 2.7000% CGB Nov 2026 1.2 3.1 5.6 35.7 10,950 0.37 India 7.6100% IGB May 2030 0.0 6.4 6.8 59.7 15,241 0.52
China 3.1200% CGB Dec 2026 1.3 3.1 5.5 37.6 37,268 1.26 India 5.7900% IGB May 2030 0.3 6.1 7.2 64.7 15,115 0.51
China 3.4000% CGB Feb 2027 1.3 3.1 5.7 37.9 10,719 0.36 India 5.7700% IGB Aug 2030 - 6.1 7.4 68.1 4,801 0.16
China 3.5200% CGB May 2027 1.2 3.1 5.9 39.9 16,596 0.56 India 6.6800% IGB Sep 2031 -0.1 6.4 7.5 74.9 13,335 0.45
China 2.8500% CGB Jun 2027 1.3 3.1 6.0 44.0 16,786 0.57 India 7.5700% IGB Jun 2033 0.1 6.5 8.2 90.7 18,133 0.61
China 3.5900% CGB Aug 2027 1.2 3.1 6.1 42.8 16,956 0.57 India 8.2400% IGB Nov 2033 -0.1 6.6 8.2 91.6 15,798 0.53
China 3.8200% CGB Nov 2027 0.6 3.0 6.2 44.9 12,203 0.41 India 6.5700% IGB Dec 2033 -0.3 6.5 8.7 99.7 9,960 0.34
China 3.8500% CGB Feb 2028 1.3 3.0 6.4 48.0 10,677 0.36 India 6.1900% IGB Sep 2034 -0.5 6.5 9.1 110.2 11,986 0.41
China 3.6900% CGB May 2028 0.9 3.1 6.6 51.3 18,927 0.64 India 7.7300% IGB Dec 2034 -0.3 6.6 8.8 105.2 15,213 0.51
China 3.5400% CGB Aug 2028 1.5 3.1 6.9 55.0 18,910 0.64 India 7.6200% IGB Sep 2039 0.6 6.5 10.2 152.0 5,977 0.20
China 3.2500% CGB Nov 2028 1.3 3.2 7.1 58.4 27,075 0.92 India 8.1700% IGB Dec 2044 -1.5 6.7 11.2 196.4 15,667 0.53
China 3.2900% CGB May 2029 1.6 3.1 7.5 64.8 41,640 1.41 India 7.0600% IGB Oct 2046 -1.7 6.7 11.8 220.3 14,493 0.49
China 3.1300% CGB Nov 2029 1.6 3.1 7.9 72.0 35,839 1.21 India 7.7200% IGB Jun 2049 -1.9 6.7 12.2 238.8 13,012 0.44
China 2.6800% CGB May 2030 1.3 3.1 8.4 80.9 30,384 1.03 India 7.1600% IGB Sep 2050 -2.1 6.8 12.4 251.1 11,974 0.40
China 4.2800% CGB Oct 2047 0.1 3.8 16.1 361.2 12,558 0.42 Malaysia Malaysia 3.6200% MGS Nov 2021 2.0 1.7 1.2 2.1 2,479 0.08
China 4.0800% CGB Oct 2048 -0.2 3.8 16.6 384.1 31,377 1.06 Malaysia 3.7290% MGII Mar 2022 2.1 1.7 1.5 3.1 1,709 0.06
China 3.8600% CGB Jul 2049 -0.2 3.8 17.2 408.8 33,146 1.12 Malaysia 3.9480% MGII Apr 2022 2.1 1.7 1.5 3.2 2,774 0.09
China 3.3900% CGB Mar 2050 1.4 3.8 17.7 435.1 36,836 1.25 Malaysia 3.4800% MGS Mar 2023 2.2 1.8 2.4 7.1 4,927 0.17
Indonesia Indonesia 7.0000% INDOG May 1.2 4.3 1.6 3.3 7,505 0.25 Malaysia 3.7570% MGS Apr 2023 2.2 1.9 2.5 7.6 2,270 0.08
Indonesia 5.6250% INDOG May 1.7 4.8 2.4 7.5 6,803 0.23 Malaysia 3.1510% MGII May 2023 - 1.8 2.6 8.1 2,130 0.07
Indonesia 8.7500% INDOI Aug 1.9 5.5 2.6 8.4 1,629 0.06 Malaysia 3.8000% MGS Aug 2023 2.2 1.9 2.8 9.5 2,536 0.09
Indonesia 8.2500% INDOIS Sep 2.0 5.6 2.6 8.6 3,289 0.11 Malaysia 4.0940% MGII Nov 2023 2.3 1.9 3.0 11.0 2,980 0.10
Indonesia 8.3750% INDOG Mar 2.2 5.3 3.0 11.2 10,583 0.36 Malaysia 3.4780% MGS Jun 2024 1.9 2.1 3.5 14.6 1,907 0.06
Indonesia 8.1250% INDOGB May 2.5 5.2 3.1 12.3 6,882 0.23 Malaysia 4.1810% MGS Jul 2024 1.9 2.1 3.6 15.1 2,868 0.10
Indonesia 6.6250% INDOIS Oct 2.7 5.3 3.5 15.2 3,032 0.10 Malaysia 4.0590% MGS Sep 2024 2.0 2.1 3.7 16.4 2,892 0.10
Indonesia 6.5000% INDOGB Jun 2.5 5.5 4.0 19.8 10,685 0.36 Malaysia 3.6550% MGII Oct 2024 2.0 2.0 3.8 16.9 2,716 0.09
Indonesia 11.0000% IDGB Sep 2.4 5.8 3.8 19.1 2,279 0.08 Malaysia 4.1280% MGII Aug 2025 2.0 2.1 4.5 23.6 3,287 0.11
Indonesia 8.3750% IDGB Sep 2026 2.6 5.9 4.6 27.3 9,683 0.33 Malaysia 3.9550% MGS Sep 2025 2.0 2.1 4.5 24.0 4,695 0.16
75

GBI-EM Broad Instrument Composition Return Yield Mod Con Market cap Return Yield Mod Con Market cap
Malaysia Malaysia 3.7260% MGII Mar 2026 2.0 2.2 5.0 29.0 1,974 0.07 Russia Russia 6.0000% RFLB Oct 2027 -0.1 5.7 5.6 38.9 5,723 0.19
Malaysia 3.9060% MGS Jul 2026 1.6 2.3 5.2 31.9 2,758 0.09 Russia 7.0500% RFLB Jan 2028 -0.2 5.7 5.8 40.9 5,137 0.17
Malaysia 3.9000% MGS Nov 2026 1.4 2.3 5.5 35.5 2,510 0.08 Russia 6.9000% RFLB May 2029 -0.5 5.9 6.5 53.0 5,124 0.17
Malaysia 3.5020% MYGB May 2027 1.4 2.3 6.0 41.3 3,505 0.12 Russia 7.6500% RFLB Apr 2030 -0.2 6.0 6.8 59.5 6,453 0.22
Malaysia 4.2580% MGII Jul 2027 1.6 2.4 6.0 42.1 2,968 0.10 Russia 8.5000% RFLB Sep 2031 -0.4 6.1 7.3 71.0 4,150 0.14
Malaysia 3.8990% MGS Nov 2027 1.0 2.4 6.3 45.7 3,857 0.13 Russia 7.7000% RFLB Mar 2033 -0.6 6.2 8.1 88.1 5,485 0.19
Malaysia 3.7330% MGS Jun 2028 0.7 2.6 6.7 52.7 3,005 0.10 Russia 7.2500% RFLB May 2034 -1.0 6.3 8.7 102.3 5,242 0.18
Malaysia 4.3690% MGII Oct 2028 1.6 2.6 6.9 55.6 3,301 0.11 Russia 7.7000% RFLB Mar 2039 -0.6 6.3 10.1 149.6 4,656 0.16
Malaysia 4.1300% MGII Jul 2029 1.9 2.6 7.5 65.1 3,239 0.11 Turkey Turkey 9.5000% TURKG Jan 2022 -6.6 13.2 1.2 2.1 1,392 0.05
Malaysia 3.8850% MGS Aug 2029 1.5 2.6 7.6 67.4 5,433 0.18 Turkey 11.0000% TURKG Mar 2022 -6.5 13.2 1.3 2.3 2,347 0.08
Malaysia 3.4650% MGII Oct 2030 1.6 2.6 8.5 84.1 2,614 0.09 Turkey 10.7000% TURKG Aug 2022 -6.9 13.4 1.7 3.8 1,991 0.07
Malaysia 3.8280% MGS Jul 2034 0.8 3.1 10.8 140.1 4,058 0.14 Turkey 8.5000% TURKG Sep 2022 -7.6 13.3 1.7 4.0 1,400 0.05
Malaysia 4.7620% MGS Apr 2037 0.0 3.4 11.7 173.9 3,563 0.12 Turkey 12.2000% TURKG Jan 2023 -7.2 13.4 2.0 5.1 2,642 0.09
Philippines Philippines Global 3.9000% PHILI 2.0 2.9 2.1 5.6 656 0.02 Turkey 7.1000% TURKG Mar 2023 -7.3 13.5 2.1 5.8 2,083 0.07
Philippines Global 6.2500% PHILI 2.4 3.7 10.5 143.0 1,479 0.05 Turkey 16.2000% TURKG Jun 2023 -7.2 13.4 2.2 6.2 1,589 0.05
Thailand Thailand 3.6500% THAIG Dec 2021 0.5 0.5 1.3 2.2 8,417 0.28 Turkey 10.4000% TURKG Mar 2024 -7.7 13.3 2.7 9.8 995 0.03
Thailand 1.8750% THAIG Jun 2022 0.4 0.5 1.8 4.0 5,844 0.20 Turkey 9.0000% TURKG Jul 2024 -8.4 13.3 3.1 12.1 1,824 0.06
Thailand 2.0000% THAIG Dec 2022 0.4 0.6 2.2 6.2 6,890 0.23 Turkey 8.0000% TURKG Mar 2025 -8.2 13.4 3.4 15.2 1,721 0.06
Thailand 3.6250% THAIG Jun 2023 0.4 0.6 2.7 8.6 6,950 0.24 Turkey 10.6000% TURKG Feb 2026 -7.8 13.3 3.9 20.0 2,712 0.09
Thailand 2.4000% THAIGB Dec 0.4 0.7 3.2 11.8 6,931 0.23 Turkey 11.0000% TURKG Feb 2027 -7.5 13.5 4.1 24.1 2,079 0.07
Thailand 1.4500% THAIGB Dec 0.2 0.8 4.1 19.6 7,711 0.26 Turkey 10.5000% TURKG Aug 2027 -7.3 13.5 4.6 28.4 2,226 0.08
Thailand 3.8500% THAIG Dec 2025 -0.1 1.0 4.8 26.8 7,647 0.26 Turkey 12.4000% TURKG Mar 2028 -7.9 13.6 4.4 28.6 1,445 0.05
Thailand 2.1250% THAIG Dec 2026 -0.2 1.1 5.9 38.9 7,856 0.27 Argentina Argentina 18.2000% ARGTE Oct 2021 2.8 40.4 0.8 1.0 464 0.02
Thailand 2.8750% THAIGB Dec -0.4 1.3 7.4 62.4 6,646 0.22 Argentina 16.0000% ARGTE Oct 2023 1.2 44.8 1.7 4.6 319 0.01
Thailand 4.8750% THGB Jun 2029 -0.9 1.4 7.4 64.2 9,344 0.32 Argentina 15.5000% ARGTE Oct 2026 -0.8 47.8 2.0 8.0 345 0.01
Thailand 1.6000% THAIGB Dec -1.3 1.4 8.6 81.5 3,621 0.12 Brazil Brazil 0.0000% BLTN Jan 2022 -5.2 3.0 1.3 2.8 14,409 0.49
Thailand 3.6500% THAIG Jun 2031 -1.5 1.6 9.1 96.0 7,566 0.26 Brazil 0.0000% BLTN Jul 2022 -5.4 3.7 1.8 4.6 12,734 0.43
Thailand 3.7750% THAIG Jun 2032 -1.0 1.6 9.8 111.8 9,831 0.33 Brazil 10.0000% BNTNF Jan 2023 -5.6 4.2 2.0 6.2 25,835 0.87
Thailand 1.6000% THAIGB Jun 2035 -1.4 1.7 13.1 190.6 3,185 0.11 Brazil 0.0000% BLTN Jul 2023 -6.1 4.9 2.7 9.5 21,907 0.74
Thailand 3.4000% THAIG Jun 2036 -1.3 1.8 12.5 187.0 7,479 0.25 Brazil 0.0000% BLTN Jan 2024 -6.4 5.4 3.2 12.5 19,839 0.67
Thailand 3.3000% THAIGB Jun 2038 -2.7 2.0 13.8 228.2 8,247 0.28 Brazil 10.0000% BNTNF Jan 2025 -6.9 5.8 3.5 15.9 21,546 0.73
Thailand 2.8750% THAIG Jun 2046 -0.7 2.1 18.7 432.2 6,672 0.23 Brazil 10.0000% BNTNF Jan 2027 -7.6 6.7 4.7 28.2 15,911 0.54
Czech Republic Czech 4.7000% CZGB Sep 2022 1.1 0.1 2.0 5.9 3,875 0.13 Brazil 10.0000% BNTNF Jan 2029 -8.0 7.0 5.7 42.4 8,799 0.30
Czech 0.4500% CZGB Oct 2023 0.9 0.4 3.1 12.8 4,601 0.16 Brazil 10.0000% BNTNF Jan 2031 -8.4 7.3 6.6 57.3 1,702 0.06
Czech 5.7000% CZGB May 2024 1.1 0.3 3.4 15.8 4,132 0.14 Brazil 12.5000% Bond Jan 2022 -4.8 2.3 1.2 2.2 466 0.02
Czech 2.4000% CZGB Sep 2025 1.0 0.7 4.8 28.3 4,978 0.17 Brazil 8.5000% Bond Jan 2024 -4.5 4.2 2.9 10.5 659 0.02
Czech 1.0000% CZGB Jun 2026 0.6 0.8 5.6 37.7 5,456 0.18 Brazil 10.2500% Bond Jan 2028 -4.2 6.6 5.3 36.2 1,064 0.04
Czech 0.2500% CZGB Feb 2027 0.1 0.9 6.3 46.5 5,144 0.17 Chile Chile Nominal 4.0000% BTPCL Mar 2023 -2.4 0.4 2.4 7.1 2,584 0.09
Czech 2.5000% CZGB Aug 2028 0.1 1.0 7.3 63.1 5,530 0.19 Chile Nominal 2.5000% BTPCL Mar 2025 -2.4 1.3 4.3 20.8 6,816 0.23
Czech 2.7500% CZGB Jul 2029 -0.2 1.0 8.0 75.5 4,814 0.16 Chile Nominal 4.5000% BTPCL Mar 2026 -2.3 1.5 4.9 28.4 5,425 0.18
Czech 0.9500% CZGB May 2030 -0.5 1.0 9.2 95.9 4,370 0.15 Chile Nominal 4.7000% BTPCL Sep 2030 -2.2 2.4 8.2 79.3 4,762 0.16
Czech 1.2000% CZGB Mar 2031 -0.4 1.1 9.8 109.6 2,866 0.10 Chile Nominal 5.0000% BTPCL Mar 2035 -2.3 2.8 10.8 144.0 6,689 0.23
Czech 2.0000% CZGB Oct 2033 -1.0 1.2 11.4 153.4 5,383 0.18 Chile Nominal 6.0000% BTPCL Jan 2043 -3.7 3.0 14.1 263.9 6,229 0.21
Hungary Hungary 2.5000% HGB Oct 2021 -1.9 0.5 1.1 2.4 1,795 0.06 Colombia Colombia 7.0000% COLTE May 2022 -0.4 2.7 1.6 4.0 9,752 0.33
Hungary 7.0000% HGB Jun 2022 -1.8 0.5 1.7 4.8 2,572 0.09 Colombia 10.0000% COLTE Jul 2024 -1.6 3.8 3.3 15.0 8,473 0.29
Hungary 1.7500% HGB Oct 2022 -2.0 0.8 2.1 6.5 3,640 0.12 Colombia 6.2500% COLTE Nov 2025 -1.1 4.3 4.3 24.5 6,053 0.20
Hungary 1.5000% HGB Aug 2023 - 1.1 2.9 11.3 1,937 0.07 Colombia 7.5000% COLTE Aug 2026 -0.9 4.6 4.9 30.7 8,809 0.30
Hungary 6.0000% HGB Nov 2023 -2.3 1.2 2.9 11.8 4,110 0.14 Colombia 5.7500% COLTES Nov 2027 0.0 5.0 5.6 40.8 3,097 0.10
Hungary 3.0000% HGB Jun 2024 -2.5 1.3 3.6 16.9 3,317 0.11 Colombia 6.0000% COLTE Apr 2028 -0.1 5.2 6.0 46.0 8,860 0.30
Hungary 2.5000% HGB Oct 2024 -2.5 1.3 3.9 19.4 4,096 0.14 Colombia 7.7500% COLTE Sep 2030 1.5 5.7 6.7 63.0 6,544 0.22
Hungary 5.5000% HGB Jun 2025 -2.8 1.4 4.3 23.8 4,848 0.16 Colombia 7.0000% COLTE Jun 2032 1.5 6.2 8.0 84.9 6,201 0.21
Hungary 2.7500% HGB Dec 2026 -3.3 1.7 5.7 39.9 3,698 0.13 Colombia 7.2500% COLTES Oct 2034 0.7 6.5 8.4 102.1 5,622 0.19
Hungary 3.0000% HGB Oct 2027 -3.4 1.9 6.3 48.9 4,581 0.15 Colombia 4.3750% TES G Mar 2023 0.3 3.8 2.3 7.9 275 0.01
Hungary 6.7500% HGB Oct 2028 -3.1 2.0 6.4 53.3 3,081 0.10 Colombia 9.8500% TES G Jun 2027 1.9 4.9 5.1 35.3 666 0.02
Hungary 3.0000% HGB Aug 2030 -3.7 2.3 8.6 88.3 4,022 0.14 Dominican Dominican Republic Global 8.9000% 1.7 9.0 2.2 5.9 687 0.02
Hungary 3.2500% HGB Oct 2031 -3.5 2.3 9.2 103.1 1,781 0.06 Dominican Republic Global 9.7500% 1.6 9.6 4.2 23.2 890 0.03
Poland Poland 5.7500% POLGB Oct 2021 1.8 0.0 1.1 2.3 4,920 0.17 Mexico Mexico 7.2500% MBONO Dec 2021 1.8 4.5 1.2 2.0 10,908 0.37
Poland 2.2500% POLGB Apr 2022 1.7 0.1 1.6 4.3 11,254 0.38 Mexico 6.5000% Bonos Jun 2022 1.8 4.5 1.6 3.6 14,115 0.48
Poland 5.7500% T-Bon Sep 2022 1.6 0.1 1.9 5.8 7,185 0.24 Mexico 6.7500% MBONO Mar 2023 1.7 4.7 2.2 6.5 8,495 0.29
Poland 2.5000% POLGB Jan 2023 1.6 0.1 2.3 7.8 9,545 0.32 Mexico 8.0000% Dec 2023 1.8 4.8 2.8 10.1 12,785 0.43
Poland 4.0000% POLGB Oct 2023 1.7 0.3 2.9 11.9 8,399 0.28 Mexico 8.0000% MBONO Sep 2024 1.6 4.9 3.3 14.1 11,816 0.40
Poland 2.5000% POLGB Apr 2024 1.5 0.4 3.5 16.0 9,475 0.32 Mexico 10.0000% MBONO Dec 2024 1.5 5.0 3.5 15.3 14,435 0.49
Poland 2.2500% POLGB Oct 2024 1.5 0.5 3.9 19.8 8,171 0.28 Mexico 5.7500% MBONO Mar 2026 1.6 5.2 4.6 25.6 9,107 0.31
Poland 3.2500% POLGB Jul 2025 1.5 0.7 4.6 26.2 8,716 0.29 Mexico 7.5000% Bonos Jun 2027 1.2 5.5 5.3 34.6 15,120 0.51
Poland 2.5000% POLGB Jul 2026 1.3 0.9 5.5 36.9 12,491 0.42 Mexico 8.5000% MBONO May 2029 1.1 5.8 6.3 50.7 15,955 0.54
Poland 2.5000% POLGB Jul 2027 1.0 1.1 6.4 48.5 9,544 0.32 Mexico 7.7500% MBONO May 2031 0.9 6.1 7.4 70.9 7,670 0.26
Poland 2.7500% POLGB Apr 2028 1.0 1.2 6.9 57.2 9,232 0.31 Mexico 7.7500% MBONO Nov 2034 0.6 6.4 8.8 105.7 4,736 0.16
Poland 2.7500% POLGB Oct 2029 0.7 1.3 8.0 77.3 10,111 0.34 Mexico 10.0000% Bonos Nov 2036 0.5 6.6 8.9 115.4 4,416 0.15
Romania Romania 4.0000% ROMGB Oct 1.8 2.7 1.1 2.3 2,418 0.08 Mexico 8.5000% MBONO Nov 2038 0.2 6.7 9.8 139.5 10,127 0.34
Romania 3.4000% ROMGB Mar 1.8 2.9 1.4 3.5 2,326 0.08 Mexico 7.7500% MBONO Nov 2042 0.4 6.9 10.9 179.4 9,898 0.33
Romania 3.5000% ROMGB Dec 1.9 3.1 2.1 6.8 2,671 0.09 Mexico 8.0000% MBONO Nov 2047 0.4 7.0 11.6 217.0 8,546 0.29
Romania 5.8500% ROMGB Apr 2.0 3.2 2.4 8.4 2,935 0.10 Peru Peru 5.7000% PERUG Aug 2024 -0.3 1.2 3.6 15.4 2,233 0.08
Romania 4.2500% ROMGB Jun 2.0 3.2 2.6 9.6 2,591 0.09 Peru 8.2% 20 Y Aug 2026 -0.1 2.2 4.9 29.4 4,709 0.16
Romania 4.4000% ROMGB Sep 2.0 3.2 2.7 10.6 2,646 0.09 Peru 6.3500% PERUG Aug 2028 -0.5 3.2 6.4 49.7 5,002 0.17
Romania 3.2500% ROMGB Apr 2.2 3.3 3.4 14.9 3,010 0.10 Peru 5.9400% PERUGB Feb 2029 -0.7 3.3 6.8 55.6 4,812 0.16
Romania 4.5000% ROMGB Jun 2.3 3.3 3.4 15.6 2,738 0.09 Peru 6.9500% Aug 2031 -0.6 4.0 8.0 80.9 5,146 0.17
Romania 4.7500% ROMGB Feb 2.3 3.4 3.9 20.2 2,831 0.10 Peru 6.1500% PERUG Aug 2032 -0.8 4.2 8.7 95.2 4,544 0.15
Romania 4.8500% ROMGB Apr 2.5 3.5 4.8 29.9 2,698 0.09 Peru 5.4000% PERUGB Aug 2034 -1.0 4.6 9.9 123.9 3,075 0.10
Romania 5.8000% ROMGB Jul 2027 2.5 3.7 5.7 41.2 3,150 0.11 Peru 6.9% 30Y Aug 2037 -1.8 5.0 10.6 151.4 5,059 0.17
Romania 5.0000% ROMGB Feb 2.4 3.8 6.7 57.6 2,839 0.10 Peru 5.3500% PERUGB Aug 2040 -2.0 5.2 12.2 203.2 2,381 0.08
Romania 3.6500% ROMGB Sep 2.1 4.1 8.6 93.2 2,038 0.07 Uruguay Uruguay Global 9.8750% URUGUA Jun 2022 1.5 8.1 1.6 3.4 870 0.03
Russia Russia 7.0000% RFLB Dec 2021 0.5 4.4 1.2 2.1 4,950 0.17 Uruguay Global 8.5000% URUGU Mar 2028 4.0 8.1 5.3 37.0 787 0.03
Russia 7.6000% RFLB Jul 2022 0.3 4.5 1.7 4.0 4,221 0.14 South Africa South Africa 7.7500% SAGB Feb 2023 1.1 4.6 2.3 6.4 8,294 0.28
Russia 7.4000% RFLB Dec 2022 0.2 4.6 2.1 5.5 5,088 0.17 ZA 10.50% RSA Dec 2026 1.7 7.4 4.6 27.6 21,315 0.72
Russia 7.0000% RFLB Jan 2023 0.1 4.7 2.2 6.1 2,146 0.07 South Africa 8.0000% SAGB Jan 2030 1.0 9.3 6.3 52.6 13,263 0.45
Russia 7.0000% RFLB Aug 2023 0.3 4.7 2.7 8.8 3,595 0.12 South Africa 7.000% SAGB Feb 2031 0.9 9.7 6.9 63.3 5,378 0.18
Russia 6.5000% RFLB Feb 2024 0.4 4.8 3.0 11.5 4,978 0.17 South Africa 8.2500% SAGB Mar 2032 1.2 10.2 6.7 65.1 8,452 0.29
Russia 7.4000% RFLB Jul 2024 0.0 5.0 3.4 13.8 5,907 0.20 South Africa 8.8750% SAGB Feb 2035 1.3 10.9 7.5 83.6 7,752 0.26
Russia 7.1000% RFLB Oct 2024 -0.2 5.0 3.5 15.2 5,208 0.18 South Africa 6.2500% RSA Mar 2036 0.9 10.8 8.1 98.6 4,114 0.14
Russia 7.1500% RFLB Nov 2025 0.0 5.3 4.3 22.6 6,716 0.23 South Africa 8.5000% SAGB Jan 2037 1.2 11.1 7.8 94.2 7,954 0.27
Russia 7.7500% RFLB Sep 2026 -0.3 5.4 4.7 28.3 5,450 0.18 South Africa 9.0000% SAGB Jan 2040 1.8 11.3 8.0 105.7 5,298 0.18
Russia 7.9500% RFLB Oct 2026 -0.2 5.4 4.8 28.7 5,484 0.19 South Africa 6.5000% SAGB Feb 2041 1.2 11.0 8.9 127.0 3,497 0.12
Russia 8.1500% RFLB Feb 2027 -0.2 5.5 5.1 31.8 5,421 0.18 South Africa 8.7500% SAGB Jan 2044 1.9 11.4 8.3 120.5 7,240 0.24
South Africa 8.7500% SAGB Feb 2048
76

