43 markets
Deep and steadier
Deeper domestic finance and lower debt pressure than most. Local bond markets here tend to be the easiest to access and price.
Country bond screener
01 / 199 MARKETSEvery covered market on one table. Sort any column, filter by region or pressure band, or search by name. Open a country for the full bond view with sources, charts and peers.
199 markets
| Regime | ||||||
|---|---|---|---|---|---|---|
| Afghanistan South Asia | 37Lower | 4Shallow | 8% | -6.6% | -25.6% | Own currency |
| Albania Central & Eastern Europe | 33Lower | 38Shallow | 52.6% | 2.1% | +20.1% | Own currency |
| Algeria North Africa | 45Moderate | 11Shallow | 54.1% | 1.4% | -3.8% | Own currency |
| Andorra Western Europe | Not sourced | Not sourced | 30.3% | Not sourced | Not sourced | Uses the euro without membership |
| Angola Southern Africa | 65Higher | 7Shallow | 51.3% | 20.2% | -57.7% | Own currency |
| Antigua and Barbuda Central America & Caribbean | 49Moderate | Not sourced | 69.7% | 1.4% | +0% | Eastern Caribbean Currency Union |
| Argentina South America | 73Higher | 27Shallow | 80.3% | 219.9% | -1,659.2% | Own currency |
| Armenia Caucasus | 48Moderate | 57Developing | 49% | 3.3% | +20.9% | Own currency |
| Australia Oceania | 50Moderate | 90Deep | 51% | 2.9% | -6.8% | Own currency |
| Austria Western Europe | 52Moderate | 72Deep | 80.5% | 3.5% | -1.1% | Euro area member |
| Azerbaijan Caucasus | 37Lower | 29Shallow | 20.1% | 5.6% | +0% | Own currency |
| Bahrain Middle East | 49Moderate | 66Deep | 147.6% | -0.1% | +0% | Own currency |
| Bangladesh South Asia | 62Higher | 21Shallow | 42% | 8.8% | -43.7% | Own currency |
| Barbados Central America & Caribbean | 52Moderate | 57Developing | 94.2% | 0.8% | +0% | Own currency |
| Belarus Central & Eastern Europe | 62Higher | 37Shallow | 33.1% | 6.6% | -25.8% | Own currency |
| Belgium Western Europe | 56Higher | 75Deep | 106.3% | 2.5% | -1.1% | Euro area member |
| Belize Central America & Caribbean | 48Moderate | 49Developing | 67.9% | 1.1% | +0% | Own currency |
| Benin West Africa | 51Moderate | Not sourced | 57.3% | 1.1% | -1.3% | West African CFA franc zone (WAEMU) |
| Bhutan South Asia | 62Higher | 57Developing | 103.6% | 3.6% | -17.6% | Own currency |
| Bolivia South America | 73Higher | 51Developing | 84.8% | 19.5% | +0% | Own currency |
| Bosnia and Herzegovina Central & Eastern Europe | 44Lower | 56Developing | 29.9% | 4% | -1.1% | Own currency |
| Botswana Southern Africa | 42Lower | 38Shallow | 38.6% | 2.7% | -17.9% | Own currency |
| Brazil South America | 63Higher | 63Deep | 93.3% | 5% | -8.4% | Own currency |
| Brunei South-East Asia | 8Lower | Not sourced | 1.5% | -0.3% | +5.2% | Own currency |
| Bulgaria Central & Eastern Europe | 42Lower | 44Developing | 27.1% | 4.6% | -1.1% | Euro area member |
| Burkina Faso West Africa | 44Lower | Not sourced | 52% | -0.6% | -1.1% | West African CFA franc zone (WAEMU) |
| Burundi East Africa | 77Higher | 34Shallow | 41.2% | 34.1% | -53.7% | Own currency |
| Cabo Verde West Africa | 46Moderate | Not sourced | 101% | 2.3% | -1.1% | Own currency |
| Cambodia South-East Asia | 32Lower | 55Developing | 26.5% | 2.4% | +1.9% | Own currency |
| Cameroon Central Africa | 50Moderate | 22Shallow | 40.4% | 3.4% | -1.1% | Central African CFA franc zone (CEMAC) |
| Canada North America | 57Higher | 93Deep | 113.5% | 2.1% | -4.2% | Own currency |
