Emerging Markets Bond List

This report presents UBS CIO's top-conviction emerging market bond recommendations for June 2026. It includes credit outlooks for various issuers and specific bond-level performance insights.

Key Takeaways

• 1.Celulosa Arauco's ratings are under pressure due to high debt from the Sucuriú Project and soft market conditions, potentially risking its investment-grade status.
• 2.Despite credit challenges, Celulosa Arauco's bonds are viewed as suitable for hold-to-maturity strategies due to a liquid balance sheet and potential parent support.

Table of Contents

• Guidance on CIO WM bond recommendations
• Top Emerging Markets Bond List
• Changes (recommendations, additions, & deletions)
• Reference lists