You invest USD1000 in a local currency 20-year bond in country X with a coupon of 15% priced at par, at the prevailing exchange rate of 2 LC/USD. At the same time, US one-year yields are at 4%.

After one year, you decide to divest and repatriate the funds into USD.

However, local yields for 9 year bonds have risen to 17%. Also, the exchange rates have moved to 4 LC/USD.

How much have you lost/gained vs investing in the US for the same 1 year horizon.