The graph is a line chart titled "Emerging Markets with High Yields and Spreads." The y-axis ranges from zero to 30 percent and plots both the share of EMBIG issuers with yields above 10 percent and the share of EMBIG issuers with spreads above 1,000 basis points. The x-axis spans the years 2013 to 2022. While less than 5 percent of emerging markets were paying interest rates over 10 percent on their sovereign foreign-currency bonds at the beginning of 2013, over 30 percent were by mid-2022. The share with spreads above 1,000 basis points was about 20 percent by mid-2022 as well. EMBIG is the Emerging Markets Bond Index Global. Yields and spreads are in percent and presented as 3-week averages. Source: Bloomberg Finance L.P. and IMF staff calculations