You are on page 1of 19

UBS Wealth Management Research / 26 March 2008

Emerging Markets Bond Universe Selection

UBS WMR Emerging Markets Research


Costa Vayenas, Head Emerging Markets Research, UBS AG
costa.vayenas@ubs.com
Christoph Arnold, Analyst, UBS AG
christoph.arnold@ubs.com

Donald McLauchlan, Analyst, UBS FS


donald.mclauchlan@ubs.com

Juliana Braga, Analyst, UBS AG


juliana.braga@ubs.com

Alice Po, Analyst, UBS AG


alice.po@ubs.com

http://goto/wmr navigator

(UBS internal only)

This publication has been prepared by UBS Financial Services Inc. ("UBSFS") and UBS AG
Please see important disclaimer and disclosures at the end of the document.

The "Emerging Markets Bond Universe Selection"


provides a selection of tax screened bonds from issuers
covered by UBS WMR Emerging Markets Research. Tax
screening applies to clients domiciled in Switzerland
only.
This list is not a template for the construction of your
portfolio, and you should discuss investment decisions
with your Client Advisor. Prices and Yields are
indicative. Price, availability and liquidity conditions are
subject to change without notice. Additional
information is available upon request.
Please note that listed bonds are not screened for their
relative attractiveness. This selection does therefore not
provide "buying recommendations".

UBS Wealth Management Research / 26 March 2008

Your Search Criteria

Content
USD

Issuer Name:
*
Currency
USD
S&P Rating:
*
Moody's Rating:
*
Remaining life:
*
Maturity date:
*
Coupon:
*
*
Price:
Issue Price:
*
Coupon Type:
*
Maturity Type:
*
Exclude bonds with large denominations: *
GF Status:
*
Security Type:
*
Market of Issuer:
*
WMR Region:
*
WMR Country:
*
Sovereign only:
*

Search date / time:

%
%
%

to
to
to
to

*
*
*
*
*
*
*

Years

Glossary
Rating Definitions
Disclosures
Disclosure Statements
Disclaimer

12
13
14
16
17

%
%
%

26 March 2008, 11:37:12 (CET)

Please refer to disclaimer and important disclosure statements at the end of this document

Emerging Markets Bond Universe Selection

UBS Wealth Management Research / 26 March 2008

USD / Argentina
Valor
812856
1468370
1982265
1468398
1631641
2659284
2099912
1709662
2539078
2328274
2045157
2328234

Cpn Issuer Name


9.125 %
9.000 %
7.125 %
8.125 %
9.125 %
7.750 %
7.375 %
9.375 %
9.750 %
9.250 %
8.280 %
2.000 %

YPF
Petro Energia
Pan Amer Engy Arg
Petro Energia
Telefonica
Pan Amer Engy Arg
Argentine Bev Fin
Petro Energia
Banco Hipotecario
Prov.Buenos Aires
Argentina
Prov.Buenos Aires

Maturity Cpn Type

Freq

GF

MDY
Rating

S&P
Rating

24.02.09
01.05.09
27.10.09
15.07.10
07.11.10
09.02.12
22.03.12
30.10.13
27.04.16
15.04.17
31.12.33
15.05.35

FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
STEP CPN

semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.

GF

Ba2
Ba2
Ba2
Ba2
B2
Ba2

BB
BB
BBBB
B+
BB-

Ba2

B3

BB
B+
B+
B+
B+

Maturity Cpn Type

Freq

GF

MDY
Rating

S&P
Rating

12.09.08
05.11.08
15.12.08
30.01.09
25.02.09
15.10.09
01.11.09
15.04.10
22.10.10
02.03.11
06.07.11
07.08.11
15.08.11
12.12.11
15.12.11
15.12.11
17.06.13
02.07.13
11.08.13
15.09.13
24.10.13

semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.

WR

BB

Baa3
Baa3

BBB-

B3

Ind.
price

Ind.
YTM

103.97
104.51
101.82
104.28
107.06
101.85
102.60
110.34
90.51
81.47
86.87
37.21

4.59
4.71
5.90
6.10
6.15
7.19
6.62
7.10
11.59
12.76
9.57
11.30

Ind.
price

Ind.
YTM

103.23
105.33
105.10
103.70
106.97
117.13
103.31
116.50
113.37
110.53
117.06
117.78
117.84
116.79
120.52
119.84
124.46
118.76
110.91
116.48
115.86

3.52
3.48
3.68
3.71
3.62
3.01
6.76
3.45
3.64
6.02
4.12
4.19
4.27
4.64
4.22
4.62
4.83
5.02
6.79
5.24
5.41

Ind.
YTC

Next call
date

Next call
price

Mac. Min. piece


Dur.
0.88
1.03
1.48
2.11
2.31
3.38
3.52
4.38
5.41
5.68
10.82
10.44

30.06.2024

Mat. type

1'000
1
1'000
1
1'000
2'000
1'000
1'000
35'000
1
1
1

At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
Sinkable
Sinkable
At Maturity
At Maturity
Sinkable
Sinkable
Sinkable

Mac. Min. piece


Dur.

Mat. type

USD / Brazil
Valor
1675884
1713378
1902678
1778022
1797861
1010590
1979499
1408886
1702608
2464837
1378424
1651926
1276297
1341514
1464294
1508746
1622921
1633673
2659261
1928449
1953228

Cpn Issuer Name


10.750 %
12.500 %
11.000 %
8.250 %
11.500 %
14.500 %
9.000 %
12.000 %
9.250 %
10.000 %
9.750 %
10.000 %
10.000 %
9.625 %
10.250 %
10.500 %
10.250 %
9.125 %
9.250 %
8.750 %
8.750 %

CSN Islands VII


Braskem
Embratel
Cosipa
Odebrecht Overseas
Brazil
Cosan
Brazil
Brazil
CESP
Petrobras Intl Fin
Brazil
Banco Itau Sa Ky
Brazil Development
Bradesco
Cia Brasil Bebidas
Brazil
Petrobras Intl Fin
CESP
Cia Brasil Bebidas
Banco Bradesco S A

FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED

GF

Ba1
Ba2
Ba1
Ba1
Ba3
A2
Ba1
A2
A1
A2
Baa1
Ba1
Baa1
Ba3
Baa1
A2

Please refer to disclaimer and important disclosure statements at the end of this document

BB+
BB+
BB+

BB+

BBB
BB+

BBB

Ind.
YTC

Next call
date

Next call
price

0.46
14.12.2008

15.12.2011

111

0.69
0.82
0.88
1.37
1.47
1.81
2.28
2.61
2.86
2.94
2.96
3.17
3.16
3.15
4.2
4.32
4.37
4.52
4.46

1'000
10'000
1'000
1'000
10'000
1'000
100'000
1'000
1'000
100'000
1'000
1'000
1'000
1'000
1'000
1'000
1'000
1'000
100'000
1'000
10'000

At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
Callable
At Maturity
At Maturity
At Maturity
Callable
At Maturity

Emerging Markets Bond Universe Selection

Page 1/17

UBS Wealth Management Research / 26 March 2008

Valor
1967807
1750837
1770248
1772347
1902850
1949178
1952036
1956946
2085535
2264238
2224951
2299484
2401106
2593234
2733429
2782470
2797165
2717022
2891357
2231342
1740229
1970563
2199404
1210349
2061188
656931
1766065
1767060
2797086
2405175
1117113
2231105
2274305
2278605
2409360
2188652
2539333
2421957
2217105
2426328
2281676

Cpn Issuer Name


7.375 %
9.750 %
11.750 %
7.875 %
10.500 %
7.750 %
8.500 %
10.000 %
7.875 %
9.375 %
8.875 %
6.875 %
6.250 %
8.250 %
6.125 %
6.000 %
6.250 %
8.000 %
7.000 %
8.000 %
8.375 %
8.875 %
7.750 %
8.875 %
8.750 %
10.125 %
8.250 %
8.250 %
6.875 %
7.125 %
11.000 %
8.700 %
8.875 %
8.700 %
7.950 %
9.750 %
9.000 %
8.250 %

Unibanco-Uniao
CSN Islands VIII
Braskem
Voto Votorantim
Brazil
Petrobras Intl Fin
Bco Brasil Cayman
CSN Islands IX
Brazil
Braskem Intl
Caue Finance
Banco Votorantim
Vale Overseas
Cosipa Coml
Petrobras Intl Fin
Brazil
Vale Overseas
Braskem
Cosan Fin Ltd
Brazil
Petrobras Intl Fin
Brazil
Voto Votorantim
Brazil
Brazil
Brazil
Vale Overseas
Brazil
Vale Overseas
Brazil
Brazil
Unibanco-Uniao
Banco Bradesco S A
Banespa Cayman
Bco Brasil Cayman
Braskem
Braskem
COSAN SA INDUSTRIA E
COM
9.500 % CSN Islands X
9.875 % Natl Steel
9.625 % Odebrecht Overseas

Maturity Cpn Type


15.12.13
16.12.13
22.01.14
23.01.14
14.07.14
15.09.14
20.09.14
15.01.15
07.03.15
01.06.15
01.08.15
14.10.15
11.01.16
14.06.16
06.10.16
17.01.17
23.01.17
26.01.17
01.02.17
15.01.18
10.12.18
14.10.19
24.06.20
15.04.24
04.02.25
15.05.27
17.01.34
20.01.34
21.11.36
20.01.37
17.08.40
perp.
perp.
perp.
perp.
perp.
perp.
perp.