GBI-EM Global / GBI-EM Global Diversified

GBI-EM Global* -0.26 1.08 5.18 7.96 -0.24 3.10 -5.63 0.55 -0.48 0.40 3.64 5.40 -1.36 -4.10 -11.42 -7.41 -0.54 0.18 2.64 3.45
By region
Asia Global -0.13 1.44 3.53 5.69 0.94 4.24 0.11 4.80 -0.32 0.88 2.54 4.02 -0.19 -3.04 -6.04 -3.50 -0.37 0.66 1.57 2.11
Europe Global -0.51 -0.47 4.63 8.09 -0.34 2.66 -0.65 6.68 -0.81 -1.19 2.97 5.57 -1.46 -4.51 -6.76 -1.77 -0.86 -1.35 2.04 3.70
Latin Global -0.45 2.22 8.18 11.04 -1.99 2.07 -10.67 -5.12 -0.64 1.51 6.26 7.90 -3.09 -5.06 -16.15 -12.63 -0.70 1.22 5.16 5.81
MidEast/Africa Global 0.85 0.18 1.42 3.69 1.37 4.25 -16.29 -7.07 0.55 -0.82 -0.09 0.55 0.23 -3.04 -21.43 -14.43 0.49 -0.98 -1.10 -1.34
GBI-EM Global Diversified* -0.25 1.11 5.34 7.91 -0.33 3.16 -4.39 1.55 -0.48 0.44 3.84 5.44 -1.45 -4.05 -10.26 -6.49 -0.53 0.21 2.83 3.48
By region
Asia Global Diversified -0.10 1.92 4.36 6.26 0.84 4.50 0.99 5.50 -0.27 1.40 3.41 4.72 -0.29 -2.80 -5.21 -2.85 -0.33 1.16 2.41 2.78
Europe Global Diversified -0.52 -0.48 4.59 8.14 -0.40 2.79 -0.49 6.77 -0.83 -1.21 2.89 5.58 -1.52 -4.40 -6.60 -1.68 -0.88 -1.37 1.97 3.71
Latin Global Diversified -0.38 2.22 8.15 10.36 -1.81 2.04 -9.19 -4.37 -0.56 1.54 6.38 7.42 -2.91 -5.09 -14.77 -11.94 -0.62 1.23 5.27 5.32
MidEast/Africa Global Div 0.85 0.18 1.42 3.69 1.37 4.25 -16.29 -7.07 0.55 -0.82 -0.09 0.55 0.23 -3.04 -21.43 -14.43 0.49 -0.98 -1.10 -1.34
By country
Brazil -1.26 1.49 6.32 10.63 -6.30 0.48 -22.04 -16.67 -1.30 1.23 5.05 8.62 -7.36 -6.54 -26.83 -23.26 -1.34 0.99 4.03 6.59
China ** -0.50 -2.10 1.87 2.91 1.31 2.05 3.51 7.28 -0.72 -2.63 1.14 1.92 0.17 -5.08 -2.84 -1.22 -0.77 -2.76 0.33 0.28
Chile -0.18 -1.16 9.21 5.07 -2.58 2.62 5.89 -2.52 -0.13 -1.01 10.01 6.46 -3.68 -4.56 -0.62 -10.24 -0.19 -1.20 8.93 4.56
Colombia 0.42 2.47 8.49 9.36 -0.16 1.45 -5.07 -0.12 0.17 1.61 7.76 8.19 -1.28 -5.64 -10.90 -8.03 0.11 1.33 6.60 6.06
Czech Republic -0.80 -1.32 4.87 1.82 0.30 8.70 8.07 9.25 -0.79 -1.32 4.96 2.12 -0.82 1.10 1.43 0.60 -0.84 -1.47 4.02 0.31
Hungary -0.95 -0.34 -1.05 -0.80 -2.78 4.56 -1.76 0.49 -0.96 -0.40 -0.54 0.39 -3.87 -2.75 -7.80 -7.46 -1.00 -0.58 -1.48 -1.44
Indonesia 1.01 5.91 7.18 11.80 1.27 6.25 2.18 8.91 0.72 4.79 5.34 8.58 0.13 -1.17 -4.10 0.28 0.66 4.46 4.20 6.42
Malaysia -0.13 2.10 6.69 7.74 1.65 6.56 4.77 8.78 -0.26 1.71 5.82 6.66 0.51 -0.88 -1.66 0.16 -0.32 1.43 4.79 4.68
Mexico -0.17 2.93 9.75 13.47 1.23 4.07 -5.31 4.04 -0.57 1.56 6.23 7.82 0.09 -3.20 -11.12 -4.20 -0.62 1.35 5.22 5.82
Peru -0.33 3.14 7.50 8.50 -0.83 -0.07 0.38 3.88 -0.36 2.96 6.59 7.06 -1.95 -7.06 -5.79 -4.35 -0.42 2.62 5.41 4.93
Philippines 0.87 6.72 8.59 10.90 2.24 11.41 13.42 19.08 0.71 6.38 7.44 9.28 1.09 3.63 6.46 9.65 0.65 6.01 6.22 7.07
Poland -0.33 -0.14 5.48 5.27 1.38 8.99 8.89 13.98 -0.32 -0.12 5.44 5.34 0.24 1.37 2.20 4.95 -0.37 -0.32 4.47 3.44
Romania 1.15 1.85 4.59 5.05 2.16 9.59 10.24 11.46 0.97 1.25 2.91 3.12 1.01 1.93 3.47 2.64 0.90 1.06 1.97 1.26
Russia -0.34 -0.47 6.37 13.06 -0.15 -5.08 -10.80 1.67 -0.66 -1.61 3.64 8.33 -1.27 -11.71 -16.28 -6.38 -0.71 -1.77 2.69 6.35
South Africa 0.85 0.18 1.42 3.69 1.37 4.25 -16.29 -7.07 0.55 -0.82 -0.09 0.55 0.23 -3.04 -21.43 -14.43 0.49 -0.98 -1.10 -1.34
Thailand -1.07 -0.84 1.44 1.16 -0.54 1.61 -2.84 -0.30 -1.12 -0.81 1.31 0.95 -1.66 -5.49 -8.81 -8.20 -1.16 -0.98 0.43 -0.82
Turkey -2.32 -2.63 2.77 21.57 -7.36 -9.75 -16.89 -3.75 -4.67 -6.58 -5.62 7.84 -8.40 -16.06 -22.00 -11.37 -4.69 -6.53 -6.24 6.27
Uruguay 2.63 10.34 17.13 22.90 2.66 12.17 3.07 5.77 - - - - 1.50 4.33 -3.26 -2.61 - - - -
GBI-EM Global / Diversified GBI-EM Global / Diversified GBI-EM Global / Diversified

Turkey -2.32 Turkey -7.36 Turkey -8.40

Brazil -1.26 Brazil -6.30 Brazil -7.36
Thailand -1.07 Hungary -2.78 Hungary -3.87
Hungary -0.95 Chile -2.58 Chile -3.68
Czech Republic -0.80 Peru -0.83 Peru -1.95
China ** -0.50 Thailand -0.54 Thailand -1.66
Russia -0.34 Colombia -0.16 Colombia -1.28
Poland -0.33 Russia -0.15 Russia -1.27
Peru -0.33 Czech Republic 0.30 Czech Republic -0.82
Chile 0.62 Mexico 1.23 Mexico 0.09
Mexico -0.17 Indonesia 1.27 Indonesia 0.13
Malaysia -0.13 China ** 1.31 China ** 0.17
Colombia 0.42 South Africa 1.37 South Africa 0.23
South Africa 0.85 Poland 1.38 Poland 0.24
Philippines 0.87 Malaysia 1.65 Malaysia 0.51
Indonesia 1.01 Dominican Republic Dominican Republic 0.51

1.65
Romania 2.16
Dominican Republic 1.30 Philippines 1.09
Philippines 2.24
Uruguay 2.66
** China (liquid subset of China Broad) was included in GBI-EM Global/Div starting Feb 28, 2020 and will undergo a phased inclusion.
J.P. Morgan offers index replication strategies on a select group of indices. For information, please visit Morgan Markets or contact
Index.Research@jpmorgan.com.
77

