This page examines performance metrics of emerging market (EM) debt. The chart on the left highlights the spreads between different EM government local rates and U.S. treasuries, as well as the country's local currency long-term debt credit ratings. A lower credit rating implies a higher risk of default, hence requiring higher yields to compensate for the risk. The right chart shows the latest level of real EM yields. Investors can see and compare which markets are offering the best yields along with their credit rating on the left to determine where they can find the best yields for a given level of risk.