A comprehensive reference list of Emerging Markets bonds across Asia, EMEA, GCC, and Latin America, including high-conviction picks and detailed coverage of Pemex's 1Q26 performance.
Key Takeaways
- 1.Pemex 1Q26 results were in line with moderate expectations, with production finding a floor and leverage declining to 5.1x.
- 2.The Mexican government is expected to remain supportive of Pemex, allocating USD 14bn in the 2026 budget to help honor financial obligations.
- 3.The Top Emerging Markets Bond List identifies the highest conviction EM bonds through a combination of bottom-up and top-down insights.
Table of Contents
- Guidance on CIO WM bond recommendations
- Top Emerging Markets Bond List
- Changes (recommendations, additions, & deletions)
- Reference lists
- Bonds in USD, Asia
- Bonds in USD, EMEA
- Bonds in USD, GCC
- Bonds in USD, Latin America
- Issuer descriptions and credit risk flags
- Appendix: Ratings definitions
- Appendix: Sanctions notice
- Appendix: Ratings history, disclosures, disclaimer
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Authors
Alberto RojasDonald McLauchlanPedro Quintanilla-Dieck
Securities
Pemex 5.95% due 2031Hysan Development Company LimitedRomania 5.75% March 2035Alibaba Group 4.500% 11/28/2034
Themes
Sovereign support for National Oil Companies (NOCs)EM Credit Rating MomentumLiquidity Challenges vs. Operational Stability
Regions
Asia PacificMiddle EastLatin AmericaMexicoChinaIndonesia