AUTHORIZED PERSONNEL ONLY

| Q2 2026 | NORTH AMERICA | EUROZONE | RUSSIA/UKR | MIDDLE EAST | ASIA-PACIFIC | LATIN AMERICA |
|---|
Visualization of current geopolitical tension vs. 10-year historical average
APRIL 1, 2026
HIGH-DEBT, HIGH-RISK
Argentina, Turkey, Brazil
SUSTAINABLE HIGH-DEBT
Japan, USA (Outliers)
Fiscal Space
Debt-to-GDP
Refinancing Risk
CDS Spreads
AFSI = (Current - 10yr Mean) / 10yr Std Dev