Emerging market sovereign bond issuance has surged this week as governments take advantage of the dramatic drop in yields because of the sharply improving sentiment since the start of the year.
The Philippines, Turkey, Brazil and Colombia have all issued debt in the past few days, raising a total of $4.5bn. This compares with just one deal worth $2bn from Mexico issued in the entire fourth quarter of 2008.
Nigel Rendell, senior emerging markets strategist at RBC Capital Markets, said: “Sentiment has improved a great deal since January 1 in the emerging market space, so these countries see this as a window of opportunity to issue debt.”
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