This report uses data for 31 Government bond markets, each with a full consensus credit estimate history for the past 38 months. Government bonds are usually liquid, but more volatile than pure credit risk estimates.

Consensus credit risk estimates:

- May provide valuation benchmarks for Government bonds.

- Are correlated with Government bonds, but are less volatile.

- Provide positive but volatile out-of-sample performance in specific markets and time periods vs. traditional trading strategies.