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

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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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