However, PIMCO has said it sees value in Brazilian while other market observers view Russian bonds as attractively valued. Russian 10-year government bonds yield over 8.8%, more than double the 4.05% for the comparable Brazilian bonds. [PIMCO Sees Value in Brazilian Bonds]

As for Ukrainian bonds, yields on the government’s two-year debt have fallen to around 19% from 20% last week.

PGHY has remained durable through the Brazil and Russia downgrades and political uncertainty in Ukraine. The ETF is up almost 1% over the past month.

PGHY, which charges 0.35% per year, features a yield to worst of 4.09% and an average yield to maturity of 4.35%.

Powershares Global Short Term High Yield Bond Portfolio

Tom Lydon’s clients own shares of HYG.