Emerging Markets Bond List

27 July 2026, 19:13 UTC Chief Investment Office GWM Investment Research For investors outside of the US

Emerging Markets Bond List Chief Investment Office GWM

Table of contents Analysts’ area of expertise Guidance on bond characteristics 2 Guidance on credit ratings and subordinated bonds 3 Alberto Rojas Sovereign bonds in Latin America, Bond list Top Emerging Markets Bond List 4 Investment Strategist, CIO Americas, UBS Financial manager Sell Recommendations 9 Services Inc. (UBS FS) Changes to the recommendations 10 Alejo Czerwonko Sovereign bonds in Emerging Markets Additions and Deletions 11 Chief Investment Officer EM Americas, UBS Financial Reference lists 13 Services Inc. (UBS FS) Bonds in USD, Asia 13 Bonds in USD, EMEA 59 Devinda Paranathanthri South Asia corporate and sovereign bonds Bonds in USD, GCC 70 Credit Strategist, UBS AG Singapore Branch Bonds in USD, Latin America 89 Donald McLauchlan Corporate bonds in Latin America Bonds in EUR, Asia 116 LatAm Credit Strategist, UBS Financial Services Inc. (UBS Bonds in EUR, EMEA 120 FS) Bonds in EUR, GCC 125 Bonds in EUR, Latin America 127 Emre Tekmen EMEA sovereign bonds Bonds in GBP, Asia 131 CIO Credit Analyst CEEMEA, UBS Switzerland AG Bonds in GBP, GCC 132 Eve Li North Asia corporate bonds Bonds in GBP, Latin America 133 Credit Strategist, UBS AG Hong Kong Branch Bonds in CHF, Asia 134 Bonds in CHF, EMEA 135 Joel Tan South Asia corporate bonds Credit Strategist, UBS AG Singapore Branch Bonds in CHF, GCC 136 Bonds in CHF, Latin America 137 Laura Assis Iragorri Sovereign bonds in Latin America Bonds in Chinese renminbi, Asia 138 Credit Strategist, UBS Mexico City Branch Bonds in Singapore dollar, Asia 143 Bonds in Singapore dollar, GCC 155 Min Huey Chong Asia corporate bonds Credit Strategist, UBS AG Hong Kong Branch Bonds in Mexican peso, Latin America 156 Bonds in Brazilian real, Latin America 158 Santosh Bukitgar CEEMEA corporate bonds Bonds in HKD, Asia 159 CIO Credit Analyst CEEMEA, UBS Singapore Branch Bonds in AUD, Asia 161 Tatiana Boroditskaya EMEA corporate bonds Issuer descriptions and credit-risk flags 164 PhD, Analyst, UBS AG London Branch Appendix 245 Sanctions notice 246 Timothy Tay Asia corporate bonds Chief Investment Officer Credit APAC, UBS AG Singapore Branch

Zixuan Liu North Asia corporate bonds Credit Strategist, UBS AG Singapore Branch Bonds included in this publication may not necessarily be registered or available in your specific jurisdiction. Market data shown here is as of 07 27 2026, 10:14 CET. Prices, yields etc. are indicative values only.

This report has been prepared by UBS Financial Services Inc. (UBS FS). Analyst certification and required disclosures begin on page 270.

Guidance on bond characteristics Chief Investment Office GWM

Ratings (S&P / Minimum denomination / Green, Social, View ISIN / Valor Currency Coupon Maturity Offer price* Offer yield* Restrictions Moody's) increment Sustainability

Our relative-value assessment of the bond, based on bottom-up credit analysis combined with top-down tactical calls: attr. (Attractive) — Bonds seen as attractive are expected to generate a total return exceeding the average return of comparable instruments. Our recommendation can stem from a positive view on the issuer’s credit profile not fully reflected in the price, unduly high risk premiums, call probability, the risk of coupon deferrals, and external factors including regulatory intervention. fair (Fair) — Bonds seen as fair are expected to produce a total return broadly in line with the average return of comparable instruments. exp. (Expensive) — Bonds seen as expensive are expected to earn a total return that is less than the average return of comparable instruments. Our recommendation can stem from a negative view on the issuer’s credit profile not fully reflected in the price, unduly tight risk premiums, call probability, the risk of coupon deferrals, and external factors including regulatory intervention. Sell (Sell) — A sell recommendation is assigned when the risk of an adverse outcome for an instrument exceeds what is reflected in its current valuation. Such situations can include those in which the instrument appears likely to post…