| Central African Republic Central Africa | 55Moderate | 8Shallow | 61.8% | 1% | -1.1% | Central African CFA franc zone (CEMAC) |
| Chad Central Africa | 35Lower | 5Shallow | 30.4% | -3.9% | -1.1% | Central African CFA franc zone (CEMAC) |
| Chile South America | 50Moderate | 80Deep | 41.8% | 4.2% | -20% | Own currency |
| China Eastern Asia | 42Lower | 85Deep | 99.2% | 0.1% | -4.2% | Own currency |
| Colombia South America | 58Higher | 44Developing | 59.9% | 5.1% | -9.7% | Own currency |
| Comoros East Africa | 41Lower | 17Shallow | 29.5% | 3.2% | -1.1% | Own currency |
| Costa Rica Central America & Caribbean | 32Lower | 43Shallow | 60.4% | -0.1% | +13.9% | Own currency |
| Croatia Central & Eastern Europe | 50Moderate | 58Developing | 55.9% | 3.7% | +86.6% | Euro area member |
| Cuba Central America & Caribbean | Not sourced | Not sourced | Not sourced | Not sourced | Not sourced | Own currency |
| Cyprus Southern Europe | 46Moderate | 72Deep | 55.3% | 0.1% | -1.1% | Euro area member |
| Czechia Central & Eastern Europe | 26Lower | 54Developing | 44.6% | 2.5% | +5.7% | Own currency |
| Democratic Republic of the Congo Central Africa | 59Higher | 17Shallow | 20.2% | 2.9% | -45.5% | Own currency |
| Denmark Northern Europe | 25Lower | 93Deep | 27.5% | 1.9% | -1.2% | Own currency |
| Djibouti East Africa | 34Lower | Not sourced | 32.1% | -0.3% | +0% | Own currency |
| Dominica Central America & Caribbean | 58Higher | Not sourced | 102.6% | 2.5% | +0% | Eastern Caribbean Currency Union |
| Dominican Republic Central America & Caribbean | 58Higher | 49Developing | 59% | 3.9% | -9.7% | Own currency |
| Ecuador South America | 41Lower | 54Developing | 54.4% | 0.7% | +0% | Dollarised |
| Egypt North Africa | 76Higher | 25Shallow | 86.8% | 14.1% | -212.4% | Own currency |
| El Salvador Central America & Caribbean | 53Moderate | 59Developing | 87.2% | 0.3% | +0% | Dollarised |
| Equatorial Guinea Central Africa | 51Moderate | Not sourced | 40.6% | 2.9% | -1.1% | Central African CFA franc zone (CEMAC) |
| Eritrea East Africa | Not sourced | Not sourced | 260.4% | Not sourced | +0% | Own currency |
| Estonia Northern Europe | 43Lower | 81Deep | 24.2% | 4.8% | -1.1% | Euro area member |
| eSwatini Southern Africa | 55Moderate | 32Shallow | 44.9% | 2.6% | -8.6% | Own currency |
| Ethiopia East Africa | 70Higher | Not sourced | 43.1% | 13.2% | -184.2% | Own currency |
| Fiji Oceania | 49Moderate | Not sourced | 78.7% | -1.4% | -6% | Own currency |
| Finland Northern Europe | 45Moderate | 90Deep | 89.3% | 0.3% | -1.1% | Euro area member |
| France Western Europe | 49Moderate | 85Deep | 116% | 0.9% | -1.1% | Euro area member |
| Gabon Central Africa | 55Moderate | 25Shallow | 78.9% | 1.8% | -1.1% | Central African CFA franc zone (CEMAC) |
| Gambia West Africa | 71Higher | 15Shallow | 73.9% | 11.6% | -38.4% | Own currency |
| Georgia Caucasus | 41Lower | 68Deep | 34.3% | 3.9% | +11.8% | Own currency |
| Germany Western Europe | 42Lower | 78Deep | 62.9% | 2.2% | -1.1% | Euro area member |
| Ghana West Africa | 60Higher | 20Shallow | 48.8% | 14.2% | -124.4% | Own currency |
| Greece Southern Europe | 62Higher | 59Developing | 145.7% | 2.5% | -1.1% | Euro area member |
| Greenland North America | Not sourced | Not sourced | Not sourced | Not sourced | -1.2% | Own currency |
| Grenada Central America & Caribbean | 46Moderate | Not sourced | 71.6% | 0.6% | +0% | Eastern Caribbean Currency Union |
