A $20 Billion Week Marks Market Reopening for EM Bond Sales
- Emerging-market countries, companies rushed to issue debt
- Colombia, Turkey lead best week for EM sales since February
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Emerging-market borrowers are piling back into global bond markets, selling about $20 billion in dollar notes in just a few days, all too aware that the window of opportunity may snap shut as suddenly as it opened.
Countries from Colombia to Indonesia and developing-nation companies rushed to lock in lower borrowing costs, taking advantage of a respite in conditions amid signals the Federal Reserve may be close to winding up its aggressive interest rate hikes. That, combined with cooling jobs growth in the world’s largest economy, helped bring down US Treasury yields from a 16-year high, allowing a swath of deals that have been on pause to come to market.