STEP CPN
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
VARIABLE
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED

perp. FIXED
perp. FIXED
perp. FIXED

Freq
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
quart.
quart.
quart.
quart.
quart.
quart.
quart.

GF

MDY
Rating
A2
Ba2
Baa3
Ba1
Baa1
A2
Ba2
Ba1
Ba3
WR
Baa3
Baa3
Baa1
Ba1
Baa3
Ba2
Ba1
Baa1
Ba1

GF

GF

Ba1
Ba1
Ba1
Baa3
Ba1
Baa3
Ba1
Ba1
Baa3
Baa3
Baa3
Baa3
Ba2e
Ba2

quart.
quart.
quart.

Please refer to disclaimer and important disclosure statements at the end of this document

S&P
Rating

Ind.
price

Ind.
YTM

Ind.
YTC

BB+
BB+
BB

102.08
114.33
122.48
109.85
127.21
112.93
114.19
118.87
113.85
111.94
110.29
104.43
99.55
109.45
100.88
101.86
99.46
106.34
92.95
112.06
116.06
122.93
106.89
124.01
123.06
139.35
111.34
120.24
96.80
108.07
133.91
105.91
109.03
105.59
104.03
106.21
105.19
91.46

8.60
6.69
6.98
5.85
5.31
5.36
5.84
6.96
5.43
7.21
7.05
7.00
6.32
6.73
5.99
5.71
6.33
7.02
8.13
6.30
6.29
6.07
6.91
6.43
6.46
6.48
7.27
6.59
7.14
6.49
8.04
8.20
8.12
8.22
7.63
9.17
8.54
9.04

5.36 %
5.84 %
4.39 %
6.16 %
6.27 %
6.60 %
7.04 %
11.73 %

BB
B+
BB

105.26
103.93
104.84

9.01
9.49
9.17

6.87 %
8.22 %
7.34 %

BB
BB+
BBB
BB+

BB
BB+
BB+
BB
BB+
BBB
BBBBBBBB+
BBB
BB+
BB
BB+
BBBBB+
BBB
BB+
BB+
BB+
BBB
BB+
BBB
BB+
BB+

4.24 %

Next call
date
15.12.2013

Next call
price
100

23.06.2008

100
100
100
100
100

28.04.2011
15.01.2011

100
100

0.7
4.5
4.45
4.78
4.88
5.27
5.2
5.1
5.56
5.35
5.58
2.31
6.2
6.1
6.59
6.91
6.83
6.5
6.58
7.05
7.39
7.63
8.12
9.28
9.77
10.01
11.58
12.09
12.37
13.02
5.51
2.12
2
2.26
2.53
2.03
2.7
11.03

14.07.2010
09.02.2011
22.09.2010

100
100
100

2.06
2.51
2.24

15.01.2015

4.89 %

Mac. Min. piece


Dur.

14.04.2011

100

06.10.2016
23.01.2017
01.02.2017
15.07.2009

21.11.2036
17.08.2040
03.06.2010

Mat. type

10'000
1'000
10'000
1'000
1'000
1'000
10'000
10'000
1'000
100'000
100'000
100'000
100'000
100'000
2'000
100'000
2'000
100'000
100'000
1'000
1'000
1'000
100'000
1'000
1'000
1'000
2'000
1'000
2'000
1'000
1'000
2'000
2'000
2'000
100'000
2'000
100'000
100'000

Callable
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
Extendible
Callable
At Maturity
At Maturity
At Maturity
Callable
At Maturity
At Maturity
Callable
Callable
Callable
At Maturity
Callable
Sinkable
At Maturity
At Maturity
Callable
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
Callable
At Maturity
Callable
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual

2'000
100'000
100'000

Perpetual
Perpetual
Perpetual

Emerging Markets Bond Universe Selection

Page 2/17

UBS Wealth Management Research / 26 March 2008

Valor
2280972
2522206

Cpn Issuer Name


8.875 % Gerdau
9.375 % Globo Communic Par

Maturity Cpn Type

Freq

perp. FIXED
perp. FIXED

quart.
quart.

Maturity Cpn Type

Freq

15.01.15 FIXED

semi.

Maturity Cpn Type

Freq

15.08.10
28.07.12
30.11.12
09.07.13
01.08.13
15.10.13
15.01.14
25.03.14
15.10.14
30.12.14
01.08.15
15.04.16
01.12.16
14.02.22
21.09.35

GF

MDY
Rating
Ba1

S&P
Rating
BBBBB+

Ind.
price

Ind.
YTM

Ind.
YTC

Next call
date

Next call
price

105.90
102.55

8.37
9.14

6.18 %
6.73 %

20.04.2009

100

Ind.
price

Ind.
YTM

Ind.
YTC

Next call
date

Next call
price

116.89

5.26

Ind.
price

Ind.
YTM

109.62
97.11
108.98
100.49
115.07
104.97
109.25
106.38
100.09
109.94
118.19
96.15
110.64
103.78
93.77

4.33
8.05
4.24
5.02
5.09
4.48
5.49
6.21
4.73
7.82
5.57
6.75
5.82
7.31
6.10

Ind.
price

Ind.
YTM

110.24
99.44
102.62
99.44
102.01
102.02
83.70

3.32
4.25
4.22
5.92
4.39
4.68
6.87

Mac. Min. piece


Dur.

Mat. type

2.26
1.01

100'000
100'000

Perpetual
Perpetual

Mac. Min. piece


Dur.

Mat. type

USD / Bulgaria
Valor
1398706

Cpn Issuer Name


8.250 % Bulgaria

GF

MDY
Rating

S&P
Rating

Baa3

BBB+

GF

MDY
Rating

S&P
Rating

semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.

GF

Baa2

Aa3

BBB+
BB+
A
BBB+
BBB
A
BBB
BBBA
BB
BBB
BBB+
BBB
BBA

Maturity Cpn Type

Freq

GF

MDY
Rating

S&P
Rating

23.05.11
21.05.13
29.10.13
12.11.13
08.10.14
15.10.15
21.05.33

ann.
semi.
semi.
semi.
semi.
semi.
semi.

A1
A1
A1

A
A
A
BBBA
A
A

5.39

1'000

At Maturity

Mac. Min. piece


Dur.

Mat. type

USD / Chile
Valor
1114619
2230106
1523593
1703936
1680785
1697890
1927519
2046433
1983097
2008523
1680791
2513862
930821
2931452
2283046

Cpn Issuer Name


8.625 %
7.250 %
6.375 %
5.125 %
8.350 %
5.500 %
7.375 %
7.500 %
4.750 %
9.750 %
8.625 %
6.125 %
7.400 %
7.750 %
5.625 %

Arauco
IANSA Overseas
Corp Nac De Cbr Chl
Arauco
Empresa Nacional
Corp Nac De Cbr Chl
Enersis
AES Gener
Corp Nac De Cbr Chl
Chivor
Empresa Nacional
Soquimich
Enersis
Calichera
Corp Nac De Cbr Chl

FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED

GF

Aa3
Baa2
Baa3
Aa3
Baa3
Baa3
Aa3
Ba2
Baa3
Baa1
Baa3

Ind.
YTC

Next call
date

Next call
price

11.85 %

28.07.2012

103.63

25.03.2014
30.12.2014
15.04.2016
14.02.2022

2.19
3.74
4.06
4.65
4.44
4.75
4.81
4.97
5.57
5.07
5.69
6.26
6.53
8.43
13.06

1'000
100'000
100'000
1'000
1'000
1'000
1'000
1'000
100'000
100'000
1'000
100'000
1'000
250'000
100'000

At Maturity
Callable
Callable
Callable
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
Callable
At Maturity
Callable
At Maturity
Callable / Sinkable
At Maturity

Mac. Min. piece


Dur.