GBI-EM Global Instrument Composition Return Yield Mod Con Market cap Return Yield Mod Con Market cap
China China 2.3600% CGB Jul 2023 1.1 2.9 2.7 9.9 16,475 0.65 Poland Poland 2.5000% POLGB Jul 2027 1.0 1.1 6.4 48.5 9,544 0.62
China 3.2900% CGB Oct 2023 1.3 2.8 2.9 11.4 26,373 1.03 Poland 2.7500% POLGB Apr 2028 1.0 1.2 6.9 57.2 9,232 0.60
China 3.1900% CGB Apr 2024 1.3 2.9 3.3 14.7 42,115 1.65 Poland 2.7500% POLGB Oct 2029 0.7 1.3 8.0 77.3 10,111 0.66
China 2.9400% CGB Oct 2024 1.2 2.9 3.7 18.3 33,286 1.31 Romania Romania 4.0000% ROMGB Oct 2021 1.8 2.7 1.1 2.3 2,418 0.16
China 1.9900% CGB Apr 2025 0.8 2.9 4.3 23.0 35,347 1.39 Romania 3.4000% ROMGB Mar 2022 1.8 2.9 1.4 3.5 2,326 0.15
China 3.2200% CGB Dec 2025 1.4 2.9 4.7 27.8 31,308 1.23 Romania 3.5000% ROMGB Dec 2022 1.9 3.1 2.1 6.8 2,671 0.17
China 3.2500% CGB Jun 2026 1.1 3.1 5.2 32.9 41,596 1.63 Romania 5.8500% ROMGB Apr 2023 2.0 3.2 2.4 8.4 2,935 0.19
China 3.1200% CGB Dec 2026 1.3 3.1 5.5 37.6 37,268 1.46 Romania 4.2500% ROMGB Jun 2023 2.0 3.2 2.6 9.6 2,591 0.17
China 2.8500% CGB Jun 2027 1.3 3.1 6.0 44.0 16,786 0.66 Romania 4.4000% ROMGB Sep 2023 2.0 3.2 2.7 10.6 2,646 0.17
China 3.2500% CGB Nov 2028 1.3 3.2 7.1 58.4 27,075 1.06 Romania 3.2500% ROMGB Apr 2024 2.2 3.3 3.4 14.9 3,010 0.20
China 3.2900% CGB May 2029 1.6 3.1 7.5 64.8 41,640 1.63 Romania 4.5000% ROMGB Jun 2024 2.3 3.3 3.4 15.6 2,738 0.18
China 3.1300% CGB Nov 2029 1.6 3.1 7.9 72.0 35,839 1.41 Romania 4.7500% ROMGB Feb 2025 2.3 3.4 3.9 20.2 2,831 0.19
China 2.6800% CGB May 2030 1.3 3.1 8.4 80.9 30,384 1.19 Romania 4.8500% ROMGB Apr 2026 2.5 3.5 4.8 29.9 2,698 0.18
Indonesia Indonesia 7.0000% INDOG May 2022 1.2 4.3 1.6 3.3 7,505 0.49 Romania 5.8000% ROMGB Jul 2027 2.5 3.7 5.7 41.2 3,150 0.21
Indonesia 5.6250% INDOG May 2023 1.7 4.8 2.4 7.5 6,803 0.44 Romania 5.0000% ROMGB Feb 2029 2.4 3.8 6.7 57.6 2,839 0.19
Indonesia 8.7500% INDOI Aug 2023 1.9 5.5 2.6 8.4 1,629 0.11 Romania 3.6500% ROMGB Sep 2031 2.1 4.1 8.6 93.2 2,038 0.13
Indonesia 8.2500% INDOIS Sep 2023 2.0 5.6 2.6 8.6 3,289 0.22 Russia Russia 7.0000% RFLB Dec 2021 0.5 4.4 1.2 2.1 4,950 0.32
Indonesia 8.3750% INDOG Mar 2024 2.2 5.3 3.0 11.2 10,583 0.69 Russia 7.6000% RFLB Jul 2022 0.3 4.5 1.7 4.0 4,221 0.28
Indonesia 8.1250% INDOGB May 2024 2.5 5.2 3.1 12.3 6,882 0.45 Russia 7.4000% RFLB Dec 2022 0.2 4.6 2.1 5.5 5,088 0.33
Indonesia 6.6250% INDOIS Oct 2024 2.7 5.3 3.5 15.2 3,032 0.20 Russia 7.0000% RFLB Jan 2023 0.1 4.7 2.2 6.1 2,146 0.14
Indonesia 6.5000% INDOGB Jun 2025 2.5 5.5 4.0 19.8 10,685 0.70 Russia 7.0000% RFLB Aug 2023 0.3 4.7 2.7 8.8 3,595 0.24
Indonesia 11.0000% IDGB Sep 2025 2.4 5.8 3.8 19.1 2,279 0.15 Russia 6.5000% RFLB Feb 2024 0.4 4.8 3.0 11.5 4,978 0.33
Indonesia 8.3750% IDGB Sep 2026 2.6 5.9 4.6 27.3 9,683 0.63 Russia 7.4000% RFLB Jul 2024 0.0 5.0 3.4 13.8 5,907 0.39
Indonesia 7.0000% INDOG May 2027 1.9 6.3 5.2 33.9 8,497 0.56 Russia 7.1000% RFLB Oct 2024 -0.2 5.0 3.5 15.2 5,208 0.34
Indonesia 6.1250% INDOG May 2028 1.0 6.7 5.9 43.5 7,286 0.48 Russia 7.1500% RFLB Nov 2025 0.0 5.3 4.3 22.6 6,716 0.44
Indonesia 9.0000% INDOG Mar 2029 1.2 6.8 5.9 45.8 7,563 0.49 Russia 7.7500% RFLB Sep 2026 -0.3 5.4 4.7 28.3 5,450 0.36
Indonesia 8.2500% INDOGB May 2029 1.2 6.7 6.2 49.0 8,382 0.55 Russia 7.9500% RFLB Oct 2026 -0.2 5.4 4.8 28.7 5,484 0.36
Indonesia 10.5000% IDGB Aug 2030 1.3 7.0 6.5 56.9 2,021 0.13 Russia 8.1500% RFLB Feb 2027 -0.2 5.5 5.1 31.8 5,421 0.35
Indonesia 7.0000% INDOGB Sep 2030 0.4 6.8 6.9 63.0 11,269 0.74 Russia 6.0000% RFLB Oct 2027 -0.1 5.7 5.6 38.9 5,723 0.37
Indonesia 8.7500% INDOG May 2031 0.4 7.2 7.0 65.1 5,240 0.34 Russia 7.0500% RFLB Jan 2028 -0.2 5.7 5.8 40.9 5,137 0.34
Indonesia 9.5000% INDOG Jul 2031 0.6 7.2 7.0 65.7 2,199 0.14 Russia 6.9000% RFLB May 2029 -0.5 5.9 6.5 53.0 5,124 0.34
Indonesia 8.8750% INDOI Nov 2031 1.3 7.3 7.1 68.8 3,737 0.24 Russia 7.6500% RFLB Apr 2030 -0.2 6.0 6.8 59.5 6,453 0.42
Indonesia 8.2500% INDOG Jun 2032 0.6 7.3 7.5 76.2 3,204 0.21 Russia 8.5000% RFLB Sep 2031 -0.4 6.1 7.3 71.0 4,150 0.27
Indonesia 7.5000% INDOG Aug 2032 0.1 7.3 7.8 81.0 3,346 0.22 Russia 7.7000% RFLB Mar 2033 -0.6 6.2 8.1 88.1 5,485 0.36
Indonesia 6.6250% INDOG May 2033 0.7 7.3 8.2 90.3 5,669 0.37 Russia 7.2500% RFLB May 2034 -1.0 6.3 8.7 102.3 5,242 0.34
Indonesia 8.3750% INDOG Mar 2034 0.7 7.3 8.0 90.2 10,670 0.70 Russia 7.7000% RFLB Mar 2039 -0.6 6.3 10.1 149.6 4,656 0.30
Indonesia 7.5000% INDOGB Jun 2035 -0.2 7.4 8.8 107.0 5,138 0.34 Turkey Turkey 9.5000% TURKG Jan 2022 -6.6 13.2 1.2 2.1 1,392 0.09
Indonesia 8.2500% INDOG May 2036 0.3 7.5 8.8 110.9 6,849 0.45 Turkey 11.0000% TURKG Mar 2022 -6.5 13.2 1.3 2.3 2,347 0.15
Indonesia 7.5000% INDOG May 2038 0.0 7.5 9.5 132.6 4,804 0.31 Turkey 10.7000% TURKG Aug 2022 -6.9 13.4 1.7 3.8 1,991 0.13
Indonesia 8.3750% INDOGB Apr 2039 -0.1 7.6 9.4 134.3 4,370 0.29 Turkey 8.5000% TURKG Sep 2022 -7.6 13.3 1.7 4.0 1,400 0.09
Malaysia Malaysia 3.6200% MGS Nov 2021 2.0 1.7 1.2 2.1 2,479 0.16 Turkey 12.2000% TURKG Jan 2023 -7.2 13.4 2.0 5.1 2,642 0.17
Malaysia 3.7290% MGII Mar 2022 2.1 1.7 1.5 3.1 1,709 0.11 Turkey 7.1000% TURKG Mar 2023 -7.3 13.5 2.1 5.8 2,083 0.14
Malaysia 3.9480% MGII Apr 2022 2.1 1.7 1.5 3.2 2,774 0.18 Turkey 16.2000% TURKG Jun 2023 -7.2 13.4 2.2 6.2 1,589 0.10
Malaysia 3.4800% MGS Mar 2023 2.2 1.8 2.4 7.1 4,927 0.32 Turkey 10.4000% TURKG Mar 2024 -7.7 13.3 2.7 9.8 995 0.07
Malaysia 3.7570% MGS Apr 2023 2.2 1.9 2.5 7.6 2,270 0.15 Turkey 9.0000% TURKG Jul 2024 -8.4 13.3 3.1 12.1 1,824 0.12
Malaysia 3.1510% MGII May 2023 - 1.8 2.6 8.1 2,130 0.14 Turkey 8.0000% TURKG Mar 2025 -8.2 13.4 3.4 15.2 1,721 0.11
Malaysia 3.8000% MGS Aug 2023 2.2 1.9 2.8 9.5 2,536 0.17 Turkey 10.6000% TURKG Feb 2026 -7.8 13.3 3.9 20.0 2,712 0.18
Malaysia 4.0940% MGII Nov 2023 2.3 1.9 3.0 11.0 2,980 0.19 Turkey 11.0000% TURKG Feb 2027 -7.5 13.5 4.1 24.1 2,079 0.14
Malaysia 3.4780% MGS Jun 2024 1.9 2.1 3.5 14.6 1,907 0.12 Turkey 10.5000% TURKG Aug 2027 -7.3 13.5 4.6 28.4 2,226 0.15
Malaysia 4.1810% MGS Jul 2024 1.9 2.1 3.6 15.1 2,868 0.19 Turkey 12.4000% TURKG Mar 2028 -7.9 13.6 4.4 28.6 1,445 0.09
Malaysia 4.0590% MGS Sep 2024 2.0 2.1 3.7 16.4 2,892 0.19 Brazil Brazil 0.0000% BLTN Jan 2022 -5.2 3.0 1.3 2.8 14,409 0.94
Malaysia 3.6550% MGII Oct 2024 2.0 2.0 3.8 16.9 2,716 0.18 Brazil 0.0000% BLTN Jul 2022 -5.4 3.7 1.8 4.6 12,734 0.83
Malaysia 4.1280% MGII Aug 2025 2.0 2.1 4.5 23.6 3,287 0.21 Brazil 10.0000% BNTNF Jan 2023 -5.6 4.2 2.0 6.2 25,835 1.69
Malaysia 3.9550% MGS Sep 2025 2.0 2.1 4.5 24.0 4,695 0.31 Brazil 0.0000% BLTN Jul 2023 -6.1 4.9 2.7 9.5 21,907 1.43
Malaysia 3.7260% MGII Mar 2026 2.0 2.2 5.0 29.0 1,974 0.13 Brazil 0.0000% BLTN Jan 2024 -6.4 5.4 3.2 12.5 19,839 1.30
Malaysia 3.9060% MGS Jul 2026 1.6 2.3 5.2 31.9 2,758 0.18 Brazil 10.0000% BNTNF Jan 2025 -6.9 5.8 3.5 15.9 21,546 1.41
Malaysia 3.9000% MGS Nov 2026 1.4 2.3 5.5 35.5 2,510 0.16 Brazil 10.0000% BNTNF Jan 2027 -7.6 6.7 4.7 28.2 15,911 1.04
Malaysia 3.5020% MYGB May 2027 1.4 2.3 6.0 41.3 3,505 0.23 Brazil 10.0000% BNTNF Jan 2029 -8.0 7.0 5.7 42.4 8,799 0.58
Malaysia 4.2580% MGII Jul 2027 1.6 2.4 6.0 42.1 2,968 0.19 Brazil 10.0000% BNTNF Jan 2031 -8.4 7.3 6.6 57.3 1,702 0.11
Malaysia 3.8990% MGS Nov 2027 1.0 2.4 6.3 45.7 3,857 0.25 Brazil 12.5000% Bond Jan 2022 -4.8 2.3 1.2 2.2 466 0.03
Malaysia 3.7330% MGS Jun 2028 0.7 2.6 6.7 52.7 3,005 0.20 Brazil 8.5000% Bond Jan 2024 -4.5 4.2 2.9 10.5 659 0.04
Malaysia 4.3690% MGII Oct 2028 1.6 2.6 6.9 55.6 3,301 0.22 Brazil 10.2500% Bond Jan 2028 -4.2 6.6 5.3 36.2 1,064 0.07
Malaysia 4.1300% MGII Jul 2029 1.9 2.6 7.5 65.1 3,239 0.21 Chile Chile Nominal 4.0000% BTPCL Mar -2.4 0.4 2.4 7.1 2,584 0.17
Malaysia 3.8850% MGS Aug 2029 1.5 2.6 7.6 67.4 5,433 0.36 Chile Nominal 2.5000% BTPCL Mar -2.4 1.3 4.3 20.8 6,816 0.45
Malaysia 3.4650% MGII Oct 2030 1.6 2.6 8.5 84.1 2,614 0.17 Chile Nominal 4.5000% BTPCL Mar -2.3 1.5 4.9 28.4 5,425 0.35
Malaysia 3.8280% MGS Jul 2034 0.8 3.1 10.8 140.1 4,058 0.27 Chile Nominal 4.7000% BTPCL Sep -2.2 2.4 8.2 79.3 4,762 0.31
Malaysia 4.7620% MGS Apr 2037 0.0 3.4 11.7 173.9 3,563 0.23 Chile Nominal 5.0000% BTPCL Mar -2.3 2.8 10.8 144.0 6,689 0.44
Philippines Philippines Global 3.9000% PHILI Nov 2.0 2.9 2.1 5.6 656 0.04 Chile Nominal 6.0000% BTPCL Jan -3.7 3.0 14.1 263.9 6,229 0.41
Philippines Global 6.2500% PHILI 2.4 3.7 10.5 143.0 1,479 0.10 Colombia Colombia 7.0000% COLTE May 2022 -0.4 2.7 1.6 4.0 9,752 0.64
Thailand Thailand 3.6500% THAIG Dec 2021 0.5 0.5 1.3 2.2 8,417 0.55 Colombia 10.0000% COLTE Jul 2024 -1.6 3.8 3.3 15.0 8,473 0.55
Thailand 1.8750% THAIG Jun 2022 0.4 0.5 1.8 4.0 5,844 0.38 Colombia 6.2500% COLTE Nov 2025 -1.1 4.3 4.3 24.5 6,053 0.40
Thailand 2.0000% THAIG Dec 2022 0.4 0.6 2.2 6.2 6,890 0.45 Colombia 7.5000% COLTE Aug 2026 -0.9 4.6 4.9 30.7 8,809 0.58
Thailand 3.6250% THAIG Jun 2023 0.4 0.6 2.7 8.6 6,950 0.45 Colombia 5.7500% COLTES Nov 2027 0.0 5.0 5.6 40.8 3,097 0.20
Thailand 2.4000% THAIGB Dec 2023 0.4 0.7 3.2 11.8 6,931 0.45 Colombia 6.0000% COLTE Apr 2028 -0.1 5.2 6.0 46.0 8,860 0.58
Thailand 1.4500% THAIGB Dec 2024 0.2 0.8 4.1 19.6 7,711 0.50 Colombia 7.7500% COLTE Sep 2030 1.5 5.7 6.7 63.0 6,544 0.43
Thailand 3.8500% THAIG Dec 2025 -0.1 1.0 4.8 26.8 7,647 0.50 Colombia 7.0000% COLTE Jun 2032 1.5 6.2 8.0 84.9 6,201 0.41
Thailand 2.1250% THAIG Dec 2026 -0.2 1.1 5.9 38.9 7,856 0.51 Colombia 7.2500% COLTES Oct 2034 0.7 6.5 8.4 102.1 5,622 0.37
Thailand 2.8750% THAIGB Dec 2028 -0.4 1.3 7.4 62.4 6,646 0.43 Colombia 4.3750% TES G Mar 2023 0.3 3.8 2.3 7.9 275 0.02
Thailand 4.8750% THGB Jun 2029 -0.9 1.4 7.4 64.2 9,344 0.61 Colombia 9.8500% TES G Jun 2027 1.9 4.9 5.1 35.3 666 0.04
Thailand 1.6000% THAIGB Dec 2029 -1.3 1.4 8.6 81.5 3,621 0.24 Dominican Dominican Republic Global 8.9000% 1.7 9.0 2.2 5.9 687 0.04
Thailand 3.6500% THAIG Jun 2031 -1.5 1.6 9.1 96.0 7,566 0.49 Dominican Republic Global 9.7500% 1.6 9.6 4.2 23.2 890 0.06
Thailand 3.7750% THAIG Jun 2032 -1.0 1.6 9.8 111.8 9,831 0.64 Mexico Mexico 7.2500% MBONO Dec 2021 1.8 4.5 1.2 2.0 10,908 0.71
Thailand 1.6000% THAIGB Jun 2035 -1.4 1.7 13.1 190.6 3,185 0.21 Mexico 6.5000% Bonos Jun 2022 1.8 4.5 1.6 3.6 14,115 0.92
Thailand 3.4000% THAIG Jun 2036 -1.3 1.8 12.5 187.0 7,479 0.49 Mexico 6.7500% MBONO Mar 2023 1.7 4.7 2.2 6.5 8,495 0.56
Thailand 3.3000% THAIGB Jun 2038 -2.7 2.0 13.8 228.2 8,247 0.54 Mexico 8.0000% Dec 2023 1.8 4.8 2.8 10.1 12,785 0.84
Thailand 2.8750% THAIG Jun 2046 -0.7 2.1 18.7 432.2 6,672 0.44 Mexico 8.0000% MBONO Sep 2024 1.6 4.9 3.3 14.1 11,816 0.77
Czech Republic Czech 4.7000% CZGB Sep 2022 1.1 0.1 2.0 5.9 3,875 0.25 Mexico 10.0000% MBONO Dec 2024 1.5 5.0 3.5 15.3 14,435 0.94
Czech 0.4500% CZGB Oct 2023 0.9 0.4 3.1 12.8 4,601 0.30 Mexico 5.7500% MBONO Mar 2026 1.6 5.2 4.6 25.6 9,107 0.60
Czech 5.7000% CZGB May 2024 1.1 0.3 3.4 15.8 4,132 0.27 Mexico 7.5000% Bonos Jun 2027 1.2 5.5 5.3 34.6 15,120 0.99
Czech 2.4000% CZGB Sep 2025 1.0 0.7 4.8 28.3 4,978 0.33 Mexico 8.5000% MBONO May 2029 1.1 5.8 6.3 50.7 15,955 1.04
Czech 1.0000% CZGB Jun 2026 0.6 0.8 5.6 37.7 5,456 0.36 Mexico 7.7500% MBONO May 2031 0.9 6.1 7.4 70.9 7,670 0.50
Czech 0.2500% CZGB Feb 2027 0.1 0.9 6.3 46.5 5,144 0.34 Mexico 7.7500% MBONO Nov 2034 0.6 6.4 8.8 105.7 4,736 0.31
Czech 2.5000% CZGB Aug 2028 0.1 1.0 7.3 63.1 5,530 0.36 Mexico 10.0000% Bonos Nov 2036 0.5 6.6 8.9 115.4 4,416 0.29
Czech 2.7500% CZGB Jul 2029 -0.2 1.0 8.0 75.5 4,814 0.31 Mexico 8.5000% MBONO Nov 2038 0.2 6.7 9.8 139.5 10,127 0.66
Czech 0.9500% CZGB May 2030 -0.5 1.0 9.2 95.9 4,370 0.29 Mexico 7.7500% MBONO Nov 2042 0.4 6.9 10.9 179.4 9,898 0.65
Czech 1.2000% CZGB Mar 2031 -0.4 1.1 9.8 109.6 2,866 0.19 Mexico 8.0000% MBONO Nov 2047 0.4 7.0 11.6 217.0 8,546 0.56
Czech 2.0000% CZGB Oct 2033 -1.0 1.2 11.4 153.4 5,383 0.35 Peru Peru 5.7000% PERUG Aug 2024 -0.3 1.2 3.6 15.4 2,233 0.15
Hungary Hungary 2.5000% HGB Oct 2021 -1.9 0.5 1.1 2.4 1,795 0.12 Peru 8.2% 20 Y Aug 2026 -0.1 2.2 4.9 29.4 4,709 0.31
Hungary 7.0000% HGB Jun 2022 -1.8 0.5 1.7 4.8 2,572 0.17 Peru 6.3500% PERUG Aug 2028 -0.5 3.2 6.4 49.7 5,002 0.33
Hungary 1.7500% HGB Oct 2022 -2.0 0.8 2.1 6.5 3,640 0.24 Peru 5.9400% PERUGB Feb 2029 -0.7 3.3 6.8 55.6 4,812 0.31
Hungary 1.5000% HGB Aug 2023 - 1.1 2.9 11.3 1,937 0.13 Peru 6.9500% Aug 2031 -0.6 4.0 8.0 80.9 5,146 0.34
Hungary 6.0000% HGB Nov 2023 -2.3 1.2 2.9 11.8 4,110 0.27 Peru 6.1500% PERUG Aug 2032 -0.8 4.2 8.7 95.2 4,544 0.30
Hungary 3.0000% HGB Jun 2024 -2.5 1.3 3.6 16.9 3,317 0.22 Peru 5.4000% PERUGB Aug 2034 -1.0 4.6 9.9 123.9 3,075 0.20
Hungary 2.5000% HGB Oct 2024 -2.5 1.3 3.9 19.4 4,096 0.27 Peru 6.9% 30Y Aug 2037 -1.8 5.0 10.6 151.4 5,059 0.33
Hungary 5.5000% HGB Jun 2025 -2.8 1.4 4.3 23.8 4,848 0.32 Peru 5.3500% PERUGB Aug 2040 -2.0 5.2 12.2 203.2 2,381 0.16
Hungary 2.7500% HGB Dec 2026 -3.3 1.7 5.7 39.9 3,698 0.24 Uruguay Uruguay Global 9.8750% URUGUA Jun 1.5 8.1 1.6 3.4 870 0.06
Hungary 3.0000% HGB Oct 2027 -3.4 1.9 6.3 48.9 4,581 0.30 Uruguay Global 8.5000% URUGU Mar 4.0 8.1 5.3 37.0 787 0.05
Hungary 6.7500% HGB Oct 2028 -3.1 2.0 6.4 53.3 3,081 0.20 South Africa South Africa 7.7500% SAGB Feb 2023 1.1 4.6 2.3 6.4 8,294 0.54
Hungary 3.0000% HGB Aug 2030 -3.7 2.3 8.6 88.3 4,022 0.26 ZA 10.50% RSA Dec 2026 1.7 7.4 4.6 27.6 21,315 1.39
Hungary 3.2500% HGB Oct 2031 -3.5 2.3 9.2 103.1 1,781 0.12 South Africa 8.0000% SAGB Jan 2030 1.0 9.3 6.3 52.6 13,263 0.87
Poland Poland 5.7500% POLGB Oct 2021 1.8 0.0 1.1 2.3 4,920 0.32 South Africa 7.000% SAGB Feb 2031 0.9 9.7 6.9 63.3 5,378 0.35
Poland 2.2500% POLGB Apr 2022 1.7 0.1 1.6 4.3 11,254 0.74 South Africa 8.2500% SAGB Mar 2032 1.2 10.2 6.7 65.1 8,452 0.55
Poland 5.7500% T-Bon Sep 2022 1.6 0.1 1.9 5.8 7,185 0.47 South Africa 8.8750% SAGB Feb 2035 1.3 10.9 7.5 83.6 7,752 0.51
Poland 2.5000% POLGB Jan 2023 1.6 0.1 2.3 7.8 9,545 0.62 South Africa 6.2500% RSA Mar 2036 0.9 10.8 8.1 98.6 4,114 0.27
Poland 4.0000% POLGB Oct 2023 1.7 0.3 2.9 11.9 8,399 0.55 South Africa 8.5000% SAGB Jan 2037 1.2 11.1 7.8 94.2 7,954 0.52
Poland 2.5000% POLGB Apr 2024 1.5 0.4 3.5 16.0 9,475 0.62 South Africa 9.0000% SAGB Jan 2040 1.8 11.3 8.0 105.7 5,298 0.35
Poland 2.2500% POLGB Oct 2024 1.5 0.5 3.9 19.8 8,171 0.53 South Africa 6.5000% SAGB Feb 2041 1.2 11.0 8.9 127.0 3,497 0.23
Poland 3.2500% POLGB Jul 2025 1.5 0.7 4.6 26.2 8,716 0.57 South Africa 8.7500% SAGB Jan 2044 1.9 11.4 8.3 120.5 7,240 0.47
Poland 2.5000% POLGB Jul 2026 1.3 0.9 5.5 36.9 12,491 0.82 South Africa 8.7500% SAGB Feb 2048 1.7 11.6 8.3 127.6 12,550 0.82
78