| Guatemala Central America & Caribbean | 26Lower | 42Shallow | 27.2% | 1.5% | +0.5% | Own currency |
| Guinea West Africa | 66Higher | 13Shallow | 48.1% | 3.6% | -27.8% | Own currency |
| Guinea-Bissau West Africa | 60Higher | Not sourced | 75.3% | 0.9% | -1.1% | West African CFA franc zone (WAEMU) |
| Guyana South America | 40Lower | Not sourced | 28.6% | 3.3% | +0% | Own currency |
| Haiti Central America & Caribbean | 56Higher | Not sourced | 12.3% | 28.6% | -39.7% | Own currency |
| Honduras Central America & Caribbean | 52Moderate | 60Deep | 41.2% | 4.6% | -5.6% | Own currency |
| Hong Kong Eastern Asia | 18Lower | 94Deep | 11.9% | 1.4% | -0.5% | Own currency |
| Hungary Central & Eastern Europe | 62Higher | 46Developing | 75.2% | 4.4% | -14.7% | Own currency |
| Iceland Northern Europe | 42Lower | 89Deep | 56.1% | 4.1% | +5.2% | Own currency |
| India South Asia | 52Moderate | 73Deep | 84.1% | 2.4% | -17.6% | Own currency |
| Indonesia South-East Asia | 41Lower | 55Developing | 41% | 1.9% | -13% | Own currency |
| Iran Middle East | 63Higher | 67Deep | 37.3% | 42.2% | -2.8% | Own currency |
| Iraq Middle East | 43Lower | 11Shallow | 53.9% | 0.3% | -9.1% | Own currency |
| Ireland Western Europe | 35Lower | 52Developing | 32.9% | 2.2% | -1.1% | Euro area member |
| Israel Middle East | 37Lower | 77Deep | 68.5% | 3% | -0.3% | Own currency |
| Italy Western Europe | 46Moderate | 58Developing | 137.1% | 1.5% | -1.1% | Euro area member |
| Ivory Coast West Africa | 46Moderate | 24Shallow | 56.3% | 0.1% | -1.1% | West African CFA franc zone (WAEMU) |
| Jamaica Central America & Caribbean | 54Moderate | 55Developing | 67.7% | 4% | -11.7% | Own currency |
| Japan Eastern Asia | 51Moderate | 93Deep | 206.5% | 3.2% | -40.2% | Own currency |
| Jordan Middle East | 45Moderate | 55Developing | 82.8% | 1.8% | +0% | Own currency |
| Kazakhstan Central Asia | 51Moderate | 51Developing | 24.6% | 11.4% | -26.2% | Own currency |
| Kenya East Africa | 64Higher | 35Shallow | 69.3% | 4.1% | -21.5% | Own currency |
| Kiribati Oceania | 49Moderate | Not sourced | 8% | 6.5% | -6.8% | Own currency |
| Kosovo Central & Eastern Europe | 62Higher | 66Deep | Not sourced | 3.9% | -1.1% | Uses the euro without membership |
| Kuwait Middle East | 21Lower | 50Developing | 14.6% | 2.4% | -0.1% | Own currency |
| Kyrgyzstan Central Asia | 64Higher | 30Shallow | 36% | 8.2% | -12.9% | Own currency |
| Laos South-East Asia | 71Higher | Not sourced | 80.6% | 7.7% | -126% | Own currency |
| Latvia Northern Europe | 50Moderate | 54Developing | 46.9% | 3.7% | -1.1% | Euro area member |
| Lebanon Middle East | 81Higher | 49Developing | 139.4% | 14.6% | -5,837% | Own currency |
| Lesotho Southern Africa | 54Moderate | 35Shallow | 49.1% | 4.3% | -8.7% | Own currency |
| Liberia West Africa | 65Higher | Not sourced | 54.9% | 8.3% | -2.6% | Own currency |
| Libya North Africa | 49Moderate | Not sourced | Not sourced | 1.8% | -281.8% | Own currency |
| Liechtenstein Western Europe | Not sourced | Not sourced | 0.5% | Not sourced | +11.5% | Own currency |
| Lithuania Northern Europe | 44Lower | 70Deep | 39.8% | 3.8% | -1.1% | Euro area member |
| Luxembourg Western Europe | 35Lower | 81Deep | 27% | 2.3% | -1.1% | Euro area member |
| Madagascar East Africa | 63Higher | 15Shallow | 48.7% | 8.1% | -19.6% | Own currency |
| Malawi East Africa | 82Higher | 17Shallow | 78.4% | 28.4% | -58.5% | Own currency |
