EM issuers battle on in new world of rates volatility

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By Mariam Meskin, Oliver West
04 Mar 2021

Modest order books and higher new issue concessions for dollar and euro issues this week showed that emerging markets borrowers are operating in a different market to a month ago, before inflation concerns had brought non-stop volatility to US Treasury markets.

The fact there was any issuance at all demonstrates that, in one aspect at least, EM analysts are right to insist that this is not a repeat of the so-called “taper tantrum” of 2013. Eight years ago, an increase in US Treasury yields closed EM primary markets for ...

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