GBI-EM / GBI-EM Diversified

GBI-EM* -0.39 0.56 5.07 8.31 -0.36 2.91 -7.49 -0.43 -0.63 -0.15 3.28 5.35 -1.48 -4.28 -13.17 -8.31 -0.69 -0.36 2.30 3.41
By region
Asia -0.38 -0.55 3.57 4.64 1.42 3.75 2.03 5.99 -0.58 -1.04 2.71 3.56 0.28 -3.50 -4.24 -2.40 -0.63 -1.22 1.82 1.76
Europe -0.51 -0.47 4.63 8.09 -0.34 2.66 -0.65 6.68 -0.81 -1.19 2.97 5.57 -1.46 -4.51 -6.76 -1.77 -0.86 -1.35 2.04 3.70
Latin America -0.64 2.43 8.04 11.76 -2.27 2.17 -12.52 -5.93 -0.83 1.68 5.74 7.98 -3.37 -4.97 -17.89 -13.38 -0.89 1.38 4.65 5.88
Middle East/Africa 0.85 0.18 1.42 3.69 1.37 4.25 -16.29 -7.07 0.55 -0.82 -0.09 0.55 0.23 -3.04 -21.43 -14.43 0.49 -0.98 -1.10 -1.34
GBI-EM Diversified* -0.37 0.67 5.14 8.23 -0.48 3.28 -4.03 2.49 -0.63 -0.05 3.36 5.33 -1.60 -3.94 -9.92 -5.63 -0.69 -0.28 2.37 3.38
By region
Asia Diversified -0.23 1.08 5.39 6.50 1.55 5.49 3.78 7.82 -0.39 0.65 4.51 5.38 0.41 -1.88 -2.59 -0.71 -0.45 0.40 3.52 3.47
Europe Diversified -0.56 -0.50 4.23 7.95 -0.65 3.13 -0.10 6.67 -0.91 -1.28 2.42 5.27 -1.77 -4.08 -6.23 -1.77 -0.96 -1.43 1.52 3.42
Latin Diversified -0.55 2.65 7.85 10.85 -2.02 1.96 -9.58 -3.84 -0.72 2.01 5.66 6.94 -3.12 -5.17 -15.13 -11.45 -0.79 1.60 4.51 4.78
MidEast/Africa Div 0.85 0.18 1.42 3.69 1.37 4.25 -16.29 -7.07 0.55 -0.82 -0.09 0.55 0.23 -3.04 -21.43 -14.43 0.49 -0.98 -1.10 -1.34
By country
Brazil -1.26 1.49 6.32 10.63 -6.30 0.48 -22.04 -16.67 -1.30 1.23 5.05 8.62 -7.36 -6.54 -26.83 -23.26 -1.34 0.99 4.03 6.59
China ** -0.50 -2.10 1.87 2.91 1.31 2.05 3.51 7.28 -0.72 -2.63 1.14 1.92 0.17 -5.08 -2.84 -1.22 -0.77 -2.76 0.33 0.28
Colombia (Global TES) 2.02 6.94 10.02 11.21 1.43 5.88 -3.73 1.58 1.75 6.02 9.03 9.62 0.29 -1.52 -9.64 -6.47 1.68 5.74 7.88 7.51
Czech Republic -0.80 -1.32 4.87 1.82 0.30 8.70 8.07 9.25 -0.79 -1.32 4.96 2.12 -0.82 1.10 1.43 0.60 -0.84 -1.47 4.02 0.31
Hungary -0.95 -0.34 -1.05 -0.80 -2.78 4.56 -1.76 0.49 -0.96 -0.40 -0.54 0.39 -3.87 -2.75 -7.80 -7.46 -1.00 -0.58 -1.48 -1.44
Malaysia -0.13 2.10 6.69 7.74 1.65 6.56 4.77 8.78 -0.26 1.71 5.82 6.66 0.51 -0.88 -1.66 0.16 -0.32 1.43 4.79 4.68
Mexico -0.17 2.93 9.75 13.47 1.23 4.07 -5.31 4.04 -0.57 1.56 6.23 7.82 0.09 -3.20 -11.12 -4.20 -0.62 1.35 5.22 5.82
Peru -0.33 3.14 7.50 8.50 -0.83 -0.07 0.38 3.88 -0.36 2.96 6.59 7.06 -1.95 -7.06 -5.79 -4.35 -0.42 2.62 5.41 4.93
Philippines 0.87 6.72 8.59 10.90 2.24 11.41 13.42 19.08 0.71 6.38 7.44 9.28 1.09 3.63 6.46 9.65 0.65 6.01 6.22 7.07
Poland -0.33 -0.14 5.48 5.27 1.38 8.99 8.89 13.98 -0.32 -0.12 5.44 5.34 0.24 1.37 2.20 4.95 -0.37 -0.32 4.47 3.44
Romania 1.15 1.85 4.59 5.05 2.16 9.59 10.24 11.46 0.97 1.25 2.91 3.12 1.01 1.93 3.47 2.64 0.90 1.06 1.97 1.26
Russia -0.34 -0.47 6.37 13.06 -0.15 -5.08 -10.80 1.67 -0.66 -1.61 3.64 8.33 -1.27 -11.71 -16.28 -6.38 -0.71 -1.77 2.69 6.35
South Africa 0.85 0.18 1.42 3.69 1.37 4.25 -16.29 -7.07 0.55 -0.82 -0.09 0.55 0.23 -3.04 -21.43 -14.43 0.49 -0.98 -1.10 -1.34
Turkey -2.32 -2.63 2.77 21.57 -7.36 -9.75 -16.89 -3.75 -4.67 -6.58 -5.62 7.84 -8.40 -16.06 -22.00 -11.37 -4.69 -6.53 -6.24 6.27
Uruguay 2.63 10.34 17.13 22.90 2.66 12.17 3.07 5.77 - - - - 1.50 4.33 -3.26 -2.61 - - - -
GBI-EM / Diversified GBI-EM / Diversified GBI-EM / Diversified

Turkey -2.32 Turkey -7.36 Turkey -8.40
Brazil -1.26 Brazil -6.30 Brazil -7.36
Hungary -0.95 Hungary -2.78 Hungary -3.87
Czech Republic -0.80 Peru -0.83 Peru -1.95
China ** -0.50 Russia -0.15 Russia -1.27
Russia -0.34 Czech Republic 0.30 Czech Republic -0.82
Poland -0.33 Mexico 1.23 Mexico 0.09
Peru -0.33 China ** 1.31 China ** 0.17
Mexico -0.17 South Africa 1.37 South Africa 0.23
Malaysia -0.13 Poland 1.38 Poland 0.24
South Africa 0.85 Colombia (Global TES) 1.43 Colombia (Global TES) 0.29
Philippines 0.87 Malaysia 1.65 Malaysia 0.51
Romania 1.15 Dominican Republic 1.65 Dominican Republic 0.51

Dominican Republic 1.30
Colombia (Global TES) 2.02
Uruguay 2.63
** China (liquid subset of China Broad) was included in GBI-EM/Div starting Feb 28, 2020 and will undergo a phased inclusion.
79

