Indonesia & Frontier Asia HY

High-yield bonds from Indonesia and frontier Asia, highest yield first.

Frontier Asia high yield remains one of the more compelling corners of fixed income. This screen of ten USD bonds from Indonesia, Laos and Pakistan spans yields from roughly 8.8% to 10.7%, offering a meaningful premium over higherrated emergingmarket debt. The highestyielding name, the EDLLS 11.125% 2031 notes, yields 10.688% at 101.56 but is rated CCC+, so the extra spread comes with weaker credit quality. The LAOSIN 9.625% 2032 bond yields 9.493% with a B rating, offering a more balanced riskreward profile for investors prioritising credit quality. Relative value stands out across the curve and sectors. The PKSTAN 8.875% 2051 bond yields 9.784% at a deep discount, well above the 8.836% offered by the PKSTAN 7.375% 2031, showing how much extra yield the long end pays. Indonesian issuers add diversification, with the INDYIJ 8.75% 2029 energy bond yielding 8.807% and the NICAU 9% 2030 basic materials bond yielding 9.464%.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.