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.