Euro investors sticking by EM as rates rise

Two emerging market (EM) sovereigns hit the euro market this week: one debuting and the other returning after a year-long absence. Both deals met with warm receptions, giving some credibility to the notion that euro investors will be happy to stay in EM deals even as quantitative easing (QE) winds up and rates climb.

  • By Lewis McLellan
  • 08 Nov 2018

Kazakhstan opened the week printing €1.05bn with a dual tranche euro benchmark. The trade was joined by a €1.5bn February 2026 benchmark from Turkey.

The deals provide something of a barometer for euro investors’ appetite for EM risk. European investors accounted for 37% of Turkey’s deal and around ...

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