Sovereign High Yield

I was chatting the other day about forming portfolios by sorting country government 10-year bonds based on various metrics, and we took a look at simple sorting based on nominal and real yields.  (Plenty of shops do it by metrics such as GDP, issuance, etc.)

Have you seen any research or indexes in this space?  Below is a chart from DMS from the 2011 GIRY (2012 out soon) on sorting by inflation: