Demand fuels supply
Unbroken bond fund inflows are fuelling the supply of emerging market deals. With another $1.1bn added last week, issuers are pouncing on the opportunity to print later than usual in the year. There has been no slowdown in late November — Development Bank of Kazakhstan sold its $1bn 4.125% 2022s on Monday, the last part of its intermediate exchange offer, and International Petroleum Investment Co priced its $2.9bn equivalent triple tranche euro and dollar note on Tuesday.
More is still expected. A very big Rosneft bond is due this week via Barclays, Citi, JP Morgan and VTB Capital and the Kingdom of Morocco is also preparing a new issue via Barclays, BNP Paribas, Citi and Natixis, most likely for next week.
In syndicated loans, this week
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