| Malaysia South-East Asia | 45Moderate | 84Deep | 70.7% | 1.4% | -1.9% | Own currency |
| Maldives South Asia | 69Higher | 45Developing | 125.4% | 4% | -0.2% | Own currency |
| Mali West Africa | 54Moderate | Not sourced | 41.9% | 3.3% | -1.1% | West African CFA franc zone (WAEMU) |
| Malta Southern Europe | 43Lower | 60Deep | 46.8% | 2.4% | -1.1% | Euro area member |
| Marshall Islands Oceania | 16Lower | Not sourced | 11.8% | Not sourced | +0% | Dollarised |
| Mauritania North Africa | 46Moderate | Not sourced | 40.1% | 1.5% | -2.3% | Own currency |
| Mauritius East Africa | 61Higher | 69Deep | 86.5% | 3.7% | -16.9% | Own currency |
| Mexico North America | 53Moderate | 45Developing | 61.8% | 3.8% | +10.5% | Own currency |
| Micronesia Oceania | 31Lower | Not sourced | 8.9% | 5.4% | +0% | Dollarised |
| Moldova Central & Eastern Europe | 49Moderate | 38Shallow | 36.6% | 7.8% | -0.3% | Own currency |
| Monaco Western Europe | Not sourced | Not sourced | Not sourced | Not sourced | -1.1% | Uses the euro without membership |
| Mongolia Eastern Asia | 64Higher | 61Deep | 45.1% | 8.6% | -26% | Own currency |
| Montenegro Central & Eastern Europe | 60Higher | 54Developing | 67.1% | 3.9% | -1.1% | Uses the euro without membership |
| Morocco North Africa | 38Lower | 57Developing | 67.1% | 0.7% | +1.5% | Own currency |
| Mozambique Southern Africa | 76Higher | 23Shallow | 102.5% | 4.4% | -2.2% | Own currency |
| Myanmar South-East Asia | 69Higher | Not sourced | 51.9% | 8.8% | -18.8% | Own currency |
| Namibia Southern Africa | 62Higher | 45Developing | 70.2% | 3.5% | -8.7% | Own currency |
| Nauru Oceania | 30Lower | Not sourced | 14.6% | Not sourced | -6.8% | Own currency |
| Nepal South Asia | 42Lower | 61Deep | 48.1% | 2.7% | -17.6% | Own currency |
| Netherlands Western Europe | 40Lower | 87Deep | 43.3% | 3.2% | -1.1% | Euro area member |
| New Caledonia Oceania | Not sourced | Not sourced | Not sourced | 0.6% | -1.1% | Own currency |
| New Zealand Oceania | 49Moderate | 78Deep | 54.7% | 2.8% | -11.5% | Own currency |
| Nicaragua Central America & Caribbean | 42Lower | 40Shallow | 34.8% | 2.1% | -6.6% | Own currency |
| Niger West Africa | 44Lower | Not sourced | 45.4% | -4.5% | -1.1% | West African CFA franc zone (WAEMU) |
| Nigeria West Africa | 57Higher | 28Shallow | 35.5% | 23% | -323.2% | Own currency |
| North Korea Eastern Asia | Not sourced | Not sourced | Not sourced | Not sourced | Not sourced | Own currency |
| North Macedonia Central & Eastern Europe | 51Moderate | 68Deep | 52.5% | 4.1% | -0.9% | Own currency |
| Norway Northern Europe | 38Lower | 88Deep | 45% | 3% | -10.4% | Own currency |
| Oman Middle East | 32Lower | 58Developing | 35.8% | 1% | +0% | Own currency |
| Pakistan South Asia | 68Higher | 15Shallow | 72.8% | 3.5% | -73.7% | Own currency |
| Palau Oceania | 40Lower | Not sourced | 62.3% | -0.4% | +0% | Dollarised |
| Palestine Middle East | 84Higher | 45Developing | Not sourced | 9.8% | Not sourced | Own currency |
| Panama Central America & Caribbean | 42Lower | 59Developing | 56.6% | -0.2% | +0% | Dollarised |
| Papua New Guinea Oceania | 56Higher | 16Shallow | 52.1% | 4.4% | -19.2% | Own currency |
| Paraguay South America | 51Moderate | 59Developing | 38.1% | 4% | -11.4% | Own currency |
| Peru South America | 31Lower | 44Developing | 30.2% | 1.5% | -2.1% | Own currency |
| Philippines South-East Asia | 48Moderate | 52Developing | 59.4% | 1.7% | -15.9% | Own currency |