Mat. type

USD / China
Valor
1240078
1608315
1707162
1713392
1963674
2296162
1608330

Cpn Issuer Name


6.800 %
4.125 %
4.750 %
5.800 %
4.750 %
5.000 %
5.500 %

China
CNOOC Finance 2003
China
CIIH BVI
China Develop Bank
China Develop Bank
CNOOC Finance 2003

FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED

A1
A1
A1

Please refer to disclaimer and important disclosure statements at the end of this document

Ind.
YTC

Next call
date

Next call
price

2.81
4.61
4.89
4.77
5.58
6.26
12.5

1'000
1'000
1'000
1'000
10'000
100'000
1'000

At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity

Emerging Markets Bond Universe Selection

Page 3/17

UBS Wealth Management Research / 26 March 2008

USD / Colombia
Valor
1328976
1527686
1951899
2644963
1051293
1768437
1547629
2698034

Cpn Issuer Name


10.000 %
10.750 %
8.250 %
7.375 %
11.750 %
8.125 %
10.375 %
7.375 %

Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia

Maturity Cpn Type

Freq

23.01.12
15.01.13
22.12.14
27.01.17
25.02.20
21.05.24
28.01.33
18.09.37

semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.

FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED

GF

GF

MDY
Rating

S&P
Rating

Ba2
Ba2
Ba2
Ba2
Ba2
Ba2
Ba2
Ba2

BBBBBBBBBBBBBBBBBBBBBBBB-

Ind.
price

Ind.
YTM

117.97
123.73
115.00
109.92
146.28
114.88
143.27
106.44

4.68
5.08
5.51
5.87
6.17
6.59
6.74
6.85

Ind.
YTC

Next call
date

Next call
price

Mac. Min. piece


Dur.
3.27
3.91
5.31
6.69
7.56
9.51
11.34
12.84

Mat. type

1'000
1'000
2'000
100'000
1'000
1'000
1'000
100'000

At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity

Mac. Min. piece


Dur.

Mat. type

USD / Ecuador
Valor
1111884

Cpn Issuer Name


10.000 % Ecuador

Maturity Cpn Type

Freq

GF

MDY
Rating

S&P
Rating

Ind.
price

Ind.
YTM

Ind.
YTC

15.08.30 STEP CPN

semi.

GF

B3

B-

96.91

10.36

17.97 %

Maturity Cpn Type

Freq

GF

MDY
Rating

S&P
Rating

Ind.
price

Ind.
YTM

Ind.
YTC

08.02.10
24.11.10
16.02.11
08.11.11
23.12.11
18.03.12
09.11.12
13.02.13
24.04.13
19.12.13
24.01.14
28.04.14
01.08.27
24.11.33

semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.

Ba2
A3
A3
Baa1
B1
B3
Ba2
A3
B1
B1
A3
A3
A3
A3

BB
AABBB+
B+
B
BB
ABBB+
ABBB+
AA-

98.51
101.78
106.69
105.13
94.97
74.06
68.17
102.13
64.98
93.31
101.04
98.25
102.24
102.62

8.62
4.73
4.50
4.81
9.63
17.90
18.72
5.99
19.89

MDY
Rating

S&P
Rating

Ind.
price

Ind.
YTM

Ba2

BB-

103.71

6.71

Next call
date

Next call
price

9.04

1'000

Callable

Mac. Min. piece


Dur.

Mat. type

USD / Hong Kong


Valor
2061649
1728622
1193598
1323644
2028746
2096314
2327741
1558974
2524145
2836416
1728577
1845632
685745
1728589

Cpn Issuer Name


7.750 %
5.450 %
7.000 %
6.375 %
8.000 %
8.500 %
8.125 %
6.500 %
8.625 %
9.250 %
6.250 %
5.500 %
7.500 %
7.450 %

Chaoda Modern Agri


Hutchison Whampoa
Hutchison Whamp Int
Jardine Strtegc Fin
Asia Aluminium
Titan Petrochem
Hopson Devl Hldgs
Hutchison Whampoa
SRE Group
CFG Invt SAC
Hutchison Whampoa
Hongkong Land Fin
Hutch Whamp Fin
Hutchison Whampoa

FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED

GF

GF

38.06 %

Next call
date

Next call
price

18.03.2012
09.11.2009

108.5
104.06

19.12.2010

100

1.75
2.47
2.65
3.22
3.22
3.34
3.11
4.23
3.76

1'000
100'000
1'000
1'000
1'000
1'000
100'000
1'000
100'000
100'000
100'000
1'000
100'000
100'000

At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
Callable
Callable
At Maturity
Callable
Callable
At Maturity
At Maturity
At Maturity
At Maturity

Mac. Min. piece


Dur.

Mat. type

6.03
5.84

4.92
5.13

7.22

11.65

USD / Indonesia
Valor
1947632

Cpn Issuer Name


8.375 % MGTI Finance

Maturity Cpn Type

Freq

15.09.10 FIXED

semi.

GF

Please refer to disclaimer and important disclosure statements at the end of this document

Ind.
YTC

Next call
date

Next call
price

2.27

10'000

At Maturity

Emerging Markets Bond Universe Selection

Page 4/17

UBS Wealth Management Research / 26 March 2008

Valor
2193134
2408582
1683969
1808798
2127398
2216883
2302316
2793821
2473362
2302318
2924455

Cpn Issuer Name


7.125 %
7.125 %
7.750 %
6.750 %
7.250 %
7.750 %
7.500 %
7.375 %
6.875 %
8.500 %
6.625 %

Indosat Intl Fin


Excelcomindo Fin
Bank Rakyat Indon
Indonesia
Indonesia
Bank Niaga
Indonesia
Lippo Bank
Indonesia
Indonesia
Indonesia

Maturity Cpn Type


22.06.12
18.01.13
30.10.13
10.03.14
20.04.15
14.07.15
15.01.16
22.11.16
09.03.17
12.10.35
17.02.37

Freq

FIXED
FIXED
FIXED
FIXED
FIXED
VARIABLE
FIXED
VARIABLE
FIXED
FIXED
FIXED

semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.

Maturity Cpn Type

Freq

15.01.28 FIXED

semi.

Maturity Cpn Type

Freq

15.11.14 FIXED

semi.

Maturity Cpn Type

Freq

16.09.10
06.10.10
23.11.10
13.11.12
01.06.13
08.09.13
10.09.13
10.02.14
19.05.14
22.09.14
03.11.14

semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.

GF

MDY
Rating

S&P
Rating

Ba2
Ba2
Ba2
Ba3
Ba3
Ba2
Ba3
Ba2
Ba3
Ba3
Ba3

BB
BB-

MDY
Rating

S&P
Rating

BBBBBBB-u
BBBBBB-

Ind.
price

Ind.
YTM

Ind.
YTC

Next call
date

Next call
price

101.58
98.23
101.46
105.25
107.81
100.39
109.21
97.27
105.30
113.71
93.55

6.69
7.57
7.42
5.70
5.88
9.06
6.00
8.50
6.10
7.33
7.16

7.70 %
9.90 %
5.06 %

21.06.2008
18.01.2010
30.10.2008

107.12
103.56
100

7.43 %

14.07.2010

100

8.17 %

22.11.2011

100

Ind.
price

Ind.
YTM

Ind.
YTC

Next call
date

Next call
price

72.88

8.66

321.28
%

Ind.
price

Ind.
YTM

Ind.
YTC

96.26

6.83

Ind.
price

Ind.
YTM

101.53
101.03
96.71
102.52
101.66
101.55
105.88
100.33
98.60
104.13
99.10

3.97
4.44
6.87
4.88
3.89

Mac. Min. piece


Dur.
3.67
4.09
0.59
5.01
5.55
2.12
6.05
3.18
6.87
11.5
12.63

Mat. type

50'000
100'000
1'000
5'000
5'000
1'000
100'000
100'000
100'000
100'000
100'000

Callable
Callable
Callable
At Maturity
At Maturity
Callable
At Maturity
Callable
At Maturity
At Maturity
At Maturity

Mac. Min. piece


Dur.

Mat. type

USD / Iraq
Valor
2398327

Cpn Issuer Name


5.800 % Republic of Iraq

GF

10.45

250'000

Callable / Sinkable

Mac. Min. piece


Dur.

Mat. type

USD / Kazakhstan
Valor
2003088

Cpn Issuer Name


6.124 % Tengizchevroil Fin

GF

MDY
Rating

S&P
Rating

Baa3

Next call
date

Next call
price

15.05.2008

5.4

100'000

Sinkable

Mac. Min. piece


Dur.

