Emerging market issuers — why so shy in MTNs?
Emerging market borrowers have never had it so good. Such is the demand for their public bonds and loans that they can name their currencies, their amounts and their price. They should use these golden days to establish regular MTN issuance, a strategy that will serve them well when market conditions inevitably turn against them.
Emerging market issuers in the MTN market are rare animals. The likes of VTB, Mubadala, Emirates Bank and National Bank of Abu Dhabi have dipped tentative toes into the opaque waters of private placements, but few use the market regularly, despite a growing demand for EM names.
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