Record Summer for Emerging-Market Bonds

Debt sales topped $120 billion between June and August

Emerging-market bond sales had their busiest summer as issuers including Argentina, Russia and Indonesia ran deals before the Federal Reserve’s push to tighten policy drives up the cost of financing. Developing-country governments and companies raised more than $120 billion between June and August, selling to investors seeking the higher yields they offer compared with developed-country borrowers.

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