LULA

LULA — The High-Stakes Game of Emerging Market Bonds

Lula was a classic board game from the 1970s, much loved (and sometimes hated!) by all the family. We're thrilled to bring it back to life in 2026 for today's tech-savvy generation.

Click to open the box

Choose your role

Mike Trounce

EM Sovereign Analyst

Flows & Positions

TBC

EM Portfolio Manager

Risk & Allocation

TBC

EM Corporate Analyst

Credit & Fundamentals

KEY CONCEPTS

Default Probability

The chance a country fails to pay its debts this quarter. This is your most important signal: low (<1%) is safe, 1-10% is trouble, >10% means danger.

Spread

The extra yield (in basis points) a country pays over the risk-free rate. Higher spread = higher return but higher risk.

Credit Rating (IG / HY)

Investment Grade (IG) = safer. High Yield (HY) = riskier. A downgrade from IG to HY triggers credit rationing in the Bassa-Cont model.

Regime (Green / Yellow / Red)

Green = stable, Yellow = stressed, Red = crisis.

Fiscal Policy (BAU / Austerity)

Governments switch to austerity when debt gets dangerous — cutting spending to stabilise debt.

KEY CONCEPTS

GAME OVER