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Emerging Markets Dodge Fed Tapering in Best Bond-Sale Start

Borrowers in developing nations are flooding markets with a record amount of bonds before reductions to Federal Reserve monetary stimulus drive up funding costs.

International sales in emerging markets are up 21 percent to $55 billion this month, the busiest start to a year since Bloomberg began tracking the data in 1999. Poland is marketing $2 billion of 2024 bonds today after the European Union’s largest eastern economy raised 2 billion euros ($2.7 billion) last week. Petroleo Brasileiro SA, Latin America’s largest oil producer, has sold the most debt among 108 issuers with a $5.1 billion offering of euro- and pound-denominated securities.