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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