GBI-EM Instrument Composition Return Yield Mod Con Market cap Return Yield Mod Con Market cap
China China 2.3600% CGB Jul 2023 1.1 2.9 2.7 9.9 16,475 0.86 Romania Romania 5.8000% ROMGB Jul 2.5 3.7 5.7 41.2 3,150 0.27
China 3.2900% CGB Oct 2023 1.3 2.8 2.9 11.4 26,373 1.38 Romania 5.0000% ROMGB Feb 2.4 3.8 6.7 57.6 2,839 0.25
China 3.1900% CGB Apr 2024 1.3 2.9 3.3 14.7 42,115 2.20 Romania 3.6500% ROMGB Sep 2.1 4.1 8.6 93.2 2,038 0.18
China 2.9400% CGB Oct 2024 1.2 2.9 3.7 18.3 33,286 1.74 Russia Russia 7.0000% RFLB Dec 2021 0.5 4.4 1.2 2.1 4,950 0.43
China 1.9900% CGB Apr 2025 0.8 2.9 4.3 23.0 35,347 1.84 Russia 7.6000% RFLB Jul 2022 0.3 4.5 1.7 4.0 4,221 0.37
China 3.2200% CGB Dec 2025 1.4 2.9 4.7 27.8 31,308 1.63 Russia 7.4000% RFLB Dec 2022 0.2 4.6 2.1 5.5 5,088 0.44
China 3.2500% CGB Jun 2026 1.1 3.1 5.2 32.9 41,596 2.17 Russia 7.0000% RFLB Jan 2023 0.1 4.7 2.2 6.1 2,146 0.19
China 3.1200% CGB Dec 2026 1.3 3.1 5.5 37.6 37,268 1.94 Russia 7.0000% RFLB Aug 2023 0.3 4.7 2.7 8.8 3,595 0.31
China 2.8500% CGB Jun 2027 1.3 3.1 6.0 44.0 16,786 0.88 Russia 6.5000% RFLB Feb 2024 0.4 4.8 3.0 11.5 4,978 0.43
China 3.2500% CGB Nov 2028 1.3 3.2 7.1 58.4 27,075 1.41 Russia 7.4000% RFLB Jul 2024 0.0 5.0 3.4 13.8 5,907 0.51
China 3.2900% CGB May 2029 1.6 3.1 7.5 64.8 41,640 2.17 Russia 7.1000% RFLB Oct 2024 -0.2 5.0 3.5 15.2 5,208 0.45
China 3.1300% CGB Nov 2029 1.6 3.1 7.9 72.0 35,839 1.87 Russia 7.1500% RFLB Nov 2025 0.0 5.3 4.3 22.6 6,716 0.58
China 2.6800% CGB May 2030 1.3 3.1 8.4 80.9 30,384 1.59 Russia 7.7500% RFLB Sep 2026 -0.3 5.4 4.7 28.3 5,450 0.47
Malaysia Malaysia 3.6200% MGS Nov 2021 2.0 1.7 1.2 2.1 2,479 0.22 Russia 7.9500% RFLB Oct 2026 -0.2 5.4 4.8 28.7 5,484 0.48
Malaysia 3.7290% MGII Mar 2022 2.1 1.7 1.5 3.1 1,709 0.15 Russia 8.1500% RFLB Feb 2027 -0.2 5.5 5.1 31.8 5,421 0.47
Malaysia 3.9480% MGII Apr 2022 2.1 1.7 1.5 3.2 2,774 0.24 Russia 6.0000% RFLB Oct 2027 -0.1 5.7 5.6 38.9 5,723 0.50
Malaysia 3.4800% MGS Mar 2023 2.2 1.8 2.4 7.1 4,927 0.43 Russia 7.0500% RFLB Jan 2028 -0.2 5.7 5.8 40.9 5,137 0.45
Malaysia 3.7570% MGS Apr 2023 2.2 1.9 2.5 7.6 2,270 0.20 Russia 6.9000% RFLB May 2029 -0.5 5.9 6.5 53.0 5,124 0.45
Malaysia 3.1510% MGII May 2023 - 1.8 2.6 8.1 2,130 0.19 Russia 7.6500% RFLB Apr 2030 -0.2 6.0 6.8 59.5 6,453 0.56
Malaysia 3.8000% MGS Aug 2023 2.2 1.9 2.8 9.5 2,536 0.22 Russia 8.5000% RFLB Sep 2031 -0.4 6.1 7.3 71.0 4,150 0.36
Malaysia 4.0940% MGII Nov 2023 2.3 1.9 3.0 11.0 2,980 0.26 Russia 7.7000% RFLB Mar 2033 -0.6 6.2 8.1 88.1 5,485 0.48
Malaysia 3.4780% MGS Jun 2024 1.9 2.1 3.5 14.6 1,907 0.17 Russia 7.2500% RFLB May 2034 -1.0 6.3 8.7 102.3 5,242 0.46
Malaysia 4.1810% MGS Jul 2024 1.9 2.1 3.6 15.1 2,868 0.25 Russia 7.7000% RFLB Mar 2039 -0.6 6.3 10.1 149.6 4,656 0.40
Malaysia 4.0590% MGS Sep 2024 2.0 2.1 3.7 16.4 2,892 0.25 Turkey Turkey 9.5000% TURKG Jan 2022 -6.6 13.2 1.2 2.1 1,392 0.12
Malaysia 3.6550% MGII Oct 2024 2.0 2.0 3.8 16.9 2,716 0.24 Turkey 11.0000% TURKG Mar 2022 -6.5 13.2 1.3 2.3 2,347 0.20
Malaysia 4.1280% MGII Aug 2025 2.0 2.1 4.5 23.6 3,287 0.29 Turkey 10.7000% TURKG Aug 2022 -6.9 13.4 1.7 3.8 1,991 0.17
Malaysia 3.9550% MGS Sep 2025 2.0 2.1 4.5 24.0 4,695 0.41 Turkey 8.5000% TURKG Sep 2022 -7.6 13.3 1.7 4.0 1,400 0.12
Malaysia 3.7260% MGII Mar 2026 2.0 2.2 5.0 29.0 1,974 0.17 Turkey 12.2000% TURKG Jan 2023 -7.2 13.4 2.0 5.1 2,642 0.23
Malaysia 3.9060% MGS Jul 2026 1.6 2.3 5.2 31.9 2,758 0.24 Turkey 7.1000% TURKG Mar 2023 -7.3 13.5 2.1 5.8 2,083 0.18
Malaysia 3.9000% MGS Nov 2026 1.4 2.3 5.5 35.5 2,510 0.22 Turkey 16.2000% TURKG Jun 2023 -7.2 13.4 2.2 6.2 1,589 0.14
Malaysia 3.5020% MYGB May 2027 1.4 2.3 6.0 41.3 3,505 0.30 Turkey 10.4000% TURKG Mar 2024 -7.7 13.3 2.7 9.8 995 0.09
Malaysia 4.2580% MGII Jul 2027 1.6 2.4 6.0 42.1 2,968 0.26 Turkey 9.0000% TURKG Jul 2024 -8.4 13.3 3.1 12.1 1,824 0.16
Malaysia 3.8990% MGS Nov 2027 1.0 2.4 6.3 45.7 3,857 0.34 Turkey 8.0000% TURKG Mar 2025 -8.2 13.4 3.4 15.2 1,721 0.15
Malaysia 3.7330% MGS Jun 2028 0.7 2.6 6.7 52.7 3,005 0.26 Turkey 10.6000% TURKG Feb 2026 -7.8 13.3 3.9 20.0 2,712 0.24
Malaysia 4.3690% MGII Oct 2028 1.6 2.6 6.9 55.6 3,301 0.29 Turkey 11.0000% TURKG Feb 2027 -7.5 13.5 4.1 24.1 2,079 0.18
Malaysia 4.1300% MGII Jul 2029 1.9 2.6 7.5 65.1 3,239 0.28 Turkey 10.5000% TURKG Aug 2027 -7.3 13.5 4.6 28.4 2,226 0.19
Malaysia 3.8850% MGS Aug 2029 1.5 2.6 7.6 67.4 5,433 0.47 Turkey 12.4000% TURKG Mar 2028 -7.9 13.6 4.4 28.6 1,445 0.13
Malaysia 3.4650% MGII Oct 2030 1.6 2.6 8.5 84.1 2,614 0.23 Brazil Brazil 0.0000% BLTN Jan 2022 -5.2 3.0 1.3 2.8 14,409 1.25
Malaysia 3.8280% MGS Jul 2034 0.8 3.1 10.8 140.1 4,058 0.35 Brazil 0.0000% BLTN Jul 2022 -5.4 3.7 1.8 4.6 12,734 1.11
Malaysia 4.7620% MGS Apr 2037 0.0 3.4 11.7 173.9 3,563 0.31 Brazil 10.0000% BNTNF Jan 2023 -5.6 4.2 2.0 6.2 25,835 2.25
Philippines Philippines Global 3.9000% PHILI Nov 2.0 2.9 2.1 5.6 656 0.06 Brazil 0.0000% BLTN Jul 2023 -6.1 4.9 2.7 9.5 21,907 1.91
Philippines Global 6.2500% PHILI 2.4 3.7 10.5 143.0 1,479 0.13 Brazil 0.0000% BLTN Jan 2024 -6.4 5.4 3.2 12.5 19,839 1.73
Czech Republic Czech 4.7000% CZGB Sep 2022 1.1 0.1 2.0 5.9 3,875 0.34 Brazil 10.0000% BNTNF Jan 2025 -6.9 5.8 3.5 15.9 21,546 1.87
Czech 0.4500% CZGB Oct 2023 0.9 0.4 3.1 12.8 4,601 0.40 Brazil 10.0000% BNTNF Jan 2027 -7.6 6.7 4.7 28.2 15,911 1.38
Czech 5.7000% CZGB May 2024 1.1 0.3 3.4 15.8 4,132 0.36 Brazil 10.0000% BNTNF Jan 2029 -8.0 7.0 5.7 42.4 8,799 0.77
Czech 2.4000% CZGB Sep 2025 1.0 0.7 4.8 28.3 4,978 0.43 Brazil 10.0000% BNTNF Jan 2031 -8.4 7.3 6.6 57.3 1,702 0.15
Czech 1.0000% CZGB Jun 2026 0.6 0.8 5.6 37.7 5,456 0.47 Brazil 12.5000% Bond Jan 2022 -4.8 2.3 1.2 2.2 466 0.04
Czech 0.2500% CZGB Feb 2027 0.1 0.9 6.3 46.5 5,144 0.45 Brazil 8.5000% Bond Jan 2024 -4.5 4.2 2.9 10.5 659 0.06
Czech 2.5000% CZGB Aug 2028 0.1 1.0 7.3 63.1 5,530 0.48 Brazil 10.2500% Bond Jan 2028 -4.2 6.6 5.3 36.2 1,064 0.09
Czech 2.7500% CZGB Jul 2029 -0.2 1.0 8.0 75.5 4,814 0.42 Colombia Colombia 4.3750% TES G Mar 2023 0.3 3.8 2.3 7.9 275 0.02
Czech 0.9500% CZGB May 2030 -0.5 1.0 9.2 95.9 4,370 0.38 Colombia 9.8500% TES G Jun 2027 1.9 4.9 5.1 35.3 666 0.06
Czech 1.2000% CZGB Mar 2031 -0.4 1.1 9.8 109.6 2,866 0.25 Dominican Dominican Republic Global 8.9000% 1.7 9.0 2.2 5.9 687 0.06
Czech 2.0000% CZGB Oct 2033 -1.0 1.2 11.4 153.4 5,383 0.47 Dominican Republic Global 9.7500% 1.6 9.6 4.2 23.2 890 0.08
Hungary Hungary 2.5000% HGB Oct 2021 -1.9 0.5 1.1 2.4 1,795 0.16 Mexico Mexico 7.2500% MBONO Dec 2021 1.8 4.5 1.2 2.0 10,908 0.95
Hungary 7.0000% HGB Jun 2022 -1.8 0.5 1.7 4.8 2,572 0.22 Mexico 6.5000% Bonos Jun 2022 1.8 4.5 1.6 3.6 14,115 1.23
Hungary 1.7500% HGB Oct 2022 -2.0 0.8 2.1 6.5 3,640 0.32 Mexico 6.7500% MBONO Mar 2023 1.7 4.7 2.2 6.5 8,495 0.74
Hungary 1.5000% HGB Aug 2023 - 1.1 2.9 11.3 1,937 0.17 Mexico 8.0000% Dec 2023 1.8 4.8 2.8 10.1 12,785 1.11
Hungary 6.0000% HGB Nov 2023 -2.3 1.2 2.9 11.8 4,110 0.36 Mexico 8.0000% MBONO Sep 2024 1.6 4.9 3.3 14.1 11,816 1.03
Hungary 3.0000% HGB Jun 2024 -2.5 1.3 3.6 16.9 3,317 0.29 Mexico 10.0000% MBONO Dec 1.5 5.0 3.5 15.3 14,435 1.26
Hungary 2.5000% HGB Oct 2024 -2.5 1.3 3.9 19.4 4,096 0.36 Mexico 5.7500% MBONO Mar 2026 1.6 5.2 4.6 25.6 9,107 0.79
Hungary 5.5000% HGB Jun 2025 -2.8 1.4 4.3 23.8 4,848 0.42 Mexico 7.5000% Bonos Jun 2027 1.2 5.5 5.3 34.6 15,120 1.32
Hungary 2.7500% HGB Dec 2026 -3.3 1.7 5.7 39.9 3,698 0.32 Mexico 8.5000% MBONO May 2029 1.1 5.8 6.3 50.7 15,955 1.39
Hungary 3.0000% HGB Oct 2027 -3.4 1.9 6.3 48.9 4,581 0.40 Mexico 7.7500% MBONO May 2031 0.9 6.1 7.4 70.9 7,670 0.67
Hungary 6.7500% HGB Oct 2028 -3.1 2.0 6.4 53.3 3,081 0.27 Mexico 7.7500% MBONO Nov 2034 0.6 6.4 8.8 105.7 4,736 0.41
Hungary 3.0000% HGB Aug 2030 -3.7 2.3 8.6 88.3 4,022 0.35 Mexico 10.0000% Bonos Nov 2036 0.5 6.6 8.9 115.4 4,416 0.38
Hungary 3.2500% HGB Oct 2031 -3.5 2.3 9.2 103.1 1,781 0.15 Mexico 8.5000% MBONO Nov 2038 0.2 6.7 9.8 139.5 10,127 0.88
Poland Poland 5.7500% POLGB Oct 2021 1.8 0.0 1.1 2.3 4,920 0.43 Mexico 7.7500% MBONO Nov 2042 0.4 6.9 10.9 179.4 9,898 0.86
Poland 2.2500% POLGB Apr 2022 1.7 0.1 1.6 4.3 11,254 0.98 Mexico 8.0000% MBONO Nov 2047 0.4 7.0 11.6 217.0 8,546 0.74
Poland 5.7500% T-Bon Sep 2022 1.6 0.1 1.9 5.8 7,185 0.62 Peru Peru 5.7000% PERUG Aug 2024 -0.3 1.2 3.6 15.4 2,233 0.19
Poland 2.5000% POLGB Jan 2023 1.6 0.1 2.3 7.8 9,545 0.83 Peru 8.2% 20 Y Aug 2026 -0.1 2.2 4.9 29.4 4,709 0.41
Poland 4.0000% POLGB Oct 2023 1.7 0.3 2.9 11.9 8,399 0.73 Peru 6.3500% PERUG Aug 2028 -0.5 3.2 6.4 49.7 5,002 0.44
Poland 2.5000% POLGB Apr 2024 1.5 0.4 3.5 16.0 9,475 0.82 Peru 5.9400% PERUGB Feb 2029 -0.7 3.3 6.8 55.6 4,812 0.42
Poland 2.2500% POLGB Oct 2024 1.5 0.5 3.9 19.8 8,171 0.71 Peru 6.9500% Aug 2031 -0.6 4.0 8.0 80.9 5,146 0.45
Poland 3.2500% POLGB Jul 2025 1.5 0.7 4.6 26.2 8,716 0.76 Peru 6.1500% PERUG Aug 2032 -0.8 4.2 8.7 95.2 4,544 0.40
Poland 2.5000% POLGB Jul 2026 1.3 0.9 5.5 36.9 12,491 1.09 Peru 5.4000% PERUGB Aug 2034 -1.0 4.6 9.9 123.9 3,075 0.27
Poland 2.5000% POLGB Jul 2027 1.0 1.1 6.4 48.5 9,544 0.83 Peru 6.9% 30Y Aug 2037 -1.8 5.0 10.6 151.4 5,059 0.44
Poland 2.7500% POLGB Apr 2028 1.0 1.2 6.9 57.2 9,232 0.80 Peru 5.3500% PERUGB Aug 2040 -2.0 5.2 12.2 203.2 2,381 0.21
Poland 2.7500% POLGB Oct 2029 0.7 1.3 8.0 77.3 10,111 0.88 Uruguay Uruguay Global 9.8750% URUGUA 1.5 8.1 1.6 3.4 870 0.08
Romania Romania 4.0000% ROMGB Oct 2021 1.8 2.7 1.1 2.3 2,418 0.21 Uruguay Global 8.5000% URUGU 4.0 8.1 5.3 37.0 787 0.07
Romania 3.4000% ROMGB Mar 2022 1.8 2.9 1.4 3.5 2,326 0.20 South Africa South Africa 7.7500% SAGB Feb 1.1 4.6 2.3 6.4 8,294 0.72
Romania 3.5000% ROMGB Dec 2022 1.9 3.1 2.1 6.8 2,671 0.23 ZA 10.50% RSA Dec 2026 1.7 7.4 4.6 27.6 21,315 1.85
Romania 5.8500% ROMGB Apr 2023 2.0 3.2 2.4 8.4 2,935 0.26 South Africa 8.0000% SAGB Jan 1.0 9.3 6.3 52.6 13,263 1.15
Romania 4.2500% ROMGB Jun 2023 2.0 3.2 2.6 9.6 2,591 0.23 South Africa 7.000% SAGB Feb 2031 0.9 9.7 6.9 63.3 5,378 0.47
Romania 4.4000% ROMGB Sep 2023 2.0 3.2 2.7 10.6 2,646 0.23 South Africa 8.2500% SAGB Mar 1.2 10.2 6.7 65.1 8,452 0.74
Romania 3.2500% ROMGB Apr 2024 2.2 3.3 3.4 14.9 3,010 0.26 South Africa 8.8750% SAGB Feb 1.3 10.9 7.5 83.6 7,752 0.67
Romania 4.5000% ROMGB Jun 2024 2.3 3.3 3.4 15.6 2,738 0.24 South Africa 6.2500% RSA Mar 0.9 10.8 8.1 98.6 4,114 0.36
Romania 4.7500% ROMGB Feb 2025 2.3 3.4 3.9 20.2 2,831 0.25 South Africa 8.5000% SAGB Jan 1.2 11.1 7.8 94.2 7,954 0.69
Romania 4.8500% ROMGB Apr 2026 2.5 3.5 4.8 29.9 2,698 0.23 South Africa 9.0000% SAGB Jan 1.8 11.3 8.0 105.7 5,298 0.46
South Africa 6.5000% SAGB Feb 1.2 11.0 8.9 127.0 3,497 0.30
South Africa 8.7500% SAGB Jan 1.9 11.4 8.3 120.5 7,240 0.63
South Africa 8.7500% SAGB Feb 1.7 11.6 8.3 127.6 12,550 1.09
80

Index Composition and Statistics

GBI-EM GBI-EM GBI-EM GBI-EM
Par Val Mkt Val Par Val Mkt Val Broad Broad Global Global GBI-EM GBI-EM
August 31, 2020 (Local bn) (Local bn) FX Rate (USD bn) (USD bn) wgt (%) DIV wgt (%) wgt (%) DIV wgt (%) wgt (%) Div wgt (%) Yield Mod Dur Convexity Maturity No. issues
GBI-EM Broad* 2,804 2,957 100% 4.44 5.49 57.34 7.66 323
GBI-EM Broad Diversified* 1,463 1,566 100% 4.76 5.44 52.41 7.66 323
GBI-EM Global* 1,436 1,529 100% 4.47 5.34 47.60 7.24 238
GBI-EM Global Diversified* 1,067 1,146 100% 4.45 5.36 48.81 7.32 238
GBI-EM* 1,096 1,150 100% 4.59 5.02 41.51 6.81 179
GBI-EM Diversified* 554 586 100% 4.54 5.07 42.93 6.91 179
By region
Asia 1,948 2,045 69.15% 42.58% 40.40% 31.86% 29.08% 16.36% 4.15 5.71 63.26 7.87 168
Europe 338 366 12.38% 23.39% 23.94% 30.40% 31.84% 46.62% 3.18 4.66 34.65 5.57 83
Latin America 401 441 14.92% 27.32% 28.78% 30.52% 29.93% 27.02% 5.15 4.92 45.37 7.02 60
Middle East/Africa 118 105 3.55% 6.71% 6.87% 7.22% 9.14% 10.00% 10.11 6.54 71.46 13.60 12
*Regional Stats above for GBI-EM Broad
By country
Argentina 223.22 135.57 120.18 1.86 1.13 0.04% 0.07% 45.14 1.44 4.18 3.20 3
Brazil 779.11 794.75 5.49 142.02 144.87 4.90% 8.77% 9.47% 8.82% 12.60% 10.00% 5.52 3.00 13.97 3.56 12
Chile 20,918.33 25,210.56 775.57 26.97 32.51 1.10% 2.08% 2.13% 2.84% 2.46 8.03 101.50 10.79 6
China Broad 7,979.03 8,150.98 6.85 1,164.01 1,189.09 40.21% 10.00% 3.25 5.33 62.25 6.94 58
China 2,812.71 2,848.12 6.85 410.33 415.49 16.30% 6.00% 21.68% 6.00% 3.06 5.36 39.00 6.12 13
Colombia 212,834.09 241,322.22 3,749.98 56.76 64.35 2.18% 4.11% 4.21% 5.61% 5.21 5.08 41.30 6.96 11
Colombia (Global TES) 2,924.52 3,531.05 3,749.97 0.78 0.94 0.08% 0.16% 4.74 4.33 27.29 5.57 2
Czech Republic 1,054.75 1,123.81 21.97 48.01 51.15 1.73% 3.27% 3.35% 4.46% 4.45% 8.73% 0.91 6.49 58.75 6.99 11
Dominican Republic 90.52 92.03 58.37 1.55 1.58 0.05% 0.10% 0.10% 0.14% 0.14% 0.27% 9.46 3.33 15.66 4.32 2
Hungary 11,569.27 12,902.50 296.76 38.99 43.48 1.47% 2.78% 2.84% 3.79% 3.78% 7.42% 1.71 4.62 33.05 5.23 13
India 33,036.47 35,871.31 73.61 448.82 487.33 16.48% 10.00% 6.26 6.31 66.67 9.97 37
Indonesia 2,176,104.39 2,368,094.26 14,562.50 149.43 162.62 5.50% 9.42% 10.63% 9.59% 6.75 5.71 51.29 8.56 27
Malaysia 316.81 345.56 4.17 76.06 82.96 2.81% 5.30% 5.43% 7.24% 7.22% 10.00% 2.49 5.30 42.29 6.23 27
Mexico 3,052.14 3,460.81 21.89 139.46 158.13 5.35% 9.73% 10.34% 9.74% 13.75% 10.00% 6.01 5.35 55.69 8.60 15
Peru 109.08 131.06 3.55 30.76 36.96 1.25% 2.36% 2.42% 3.22% 3.21% 6.31% 4.01 7.85 85.73 10.92 9
Philippines 85.57 103.47 48.49 1.76 2.13 0.07% 0.14% 0.14% 0.19% 0.19% 0.36% 3.61 7.95 100.80 11.33 2
Poland 362.20 400.02 3.67 98.73 109.04 3.69% 6.96% 7.13% 8.47% 9.48% 10.00% 0.83 4.25 27.98 4.60 12
Romania 133.11 141.14 4.05 32.90 34.89 1.18% 2.23% 2.28% 3.04% 3.03% 5.95% 3.52 3.75 23.44 4.39 13
Russia 6,747.72 7,490.99 74.07 91.10 101.13 3.42% 6.46% 6.61% 8.33% 8.80% 10.00% 5.69 5.00 40.06 6.90 20
South Africa 2,000.04 1,780.67 16.94 118.06 105.11 3.55% 6.71% 6.87% 7.22% 9.14% 10.00% 10.11 6.54 71.46 13.60 12
Thailand 3,337.24 3,752.59 31.05 107.46 120.84 4.09% 7.72% 7.90% 8.85% 1.54 7.28 89.34 8.73 17
Turkey 205.94 194.64 7.36 27.99 26.45 0.89% 1.69% 1.73% 2.31% 2.30% 4.51% 13.41 2.79 12.25 3.82 14
Uruguay 66.87 70.50 42.53 1.57 1.66 0.06% 0.11% 0.11% 0.14% 0.14% 0.28% 8.13 3.36 19.39 4.52 2
GBI-EM Global
weights (%)
20% 16.30%
15%
10.63% 10.34% 9.47%
10% 7.90% 7.13% 6.87% 6.61% 5.43%
4.21% 3.35%
5% 2.84% 2.42% 2.28% 2.13% 1.73%
0.14% 0.11% 0.10%
0%
GBI-EM Global Diversified

weights (%)
15%
9.74% 9.59%
10% 8.85% 8.82% 8.47% 8.33%
7.24% 7.22%
6.00% 5.61%
4.46% 3.79%
5% 3.22% 3.04% 2.84% 2.31%
0.19% 0.14% 0.14%
0%
81

JADE Global / JADE Broad
Historical returns and return components, local currency, USD and Euro (un)hedged
JADE Global -0.59 1.00 5.06 5.61 0.21 4.18 2.78 6.57 -0.71 0.67 4.50 4.79 -0.92 -3.10 -3.54 -1.87 -0.76 0.44 3.51 2.88
JADE Broad -0.71 0.74 4.88 5.57 0.20 3.92 2.60 6.18 -0.86 0.33 4.09 4.39 -0.92 -3.34 -3.70 -2.23 -0.90 0.11 3.12 2.50
By country
Indonesia 1.01 5.91 7.18 11.80 1.27 6.25 2.18 8.91 0.72 4.79 5.34 8.58 0.13 -1.17 -4.10 0.28 0.66 4.46 4.20 6.42
Korea -1.65 -1.09 1.98 -1.06 -1.36 3.12 -0.72 0.89 -1.65 -1.10 2.20 -0.65 -2.47 -4.09 -6.81 -7.10 -1.69 -1.31 1.26 -2.37
Malaysia -0.13 2.10 6.69 7.74 1.65 6.56 4.77 8.78 -0.26 1.71 5.82 6.66 0.51 -0.88 -1.66 0.16 -0.32 1.43 4.79 4.68
Philippines 0.10 3.44 14.78 15.61 1.46 8.00 19.89 24.13 -0.07 3.07 13.62 13.95 0.32 0.45 12.53 14.30 -0.12 2.86 12.51 11.79
Singapore -1.49 -0.72 6.70 7.47 -0.64 3.21 5.52 9.65 -1.50 -0.70 6.79 7.70 -1.76 -4.00 -0.96 0.97 -1.54 -0.93 5.79 5.75
Thailand -1.07 -0.84 1.44 1.16 -0.54 1.61 -2.84 -0.30 -1.12 -0.81 1.31 0.95 -1.66 -5.49 -8.81 -8.20 -1.16 -0.98 0.43 -0.82
China* -0.50 -2.10 1.87 2.91 1.31 2.05 3.51 7.28 -0.72 -2.63 1.14 1.92 0.17 -5.08 -2.84 -1.22 -0.77 -2.76 0.33 0.28
Broad only countries
China Broad* -0.63 -2.02 1.53 2.69 1.18 2.14 3.18 7.04 -0.86 -2.54 0.81 1.70 0.04 -5.00 -3.16 -1.43 -0.91 -2.67 -0.01 0.05
India -1.55 0.47 8.40 9.81 0.07 3.21 5.12 6.53 -1.86 -0.44 5.70 5.85 -1.06 -4.01 -1.34 -1.90 -1.90 -0.64 4.72 3.93
* JADE Broad includes China Broad. JADE Global includes China, a liquid subset of China Broad.
Index Composition and Statistics
Par Val Mkt Val **Par Val **Mkt Val JADE Global JADE Broad Rem. No. of
(Local bn) (Local bn) FX Rate ($) (USD bn) (USD bn) wgt (%) wgt (%) Yield Mod Dur Convexity Maturity issues
JADE Global - - - 660.28 725.11 100.00% - 2.64 6.98 87.07 8.73 165
JADE Broad - - - 866.01 945.68 - 100.00% 3.01 6.90 88.49 8.94 247
By country
Indonesia 2,176,104 2,368,094 14562.50 149.43 162.62 20.00% 17.20% 6.75 5.71 51.29 8.56 27
Korea 622,886 682,158 1187.90 524.36 574.26 20.00% 20.00% 1.55 9.63 165.83 11.73 47
Malaysia 317 346 4.17 76.06 82.96 11.44% 8.77% 2.49 5.30 42.29 6.23 27
Philippines 1,799 2,171 48.49 37.10 44.78 6.18% 4.74% 2.90 6.43 65.62 8.48 15
Singapore 120 135 1.36 88.04 99.47 13.72% 10.52% 1.05 7.66 110.72 9.07 19
Thailand 3,337 3,753 31.06 107.46 120.84 16.67% 12.78% 1.54 7.28 89.34 8.73 17
China* 2,813 2,848 6.85 410.33 415.49 12.00% - 3.06 5.36 39.00 6.12 13
Broad only countries