| Poland Central & Eastern Europe | 41Lower | 53Developing | 58.8% | 3.8% | +3.6% | Own currency |
| Portugal Western Europe | 46Moderate | 64Deep | 89.9% | 2.3% | -1.1% | Euro area member |
| Puerto Rico Central America & Caribbean | Not sourced | Not sourced | 18% | Not sourced | +0% | Own currency |
| Qatar Middle East | 23Lower | 86Deep | 41.4% | 1.3% | +0% | Own currency |
| Republic of the Congo Central Africa | 64Higher | 18Shallow | 96.8% | 2.4% | -1.1% | Central African CFA franc zone (CEMAC) |
| Romania Central & Eastern Europe | 59Higher | 31Shallow | 60.6% | 7.2% | -5.3% | Own currency |
| Russia Central & Eastern Europe | 45Moderate | 53Developing | 17.2% | 8.7% | -16% | Own currency |
| Rwanda East Africa | 68Higher | 27Shallow | 64.6% | 5.9% | -51.4% | Own currency |
| Samoa Oceania | 25Lower | Not sourced | 21.2% | 2.2% | -4.7% | Own currency |
| San Marino Western Europe | 42Lower | Not sourced | 60.6% | 2.3% | -1.1% | Uses the euro without membership |
| São Tomé and Príncipe Central Africa | 69Higher | Not sourced | 55.7% | 11% | -1.1% | Own currency |
| Saudi Arabia Middle East | 25Lower | 73Deep | 31.7% | 2% | +0% | Own currency |
| Senegal West Africa | 61Higher | Not sourced | 130.2% | 1.5% | -1.1% | West African CFA franc zone (WAEMU) |
| Serbia Central & Eastern Europe | 45Moderate | Not sourced | 42.4% | 3.9% | -0.8% | Own currency |
| Seychelles East Africa | 34Lower | 33Shallow | 51.5% | 0.3% | +16.4% | Own currency |
| Sierra Leone West Africa | 73Higher | Not sourced | 45.2% | 7.5% | -168.6% | Own currency |
| Singapore South-East Asia | 37Lower | 90Deep | 171.3% | 0.9% | +5.2% | Own currency |
| Slovakia Central & Eastern Europe | 58Higher | 53Developing | 61.6% | 4% | -1.1% | Euro area member |
| Slovenia Central & Eastern Europe | 49Moderate | 54Developing | 65.9% | 2.4% | -1.1% | Euro area member |
| Solomon Islands Oceania | 41Lower | Not sourced | 28.7% | 3.4% | -1.4% | Own currency |
| Somalia East Africa | Not sourced | 19Shallow | 12.7% | Not sourced | Not sourced | Own currency |
| South Africa Southern Africa | 55Moderate | 77Deep | 78.6% | 3.2% | -8.7% | Own currency |
| South Korea Eastern Asia | 38Lower | 92Deep | 52.3% | 2.1% | -20.5% | Own currency |
| South Sudan East Africa | 81Higher | Not sourced | 62.1% | 91.4% | -1,269.1% | Own currency |
| Spain Western Europe | 53Moderate | 77Deep | 100.4% | 2.7% | -1.1% | Euro area member |
| Sri Lanka South Asia | 58Higher | 43Shallow | 100.8% | -4.8% | -62.1% | Own currency |
| St. Kitts and Nevis Central America & Caribbean | 49Moderate | Not sourced | 58.4% | 3.6% | +0% | Eastern Caribbean Currency Union |
| St. Lucia Central America & Caribbean | 51Moderate | Not sourced | 77.1% | 2% | +0% | Eastern Caribbean Currency Union |
| St. Vincent and the Grenadines Central America & Caribbean | 50Moderate | Not sourced | 113.4% | 0.8% | +0% | Eastern Caribbean Currency Union |
| Sudan North Africa | 97Higher | Not sourced | 187.6% | 138.8% | -8,080.9% | Own currency |
| Suriname South America | 82Higher | Not sourced | 105.8% | 9.2% | -300.2% | Own currency |
| Sweden Northern Europe | 32Lower | 94Deep | 34.9% | 0.7% | -6.6% | Own currency |
| Switzerland Western Europe | 12Lower | 95Deep | 39.4% | 0.2% | +11.5% | Own currency |
| Syria Middle East | Not sourced | Not sourced | Not sourced | 13.4% | -408.7% | Own currency |
