Country level: The richest countries based on 6m Z-scores across each rating category are currently Poland, Peru, Bahamas, and Barbados. The cheapest are UAE, Paraguay, Serbia, and Bahrain. See Exhibit 1. 5s10s spread curves: IG curves steepened by 3bp to 28bp and HY curves steepened by 4bp to 49bp in the past 1W on aggregate. On an absolute basis, Kenya and Angola are the steepest, while Bahrain and Oman are the flattest. On a 6m Z-score basis, Uruguay and Brazil are the steepest, while Nigeria and Bahrain ...