China Broad* 7,979 8,151 6.85 1,164.01 1,189.09 - 16.00% 3.25 5.33 62.25 6.94 58
India 33,036 35,871 73.61 448.82 487.33 - 10.00% 6.26 6.31 66.67 9.97 37
* JADE Broad includes China Broad. JADE Global includes China, a liquid subset of China Broad.
JADE Broad JADE Broad JADE Global

Monthly total local returns, % Monthly total USD returns, % weights (%)
20.0% 20.0%
Indonesia 1.01 Malaysia 1.65 20% 16.7%
13.7% 12.0% 11.4%
10% 6.2%
0%
Malaysia -0.13 Indonesia 1.27
China Broad* -0.63 China Broad* 1.18 JADE Broad

weights (%)
Thailand -1.07 India 0.07
20.0%
20% 17.2% 16.0%
Singapore -1.49 Thailand -0.54 12.8%
10.5% 10.0% 8.8%
10% 4.7%
India -1.55 Singapore -0.64
0%
Korea -1.65 Korea -1.36
** The Par value and market value reported in table represents non-diversified notional and market cap
82

JADE Broad Diversified Instrument Composition Return Yield Mod Con Market cap Return Yield Mod Con Market cap
August 31, 2020 1M (%) Dur vexity $ mil % Global % Broad 1M (%) Dur vexity $ mil % Global % Broad
China China 3.1700% CGB Oct 2021 1.8 2.5 1.1 2.2 3,116 - 0.33 Korea Korea 2.0000% KTB Dec 2021 0.2 0.7 1.3 2.2 2,815 0.30 0.30
China 2.3900% CGB Oct 2021 1.8 2.6 1.1 2.2 1,612 - 0.17 Korea 1.8750% NDFB Mar 2022 0.2 0.8 1.5 3.0 3,794 0.40 0.40
China 3.7000% CGB Oct 2021 1.9 2.4 1.1 2.3 1,634 - 0.17 Korea 1.6250% KTB Jun 2022 0.1 0.8 1.7 3.9 2,836 0.30 0.30
China 2.8800% CGB Jan 2022 1.7 2.6 1.3 3.0 1,138 - 0.12 Korea 3.7500% NDFB Jun 2022 0.1 0.9 1.7 3.8 4,489 0.47 0.47
China 3.3600% Jan 2022 1.7 2.6 1.3 3.1 1,148 - 0.12 Korea 2.0000% NDFB Sep 2022 0.1 0.9 2.0 4.9 2,755 0.29 0.29
China 2.6900% CGB Mar 2022 1.6 2.7 1.4 3.5 4,026 - 0.43 Korea 1.2500% KTB Dec 2022 0.0 0.9 2.2 6.1 3,785 0.40 0.40
China 3.1300% CGB Apr 2022 1.7 2.6 1.5 3.9 2,083 - 0.22 Korea 2.3750% KTB Mar 2023 0.0 0.9 2.4 7.3 3,648 0.39 0.39
China 3.3000% CGB Jul 2022 1.6 2.7 1.8 4.9 1,699 - 0.18 Korea 3.0000% NDFB Mar 2023 0.0 0.9 2.4 7.2 3,623 0.38 0.38
China 3.4700% CGB Jul 2022 1.7 2.6 1.8 4.9 2,057 - 0.22 Korea 1.0000% KTB Jun 2023 0.1 0.9 2.7 8.8 3,289 0.35 0.35
China 2.7500% CGB Aug 2022 1.6 2.7 1.9 5.3 5,133 - 0.54 Korea 2.2500% KTB Sep 2023 0.0 1.0 2.9 10.1 2,134 0.23 0.23
China 3.7300% CGB Oct 2022 1.2 2.7 2.0 6.0 1,864 - 0.20 Korea 3.3750% NDFB Sep 2023 0.0 1.0 2.8 9.9 3,746 0.40 0.40
China 3.0500% CGB Oct 2022 1.3 2.8 2.0 6.1 1,991 - 0.21 Korea 1.8750% KTB Mar 2024 -0.2 1.1 3.4 13.4 3,069 0.32 0.32
China 3.8100% CGB Jan 2023 1.8 2.6 2.2 7.2 1,171 - 0.12 Korea 3.5000% NDFB Mar 2024 -0.1 1.1 3.3 12.9 4,025 0.43 0.43
China 2.2400% CGB Mar 2023 1.3 2.8 2.4 8.0 3,850 - 0.41 Korea 1.3750% KTB Sep 2024 -0.3 1.1 3.9 17.3 2,486 0.26 0.26
China 2.7500% CGB Mar 2023 1.1 2.8 2.4 8.2 1,666 - 0.18 Korea 3.0000% NDFB Sep 2024 -0.2 1.2 3.8 16.6 4,930 0.52 0.52
China 3.1700% CGB Apr 2023 1.4 2.8 2.5 8.6 2,335 - 0.25 Korea 1.5000% KTB Mar 2025 -0.4 1.2 4.3 21.4 5,170 0.55 0.55
China 2.9500% CGB Jun 2023 1.1 2.9 2.6 9.6 2,123 - 0.22 Korea 2.2500% NDFB Jun 2025 -0.5 1.3 4.5 23.3 4,378 0.46 0.46
China 2.3600% CGB Jul 2023 1.1 2.9 2.7 9.9 2,096 0.48 0.22 Korea 1.1250% KTB Sep 2025 -0.5 1.2 4.9 26.5 670 0.07 0.07
China 3.3000% CGB Jul 2023 1.0 2.9 2.7 10.0 2,325 - 0.25 Korea 2.2500% NDFB Dec 2025 -0.5 1.3 5.0 27.9 3,735 0.39 0.39
China 2.7500% CGB Sep 2023 1.0 3.0 2.8 10.9 1,943 - 0.21 Korea 5.750% KTB Mar 2026 -0.5 1.3 4.8 27.3 2,329 0.25 0.25
China 3.2900% CGB Oct 2023 1.3 2.8 2.9 11.4 3,356 0.76 0.35 Korea 1.8750% NDFB Jun 2026 -0.7 1.3 5.4 33.4 3,503 0.37 0.37
China 3.2000% CGB Mar 2024 1.2 2.9 3.3 14.2 1,672 - 0.18 Korea 1.5000% NDFB Dec 2026 -0.8 1.3 6.0 39.5 3,668 0.39 0.39
China 4.4200% CGB Mar 2024 0.7 2.8 3.2 12.6 1,697 - 0.18 Korea 5.2500% KTB Mar 2027 -0.7 1.4 5.6 37.1 1,821 0.19 0.19
China 3.1900% CGB Apr 2024 1.3 2.9 3.3 14.7 5,359 1.22 0.57 Korea 2.1250% NDFB Jun 2027 -0.9 1.4 6.3 44.4 3,674 0.39 0.39
China 4.0000% CGB Jun 2024 0.9 2.9 3.5 14.5 1,636 - 0.17 Korea 2.3750% KTB Dec 2027 -1.0 1.4 6.7 50.1 3,544 0.37 0.37
China 3.5700% CGB Jun 2024 1.0 2.9 3.5 16.1 2,080 - 0.22 Korea 5.5000% KTB Mar 2028 -0.9 1.4 6.3 47.2 3,982 0.42 0.42
China 4.1300% CGB Sep 2024 0.7 2.8 3.7 16.0 1,707 - 0.18 Korea 2.6250% KTB Jun 2028 -1.1 1.4 7.0 56.0 3,469 0.37 0.37
China 3.6900% CGB Sep 2024 0.7 3.0 3.6 17.4 2,149 - 0.23 Korea 2.3750% KTB Dec 2028 -1.3 1.5 7.5 63.4 3,404 0.36 0.36
China 2.9400% CGB Oct 2024 1.2 2.9 3.7 18.3 4,236 0.96 0.45 Korea 1.8750% KTB Jun 2029 -1.5 1.5 8.0 72.2 3,656 0.39 0.39
China 3.9000% CGB Dec 2024 -0.2 3.0 3.8 19.3 1,309 - 0.14 Korea 1.3750% KTB Dec 2029 -1.6 1.5 8.6 82.1 4,930 0.52 0.52
China 3.7700% CGB Mar 2025 0.7 3.0 4.1 21.2 2,081 - 0.22 Korea 5.5000% KTB Dec 2029 -1.4 1.5 7.6 68.4 4,138 0.44 0.44
China 1.9900% CGB Apr 2025 0.8 2.9 4.3 23.0 4,498 1.02 0.48 Korea 1.3750% KTB Jun 2030 -1.7 1.5 9.1 90.6 4,240 0.45 0.45
China 3.6100% CGB Jun 2025 0.7 2.9 4.3 23.6 2,371 - 0.25 Korea 4.7500% NDFB Dec 2030 -1.5 1.6 8.4 83.9 4,077 0.43 0.43
China 3.6000% CGB Sep 2025 1.3 2.9 4.4 25.1 2,366 - 0.25 Korea 4.0000% NDFB Dec 2031 -1.6 1.6 9.3 101.9 6,882 0.73 0.73
China 2.9900% CGB Oct 2025 1.2 3.0 4.7 25.2 1,958 - 0.21 Korea 3.7500% NDFB Dec 2033 -1.7 1.6 10.8 136.9 6,217 0.66 0.66
China 3.2200% CGB Dec 2025 1.4 2.9 4.7 27.8 3,984 0.90 0.42 Korea 2.6250% NDFB Sep 2035 -2.0 1.6 12.5 180.6 3,937 0.42 0.42
China 2.8500% CGB Jan 2026 1.2 3.0 5.0 28.2 1,352 - 0.14 Korea 1.5000% NDFB Sep 2036 -2.3 1.6 14.1 221.6 2,689 0.28 0.28
China 2.9000% CGB May 2026 1.2 3.1 5.1 30.5 2,024 - 0.21 Korea 2.2500% KTB Sep 2037 -2.2 1.6 14.1 231.1 2,919 0.31 0.31
China 3.2500% CGB Jun 2026 1.1 3.1 5.2 32.9 5,293 1.20 0.56 Korea 2.3750% KTB Sep 2038 -2.3 1.7 14.7 252.3 2,553 0.27 0.27
China 2.7400% CGB Aug 2026 1.4 3.1 5.4 33.4 1,874 - 0.20 Korea 1.1250% KTB Sep 2039 -2.6 1.7 16.8 313.9 2,810 0.30 0.30
China 2.7000% CGB Nov 2026 1.2 3.1 5.6 35.7 1,393 - 0.15 Korea 3.0000% NDFB Dec 2042 -2.7 1.7 16.9 345.0 7,041 0.74 0.74
China 3.1200% CGB Dec 2026 1.3 3.1 5.5 37.6 4,742 1.08 0.50 Korea 2.7500% NDFB Dec 2044 -2.8 1.7 18.3 406.4 5,104 0.54 0.54
China 3.4000% CGB Feb 2027 1.3 3.1 5.7 37.9 1,364 - 0.14 Korea 2.0000% NDFB Mar 2046 -3.0 1.7 20.0 474.5 4,298 0.45 0.45
China 3.5200% CGB May 2027 1.2 3.1 5.9 39.9 2,112 - 0.22 Korea 2.1250% NDFB Mar 2047 -3.1 1.7 20.4 498.8 6,572 0.69 0.69
China 2.8500% CGB Jun 2027 1.3 3.1 6.0 44.0 2,136 0.48 0.23 Korea 2.6250% KTB Mar 2048 -3.1 1.7 20.2 502.6 7,760 0.82 0.82
China 3.5900% CGB Aug 2027 1.2 3.1 6.1 42.8 2,158 - 0.23 Korea 2.0000% KTB Mar 2049 -3.2 1.7 21.8 571.1 8,017 0.85 0.85
China 3.8200% CGB Nov 2027 0.6 3.0 6.2 44.9 1,553 - 0.16 Korea 1.5000% KTB Mar 2050 -3.5 1.7 23.4 646.7 6,523 0.69 0.69
China 3.8500% CGB Feb 2028 1.3 3.0 6.4 48.0 1,359 - 0.14 Malaysia Malaysia 3.6200% MGS Nov 2021 2.0 1.7 1.2 2.1 2,479 0.34 0.26
China 3.6900% CGB May 2028 0.9 3.1 6.6 51.3 2,408 - 0.25 Malaysia 3.7290% MGII Mar 2022 2.1 1.7 1.5 3.1 1,709 0.24 0.18
China 3.5400% CGB Aug 2028 1.5 3.1 6.9 55.0 2,406 - 0.25 Malaysia 3.9480% MGII Apr 2022 2.1 1.7 1.5 3.2 2,774 0.38 0.29
China 3.2500% CGB Nov 2028 1.3 3.2 7.1 58.4 3,445 0.78 0.36 Malaysia 3.4800% MGS Mar 2023 2.2 1.8 2.4 7.1 4,927 0.68 0.52
China 3.2900% CGB May 2029 1.6 3.1 7.5 64.8 5,299 1.20 0.56 Malaysia 3.7570% MGS Apr 2023 2.2 1.9 2.5 7.6 2,270 0.31 0.24
China 3.1300% CGB Nov 2029 1.6 3.1 7.9 72.0 4,560 1.04 0.48 Malaysia 3.1510% MGII May 2023 - 1.8 2.6 8.1 2,130 0.29 0.23
China 2.6800% CGB May 2030 1.3 3.1 8.4 80.9 3,866 0.88 0.41 Malaysia 3.8000% MGS Aug 2023 2.2 1.9 2.8 9.5 2,536 0.35 0.27
China 4.2800% CGB Oct 2047 0.1 3.8 16.1 361.2 1,598 - 0.17 Malaysia 4.0940% MGII Nov 2023 2.3 1.9 3.0 11.0 2,980 0.41 0.32
China 4.0800% CGB Oct 2048 -0.2 3.8 16.6 384.1 3,993 - 0.42 Malaysia 3.4780% MGS Jun 2024 1.9 2.1 3.5 14.6 1,907 0.26 0.20
China 3.8600% CGB Jul 2049 -0.2 3.8 17.2 408.8 4,218 - 0.45 Malaysia 4.1810% MGS Jul 2024 1.9 2.1 3.6 15.1 2,868 0.40 0.30
China 3.3900% CGB Mar 2050 1.4 3.8 17.7 435.1 4,687 - 0.50 Malaysia 4.0590% MGS Sep 2024 2.0 2.1 3.7 16.4 2,892 0.40 0.31
Indonesia Indonesia 7.0000% INDOG May 1.2 4.3 1.6 3.3 7,505 0.92 0.79 Malaysia 3.6550% MGII Oct 2024 2.0 2.0 3.8 16.9 2,716 0.37 0.29
Indonesia 5.6250% INDOG May 1.7 4.8 2.4 7.5 6,803 0.84 0.72 Malaysia 4.1280% MGII Aug 2025 2.0 2.1 4.5 23.6 3,287 0.45 0.35
Indonesia 8.7500% INDOI Aug 2023 1.9 5.5 2.6 8.4 1,629 0.20 0.17 Malaysia 3.9550% MGS Sep 2025 2.0 2.1 4.5 24.0 4,695 0.65 0.50
Indonesia 8.2500% INDOIS Sep 2.0 5.6 2.6 8.6 3,289 0.40 0.35 Malaysia 3.7260% MGII Mar 2026 2.0 2.2 5.0 29.0 1,974 0.27 0.21
Indonesia 8.3750% INDOG Mar 2.2 5.3 3.0 11.2 10,583 1.30 1.12 Malaysia 3.9060% MGS Jul 2026 1.6 2.3 5.2 31.9 2,758 0.38 0.29
Indonesia 8.1250% INDOGB May 2.5 5.2 3.1 12.3 6,882 0.85 0.73 Malaysia 3.9000% MGS Nov 2026 1.4 2.3 5.5 35.5 2,510 0.35 0.27
Indonesia 6.6250% INDOIS Oct 2.7 5.3 3.5 15.2 3,032 0.37 0.32 Malaysia 3.5020% MYGB May 2027 1.4 2.3 6.0 41.3 3,505 0.48 0.37
Indonesia 6.5000% INDOGB Jun 2.5 5.5 4.0 19.8 10,685 1.31 1.13 Malaysia 4.2580% MGII Jul 2027 1.6 2.4 6.0 42.1 2,968 0.41 0.31
Indonesia 11.0000% IDGB Sep 2.4 5.8 3.8 19.1 2,279 0.28 0.24 Malaysia 3.8990% MGS Nov 2027 1.0 2.4 6.3 45.7 3,857 0.53 0.41
Indonesia 8.3750% IDGB Sep 2026 2.6 5.9 4.6 27.3 9,683 1.19 1.02 Malaysia 3.7330% MGS Jun 2028 0.7 2.6 6.7 52.7 3,005 0.41 0.32
Indonesia 7.0000% INDOG May 1.9 6.3 5.2 33.9 8,497 1.05 0.90 Malaysia 4.3690% MGII Oct 2028 1.6 2.6 6.9 55.6 3,301 0.46 0.35
Indonesia 6.1250% INDOG May 1.0 6.7 5.9 43.5 7,286 0.90 0.77 Malaysia 4.1300% MGII Jul 2029 1.9 2.6 7.5 65.1 3,239 0.45 0.34
Indonesia 9.0000% INDOG Mar 1.2 6.8 5.9 45.8 7,563 0.93 0.80 Malaysia 3.8850% MGS Aug 2029 1.5 2.6 7.6 67.4 5,433 0.75 0.57
Indonesia 8.2500% INDOGB May 1.2 6.7 6.2 49.0 8,382 1.03 0.89 Malaysia 3.4650% MGII Oct 2030 1.6 2.6 8.5 84.1 2,614 0.36 0.28
Indonesia 10.5000% IDGB Aug 1.3 7.0 6.5 56.9 2,021 0.25 0.21 Malaysia 3.8280% MGS Jul 2034 0.8 3.1 10.8 140.1 4,058 0.56 0.43
Indonesia 7.0000% INDOGB Sep 0.4 6.8 6.9 63.0 11,269 1.39 1.19 Malaysia 4.7620% MGS Apr 2037 0.0 3.4 11.7 173.9 3,563 0.49 0.38
Indonesia 8.7500% INDOG May 0.4 7.2 7.0 65.1 5,240 0.64 0.55 Philippines Philippines 4.7500% RPGB Jul 2022 1.3 2.2 1.8 4.0 2,253 0.31 0.24
Indonesia 9.5000% INDOG Jul 2031 0.6 7.2 7.0 65.7 2,199 0.27 0.23 Philippines 3.5000% RPGB Apr 2023 1.2 2.2 2.5 7.6 3,921 0.54 0.41
Indonesia 8.8750% INDOI Nov 2031 1.3 7.3 7.1 68.8 3,737 0.46 0.40 Philippines 4.1250% RPGB Aug 2024 1.4 2.3 3.7 15.8 2,640 0.36 0.28
Indonesia 8.2500% INDOG Jun 0.6 7.3 7.5 76.2 3,204 0.39 0.34 Philippines 4.2500% RPGB Oct 2024 1.0 2.4 3.7 16.7 2,697 0.37 0.29
Indonesia 7.5000% INDOG Aug 0.1 7.3 7.8 81.0 3,346 0.41 0.35 Philippines 3.6250% RPGB Sep 2025 1.3 2.4 4.5 24.0 3,855 0.53 0.41
Indonesia 6.6250% INDOG May 0.7 7.3 8.2 90.3 5,669 0.70 0.60 Philippines 6.2500% RPGB Feb 2026 1.3 2.5 4.7 26.4 3,640 0.50 0.38
Indonesia 8.3750% INDOG Mar 0.7 7.3 8.0 90.2 10,670 1.31 1.13 Philippines 4.7500% RPGB May 2027 1.3 2.6 5.7 38.6 1,538 0.21 0.16
Indonesia 7.5000% INDOGB Jun -0.2 7.4 8.8 107.0 5,138 0.63 0.54 Philippines 6.2500% RPGB Mar 2028 1.3 2.8 6.1 45.2 1,962 0.27 0.21
Indonesia 8.2500% INDOG May 0.3 7.5 8.8 110.9 6,849 0.84 0.72 Philippines 6.8750% RPGB Jan 2029 1.7 2.7 6.6 53.5 5,047 0.70 0.53
Indonesia 7.5000% INDOG May 0.0 7.5 9.5 132.6 4,804 0.59 0.51 Philippines 2.8750% RPGB Jul 2030 - 2.7 8.5 83.2 1,261 0.17 0.13
Indonesia 8.3750% INDOGB Apr -0.1 7.6 9.4 134.3 4,370 0.54 0.46 Philippines 8.0000% PHILI Jul 2031 2.1 2.8 8.0 80.0 7,910 1.09 0.84
India India 6.8400% IGB Dec 2022 1.4 4.4 2.1 5.6 2,785 - 0.29 Philippines 6.7500% RPGB Jan 2039 1.1 3.4 11.9 187.0 2,533 0.35 0.27
India 7.3700% IGB Apr 2023 1.3 4.7 2.3 6.9 1,152 - 0.12 Philippines 4.6250% RPGB Sep 2040 0.8 3.7 13.2 229.8 3,392 0.47 0.36
India 7.1600% IGB May 2023 1.4 4.7 2.4 7.4 2,200 - 0.23 Philippines Global 3.9000% PHILI Nov 2.0 2.9 2.1 5.6 656 0.09 0.07
India 8.8300% IGB Nov 2023 1.4 5.0 2.8 9.7 2,488 - 0.26 Philippines Global 6.2500% PHILI 2.4 3.7 10.5 143.0 1,479 0.20 0.16
India 7.6800% IGB Dec 2023 1.3 5.0 2.9 10.2 2,549 - 0.27 Singapore Singapore 1.2500% SIGB Oct 2021 0.9 0.2 1.1 1.7 6,802 0.94 0.72
India 7.3200% IGB Jan 2024 1.2 5.0 3.0 11.0 2,474 - 0.26 Singapore 1.7500% SIGB Apr 2022 0.9 0.2 1.6 3.2 4,248 0.59 0.45
India 7.3500% INGB Jun 2024 1.0 5.2 3.3 13.2 1,502 - 0.16 Singapore 3.1250% SGS Sep 2022 0.9 0.2 1.9 4.8 4,900 0.68 0.52
India 8.4000% IGB Jul 2024 1.1 5.3 3.3 13.6 2,340 - 0.25 Singapore 1.7500% SIGB Feb 2023 0.8 0.3 2.4 6.9 5,488 0.76 0.58
India 6.1800% IGB Nov 2024 0.4 5.3 3.6 15.7 2,830 - 0.30 Singapore 2.7500% SIGB Jul 2023 0.7 0.4 2.7 9.0 6,939 0.96 0.73
India 7.7200% IGB May 2025 0.2 5.6 3.9 18.8 2,627 - 0.28 Singapore 2.0000% SIGB Feb 2024 0.7 0.4 3.3 12.8 2,252 0.31 0.24
India 5.2200% IGB Jun 2025 0.0 5.5 4.1 20.5 1,951 - 0.21 Singapore 3.0000% SGS Sep 2024 0.7 0.4 3.8 16.8 7,050 0.97 0.75
India 7.5900% IGB Jan 2026 0.2 5.8 4.4 23.4 3,420 - 0.36 Singapore 2.3750% SIGB Jun 2025 0.8 0.5 4.5 23.2 5,146 0.71 0.54
India 7.2700% IGB Apr 2026 0.1 5.8 4.5 25.0 1,742 - 0.18 Singapore 2.1250% SIGB Jun 2026 0.8 0.6 5.4 33.1 4,494 0.62 0.48
India 6.9700% IGB Sep 2026 -0.2 6.0 4.7 28.2 2,566 - 0.27 Singapore 3.5000% SGS Mar 2027 0.4 0.7 5.9 39.8 7,175 0.99 0.76
India 8.1500% IGB Nov 2026 -0.1 6.1 4.8 29.3 2,469 - 0.26 Singapore 2.6250% SIGB May 2028 0.2 0.8 7.0 55.0 4,532 0.62 0.48
India 6.7900% IGB May 2027 -0.1 6.1 5.3 34.3 3,371 - 0.36 Singapore 2.8750% SIGB Jul 2029 -0.2 0.9 7.9 70.6 6,543 0.90 0.69
India 7.1700% IGB Jan 2028 0.1 6.2 5.7 39.7 3,182 - 0.34 Singapore 2.8750% SIGB Sep 2030 -0.4 1.0 8.8 88.4 5,985 0.83 0.63
India 8.6000% IGB Jun 2028 0.0 6.3 5.7 41.0 2,566 - 0.27 Singapore 3.3750% SIGB Sep 2033 -1.5 1.2 10.9 137.0 6,335 0.87 0.67
India 7.2600% IGB Jan 2029 0.1 6.3 6.2 48.7 3,356 - 0.35 Singapore 2.2500% SIGB Aug 2036 -2.8 1.3 13.5 209.1 5,525 0.76 0.58
India 7.5900% IGB Mar 2029 0.2 6.3 6.1 48.8 2,834 - 0.30 Singapore 2.3750% SIGB Jul 2039 -3.8 1.4 15.4 276.9 1,630 0.22 0.17
India 6.4500% IGB Oct 2029 0.2 6.2 6.7 56.4 3,149 - 0.33 Singapore 2.7500% SIGB Apr 2042 -4.8 1.4 16.8 337.2 4,738 0.65 0.50
India 6.7900% IGB Dec 2029 -0.1 6.3 6.8 58.5 3,270 - 0.35 Singapore 2.7500% SIGB Mar 2046 -4.9 1.4 19.3 450.6 7,055 0.97 0.75
India 7.8800% IGB Mar 2030 0.0 6.4 6.6 57.3 2,678 - 0.28 Singapore 1.8750% SIGB Mar 2050 -3.1 1.2 23.2 634.5 2,636 0.36 0.28
India 7.6100% IGB May 2030 0.0 6.4 6.8 59.7 2,958 - 0.31 Thailand Thailand 3.6500% THAIG Dec 2021 0.5 0.5 1.3 2.2 8,417 1.16 0.89
India 5.7900% IGB May 2030 0.3 6.1 7.2 64.7 2,933 - 0.31 Thailand 1.8750% THAIG Jun 2022 0.4 0.5 1.8 4.0 5,844 0.81 0.62
India 5.7700% IGB Aug 2030 - 6.1 7.4 68.1 932 - 0.10 Thailand 2.0000% THAIG Dec 2022 0.4 0.6 2.2 6.2 6,890 0.95 0.73
India 6.6800% IGB Sep 2031 -0.1 6.4 7.5 74.9 2,588 - 0.27 Thailand 3.6250% THAIG Jun 2023 0.4 0.6 2.7 8.6 6,950 0.96 0.73
India 7.5700% IGB Jun 2033 0.1 6.5 8.2 90.7 3,519 - 0.37 Thailand 2.4000% THAIGB Dec 2023 0.4 0.7 3.2 11.8 6,931 0.96 0.73
India 8.2400% IGB Nov 2033 -0.1 6.6 8.2 91.6 3,066 - 0.32 Thailand 1.4500% THAIGB Dec 2024 0.2 0.8 4.1 19.6 7,711 1.06 0.82
India 6.5700% IGB Dec 2033 -0.3 6.5 8.7 99.7 1,933 - 0.20 Thailand 3.8500% THAIG Dec 2025 -0.1 1.0 4.8 26.8 7,647 1.05 0.81
India 6.1900% IGB Sep 2034 -0.5 6.5 9.1 110.2 2,326 - 0.25 Thailand 2.1250% THAIG Dec 2026 -0.2 1.1 5.9 38.9 7,856 1.08 0.83
India 7.7300% IGB Dec 2034 -0.3 6.6 8.8 105.2 2,952 - 0.31 Thailand 2.8750% THAIGB Dec 2028 -0.4 1.3 7.4 62.4 6,646 0.92 0.70
India 7.6200% IGB Sep 2039 0.6 6.5 10.2 152.0 1,160 - 0.12 Thailand 4.8750% THGB Jun 2029 -0.9 1.4 7.4 64.2 9,344 1.29 0.99
India 8.1700% IGB Dec 2044 -1.5 6.7 11.2 196.4 3,040 - 0.32 Thailand 1.6000% THAIGB Dec 2029 -1.3 1.4 8.6 81.5 3,621 0.50 0.38
India 7.0600% IGB Oct 2046 -1.7 6.7 11.8 220.3 2,812 - 0.30 Thailand 3.6500% THAIG Jun 2031 -1.5 1.6 9.1 96.0 7,566 1.04 0.80
India 7.7200% IGB Jun 2049 -1.9 6.7 12.2 238.8 2,525 - 0.27 Thailand 3.7750% THAIG Jun 2032 -1.0 1.6 9.8 111.8 9,831 1.36 1.04
India 7.1600% IGB Sep 2050 -2.1 6.8 12.4 251.1 2,324 - 0.25 Thailand 1.6000% THAIGB Jun 2035 -1.4 1.7 13.1 190.6 3,185 0.44 0.34
Thailand 3.4000% THAIG Jun 2036 -1.3 1.8 12.5 187.0 7,479 1.03 0.79
Thailand 3.3000% THAIGB Jun 2038 -2.7 2.0 13.8 228.2 8,247 1.14 0.87
Thailand 2.8750% THAIG Jun 2046 -0.7 2.1 18.7 432.2 6,672 0.92 0.71
83

