Before revision:  In specific classes of models we show how these FBSDEs can be solved explicitly or at least numerically .
After revision:  The EMT is shown to extend the optimal stochastic control characterization of default-free bond prices of Gombani and Runggaldier (Math. Financ. 23(4):659-686, 2013). These methods are illustrated numerically with an example in the defaultable bond setting .