Mat. type

USD / Korea, Republic of


Valor
2276904
2296300
2344096
1515197
1616463
1674025
1674396
1786806
1813617
1954945
1985768

Cpn Issuer Name


4.625 %
4.875 %
5.500 %
5.500 %
4.250 %
6.250 %
5.750 %
5.250 %
4.000 %
4.875 %
4.625 %

Korea Dev Bank


Woori Bank
Hyundai Cap Serv
Korea Dev Bank
Korea
Shinhan Fin Grp
Korea Dev Bank
Exp-Imp Bank Korea
Indl Bank of Korea
Korea
Chohung Bank

FIXED
FIXED
FIXED
FIXED
FIXED
VARIABLE
FIXED
FIXED
VARIABLE
FIXED
VARIABLE

GF

MDY
Rating

S&P
Rating

Aa3
A1
Baa2
Aa3
A2
A2
Aa3
Aa3
Aa3
A2
A2

A
ABBB
A
A
BBB
A
A
AA
BBB

Please refer to disclaimer and important disclosure statements at the end of this document

Ind.
YTC

Next call
date

2.36
2.35
2.46
4.08
4.63
08.09.2008

4.52
5.18
3.95
4.14

Next call
price

5.20 %

100

19.05.2009

100

03.11.2009

100

4.77
5.09
1.11
5.64

100'000
100'000
100'000
1'000
1'000
1'000
1'000
100'000
1'000
2'000
1'000

At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
Callable
At Maturity
At Maturity
Callable
At Maturity
Callable

Emerging Markets Bond Universe Selection

Page 5/17

UBS Wealth Management Research / 26 March 2008

Valor

Cpn Issuer Name

1879475
2093770
2179446
2217764
2546782
2321762
2080052
1531019

5.750 %
5.125 %
5.000 %
5.125 %
6.125 %
5.625 %
5.663 %
8.748 %

Indl Bank of Korea


Exp-Imp Bank Korea
KEB
Shinhan Bank
Woori Bank
Korea
Shinhan Bank
Hana Bank Funding

Maturity Cpn Type


15.01.15
16.03.15
10.06.15
15.07.15
03.05.16
03.11.25
02.03.35
perp.

Freq

GF

MDY
Rating

S&P
Rating

Aa3
Aa3
(P)A3
A2
A2
A2
A3

AA
BBB
BBB
BBB+
A
BBB
BBB

VARIABLE
FIXED
STEP CPN
VARIABLE
VARIABLE
FIXED
VARIABLE
VARIABLE

semi.
semi.
semi.
semi.
semi.
semi.
semi.
ann.

Maturity Cpn Type

Freq

GF

MDY
Rating

S&P
Rating

01.06.09 FIXED
15.07.11 FIXED

semi.
semi.

GF

A3
A3

AA-

Maturity Cpn Type

Freq

GF

MDY
Rating

S&P
Rating

08.10.08
19.11.08
13.01.09
21.01.09
17.02.09
01.03.09
01.02.10
15.06.10
14.01.11
14.01.12
16.01.13
01.11.13
15.12.13
15.01.14
01.03.14
15.12.14
15.01.15
03.03.15
19.04.16
15.09.16

semi.
semi.
quart.
semi.
semi.
semi.
semi.
quart.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.

Baa1
A3
Baa1
A1
Baa1
A3
Baa1
Baa1
Baa1
Baa1
Baa1
B2
Ba2
Baa1
A3
Baa1
A3
Baa1
Ba3
Baa1

BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
B
BBBBB+
BBB+
BBB+
BBB+
BBB+
BBBBB+

Ind.
price

Ind.
YTM

102.17
103.32
102.29
98.87
97.47
99.45
81.33
101.16

6.05
4.56
5.22
5.77
6.75
5.67
6.61
8.97

Ind.
price

Ind.
YTM

106.46
111.55

3.11
3.74

Ind.
price

Ind.
YTM

100.70
100.42
100.27
99.88
106.49
100.33
111.74
99.68
112.77
112.49
109.90
102.80
109.06
107.56
100.74
112.61
101.57
111.48
102.02
145.45

3.18
3.82
3.04
4.02
2.79
3.75
3.18
4.12
3.47
3.86
4.04
11.06
8.93
4.36
5.35
5.13
5.47
4.65
8.15
4.75

Ind.
YTC

Next call
date

Next call
price

4.45 %

15.01.2010

100

3.82 %
5.62 %
7.01 %

10.06.2010
15.07.2010
03.05.2011

100
100
100

9.36 %
8.35 %

02.03.2015
17.12.2012

100
100

Ind.
YTC

Next call
date

Next call
price

Mac. Min. piece


Dur.
1.72
5.96

Mat. type

1'000
100'000
1'000
100'000
100'000
100'000
10'000
1'000

Callable
At Maturity
Callable
Callable
Callable
At Maturity
Callable
Perpetual

Mac. Min. piece


Dur.

Mat. type

6.29
11.11
5.65
3.99

USD / Malaysia
Valor

Cpn Issuer Name

811270
1260389

8.750 % Malaysia
7.500 % Malaysia

1.12
2.96

1'000
1'000

At Maturity
At Maturity

Mac. Min. piece


Dur.

Mat. type

USD / Mexico
Valor
1591043
1821225
1761914
1770191
122426
1962870
1039968
1880430
1178546
1355799
1542032
2725637
1938370
1696566
1966874
1571338
2055301
1567931
2535287
525877

Cpn Issuer Name


4.625 %
4.500 %
5.076 %
3.875 %
10.375 %
4.125 %
9.875 %
4.100 %
8.375 %
7.500 %
6.375 %
11.750 %
11.000 %
5.875 %
5.500 %
7.375 %
5.750 %
6.625 %
8.500 %
11.375 %

United Mex States


Telemex
United Mex States
Bco Nacion Com Ext
United Mex States
AMX
United Mex States
Pemex Proj Fdg Mstr
United Mex States
United Mex States
United Mex States
Vitro
Axtel
United Mex States
AMX
Pemex Proj Fdg Mstr
AMX
United Mex States
Urbi Desarrollos
United Mex States

FIXED
FIXED
FLOATING
FIXED
FIXED
FIXED
FIXED
FLOATING
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED

GF
GF
GF

GF

Please refer to disclaimer and important disclosure statements at the end of this document

Ind.
YTC

Next call
date

Next call
price

01.03.2009

15.94 %
5.38 %

01.11.2009
15.12.2009

105.87
105.5

01.03.2014
15.01.2015
8.87 %

18.04.2009

108.5

0.52
0.63
0.05
0.8
0.86
0.92
1.71
0.22
2.53
3.36
4.2
2.91
0.69
4.98
5.12
5.4
5.67
5.73
5.78
6.15

1'000
1'000
1'000
5'000
1'000
2'000
1'000
5'000
1'000
1'000
1'000
1'000
1'000
1'000
2'000
10'000
2'000
1'000
1'000
1'000

At Maturity
Callable
At Maturity
At Maturity
At Maturity
Callable
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
Callable
Callable
At Maturity
Callable
At Maturity
Callable
At Maturity
Callable
At Maturity

Emerging Markets Bond Universe Selection

Page 6/17

UBS Wealth Management Research / 26 March 2008

Valor
2475920
2909756
1213513
1489797
2246636
463900
1277096
1591008
1959029
2076519
1956583
2012579

Cpn Issuer Name


5.625 %
7.625 %
8.125 %
8.000 %
6.625 %
11.500 %
8.300 %
7.500 %
6.750 %
6.375 %
7.750 %
7.750 %

United Mex States


Axtel
United Mex States
United Mex States
Grupo Televisa
United Mex States
United Mex States
United Mex States
United Mex States
AMX
Pemex Proj Fdg Mstr
Gruma

Maturity Cpn Type


15.01.17
01.02.17
30.12.19
24.09.22
18.03.25
15.05.26
15.08.31
08.04.33
27.09.34
01.03.35
perp.
perp.

FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED

Freq
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
quart.
quart.

GF

GF

MDY
Rating

S&P
Rating

Baa1
Ba2
Baa1
Baa1
Baa1
Baa1
Baa1
Baa1
Baa1
A3
Baa1

BBB+
BBBBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB-

MDY
Rating

S&P
Rating

Ba2
Ba2
Baa2
Ba2
Ba2

BB+
BB+
BBBBB+
BB+

MDY
Rating

S&P
Rating

B1
B1
B1
B1
Ba2
B1
B1
B1
B1
B1
B1
B1
B1

BBBBBBBBBu
BBBBBBBBBBBB-

Ind.
price

Ind.
YTM

Ind.
YTC

104.91
101.16
125.97
126.75
100.64
166.12
131.48
121.50
111.70
97.64
101.84
99.11

4.91
7.44
5.11
5.30
6.56
5.62
5.81
5.84
5.86
6.56
7.60
7.82

6.38 %
8.18 %

Ind.
price

Ind.
YTM

Ind.
YTC

115.40
125.38
101.18
117.95
111.81

4.70
5.36
6.17
5.55
6.19

Ind.
price

Ind.
YTM

105.06
111.13
109.91
117.13
101.18
112.08
118.81
114.75
118.57
125.25
128.75
106.53
127.38

2.96
3.94
4.66
5.00
10.70
5.77
5.58
5.63
5.94
5.69
6.18
6.83
6.73

8.05 %

Next call
date
31.01.2010

Next call
price
107.62

18.03.2025

01.03.2035
28.09.2009

100
100

Mac. Min. piece


Dur.
7.02
6.41
8.14
9.49
10.42
9.89
12.1
12.47
13.36
12.97
1.43
11.82

Mat. type

2'000
2'000
1'000
1'000
100'000
1'000
1'000
1'000
1'000
2'000
2'000
2'000

Callable
Callable
At Maturity
At Maturity
Callable
At Maturity
At Maturity
At Maturity
At Maturity
Callable
Perpetual
Perpetual

Mac. Min. piece


Dur.