Jarrad Linzie (44-20) 7134-8717
jarrad.k.linzie@jpmorgan.com
ELMI+ Emerging Local Markets Index Plus (ELMI+)

Monthly total returns in US dollars, % Historical US dollar returns and return volatility
U.S. dollar total return

ELMI+ 0.63 Index % change over Return volatility for the period of
China 2.03 August 31, 2020 Aug 31 1-mo 3-mo YTD 12-mo 1-mo 3-mo 12-mo
India 1.97 ELMI+ 372.14 0.63 3.27 -3.02 1.75 4.56 5.03 6.24
Malaysia 1.94 By region
Asia 255.29 1.12 3.83 0.44 4.39 2.24 2.93 4.26
Mexico 1.81 Europe 571.92 0.23 3.04 -3.50 1.73 7.85 7.34 9.37
Poland 1.72 Latin America 339.83 -0.50 1.41 -12.97 -6.88 10.89 13.22 14.63
Philippines 1.60 Middle East/Africa 279.18 1.10 4.93 -7.11 -0.35 9.70 9.90 10.83
By country
Israel 1.47
Brazil 363.42 -4.97 -0.55 -25.23 -22.06 20.11 23.64 19.30
Singapore 1.26 Chile 172.40 -2.45 3.81 -2.69 -6.49 12.71 15.28 14.89
Romania 1.22 China 248.54 2.03 5.14 3.68 8.36 2.94 3.66 4.88
Czech Republic 1.10 Colombia 186.93 -0.33 -0.22 -10.48 -5.36 9.57 11.58 15.57
Czech Republic 374.86 1.10 10.05 3.63 8.29 10.33 9.98 11.14
Indonesia 0.85
Hungary 286.12 -1.80 5.03 -0.48 1.50 11.36 10.96 11.69
South Africa 0.82 India 337.39 1.97 3.85 1.45 3.75 4.37 3.87 6.04
Thailand 0.52 Indonesia 305.47 0.85 2.36 0.42 5.11 6.65 9.28 11.69
Russia 0.52 Israel 333.23 1.47 4.71 2.83 5.10 3.74 5.25 9.29
Malaysia 123.49 1.94 4.81 -0.40 3.29 2.89 3.76 4.99
South Korea 0.30 Mexico 301.21 1.81 2.49 -9.94 -1.72 11.77 13.48 18.13
Colombia -0.33 Peru 144.75 -0.43 -2.76 -5.12 -1.50 5.75 6.85 7.30
Peru -0.43 Philippines 324.77 1.60 5.20 7.35 11.74 2.27 3.92 4.64
Taiwan -0.51 Poland 598.96 1.72 9.22 4.36 9.71 10.20 9.69 10.26
Romania 108.44 1.22 8.28 7.69 9.38 7.20 7.12 7.25
Hungary -1.80 Russia 162.49 0.52 -3.45 -12.96 -4.26 12.02 12.14 15.85
Turkey -2.36 Singapore 196.43 1.26 4.00 -0.50 3.24 3.43 3.23 4.58
Chile -2.45 South Africa 226.82 0.82 5.09 -14.36 -4.84 15.88 15.42 15.71
South Korea 197.51 0.30 4.30 -2.39 2.56 3.55 6.26 8.90
Brazil -4.97
Taiwan 133.03 -0.51 1.38 0.17 4.25 1.97 2.81 3.92
Thailand 306.51 0.52 2.39 -2.83 -0.03 4.85 5.17 4.90
Turkey 1643.10 -2.36 -4.13 -12.04 -9.65 15.38 10.72 12.02
ELMI+ Emerging Local Markets Index Plus (ELMI+)

Monthly total returns in local currencies, % Historical local currency returns and return volatility
Local currency total return
Index % change over Return volatility for the period of
ELMI+ 0.27
August 31, 2020 Aug 31 1-mo 3-mo YTD 12-mo 1-mo 3-mo 12-mo
Turkey 3.02
Indonesia ELMI+ 1067.35 0.27 0.64 2.17 3.69 0.32 0.33 6.24
1.06
By region
Mexico 0.40
Asia 326.44 0.13 0.41 1.52 2.58 0.39 0.44 4.26
Russia 0.37 Europe 6382.40 0.63 0.99 3.02 4.76 1.02 0.84 9.37
India 0.32 Latin America 2671.29 0.27 0.95 3.18 5.94 0.13 0.15 14.63
South Africa 0.31 Middle East/Africa 703.03 0.17 0.51 2.07 3.42 0.15 0.12 10.83
Colombia 0.24 By country
Brazil 1851.69 0.14 0.45 1.97 3.47 0.13 0.19 19.30
Philippines 0.23
Chile 320.96 -0.03 0.02 0.45 0.81 0.28 0.30 14.89
Romania 0.22 China 205.31 0.20 0.86 2.03 3.95 0.80 1.04 4.88
China 0.20 Colombia 510.76 0.24 0.78 2.41 3.63 0.42 0.50 15.57
Brazil 0.14 Czech Republic 273.49 -0.003 -0.06 0.56 0.92 0.09 0.12 11.14
Malaysia 0.13 Hungary 525.02 0.05 0.13 0.24 0.21 0.08 0.23 11.69
India 691.71 0.32 1.08 4.62 6.95 0.21 0.30 6.04
Peru 0.08 Indonesia 511.23 1.06 2.25 5.34 7.92 4.39 3.79 11.69
Hungary 0.05 Israel 371.90 -0.03 -0.14 -0.22 -0.23 0.09 0.09 9.29
South Korea 0.01 Malaysia 139.81 0.13 0.42 1.40 2.31 0.11 0.13 4.99
Singapore 0.01 Mexico 2121.44 0.40 1.38 4.38 7.18 0.20 0.23 18.13
Poland Peru 160.44 0.08 0.37 1.62 2.82 0.10 0.23 7.30
0.001
Philippines 599.75 0.23 0.77 2.77 4.08 0.31 0.51 4.64
Czech Republic -0.003 Poland 1029.15 0.001 0.07 0.78 1.33 0.03 0.04 10.26
Thailand -0.01 Romania 170.91 0.22 0.64 2.18 3.09 0.31 0.29 7.25
Chile -0.03 Russia 376.66 0.37 1.27 4.04 6.49 0.26 0.28 15.85
Israel -0.03 Singapore 165.85 0.01 0.04 0.61 1.18 0.02 0.04 4.58
South Africa 1130.40 0.31 0.98 3.76 6.17 0.25 0.21 15.71
Taiwan -0.34
South Korea 302.62 0.01 0.03 0.26 0.57 0.07 0.16 8.90
Taiwan 143.03 -0.34 -0.93 -1.96 -2.61 1.09 1.44 3.92
Thailand 370.45 -0.01 -0.08 0.69 1.44 0.48 0.41 4.90
Source: J.P. Morgan Turkey 808523.84 3.02 3.43 8.79 13.88 6.09 4.93 12.02
84

