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- Indonesia is currently the place that offers the highest 10Y real yield among the EM world (5%), after inflation in South Africa surged to 4.4% in April (10Y real yield in SA is slightly lower at 4.85%).
- Brazil 10Y real yield is still standing at 2.6% despite rising inflationary pressures.
- China remains at the bottom of the league, currently offering a 10Y real yield of -3.7% (we use PPI for China instead of CPI as it shows stronger relationship with the 10Y yield).
- Malaysia is now also offering a negative 10Y real yield of -1.5% after CPI inflation soared from 0.1% to 4.7% between February and April.
- The CEE region remains at the bottom of the league with Poland offering the second lowest 10Y real yield among the EM world (-2.5%).
- The chart below ranks the 10Y real yields among the most liquid EM economies, adjusted by headline CPI.