Investors holding bonds from defaulting or near-default nations are banking on the substantial returns recently seen to be the beginning of a rally. Figures from JPMorgan and UBS express unprecedented value in distressed government notes, with milestones achieved by nations such as Zambia, Pakistan, and Sri Lanka driving the gains. These countries, having restructured substantial debts or made agreements with the IMF, have seen dollar bonds return around 25% in the past month, compared to 1.3% for an index of developing-nation government debt.