Jarrad Linzie (44-20) 7134-8717
jarrad.k.linzie@jpmorgan.com
ELMI+ Regional Composition Emerging Local Markets Index Plus (ELMI+)

actual weights, % Historical US dollar total return components
1-mo total return, % Year-to-date total return, % 12-mo total return, %
August 31, 2020 Local Currency Total Local Currency Total Local Currency Total
ELMI+ 0.27 0.35 0.63 2.17 -5.08 -3.02 3.69 -1.87 1.75
By region
Middle East/Africa, Asia 0.13 0.99 1.12 1.52 -1.06 0.44 2.58 1.77 4.39
Latin 3.28 Europe 0.63 -0.40 0.23 3.02 -6.33 -3.50 4.76 -2.90 1.73
America,
Latin America 0.27 -0.77 -0.50 3.18 -15.66 -12.97 5.94 -12.10 -6.88
17.07
Middle East/Africa 0.17 0.93 1.10 2.07 -9.00 -7.11 3.42 -3.64 -0.35
By country
Brazil 0.14 -5.10 -4.97 1.97 -26.67 -25.23 3.47 -24.67 -22.06
Chile -0.03 -2.42 -2.45 0.45 -3.12 -2.69 0.81 -7.24 -6.49
Europe, China 0.20 1.82 2.03 2.03 1.62 3.68 3.95 4.24 8.36
Asia,
23.74 Colombia 0.24 -0.58 -0.33 2.41 -12.58 -10.48 3.63 -8.68 -5.36
55.91
Czech Republic 0.00 1.10 1.10 0.56 3.05 3.63 0.92 7.30 8.29
Hungary 0.05 -1.85 -1.80 0.24 -0.72 -0.48 0.21 1.30 1.50
India 0.32 1.64 1.97 4.62 -3.03 1.45 6.95 -2.99 3.75
Indonesia 1.06 -0.21 0.85 5.34 -4.67 0.42 7.92 -2.61 5.11
Israel -0.03 1.50 1.47 -0.22 3.05 2.83 -0.23 5.34 5.10
Malaysia 0.13 1.80 1.94 1.40 -1.78 -0.40 2.31 0.96 3.29
Mexico 0.40 1.40 1.81 4.38 -13.71 -9.94 7.18 -8.31 -1.72
Peru 0.08 -0.51 -0.43 1.62 -6.63 -5.12 2.82 -4.20 -1.50
Philippines 0.23 1.36 1.60 2.77 4.46 7.35 4.08 7.36 11.74
Poland 0.00 1.72 1.72 0.78 3.56 4.36 1.33 8.28 9.71
Romania 0.22 0.99 1.22 2.18 5.39 7.69 3.09 6.10 9.38
Russia 0.37 0.15 0.52 4.04 -16.34 -12.96 6.49 -10.09 -4.26
Singapore 0.01 1.25 1.26 0.61 -1.10 -0.50 1.18 2.03 3.24
South Africa 0.31 0.51 0.82 3.76 -17.46 -14.36 6.17 -10.37 -4.84
South Korea 0.01 0.29 0.30 0.26 -2.64 -2.39 0.57 1.97 2.56
Taiwan -0.34 -0.17 -0.51 -1.96 2.17 0.17 -2.61 7.04 4.25
Thailand -0.01 0.53 0.52 0.69 -3.49 -2.83 1.44 -1.45 -0.03
Turkey 3.02 -5.22 -2.36 8.79 -19.15 -12.04 13.88 -20.66 -9.65
ELMI+ Country Composition Emerging Local Markets Index Plus (ELMI+)

actual weights, % Composition and statistics
Weights, % FX Avg life Avg
August 31, 2020 Actual Prior Rebalance rate (days) yield (%)
China 10.11 ELMI+ 100.00 100.00 — 57.98 1.97
South Korea 9.88 By region
Asia 55.91 56.22 — 57.68 1.11
Mexico 9.72
Europe 23.74 23.74 — 58.87 3.17
India 8.17 Latin America 17.07 16.78 — 57.72 3.07
Singapore 7.60 Middle East/Africa 3.28 3.26 — 57.91 2.16
Russia 6.23 By country
Brazil 4.08 4.16 5.49 57.60 1.32
Taiwan 5.74
Chile 1.49 1.45 775.57 58.30 0.02
Poland 5.48 China 10.11 10.00 6.85 58.17 2.04
Thailand 4.77 Colombia 0.89 0.91 3,749.98 57.53 2.44
Czech Republic 3.99 3.79 21.97 58.37 -0.05
Malaysia 4.54
Hungary 2.52 2.43 296.76 58.44 0.27
Brazil 4.08 India 8.17 8.11 73.61 56.24 3.88
Czech Republic 3.99 Indonesia 3.34 3.44 14,562.50 57.60 2.03
Turkey 3.71 Israel 1.38 1.37 3.35 58.40 -0.50
Malaysia 4.54 4.51 4.17 56.84 1.50
Indonesia 3.34
Mexico 9.72 9.35 21.89 57.62 4.57
Hungary 2.52 Peru 0.89 0.91 3.55 58.60 0.41
South Africa 1.90 Philippines 1.76 1.75 48.49 55.74 1.80
Romania Poland 5.48 5.21 3.67 58.34 -0.03
1.81
Romania 1.81 1.73 4.05 57.08 2.07
Philippines 1.76 Russia 6.23 6.59 74.07 59.29 4.06
Chile 1.49 Singapore 7.60 7.59 1.36 58.19 0.15
Israel 1.38 South Africa 1.90 1.89 16.94 57.56 4.08
South Korea 9.88 10.00 1,187.90 57.58 0.12
Peru 0.89
Taiwan 5.74 5.91 29.34 58.57 -2.77
Colombia 0.89 Thailand 4.77 4.93 31.06 59.01 1.40
Source: J.P. Morgan Turkey 3.71 4.00 7.36 60.66 12.34
85

Jarrad Linzie (44-20) 7134-8717 Kumaran Ram (1-212) 834-4685

jarrad.k.linzie@jpmorgan.com kumaran.m.ram@jpmorgan.com
EMBI Credit Subindices

Credit quality is an important factor in assessing investment • An instrument is classified in its respective credit bucket
opportunity in the emerging market countries. Since the credit using 2 out of the 3 rating agencies amongst Moody's,
risk varies widely from country to country, there is a need to S&P and Fitch.
combine countries with similar credit qualities. In response to this • If a security is rated by only two agencies instead of three,
need, the EMBI Credit Subindices were created to provide a the lower of the two ratings will be used for the rating
useful performance benchmark for emerging markets investors classification. If a security only has one rating,
with different risk appetites. the single rating will be used.
The EMBI Credit Subindices are rebalanced on the last business • The new subindices are rebalance monthly to reflect
day of every month. Subindex rebalancing reflects any changes in instrument credit rating changes and index composition changes.
the instrument credit ratings that occurred during the month.
EMBI Credit Subindices

As of August 31, 2020
EMBI Global EMBI Global Diversified EMBI+
Moody's/S&P Market cap % in Market cap % in Market cap % in
Credit Bucket Country Country Rating** Credit Bucket Composite STW*** Credit Bucket Composite STW*** Credit Bucket Composite STW***
Credit IG Indonesia Baa2/BBB 14.39% 9.08% 220 8.44% 4.65% 220 17.87% 11.53% 197
*EMBIG: 786.94 Bn China A1/A+ 12.26% 7.74% 126 7.43% 4.10% 126 - - -
*EMBIG Diversified: 392.68 Bn Saudi Arabia A1/A- 10.08% 6.37% 181 7.05% 3.89% 181 - - -
*EMBI+: 230.05 Bn Mexico Baa3/BBB 9.06% 5.72% 460 4.74% 2.61% 460 22.29% 14.38% 261
Qatar Aa3/AA- 7.27% 4.59% 145 6.61% 3.64% 145 - - -
UAE A1/AA- 9.04% 5.71% 163 6.44% 3.55% 163 - - -
Russia Baa3/BBB- 6.09% 3.85% 199 5.85% 3.23% 199 17.09% 11.03% 194
Philippines Baa2/BBB+ 4.16% 2.63% 139 5.68% 3.13% 139 11.24% 7.25% 145
Chile A3/A 4.09% 2.58% 175 5.22% 2.88% 175 - - -
Colombia Baa2/BBB- 4.09% 2.58% 249 5.33% 2.94% 249 12.38% 7.99% 253
Panama Baa1/BBB+ 3.38% 2.14% 179 5.39% 2.97% 179 6.14% 3.96% 159
Peru A3/BBB+ 2.70% 1.70% 151 5.41% 2.98% 151 4.36% 2.81% 119
Kazakhstan Baa3/BB+ 2.41% 1.52% 225 4.83% 2.66% 225 - - -
Malaysia A2/A- 2.28% 1.44% 150 4.20% 2.31% 150 - - -
Uruguay Baa2/BBB 2.31% 1.46% 169 4.63% 2.55% 169 - - -
Poland A2/A- 1.23% 0.78% 30 2.46% 1.36% 30 - - -
Hungary Baa3/BBB 1.08% 0.68% 128 2.16% 1.19% 128 3.68% 2.38% 128
Romania Baa3/BBB- 1.40% 0.88% 247 2.80% 1.55% 247 3.33% 2.15% 246
India Baa3/BBB- 0.80% 0.50% 212 1.60% 0.88% 212 - - -
Kuwait Aa2/AA- 0.66% 0.41% 88 1.32% 0.73% 88 - - -
Croatia Ba2/BBB- 0.48% 0.30% 79 0.95% 0.52% 79 1.62% 1.05% 80
Morocco Ba1/BBB- 0.33% 0.21% 229 0.65% 0.36% 229 - - -
Lithuania A3/A+ 0.21% 0.13% 27 0.42% 0.23% 27 - - -
Slovakia A2/A+ 0.21% 0.13% -13 0.41% 0.23% -13 - - -
100.00% 63.14% 190 100.00% 55.14% 184 100.00% 64.53% 209
Credit BB Mexico Baa3/BBB 29.20% 4.42% 460 12.54% 2.02% 460 - - -
*EMBIG: 188.46 Bn Brazil Ba2/BB- 21.58% 3.26% 314 18.61% 2.99% 314 68.15% 8.84% 321
*EMBIG Diversified: 114.52 Bn South Africa Ba2/BB- 11.60% 1.75% 495 13.36% 2.15% 495 31.85% 4.13% 477
*EMBI+: 46.22 Bn Oman Ba3/BB- 10.88% 1.64% 561 14.28% 2.30% 561 - - -
Dominican Republic Ba3/BB- 9.00% 1.36% 478 14.81% 2.38% 478 - - -
Azerbaijan Ba2/BB 3.69% 0.56% 256 6.08% 0.98% 256 - - -
Paraguay Ba1/BB 3.47% 0.53% 246 5.72% 0.92% 246 - - -
Guatemala Ba1/BB- 3.06% 0.46% 295 5.04% 0.81% 295 - - -
Russia Baa3/BBB- 1.72% 0.26% 199 1.36% 0.22% 199 - - -
Trinidad And Tobago Ba1/BB+ 1.77% 0.27% 429 2.92% 0.47% 429 - - -
Namibia Ba2/NR 0.68% 0.10% 421 1.12% 0.18% 421 - - -
Vietnam Ba3/BB 0.60% 0.09% 138 0.99% 0.16% 138 - - -
Uzbekistan B1/BB- 0.58% 0.09% 279 0.96% 0.15% 279 - - -
Armenia Ba3/NR 0.59% 0.09% 303 0.96% 0.16% 303 - - -
UAE A1/AA- 1.25% 0.19% 371 0.73% 0.12% 371 - - -
Croatia Ba2/BBB- 0.32% 0.05% 151 0.53% 0.08% 151 - - -
100.00% 15.12% 499 100.00% 16.08% 450 100.00% 12.97% 371
Credit B Turkey B1/B+ 28.17% 5.06% 610 13.12% 3.19% 610 78.59% 13.50% 606
*EMBIG: 224 Bn Egypt B2/B 11.06% 1.99% 649 10.27% 2.50% 649 - - -
*EMBIG Diversified: 173.08 Bn Bahrain B2/B+ 9.40% 1.69% 432 10.50% 2.55% 432 - - -
*EMBI+: 61.24 Bn Ukraine B3/B 7.89% 1.42% 631 9.85% 2.39% 631 21.41% 3.68% 622
Nigeria B2/B- 4.72% 0.85% 671 6.11% 1.49% 671 - - -
Sri Lanka B2/B- 5.10% 0.92% 962 6.60% 1.60% 962 - - -
Ghana B3/B 3.88% 0.70% 806 5.02% 1.22% 806 - - -
Angola B3/CCC+ 3.10% 0.56% 1043 4.01% 0.97% 1043 - - -
Kenya B2/B+ 2.80% 0.50% 657 3.63% 0.88% 657 - - -
Costa Rica B2/B 2.71% 0.49% 649 3.51% 0.85% 649 - - -
El Salvador B3/B- 3.12% 0.56% 745 4.04% 0.98% 745 - - -
Jamaica B2/B+ 2.58% 0.46% 414 3.34% 0.81% 414 - - -
Pakistan B3/B- 2.38% 0.43% 517 3.08% 0.75% 517 - - -
Iraq Caa1/B- 1.52% 0.27% 716 1.97% 0.48% 716 - - -
Ivory Coast Ba3/NR 1.51% 0.27% 523 1.95% 0.47% 523 - - -
Jordan B1/B+ 2.20% 0.40% 518 2.85% 0.69% 518 - - -
Mongolia B3/B 1.39% 0.25% 410 1.79% 0.44% 410 - - -
Senegal Ba3/B+ 1.21% 0.22% 531 1.56% 0.38% 531 - - -
Belarus B3/B 1.61% 0.29% 685 2.08% 0.51% 685 - - -
Bolivia B1/B+ 0.85% 0.15% 577 1.09% 0.27% 577 - - -
Honduras B1/BB- 0.90% 0.16% 349 1.16% 0.28% 349 - - -
Ethiopia B2/B 0.46% 0.08% 575 0.59% 0.14% 575 - - -
Tunisia B2/NR 0.42% 0.08% 705 0.54% 0.13% 705 - - -
Cameroon B2/B- 0.36% 0.07% 734 0.47% 0.11% 734 - - -
Georgia NR/B+ 0.23% 0.04% 477 0.30% 0.07% 477 - - -
Papua New Guinea B2/B- 0.23% 0.04% 745 0.30% 0.07% 745 - - -
Tajikistan B3/B- 0.20% 0.04% 974 0.26% 0.06% 974 - - -
100.00% 17.97% 642 100.00% 24.30% 652 100.00% 17.18% 609
Credit R Argentina Ca/NR 40.45% 1.52% 2147 28.24% 1.26% 2147 100.00% 5.32% 2147
*EMBIG: 46.92 Bn Ecuador Caa3/NR 22.66% 0.85% 2813 27.28% 1.22% 2813 - - -
*EMBIG Diversified: 31.86 Bn Malaysia A2/A- 6.55% 0.25% 379 8.84% 0.40% 379 - - -
*EMBI+: 18.98 Bn South Africa Ba2/BB- 5.59% 0.21% 821 5.76% 0.26% 821 - - -
Lebanon C/NR 5.26% 0.20% 8562 7.75% 0.35% 8562 - - -
China A1/A+ 3.27% 0.12% 256 1.46% 0.07% 256 - - -
Gabon Caa1/NR 5.15% 0.19% 639 7.58% 0.34% 639 - - -
Zambia Ca/CCC 3.46% 0.13% 2842 5.10% 0.23% 2842 - - -
UAE A1/AA- 2.38% 0.09% 272 1.24% 0.06% 272 - - -
Mozambique Caa2/CCC+ 1.67% 0.06% 878 2.45% 0.11% 878 - - -
Russia Baa3/BBB- 1.24% 0.05% 356 0.87% 0.04% 356 - - -
Barbados Caa3/B- 1.14% 0.04% 619 1.67% 0.07% 619 - - -
Suriname Caa3/CCC 0.69% 0.03% 2155 1.02% 0.05% 2155 - - -
Belize Caa1/CCC+ 0.50% 0.02% 1473 0.73% 0.03% 1473 - - -
100.00% 3.76% 2370 100.00% 4.47% 2554 100.00% 5.32% 2147
*The South Africa R bucket is comprised of ZA Eskom 6 3/4% due 23, ZA Eskom Holdings 7 1/8% due 25, and ZA Eskom Holdings 8.45% due 28.
*The Russia R credit bucket is solely comprised of RU Russian Agric Bank 8 1/2% due 23.
*The Georgia B bucket is solely comprised of GE Railway 7 3/4% due 22.
*The Malaysia R bucket solely comprised of MY 1MDB Global Investments 4.4% due 23. * The UAE R bucket is comprised of AE Dubai Government 5 1/4% due 43 and AE ICD Funding Ltd 4 5/8% due 24.
*The China R bucket is comprised of CN Chalco 4 1/4% due 22, CN China Chengtong Hldg 3 5/8% due 22 and CN China Hua Neng Grp 3.6% due 22 Perp.
**The weighted average rating of the underlying constituents.
*** A country may contribute to the aggregate Spread To Worst of more than one credit bucket.
This document is being provided for the exclusive use of yardley.peresman@apertureinvestors.com. 86

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Global Index Research

Emerging Markets Bond Index

Emerging Markets Bond Index (EMBI®) Monitor

Index Performance Average Rating as of August Month-End

Index Overview as of August Month-End

Month-End Compostition Rebalancing

Adjustments Adjustments Adjustments

Removals Removals Removals

Removals Removals Removals

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Wgt in Index Wgt in Index, Wgt in Index Wgt in Index,

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Index Performance Overview: Credit and Maturity Sector Breakouts

Total Return to Maturity Statistics to Worst Statistics

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J.P. Morgan Asia Credit Index (JACI) 62

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Emerging Markets Bond Index Monitor

EMBI Global Emerging Markets Bond Index Global (EMBI Global)

Total return 1-mo return components Return volatility

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EMBI Global Emerging Markets Bond Index Global (EMBI Global)

New composition To Maturity Statistics To Worst Statistics

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Total return 1-mo return components Return volatility

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New composition To Maturity Statistics To Worst Statistics

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EMBI+ Emerging Markets Bond Index Plus (EMBI+)

Total return 1-mo return components Return volatility

EMBI+ Emerging Markets Bond Index Plus (EMBI+)

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Emerging Markets Bond Indices (EMBI)

Total return 1-month return components Sovereign spread Return volatility

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Emerging Markets Bond Index Monitor

Emerging Markets Bond Indices (EMBI)

Total return 1-month return components Sovereign spread Return volatility

This document is being provided for the exclusive use of yardley.peresman@apertureinvestors.com.

Emerging Markets Bond Indices (EMBI)

Total return 1-month return components Sovereign spread Return volatility

This document is being provided for the exclusive use of yardley.peresman@apertureinvestors.com.

Emerging Markets Bond Indices (EMBI)

Total return 1-month return components Sovereign spread Return volatility

This document is being provided for the exclusive use of yardley.peresman@apertureinvestors.com.

Emerging Markets Bond Indices (EMBI)

Total return 1-month return components Sovereign spread Return volatility

This document is being provided for the exclusive use of yardley.peresman@apertureinvestors.com.

Emerging Markets Bond Indices (EMBI)

Total return 1-month return components Sovereign spread Return volatility

This document is being provided for the exclusive use of yardley.peresman@apertureinvestors.com.

Emerging Markets Bond Indices (EMBI)

Total return 1-month return components Sovereign spread Return volatility

This document is being provided for the exclusive use of yardley.peresman@apertureinvestors.com.

Emerging Markets Bond Indices (EMBI)

Total return 1-month return components Sovereign spread Return volatility

This document is being provided for the exclusive use of yardley.peresman@apertureinvestors.com.

Emerging Markets Bond Indices (EMBI)

Total return 1-month return components Sovereign spread Return volatility

This document is being provided for the exclusive use of yardley.peresman@apertureinvestors.com.

Emerging Markets Bond Indices (EMBI)

This document is being provided for the exclusive use of yardley.peresman@apertureinvestors.com.

Emerging Markets Bond Indices (EMBI)

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