Mat. type

USD / Peru
Valor
1498223
1553505
2345532
1850107
2222667

Cpn Issuer Name


9.125 %
9.875 %
6.375 %
8.375 %
7.350 %

Peru
Peru
Southern Copper
Peru
Peru

Maturity Cpn Type

Freq

21.02.12
06.02.15
27.07.15
03.05.16
21.07.25

semi.
semi.
semi.
semi.
semi.

FIXED
FIXED
FIXED
FIXED
FIXED

GF

Next call
date

Next call
price

27.07.2015

101

Next call
date

Next call
price

3.38
5.28
5.92
6.05
10.3

1'000
1'000
100'000
1'000
100'000

At Maturity
At Maturity
Callable
At Maturity
At Maturity

Mac. Min. piece


Dur.

Mat. type

USD / Philippines
Valor
1388187
1061855
1791972
1521142
1691579
1640361
1814491
2274053
529772
1357440
990479
2700633
1009712

Cpn Issuer Name


8.375 %
9.875 %
8.375 %
9.000 %
8.375 %
8.250 %
8.875 %
8.000 %
8.750 %
9.375 %
9.875 %
7.500 %
9.500 %

Philippines
Philippines
Philippines
Philippines
Metro Bank & Trust
Philippines
Philippines
Philippines
Philippines
Philippines
Philippines
Philippines
Philippines

Maturity Cpn Type

Freq

12.03.09
16.03.10
15.02.11
15.02.13
07.12.13
15.01.14
17.03.15
15.01.16
07.10.16
18.01.17
15.01.19
25.09.24
21.10.24

semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.

FIXED
FIXED
FIXED
FIXED
VARIABLE
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED

GF

GF

GF
GF
GF

Please refer to disclaimer and important disclosure statements at the end of this document

BB-

Ind.
YTC

6.44 %

07.10.2008

100

18.01.2017

100

26.09.2022

0.94
1.84
2.61
4.09
0.67
4.73
5.48
6.01
6.18
6.4
7.26
9.96
9.24

1'000
1'000
2'000
1'000
50'000
2'000
2'000
100'000
1'000
1'000
1'000
100'000
1'000

At Maturity
At Maturity
At Maturity
At Maturity
Callable
At Maturity
At Maturity
At Maturity
At Maturity
Putable
At Maturity
Sinkable
Putable

Emerging Markets Bond Universe Selection

Page 7/17

UBS Wealth Management Research / 26 March 2008

Valor
1061279
2057743
2398145
2870859
2700939
2444113

Cpn Issuer Name


10.625 %
9.500 %
7.750 %
6.375 %
8.375 %
9.000 %

Philippines
Philippines
Philippines
Philippines
Dev Bk Philippines
Metro Bank & Trust

Maturity Cpn Type


16.03.25
02.02.30
14.01.31
15.01.32
perp.
perp.

Freq

GF

FIXED
FIXED
FIXED
FIXED
VARIABLE
VARIABLE

semi.
semi.
semi.
semi.
semi.
semi.

Maturity Cpn Type

Freq

GF

15.01.14 FIXED
27.10.24 STEP CPN

semi.
semi.

GF

Maturity Cpn Type

Freq

GF

30.10.08
11.12.08
24.02.09
16.04.09
28.09.09
21.10.09
31.03.10
26.11.10
18.07.11
12.10.11
14.11.11
20.03.12
01.03.13
15.05.13
22.07.13
19.04.14
17.11.14
04.02.15
23.09.15
18.07.16
22.11.16
20.03.17

semi.
semi.
semi.
quart.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.

MDY
Rating
B1
B1
B1
B1

S&P
Rating

Ba3

BBBBBBBBB+
B-u

MDY
Rating

S&P
Rating

A2
A2

AA-

MDY
Rating

S&P
Rating

A3
A2
Ba2
Baa2
A3
A3
Baa2
A3
Baa2
A2
A2
Baa2
A3
A2
A3
Ba2
Ba2
A2
A3
Baa2
A3
Baa2

BBBBBB+
BB

Ind.
price

Ind.
YTM

Ind.
YTC

Next call
date

Next call
price

139.88
130.38
111.25
93.13
103.38
104.13

6.67
6.81
6.77
6.97
7.71
8.58

7.78 %
8.25 %

15.09.2016
15.02.2016

100
100

Ind.
price

Ind.
YTM

Ind.
YTC

Next call
date

Next call
price

105.28
98.41

4.20
4.76

27.04.2008

100

Ind.
price

Ind.
YTM

Next call
date

Next call
price

101.38
101.26
102.82
97.75
103.83
109.12
104.87
103.11
99.07
102.63
100.74
93.96
113.16
101.43
100.09
106.87
107.69
100.90
94.55
93.44
93.28
87.05

4.83
5.02
5.39
5.53
5.31
4.40
5.65
6.09
7.19
6.65
5.70
7.93
6.46
6.15
5.60
7.80
7.38
7.17
7.46
8.62
7.27
8.74

Mac. Min. piece


Dur.
9.47
10.84
11.45
12.02
6.25
5.8

Mat. type

1'000
2'000
100'000
100'000
100'000
100'000

At Maturity
At Maturity
At Maturity
At Maturity
Perpetual
Perpetual

Mac. Min. piece


Dur.

Mat. type

USD / Poland
Valor
1706618
293788

Cpn Issuer Name


5.250 % Poland
4.000 % Poland

5.05
11.87

1'000
1'000

At Maturity
Callable

Mac. Min. piece


Dur.

Mat. type

USD / Russian Federation


Valor
1703723
1737705
1794994
3042761
1952478
1501190
1109599
2163228
2636501
1966601
2778552
3000855
1565786
2548106
2225027
1835648
1995977
2060891
2281768
2636278
2801108
3000604

Cpn Issuer Name


7.250 %
6.875 %
8.625 %
4.680 %
8.000 %
10.500 %
8.250 %
7.375 %
6.875 %
7.500 %
5.930 %
6.125 %
9.625 %
6.480 %
5.625 %
9.250 %
8.875 %
6.315 %
6.500 %
7.500 %
6.212 %
6.625 %

Gazinvest
VTB Cap
Citi
VTB Eur Fin
Kuznetski Cap
Gazprom
Russian Federation
Kuznetski Cap
TNK-BP Finance
VTB Cap
SB Capital SA
TNK-BP Finance
Morgan Stanley Bank
Sberbank
Gazstream
Citi
Alrosa Finance
VTB Cap
GPB Eurobond Fin
TNK-BP Finance
Gaz Capital
TNK-BP Finance

FIXED
FIXED
FIXED
FLOATING
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
VARIABLE
FIXED
FIXED
FIXED
FIXED

GF

Please refer to disclaimer and important disclosure statements at the end of this document

BBB
BBB+
NR
BB+
BBB+
BB+
BBB
BBB
BB
BB
BBB
BBBBB+
BBB
BB+

Ind.
YTC

5.71 %

04.02.2010

100

0.57
0.69
0.89
0.05
1.44
1.43
1.82
2.41
2.98
3.08
3.25
3.58
4.07
4.35
4.62
4.64
5.07
1.76
5.99
6.18
6.59
6.74

100'000
10'000
2'000
100'000
100'000
1'000
1
100'000
100'000
2'000
100'000
100'000
10'000
100'000
100'000
2'000
100'000
100'000
100'000
100'000
100'000
100'000

At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
Putable
Sinkable
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
Sinkable
At Maturity
At Maturity
Callable
At Maturity
At Maturity
At Maturity
At Maturity

Emerging Markets Bond Universe Selection

Page 8/17

UBS Wealth Management Research / 26 March 2008

Valor
936042
1915663
923328
1051769
1848681
2205018

Cpn Issuer Name


11.000 %
7.201 %
12.750 %
7.500 %
8.625 %
6.250 %

Russian Federation
Gazprom Intl
Russian Federation
Russian Federation
Gaz Capital
VTB Cap

Maturity Cpn Type


24.07.18
01.02.20
24.06.28
31.03.30
28.04.34
30.06.35

Freq

GF

MDY
Rating

S&P
Rating

FIXED
FIXED
FIXED
STEP CPN
FIXED
FIXED

semi.
semi.
semi.
semi.
semi.
semi.

