Countries and Coverage
Twenty-two countries: the six large markets, then Central America and the Caribbean, and the smaller South American markets.
| Market | Countries |
|---|---|
| The six large markets | Mexico, Brazil, Argentina, Colombia, Chile, Peru |
| Central America and the Caribbean | Panama, Costa Rica, Dominican Republic, Guatemala, El Salvador, Honduras, Nicaragua, Jamaica, Trinidad and Tobago, Bahamas, Barbados |
| Smaller South American markets | Uruguay, Paraguay, Ecuador, Bolivia, Venezuela |
Issuers in SQX's pricing engine, market by market
The chart includes governments, state-owned companies, banks, and corporates, so you can see how far each market extends beyond government issuers.
Issuers with at least one bond SQX's pricing engine priced on 20 October 2026 that matures at least a year after that date: 1,207 issuers across 21 countries. Each of the six large markets is one bar; Central America and the Caribbean, and the smaller South American markets, are one bar each. Issuers rather than bonds, because a few local banks issue hundreds of short certificates each.
Country assignments that follow the credit risk
You need each bond assigned to the country where its credit risk lives. We use the issuer's home country, while the ISIN prefix identifies the agency that numbered the security. Those can be in different places. We resolve each issuer's country from reference data in a fixed order:
- Where the issuer is based. Its domicile in the reference data.
- Where its guarantor is based. For a financing vehicle, the company that stands behind it.
- Where it is incorporated. Jurisdictions such as Cayman or Luxembourg are passed over when they serve as a pass-through.
That keeps a Brazilian company's Luxembourg funding vehicle with Brazil.
Government dollar curves, side by side
A yield curve shows what a government pays to borrow for two years, for ten and for thirty. Most curves rise with maturity. A curve that falls says the market worries more about the next few years than about the long run.
Yields and spreads by country
The table puts every country with enough government dollar bonds on one page: how many SQX priced, their median yield and their median credit spread.
Government US-dollar bonds SQX priced on 20 October 2026 that mature at least a year after that date, for the 19 countries with five or more such bonds. Medians, so one distressed bond can't pull a country's figure.
| Country | USD government bonds priced | Median yield, % | Median credit spread, bp |
|---|---|---|---|
| Argentina | 48 | 10.68 | 580 |
| Bahamas | 5 | 6.92 | 220 |
| Bolivia | 6 | 8.87 | 409 |
| Brazil | 22 | 6.44 | 150 |
| Chile | 24 | 6.15 | 85 |
| Colombia | 35 | 7.40 | 235 |
| Costa Rica | 40 | 6.16 | 127 |
| Dominican Republic | 48 | 6.99 | 193 |
| Ecuador | 28 | 9.90 | 500 |
| El Salvador | 39 | 7.72 | 288 |
| Guatemala | 33 | 6.48 | 144 |
| Honduras | 8 | 6.61 | 167 |
| Jamaica | 6 | 6.37 | 127 |
| Mexico | 41 | 7.10 | 195 |
| Panama | 33 | 6.19 | 121 |
| Paraguay | 24 | 6.03 | 100 |
| Peru | 27 | 6.39 | 105 |
| Trinidad and Tobago | 10 | 6.89 | 179 |
| Uruguay | 9 | 5.94 | 79 |
Dollar and euro lines among government and state-owned bonds
Governments and state-owned companies issue in different currencies from market to market. This chart counts, for each of the six large markets, how many of the government and state-owned bond lines SQX prices are issued in US dollars or euros. Each line counts once, whatever its size, so the chart shows the mix of bonds on offer, not the share of debt owed in each currency.
Share of the government and state-owned bond lines SQX priced on 20 October 2026 that are issued in US dollars or euros, for the six large markets, in percent of lines. It counts 1,472 lines from central governments, government agencies and government-controlled companies that mature at least a year after that date. The rest are in local currency, in inflation-linked units such as Mexico's UDI and Chile's UF, or in another foreign currency.