Sovereigns set to drive EM pipeline, with CEE at the fore

By Ross Lancaster
26 May 2020

Emerging market bond issuance seems set to depend heavily on sovereigns’ need for Covid-19 response funding in the coming weeks, but supply looks fragmented by geography.

EM issuance conditions clicked up a gear by the end of last week, as B2/B/B+ rated Egypt won $21bn of orders for a $5bn triple tranche trade.

That deal capped a fortnight or so of solid primary market conditions. The extraordinary levels of monetary stimulus that central banks ...

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