| Tajikistan Central Asia | 32Lower | 17Shallow | 21.6% | 3.4% | +2.9% | Own currency |
| Tanzania East Africa | 54Moderate | 28Shallow | 49.7% | 3.3% | -13.5% | Own currency |
| Thailand South-East Asia | 38Lower | 82Deep | 64.7% | -0.1% | -5.1% | Own currency |
| The Bahamas Central America & Caribbean | 46Moderate | Not sourced | 73.8% | 1.1% | +0% | Own currency |
| Timor-Leste South-East Asia | 31Lower | Not sourced | 14.3% | 0.4% | +0% | Dollarised |
| Togo West Africa | 48Moderate | Not sourced | 63% | 0.4% | -1.1% | West African CFA franc zone (WAEMU) |
| Tonga Oceania | 42Lower | Not sourced | 27.4% | 5.6% | -4.8% | Own currency |
| Trinidad and Tobago Central America & Caribbean | 40Lower | 57Developing | 84.2% | 1% | +0% | Own currency |
| Tunisia North Africa | 66Higher | 41Shallow | 81.3% | 5.2% | -6.6% | Own currency |
| Turkey Middle East | 57Higher | 52Developing | 23.5% | 34.9% | -463% | Own currency |
| Turkmenistan Central Asia | Not sourced | Not sourced | 3.8% | Not sourced | Not sourced | Own currency |
| Tuvalu Oceania | 26Lower | Not sourced | 3.6% | Not sourced | -6.8% | Own currency |
| Uganda East Africa | 54Moderate | 32Shallow | 54.2% | 3.6% | +3.1% | Own currency |
| Ukraine Central & Eastern Europe | 78Higher | 24Shallow | 108.7% | 12.7% | -54.6% | Own currency |
| United Arab Emirates Middle East | 23Lower | 73Deep | 34.3% | 1.3% | +0% | Own currency |
| United Kingdom Western Europe | 57Higher | 89Deep | 102.3% | 3.9% | +2.6% | Own currency |
| United States of America North America | 56Higher | 94Deep | 123.9% | 2.9% | +0% | Own currency |
| Uruguay South America | 42Lower | 51Developing | 65.7% | 4.7% | +2% | Own currency |
| Uzbekistan Central Asia | 50Moderate | 31Shallow | 28.6% | 8.8% | -25.1% | Own currency |
| Vanuatu Oceania | 37Lower | Not sourced | 40.9% | 0.7% | -4.3% | Own currency |
| Venezuela South America | 85Higher | Not sourced | 308.7% | 255% | Not sourced | Own currency |
| Vietnam South-East Asia | 44Lower | 67Deep | 30.3% | 3.3% | -4.8% | Own currency |
| Yemen Middle East | 90Higher | Not sourced | Not sourced | 8.1% | -530.6% | Own currency |
| Zambia Southern Africa | 79Higher | 45Developing | 86% | 13.9% | -37.8% | Own currency |
| Zimbabwe Southern Africa | 59Higher | Not sourced | 43.8% | 104.7% | +48.2% | Own currency |
No market matches that filter.
Sources. Debt: IMF World Economic Outlook, World Bank where the IMF has none. Inflation, currency, reserves and credit: World Bank World Development Indicators. Governance: World Bank WGI. Each country page lists the period and as-of date of every figure. Currency is the five year move in the official rate against the US dollar, derived by Invest Global; a minus sign means the local currency bought fewer dollars.
Pressure and depth
02 / MAPEach point is a market scored on both screens (139 markets). The shaded corner is high pressure with deep local markets; dashed lines mark the medians. Select a point to open that country.
27 markets
Deep and stretched
A deeper domestic market sitting alongside higher debt pressure. Size helps liquidity; pressure raises the cost of a policy mistake.
24 markets
Shallow and steadier
Lower debt pressure but a thin local market. Capacity to absorb new issuance and to trade out of positions is the main limit.
45 markets
Shallow and stretched
A thin local market and higher debt pressure. Hard currency or multilateral channels often matter more than local bonds.
