EM Sovereign Cross Currency Report

Investment Rating - The report does not explicitly provide an overall investment rating for the industry or specific bonds. Core Insights - The report highlights the spreads of various sovereign EUR bonds compared to the USD curve, indicating potential investment opportunities based on their relative pricing and z-scores [17][19][20]. Summary by Sections Cheapest Bonds to the Curve - The report identifies the highest spreads to the cross-currency adjusted USD curve, with IVYCST 4.875% 32€ showing a spread of 171 basis points, while EGYPT 6.375% 31€ has a spread of 164 basis points [20][21]. - The report lists several bonds with significant spreads, including EGYPT 5.625% 30€ at 161 basis points and IVYCST 5.875% 31€ at 154 basis points [20][21]. Richest Bonds to the Curve - The report details the lowest spreads to the cross-currency adjusted USD curve, with PEMEX 5.5% 25€ showing a spread of -198 basis points, indicating it is the richest bond [22]. - Other notable bonds include ROMANIA 2.875% 24€ at -161 basis points and ISRAEL 2.5% 49€ at -119 basis points [22]. Issuer Pages - The report provides detailed issuer pages, including specific bonds and their respective spreads, z-scores, and historical data, allowing for a comprehensive analysis of each issuer's bond performance [17][18][19][20][21][22][23][24][30][35][42][49][51][60]. Emerging Markets Strategy - The report emphasizes the importance of monitoring the cross-currency adjusted spreads as a key indicator for investment decisions in emerging markets [17][18]. Historical Trends - The report includes historical data on bond spreads, showing trends over time and highlighting significant changes in spreads and z-scores for various bonds [17][20][22][30][35]. Conclusion - The report provides a detailed analysis of sovereign EUR bonds, focusing on their spreads relative to the USD curve, which can guide investment decisions in the current market environment [17][19][20][22].