Default statistics : private and sub-sovereign lending 1994-2022; Vol. 1

The Global Emerging Markets Risk Database Consortium (GEMs) is a consortium of multilateral development banks and development finance institutions, spanning across geographical locations. Established in 2009 by EIB and the World Bank Group, GEMs aims to pool credit risk data to support investments in emerging markets and act as a technical forum for the exchange of opinions between international institutions. This report, the third publication by the Global Emerging Markets Risk Database Consortium (GEMs), provides statistics on default rates for private and sub-sovereign lending based on data from 1994 to 2022. The report highlights the unique features and potential of the GEMs database, particularly in relation to sub-investment grade observations. It also explains the methodology and applications of GEMs statistics, which can help members calibrate internal models, set pricing and capital requirements, and make informed investment decisions. GEMs is committed to maximizing the value of its statistics for member institutions and the wider community, with the ultimate goal of supporting sustainable investments in emerging markets.