GF

Baa2

GF
GF

Baa2
Baa2
A3
A2

BBB+
BBB+
BBB+
BBB+
BBB
BBB+

Maturity Cpn Type

Freq

GF

MDY
Rating

S&P
Rating

10.08.09
15.04.10
15.05.11
06.09.11
02.07.13
22.10.13
03.09.19

FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
VARIABLE

semi.
semi.
semi.
semi.
semi.
semi.
semi.

GF
GF

Aa2
Aa2
Aa2
Aa2
Aa2
Aa1
Aa2

A
A
A
AAA
A-

Maturity Cpn Type

Freq

GF

MDY
Rating

S&P
Rating

19.05.09
25.04.12
02.06.14
23.06.17

semi.
semi.
semi.
semi.

GF

Baa1
Baa1
Baa1
Baa1

BBB+
BBB+
BBB+
BBB+

Maturity Cpn Type

Freq

GF

MDY
Rating

S&P
Rating

15.03.29 FIXED

semi.

GF

Baa1

BBB

Maturity Cpn Type

Freq

GF

MDY
Rating

S&P
Rating

15.12.08 FIXED

semi.

GF

Ba3

BB-

Ind.
price

Ind.
YTM

Ind.
YTC

Next call
date

Next call
price

145.10
102.15
180.19
115.16
114.69
92.61

5.28
6.93
5.91
5.31
7.35
6.85

Ind.
price

Ind.
YTM

106.64
106.35
107.32
109.64
94.93
101.98
94.56

2.88
4.59
4.59
4.68
5.62
4.59
5.64

6.39 %

03.09.2014

100

Ind.
price

Ind.
YTM

Ind.
YTC

Next call
date

Next call
price

106.06
108.30
104.41
116.77

3.65
5.09
5.64
6.10

Ind.
price

Ind.
YTM

107.18

8.30

Ind.
price

Ind.
YTM

106.51

2.72

24.06.2028

100

28.04.2014
30.06.2015

100
100

Next call
date

Next call
price

Mac. Min. piece


Dur.
7.02
8.12
10.27
6.65
11.28
5.79

Mat. type

1'000
2'000
10'000
1
10'000
100'000

At Maturity
Callable / Sinkable
Putable
Sinkable
Putable
Putable

Mac. Min. piece


Dur.

Mat. type

USD / Singapore
Valor
855165
1072700
1237130
1260214
1630700
1703301
1932530

Cpn Issuer Name


7.875 %
7.875 %
7.125 %
7.750 %
4.500 %
5.000 %
5.375 %

DBS Group Hldgs


DBS Group Hldgs
DBS Group Hldgs
OCBC
Utd Overseas Bk
SP PowerAssets
Utd Overseas Bk

Ind.
YTC

1.31
1.87
2.81
3.09
4.68
4.83
5.47

100'000
100'000
100'000
100'000
100'000
150'000
100'000

At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
Callable

Mac. Min. piece


Dur.

Mat. type

USD / South Africa


Valor
803155
1412485
1871468
667363

Cpn Issuer Name


9.125 %
7.375 %
6.500 %
8.500 %

South Africa
South Africa
South Africa
South Africa

FIXED
FIXED
FIXED
FIXED

GF

1.08
3.51
5.11

1'000
1'000
2'000
1'000

At Maturity
At Maturity
At Maturity
At Maturity

Mac. Min. piece


Dur.

Mat. type

USD / Thailand
Valor
644294

Cpn Issuer Name


9.025 % Bangkok Bk Hk

Ind.
YTC

Next call
date

Next call
price

10.09

100'000

At Maturity

Mac. Min. piece


Dur.

Mat. type

USD / Turkey
Valor
983061

Cpn Issuer Name


12.000 % Turkey

Please refer to disclaimer and important disclosure statements at the end of this document

Ind.
YTC

Next call
date

Next call
price

0.69

1'000

Emerging Markets Bond Universe Selection

Putable

Page 9/17

UBS Wealth Management Research / 26 March 2008

Valor
822589
1092483
1893125
1360714
1542094
1683859
1965615
2179077
2047353
1035720
2398648

Cpn Issuer Name


12.375 %
11.750 %
9.000 %
11.500 %
11.000 %
9.500 %
7.250 %
7.000 %
7.375 %
11.875 %
6.875 %

Turkey
Turkey
Turkey
Turkey
Turkey
Turkey
Turkey
Turkey
Turkey
Turkey
Turkey

Maturity Cpn Type


15.06.09
15.06.10
30.06.11
23.01.12
14.01.13
15.01.14
15.03.15
05.06.20
05.02.25
15.01.30
17.03.36

FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED

Freq

GF

semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.
semi.

GF
GF

Maturity Cpn Type

Freq

GF

05.08.09
04.03.11
11.06.13
21.11.16

FLOATING
FIXED
FIXED
FIXED

semi.
semi.
semi.
semi.

Maturity Cpn Type

Freq

15.02.11
15.03.15
17.05.17
18.11.22
21.03.36

semi.
semi.
semi.
semi.
semi.

GF

MDY
Rating

S&P
Rating

Ba3
Ba3
Ba3
Ba3
Ba3
Ba3
Ba3
Ba3
Ba3
Ba3
Ba3

BBBBBBBBBBBBBBBBBBBBBB-

MDY
Rating

S&P
Rating

B1
B1
B1
B1

BBBBBBBB-

MDY
Rating

S&P
Rating

B1
B1
B1
B1
B1

BBBB-

MDY
Rating

S&P
Rating

B2
B2
B2
B2
B2

BBBBBBBBBB-

Ind.
price

Ind.
YTM

110.66
116.08
112.03
121.38
122.44
117.49
105.68
100.59
101.24
151.05
92.15

3.33
4.07
4.95
5.25
5.60
5.89
6.23
6.93
7.25
7.20
7.55

Ind.
price

Ind.
YTM

101.83
103.51
106.53
98.72

4.71
5.56
6.16
6.78

Ind.
price

Ind.
YTM

105.32
108.36
118.12
107.47
101.82

5.19
5.97
6.56
7.14
7.45

Ind.
price

Ind.
YTM

93.19
86.31
104.25
95.22
80.27

8.56
8.71
9.71
9.47
9.29

Ind.
YTC

Next call
date

Next call
price

Mac. Min. piece


Dur.
1.13
1.98
2.86
3.21
3.89
4.62
5.62
8.23
9.86
10.19
12.22

Mat. type

1'000
1'000
2'000
1'000
1'000
1'000
2'000
2'000
2'000
1'000
2'000

At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity
At Maturity

Mac. Min. piece


Dur.

Mat. type

USD / Ukraine
Valor
1920856
1804961
1619444
2795302

Cpn Issuer Name


6.390 %
6.875 %
7.650 %
6.580 %

Ukraine
Ukraine
Ukraine
Min of Fin Ukraine

Ind.
YTC

Next call
date

Next call
price

0.36
2.7
4.32
6.56

100'000
100'000
100'000
100'000

At Maturity
At Maturity
At Maturity
At Maturity

Mac. Min. piece


Dur.

Mat. type

USD / Uruguay
Valor
1594673
1594693
2157239
2342329
2491811

Cpn Issuer Name


7.250 %
7.500 %
9.250 %
8.000 %
7.625 %

Uruguay
Uruguay
Uruguay
Uruguay
Uruguay

FIXED
FIXED
FIXED
FIXED
FIXED

GF

BBBB-

Ind.
YTC

Next call
date

Next call
price

2.63
5.58
6.43
8.87
12.08

1
1
100'000
1
1

At Maturity
At Maturity
At Maturity
Sinkable
Sinkable

Mac. Min. piece


Dur.

Mat. type

USD / Venezuela
Valor
1655638
1842603
1828110
1963862
2365393

Cpn Issuer Name


5.375 %
4.893 %
10.750 %
8.500 %
5.750 %

Venezuela
Venezuela
Venezuela
Venezuela
Venezuela

Maturity Cpn Type

Freq

07.08.10
20.04.11
19.09.13
08.10.14
26.02.16

semi.
quart.
semi.
semi.
semi.

FIXED
FLOATING
FIXED
FIXED
FIXED

GF

Please refer to disclaimer and important disclosure statements at the end of this document

Ind.
YTC

Next call
date

Next call
price

2.23
4.29
4.89
6.22

1'000
1'000
1'000
1'000
500

At Maturity
At Maturity
At Maturity
At Maturity
At Maturity

Emerging Markets Bond Universe Selection

Page 10/17

UBS Wealth Management Research / 26 March 2008

Valor
1732489
2122225
713721
1763217

Cpn Issuer Name


7.000 %
7.650 %
9.250 %
9.375 %

Venezuela
Venezuela
Venezuela
Venezuela

Maturity Cpn Type


01.12.18
21.04.25
15.09.27
13.01.34

FIXED
FIXED
FIXED
FIXED

Freq
semi.
semi.
semi.
semi.

