EM sovereigns home and hosed for the holidays

By Mariam Meskin, Oliver West
26 Nov 2020

The coronavirus pandemic means many parts of the US are experiencing an unusual festive period. But emerging markets sovereigns broke another Thanksgiving tradition by flooding primary bond markets with new deals on what is usually a quiet week for new issues — even as levels of stress are rising sharply at the riskier end of the asset class. Oliver West and Mariam Meskin report.

Peru’s century bond just days after a major political crisis, followed by five deals from emerging markets sovereigns in the Europe, Middle East and Africa region, including the first from sub-Saharan Africa since the pandemic hit in March, made for a remarkable week of new issue activity in ...

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