By region
03 / REGIONSMedians across covered markets in each region, and how many sit in the higher and lower pressure bands.
| Region | Markets | Median debt, % GDP | Median inflation | Median pressure | Median depth | Higher / lower |
|---|---|---|---|---|---|---|
| Caucasus | 3 | 34.3% | 3.9% | 41 | 57 | 0 / 2 |
| Central & Eastern Europe | 18 | 52.6% | 4% | 50 | 53 | 7 / 5 |
| Central Africa | 8 | 55.7% | 2.9% | 55 | 18 | 3 / 1 |
| Central America & Caribbean | 21 | 67.9% | 1.4% | 49 | 55 | 3 / 5 |
| Central Asia | 5 | 24.6% | 8.8% | 51 | 31 | 1 / 1 |
| East Africa | 15 | 51.5% | 4.1% | 63 | 28 | 8 / 3 |
| Eastern Asia | 6 | 52.3% | 2.1% | 42 | 92 | 1 / 3 |
| Middle East | 15 | 41.4% | 2.4% | 45 | 58 | 5 / 7 |
| North Africa | 7 | 81.3% | 1.8% | 49 | 41 | 3 / 1 |
| North America | 4 | 113.5% | 2.9% | 56 | 93 | 2 / 0 |
| Northern Europe | 8 | 45% | 3.7% | 43 | 89 | 0 / 6 |
| Oceania | 15 | 28.7% | 2.9% | 41 | 78 | 1 / 9 |
| South America | 12 | 65.7% | 5% | 58 | 51 | 6 / 4 |
| South Asia | 8 | 84.1% | 3.5% | 62 | 45 | 5 / 2 |
| South-East Asia | 11 | 51.9% | 1.7% | 41 | 67 | 2 / 7 |
| Southern Africa | 9 | 51.3% | 4.3% | 59 | 38 | 5 / 1 |
| Southern Europe | 3 | 55.3% | 2.4% | 46 | 60 | 1 / 1 |
| West Africa | 15 | 54.9% | 2.3% | 57 | 20 | 8 / 2 |
| Western Europe | 16 | 62.9% | 2.3% | 46 | 78 | 2 / 6 |
Regional medians use the latest available value per market and do not weight by size.
Currency regimes
04 / CURRENCYWhether a government borrows in a currency it controls changes the risk. Currency unions share one market, and dollarised economies carry no local currency risk but cannot print money to repay.
146 markets
Own currency
The government issues debt in a currency it controls, so inflation and exchange rate moves feed straight into local bond returns for a foreign holder.
All other covered markets
21 markets
Euro area member
Government debt is issued in euros. There is no national exchange rate; spreads over the benchmark reflect national credit risk.
5 markets
Uses the euro without membership
The euro circulates by agreement or unilaterally. The state has no central bank issuing euros, so bond markets are usually small or absent.
8 markets
West African CFA franc zone (WAEMU)
Eight states share one currency and a regional government securities market, with auctions run for the whole union.
6 markets
Central African CFA franc zone (CEMAC)
Six states share one currency and a regional securities market run through the regional central bank.
6 markets
Eastern Caribbean Currency Union
Members share the Eastern Caribbean dollar and issue through a regional government securities market.
7 markets
Dollarised
The US dollar is the legal tender or the effective money. There is no local currency risk, but the state cannot print money to meet its debt.
Currency union membership is editorial classification reviewed 2026-10-24. Check current membership before relying on it.
What a bond market contains
05 / INSTRUMENTS- Treasury billsShort-dated discount securities, usually under one year. The base of most local markets and the main tool for central bank liquidity.
- Fixed-rate government bondsMedium and long-dated coupon bonds in local currency. Their price moves with inflation expectations, policy rates and currency.
- Inflation-linked bondsPrincipal or coupons adjust with a consumer price index. Issued by some governments to protect holders and to lower the nominal cost of borrowing.
- Floating-rate notesCoupons reset against a reference rate. Common where investors are wary of locking in long fixed rates.
- EurobondsHard currency government bonds, usually in US dollars or euros, issued under foreign law and cleared internationally. They carry sovereign credit risk but no local currency risk.
- SukukSharia-compliant certificates backed by assets or contracts, issued by governments and companies in several Muslim-majority markets.
- Green, social and sustainability-linked bondsProceeds or coupons are tied to defined environmental or social criteria. Issued by sovereigns, development banks and companies.
