Sovereign Bond Yield & Term Premium Lab

10Y Benchmark Yield 4.35% +0.00 bps shift

10Y Term Premium 0.95% 21.8% of yield

Curve Slope (10Y - 2Y) +0.15% Normal Upward

Debt Service / GDP 3.8% Debt/GDP: 123%

Auction Tail Risk Moderate Indigestion Score: 48/100

Fiscal & QT Pressures Calibrated

Fiscal Deficit (% of GDP) 6.2%

Debt Issuance Expansion +15%

Central Bank QT Pace 1.25x Baseline

Foreign Buyer Absorption Drop -10%

Inflation Uncertainty Cushion +35 bps

10Y Yield Decomposition

1. Expected Policy Rate Path 3.40%

2. Breakeven Inflation Risk 2.10%

3. Demanded Term Premium 0.95%

Multi-Tenor Sovereign Curve (1M to 30Y) Cyan: Stressed Market | Dotted: Baseline Benchmark

Tenor Spread & Yield Decomposition Table

Tenor	Baseline Yield	Stressed Yield	Shift (bps)	Expected Rate	Inflation Prem	Term Premium