Panama secondary performance encourages EM bonds with MDBs set to power up

Kristalina Georgieva, David Malpass, World Bank, IMF, multilateral, development banks, Washington, LatAm
By Oliver West
30 Mar 2020

Emerging markets face at least $2.5tr of financing needs and do not possess the resources to fund themselves, said the IMF on Friday. But with bond markets continuing to improve and multilateral development banks increasing their firepower, prospects for EM funding are at least looking more promising than a week ago.

Panamá broke the hiatus in EM sovereign dollar bond issuance on Thursday, attracting $7.5bn of orders for a $2.5bn deal maturing in 2056. If the final yield of 4.5% represented a once unthinkable new issue concession of 60bp, in line with the sort of elevated concessions US ...

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