GF

GF

MDY
Rating

S&P
Rating

Ind.
price

Ind.
YTM

B2
B2
B2
B2

BBBBBBBB-

83.31
82.77
96.69
94.73

9.50
9.73
9.61
9.93

MDY
Rating

S&P
Rating

Ind.
price

Ind.
YTM

Ba3

BB

106.14

5.88

Ind.
YTC

Next call
date

Next call
price

Mac. Min. piece


Dur.
7.13
8.74
9.19
9.55

Mat. type

1'000
1'000
1'000
2'000

At Maturity
At Maturity
At Maturity
At Maturity

Mac. Min. piece


Dur.

Mat. type

USD / Viet Nam


Valor
2321973

Cpn Issuer Name


6.875 % Viet Nam

Maturity Cpn Type

Freq

15.01.16 FIXED

semi.

GF

Please refer to disclaimer and important disclosure statements at the end of this document

Ind.
YTC

Next call
date

Next call
price

6.14

100'000

At Maturity

Emerging Markets Bond Universe Selection

Page 11/17

UBS Wealth Management Research / 26 March 2008

Appendix

Abbreviation

Explanation

Coupon
Freq.
GF

Coupon rate, in %.
Coupon frequency. E.g. 'semi' means that half of the coupon is paid on a semi-annual basis.
GF, or 'grandfathered' bonds are exempt from the European Savings Tax. A bond is grandfathered if it has been issued prior to March 1, 2001, and has not been
subsequently increased in size after March 1, 2002.

MDY Rating / S&P Rating


**+
e
WR
Ind. price
YTM

Moody's / Standard & Poors Rating for a bond. The bond rating may differ from the issuer rating, based on a bond's structure.
Moody's: On review for possible downgrade. S&P: On negative credit watch.
Moody's: On review for possible upgrade. S&P: On positive credit watch.
E.g. Aa2e: The letter 'e' after the rating means that the Moody's rating is expected to be Aa2, but the rating agency has not yet confirmed it for this bond.
Credit rating has been withdrawn by the Credit Rating Agency.
Indicative price. This may not be the price at which the security may be purchased or sold, but indicates the price at the end of the last trading day.
Yield to maturity. It indicates the annual yield that would be earned on this investment if the bond would be held to maturity. It assumes that the coupon payments are
reinvested at the yield to maturity rate.

YTC
Next call date

Yield to call. The percentage rate of a bond or note if you were to buy and hold the security until the call date. This yield is valid only if the security is called prior to maturity.
Date of next call option of the bond.

Next call price

The next price at which the issuer can redeem the bond.

Mac. Dur.

Macauley duration is the weighted average term-to-maturity of a bond's cash flows.


It should be understood as a risk or volatility measure.
The lower the coupon, generally, the greater the duration of a bond and the greater the price volatility of the bond, all else equal.
The longer the maturity, generally, the greater the duration of a bond and the greater the price volatility of the bond, all else equal.

Min. piece

Minimum face value that may be purchased of a bond.

Mat. type

Method by which securities can be retired prior to maturity

NA

Not available

Sources

All descriptive information is taken either from UBS Quotes or UBS Wealth Management Research

Past performance is no indication of future performance. The market prices provided are closing prices of the previous business day on the respective principle stock exchange. This applies to all performance charts and
tables in this publication.

Please refer to disclaimer and important disclosure statements at the end of this document

Emerging Markets Bond Universe Selection

Page 12/17

UBS Wealth Management Research / 26 March 2008

Non-Investment Grade

Investment Grade

Rating Definition

S&P

Moody's

AAA

Aaa

AA+

Aa1

AA

Aa2

AA-

Aa3

A+

A1

A2

A-

A3

BBB+

Baa1

BBB

Baa2

BBB-

Baa3

BB+

Ba1

BB

Ba2

BB-

Ba3

B+

B1

B2

B-

B3

CCC+

Caa1

CCC

Caa2

CCC-

Caa3

CC

Ca

C
D

Definition
Issuer / Bonds have exceptionally strong credit quality. AAA is the best
credit quality.
Issuer / Bonds have very strong credit quality.

Issuer / Bonds have high credit quality.

Issuer / Bonds have adequate credit quality. This is the lowest


Investment Grade category.

Issuer / Bonds have weak credit quality. This is the highest Speculative
Grade category.

Issuer / Bonds have very weak credit quality.

Issuer / Bonds have extremely weak credit quality.

Issuer / Bonds have very high risk of default.


Obligor failed to make payment on one or more of its financial
commitments. This is the lowest quality of the Speculative Grade
category.

Please refer to disclaimer and important disclosure statements at the end of this document

Emerging Markets Bond Universe Selection

Page 13/17

UBS Wealth Management Research / 26 March 2008

Appendix

Name
AES Gener
AMX
Alrosa Finance
Arauco
Argentina
Argentine Bev Fin
Asia Aluminium
Axtel
Banco Bradesco S A
Banco Hipotecario
Banco Itau Sa Ky
Banco Votorantim
Banespa Cayman
Bangkok Bk Hk
Bank Niaga
Bank Rakyat Indon
Bco Brasil Cayman
Bco Nacion Com Ext
Bradesco
Braskem
Braskem Intl
Brazil
Brazil Development
Bulgaria
CESP
CFG Invt SAC
CIIH BVI
CNOOC Finance 2003
COSAN SA INDUSTRIA E COM
CSN Islands IX
CSN Islands VII
CSN Islands VIII
CSN Islands X
Calichera
Caue Finance
Chaoda Modern Agri
China
China Develop Bank
Chivor
Chohung Bank

Stat. No.
13 14 18 21

21

18
13 18 21
12
12
13
12
2 4 10 11 14 19
18
12 18
12 18
3 13 21

10 13 21
12
12 14 15 18 19
11 19
4 10 14 18 19
4 10 14 18 19
4 10 14 18 19
4 10 14 18 19

9 14 21
13 21
13 21
13 14 18 19

Name
Cia Brasil Bebidas
Citi
Colombia
Corp Nac De Cbr Chl
Cosan
Cosan Fin Ltd
Cosipa
Cosipa Coml
DBS Group Hldgs
Dev Bk Philippines
Ecuador
Embratel
Empresa Nacional
Enersis
Excelcomindo Fin
Exp-Imp Bank Korea
GPB Eurobond Fin
Gaz Capital
Gazinvest
Gazprom
Gazprom Intl
Gazstream
Gerdau
Globo Communic Par
Gruma
Grupo Televisa
Hana Bank Funding
Hongkong Land Fin
Hopson Devl Hldgs
Hutch Whamp Fin
Hutchison Whamp Int
Hutchison Whampoa
Hyundai Cap Serv
IANSA Overseas
Indl Bank of Korea
Indonesia
Indosat Intl Fin
Jardine Strtegc Fin
KEB
Korea

Please refer to disclaimer and important disclosure statements at the end of this document

Stat. No.
18
13 21
13 21
21
11 19
11 19
10 11 18 19
10 11 18 19
7 10 18 19

14 18
14 18
13 16 21
13 19
11 19
10 13 14 18 21
10 13 14 18 21
10 13 14 18 21
10 13 14 18 21
10 13 14 18 21
5 18 20
18
6 13 18 21
10 12 14
9 19
15 18 19
15 18 19
15 18 19
4 10 11 19
4 11 14 19
4 13 19
18
12
8 13
13 21

Name
Korea Dev Bank
Kuznetski Cap
Lippo Bank
MGTI Finance
Malaysia
Metro Bank & Trust
Min of Fin Ukraine
Morgan Stanley Bank
Natl Steel
OCBC
Odebrecht Overseas
Pan Amer Engy Arg
Pemex Proj Fdg Mstr
Peru
Petro Energia
Petrobras Intl Fin
Philippines
Poland
Prov.Buenos Aires
Republic of Iraq
Russian Federation
SB Capital SA
SP PowerAssets
SRE Group
Sberbank
Shinhan Bank
Shinhan Fin Grp
Soquimich
South Africa
Southern Copper
TNK-BP Finance
Telefonica
Telemex
Tengizchevroil Fin
Titan Petrochem
Turkey
Ukraine
Unibanco-Uniao
United Mex States
Urbi Desarrollos

Stat. No.
11 19
10 11 19
13 21
12
13 21
11 19
10 13 14 18 21

4 11 19
13 21
14 18
11 14 18 19
13 21

12

12
13 14 18 19
13 14 18 19
18
10 13 18 21
4 11 19
18
18

13 21
11 19
10 13 18 21
11 19
6 10 11 19 20

Emerging Markets Bond Universe Selection

Page 14/17

UBS Wealth Management Research / 26 March 2008

Name
Uruguay
Utd Overseas Bk
VTB Cap
VTB Eur Fin
Vale Overseas
Venezuela
Viet Nam
Vitro
Voto Votorantim
Woori Bank
YPF

