Russia’s $20 Billion Bond Void Filled by China to Mexico

Borrowers from China to Mexico and Kenya are selling bonds abroad at an unprecedented pace, filling a $20 billion void left by issuers in Russia shut out of international capital markets since the beginning of March.

Mexican corporate and sovereign issuance has more than doubled to $24 billion and sales out of China jumped 42 percent to $43 billion, according to data compiled by Bloomberg. Kenya entered the market this week with the largest-ever debut transaction from a speculative-grade government, raising $2 billion. While Russians were among the biggest borrowers in emerging markets last year, offerings in dollars and European currencies have tumbled 74 percent to $7 billion in 2014.