EM issuers bet against optimism

By Francesca Young
12 Sep 2019

In the CEEMEA bond market several early dollar refinancing operations are underway. Investors should beware. This frenzy of activity is not just delight at the super low yields on offer. It also indicates that borrowers believe the only way for their yields is up.

IHS Nigeria printed on Tuesday to finance a tender offer of its $800m 2021s. Bank of Sharjah followed suit on Wednesday with a refinancing of its $500m 3.374% 2020 bonds. Armenia this week announced a tender for its 2020s and a new issue.

This quarter is expected to ...

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