Stat. No.
10 18
12
12
1 4 5 10 13 18 19 20
12
18
18
13 21
10 17 18

Please refer to disclaimer and important disclosure statements at the end of this document

Emerging Markets Bond Universe Selection

Page 15/17

UBS Wealth Management Research / 26 March 2008

Appendix

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

Banco UBS Pactual S.A. is acting as manager/co-manager, underwriter or placement agent in regard to an offering of securities of this company/entity or one of its affiliates.
Banco UBS Pactual S.A. makes a market in the securities of this company.
The fixed income analyst covering this company, a member of his or her team, or one of their household members has a long debt position in this company.
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and investment banking services are being, or have been, provided.
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-investment banking securities-related services are being, or have been, provided.
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-securities services are being, or have been, provided.
UBS AG is acting as advisor to DBS on its announced acquisition of assets from Bowa Commercial Bank Ltd.
UBS AG is acting as advisor to HSBC Holdings on its proposed potential acquisition of a 51% stake in Korea Exchange Bank.
UBS AG, its affiliates or subsidiaries beneficially owned 1% or more of a class of this company`s common equity securities as of last month`s end (or the prior month`s end if this report is dated less than 10
days after the most recent month`s end).
UBS AG, its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from this company/entity within the next three months.
UBS AG, its affiliates or subsidiaries has acted as manager/co-manager in the underwriting or placement of securities of this company/entity or one of its affiliates within the past 12 months.
UBS AG, its affiliates or subsidiaries has acted as manager/co-manager in the underwriting or placement of securities of this company/entity or one of its affiliates within the past five years.
UBS AG, its affiliates or subsidiaries has acted as manager/co-manager in the underwriting or placement of securities of this company/entity or one of its affiliates within the past three years.
UBS AG, its affiliates or subsidiaries held other significant financial interests in this company/entity as of last month`s end (or the prior month`s end if this report is dated less than 10 working days after the
most recent month`s end).
UBS Securities (Hong Kong) Limited is a market maker in the HK-listed securities of this company.
UBS Securities (Malaysia) Sdn. Bhd. is acting as advisor to Telekom Malaysia in its proposed demerger of the mobile and fixed line businesses and stake purchase in PT Excelcomindo Pratama and SunShare
Investments Ltd.
UBS Securities LLC is acting as manager/co-manager, underwriter or placement agent in regard to an offering of securities of this company/entity or one of its affiliates.
UBS Securities LLC makes a market in the securities and/or ADRs of this company.
Within the past 12 months, UBS AG, its affiliates or subsidiaries has received compensation for investment banking services from this company/entity.
Within the past 12 months, UBS Securities LLC has received compensation for products and services other than investment banking services from this company/entity.
Within the past three years, UBS AG, its affiliates or subsidiaries has received compensation for investment banking services from this company/entity.

Please refer to disclaimer and important disclosure statements at the end of this document

Emerging Markets Bond Universe Selection

Page 16/17

UBS Wealth Management Research / 26 March 2008

Disclaimer
This publication is for your information only and is not intended as an offer, or a solicitation of an offer, to buy or sell any investment or other specific product. Certain services and products are subject to legal restrictions and cannot be offered worldwide on an unrestricted basis. Other than disclosures relating to UBS AG, its subsidiaries and affiliates, all information and opinions expressed in this document were obtained from
sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to its accuracy or completeness. All information and opinions as well as any prices indicated are subject to change without notice. At any time UBS AG ("UBS") and other companies in the UBS group (or its employees) may have a long or short position, or deal as principal or agent, in relevant securities or provide advisory or other services to the issuer of relevant securities or to a company connected with an issuer. Some investments may not be readily realizable since the market in the securities is illiquid and therefore valuing the
investment and identifying the risk to which you are exposed may be difficult to quantify. Futures and options trading is considered risky. Past performance of an investment is no guarantee for its future performance.
Some investments may be subject to sudden and large falls in value and on realization you may receive back less than you invested or may be required to pay more. Changes in foreign exchange rates may have an adverse effect on the price, value or income of an investment. The compensation of the analyst(s) who prepared this report is determined exclusively by research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues, however, compensation may relate to the revenues of UBS Global Wealth Management and Business Banking as a whole,
which includes investment banking, sales and trading services. We are of necessity unable to take into account the particular investment objectives, financial situation and needs of our individual clients and we would
recommend that you take financial and/or tax advice as to the implications (including tax) of investing in any of the products mentioned herein. For structured financial instruments and funds the sales prospectus is legally binding. If you are interested you may attain a copy via UBS or a subsidiary of UBS. This document may not be reproduced or copies circulated without prior authority of UBS or a subsidiary of UBS. UBS expressly
prohibits the distribution and transfer of this document to third parties for any reason. UBS will not be liable for any claims or lawsuits from any third parties arising from the use or distribution of this document. This
report is for distribution only under such circumstances as may be permitted by applicable law.
Australia: Distributed by UBS Wealth Management Australia Ltd (Holder of Australian Financial Services Licence No. 231127), Chifley Tower, 2 Chifley Square, Sydney, New South Wales, NSW 2000. Bahamas: This
publication is distributed to private client of UBS (Bahamas) Ltd and is not intended for distribution to persons designated as a Bahamian citizen or resident under the Bahamas Exchange Control Regulations. Canada:
In Canada, this publication is distributed to clients of UBS Wealth Management Canada by UBS Investment Management Canada Inc. France: This publication is distributed to clients of UBS (France) SA, a duly authorized bank under the terms of the "Code Montaire et Financier", regulated by French banking and financial authorities as the "Banque de France" and the "Autorit des Marchs Financiers". Germany: The issuer
under German law is UBS Deutschland AG, Stephanstrasse 14-16, 60313 Frankfurt am Main. UBS Deutschland AG is authorized and regulated by the Bundesanstalt fr Finanzdienstleistungsaufsicht. Hong Kong:
This publication is distributed to clients of UBS AG Hong Kong Branch by UBS AG Hong Kong Branch, a licensed bank under the Hong Kong Banking Ordinance and a registered institution under the Securities and Futures Ordinance. Indonesia: This research or publication is not intended and not prepared for purposes of public offering of securities under the Indonesian Capital Market Law and its implementing regulations. Securities mentioned in this material have not been, and will not be, registered under the Indonesian Capital Market Law and regulations. Italy: This publication is distributed to clients of UBS (Italia) S.p.A., via del vecchio
politecnico 3 - Milano, an italian bank duly authorized by Bank of Italy to the provision of financial services and supervised by Consob and Bank of Italy. Jersey: UBS AG, Jersey Branch is regulated by the Jersey Financial Services Commission to carry on investment business and trust company business under the Financial Services (Jersey) Law 1998 (as amended) and to carry on banking business under the Banking Business (Jersey)
Law 1991 (as amended). Luxembourg: This publication is not intended to constitute a public offer under Luxembourg law, but might be made available for information purposes to clients of UBS (Luxembourg) SA,
a regulated bank under the supervision of the "Commission de Surveillance du Secteur Financier" (CSSF), to which this publication has not been submitted for approval. Singapore: This material is distributed to clients of UBS AG Singapore Branch by UBS AG Singapore Branch, an exempt financial adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act
(Cap. 19), regulated by the Monetary Authority of Singapore. Spain: This publication is distributed to clients of UBS Espaa, S.A. by UBS Espaa, S.A., a bank registered with the Bank of Spain. UAE: This research report is not intended to constitute an offer, sale or delivery of shares or other securities under the laws of the United Arab Emirates (UAE). The contents of this report have not been and will not be approved by any authority in the United Arab Emirates including the UAE Central Bank or Dubai Financial Authorities, the Emirates Securities and Commodities Authority, the Dubai Financial Market, the Abu Dhabi Securities market or
any other UAE exchange. UK: Approved by UBS AG, authorized and regulated in the UK by the Financial Services Authority. A member of the London Stock Exchange. This publication is distributed to private clients
of UBS London in the UK. Where products or services are provided from outside the UK they will not be covered by the UK regulatory regime or the Financial Services Compensation Scheme. USA: This document is
not intended for distribution into the US and / or to US persons.
UBS 1998-2007. The key symbol and UBS are registered and unregistered trademarks of UBS. All rights reserved.

Investors should be aware that Emerging Market assets are subject to, amongst others, potential risks linked to currency volatility, abrupt changes in the cost of capital and the economic growth outlook, as well as
regulatory and socio-political risk, interest rate risk and higher credit risk. Assets can sometimes be very illiquid and liquidity conditions can abruptly worsen.
UBS Securities LLC is a subsidiary of UBS AG and an affiliate of UBS Financial Services Inc.
UBS Financial Services Inc. is a subsidiary of UBS AG.
Please refer to disclaimer and important disclosure statements at the end of this document

Emerging Markets Bond Universe Selection

Page 17/17