UBS
May 19, 2026
Emerging Markets Bond List
Market ReportRates CreditRates Govt BondsMaterialsFinancials
A comprehensive list of high-conviction emerging market corporate and sovereign bonds with updated recommendations as of May 2026. The report highlights Suzano as a stable credit while issuing sell signals for New World Development.
Key Takeaways
- 1.Suzano is maintained as a 'hold-to-maturity' credit despite mixed 1Q26 results, with positive outlooks from all three major rating agencies.
- 2.The report provides a comprehensive Top Emerging Markets Bond List covering high-conviction bonds across Asia, EMEA, GCC, and Latin America.
- 3.A broad 'sell' recommendation is issued for various New World Development bonds in Hong Kong due to a deteriorating credit outlook.
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
- Bonds in EUR, Asia
- Bonds in EUR, EMEA
- Bonds in EUR, GCC
- Bonds in EUR, Latin America
- Bonds in GBP
- Bonds in CHF
- Bonds in Chinese renminbi
- Bonds in Singapore dollar
- Bonds in Mexican peso
- Bonds in Brazilian real
- Bonds in HKD, Asia
- Bonds in AUD, Asia
- Issuer descriptions and credit risk flags
- Appendix: Ratings definitions
- Appendix: Sanctions notice
- Appendix: Ratings history, disclosures, disclaimer
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Authors
Alberto RojasAlejo CzerwonkoDonald McLauchlan
Securities
Suzano 3.125% sustainability-linked bond due 2032Hysan Development 7.2% subordinated perpetualsNew World Development 4.75% 2027
Themes
Sustainability-Linked FinancingGeopolitical Risk in GCCGaming Sector Recovery in Macao
Regions
Asia PacificMiddle EastLatin AmericaBrazilMexicoChina