- Corporate and bank bondsDebt of listed and unlisted companies and banks. Typically thinner and less liquid than government debt, with more credit risk differences between issuers.
- Multilateral and development bank bondsBonds issued by institutions such as development banks, sometimes in local currency, which can be a lower risk way to hold local rates.
General market structure. Descriptions are educational and carry no figures. Which instruments a given country issues must be checked with its debt office or central bank.
Routes, risks and diligence
06 / ACCESSTypical ways to hold the bonds
- Hard currency sovereign funds. Funds that hold dollar or euro denominated government and quasi-government bonds of emerging and frontier issuers. Currency risk sits with the fund's base currency, credit risk stays with the issuers.
- Local currency government bond funds. Funds that hold local currency bonds. Returns include the exchange rate move against the fund's base currency, which can dominate the coupon in either direction.
- Index tracking products. Exchange-traded products that follow a published emerging market bond index. Index rules decide which countries and bond sizes are included, so many frontier markets are absent.
- Direct purchase through local custodians. Institutional investors can often buy local bonds through a custodian and a local central securities depository. Registration, tax and repatriation steps vary and can take weeks.
- Regional securities markets. In currency unions the government securities market is regional. Access runs through the regional central bank or its appointed intermediaries.
- Multilateral and development finance programmes. Some development institutions place local currency bonds or back issuance, giving a route into markets that are otherwise hard to reach.
Questions before any purchase
- Which currency is the bond in, and who bears the exchange rate risk?
- Which law governs the bond, and where would a dispute be heard?
- Is there a withholding or capital gains tax for foreign holders, and is there a treaty rate?
- How are coupons and principal repatriated, and have there been delays or controls?
- How is the bond settled and held, and which central securities depository is used?
- How often does the bond trade, and what is a realistic bid and offer spread?
- What share of the debt is held by domestic banks, the central bank and foreign investors?
- What is the maturity profile, and how much falls due in the next two years?
Risks specific to bonds
- Sovereign default or restructuring, including changes to the terms of local currency debt
- Inflation and currency depreciation that erode local currency returns for a foreign holder
- Capital controls, convertibility limits and delays in repatriating coupons or principal
- Withholding or capital gains tax on foreign holders, and changes to those rules
- Thin trading, wide bid and offer spreads and limited ability to exit a position
- Domestic bank holdings of government debt, which link the health of banks and the sovereign
- Index inclusion or exclusion decisions that move flows regardless of fundamentals
- Settlement, custody and legal enforceability differences from home markets
Educational content only. The bond screens on this page are derived from public macro indicators. They are not credit ratings, yield forecasts, price quotes or recommendations to buy or sell any security. Bond values can fall, and investing in frontier and emerging markets carries significant risk, including total loss.
How the screens are built
07 / FORMULABoth screens are weighted percentiles among all covered markets. A market is scored only when indicators covering at least 60% of the weight are sourced. Terciles of each screen set the bands. The result is a relative ranking, not a rating.
| Screen | Indicators and weights |
|---|---|
| Sovereign debt pressure | General government gross debt, percent of GDP 25%; Consumer price inflation 20%; Currency move against the US dollar over five years 15%; Reserves in months of imports 15% (inverted); Current account balance, percent of GDP 10% (inverted); Rule of law (WGI) 7.5% (inverted); Government effectiveness (WGI) 7.5% (inverted) |
| Local market depth | Domestic credit to the private sector, percent of GDP 35%; Stock market capitalisation, percent of GDP 30%; Adults with a financial account 20%; Bank non-performing loans (lower is better) 15% (inverted) |
A weighted percentile screen of seven sourced indicators. Higher means more pressure on the government's ability to service local and foreign debt at current settings. It is not a credit rating and it is not a forecast. A weighted percentile screen of four sourced indicators that proxy how deep the domestic financial system is, which in turn limits how much local currency debt a market can absorb. Higher means deeper.
- World Bank, World Development Indicators CC BY 4.0
- International Monetary Fund, World Economic Outlook database IMF statistical data terms (reuse with attribution, integrity preserved)
- World Bank, Worldwide Governance Indicators CC BY 4.0
- World Bank, Global Findex Database CC BY 4.0
What is not here. There are no ratings, spreads or live prices on this page. Yields are shown only when a sourced file is loaded into data/bonds-input/yields.json. Each entry must carry a source, a licence and an as-of date. See docs/BONDS.md. Data version 2026-10-09.