Report published September 8, 2026
UBS Emerging Markets Bond List: Relative-Value Strategy & Credit Outlook (September 2026)
UBS · September 8, 2026
The UBS Emerging Markets Bond List provides comprehensive coverage of EM sovereign and corporate bonds across Asia, EMEA, GCC, and Latin America in USD, EUR, GBP, CHF, CNY, SGD, MXN, BRL, and AUD. It highlights top relative-value recommendations, credit outlooks, additions/deletions, and flagged Sell recommendations.
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Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.The UBS CIO Top Emerging Markets Bond List details highest-conviction EM bond recommendations across Asia, EMEA, GCC, and Latin America, combining bottom-up issuer analysis with top-down relative value calls.
- 2.A concentrated list of 'Sell' recommendations is assigned to New World Development bonds and perpetuals across USD tenors, driven by risks exceeding valuations and expectations of negative total returns until redemption.
- 3.Relative-value recommendations saw multiple bonds downgraded from Attractive to Fair (including Aldar, Alibaba, Hanwha Life, OCP, Pertamina, and Prosus), while one bond (ESR REIT 6% Perp) was upgraded to Attractive.
Table of Contents
- Guidance on bond characteristics
- Guidance on credit ratings and subordinated bonds
- Top Emerging Markets Bond List
- Sell Recommendations
- Changes to the recommendations
- Additions and 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, Asia
- Bonds in GBP, GCC
- Bonds in GBP, Latin America
- Bonds in CHF, Asia
- Bonds in CHF, EMEA
- Bonds in CHF, GCC
- Bonds in CHF, Latin America
- Bonds in Chinese renminbi, Asia
- Bonds in Singapore dollar, Asia
- Bonds in Singapore dollar, GCC
- Bonds in Mexican peso, Latin America
- Bonds in Brazilian real, Latin America
- Bonds in HKD, Asia
- Bonds in AUD, Asia
- Issuer descriptions and credit-risk flags
- Sanctions notice
- 12 month rating history
- UBS CIO risk views
- UBS CIO valuation views
- Risk Information
Report data
Top Emerging Markets Bond List — as of September 8, 2026.
| Metric | Estimate | Context |
|---|---|---|
| AIA Group 4.95% 2035 Offer Yield | 5.4% | Indicative yield for AIA subordinated Tier 2 bond maturing 30.03.2035. |
| Pemex 5.95% 2031 Offer Yield | 6.1% | Indicative yield for Pemex bond maturing 28.01.2031. |
| Vedanta Resources 7.375% 2034 Offer Yield | 7.3% | Indicative yield for Vedanta Resources bond maturing 13.07.2034. |
| New World Development 5.25% Perp Offer Yield | 12.7% | Indicative yield for New World Development perpetual bond rated Sell. |
Reports in this series
Emerging Markets Bond List is shown in chronological order through this edition, published on September 8, 2026.
Part of the Emerging Markets Bond List series — view all 14 editions
Looking for the latest edition? Emerging Markets Bond List en 1667426 (Oct 5, 2026)
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