This page highlights the difference in nominal (grey bars) and real yield levels (orange dots) between developed markets (DM) and emerging markets (EM). Real yields are nominal yields minus local inflation. The chart on the left demonstrates the difficulty of finding yield in DM countries, where most of them have negative real yields and some even have negative nominal yields. The chart on the right shows there are ample yield opportunities in emerging markets, though the higher yield compensates the higher credit risk of emerging markets.