A mammoth bond offer from the oil-rich state of Qatar has brought the total amount of government debt issuance from the developing world this year to record levels.
Total sovereign issuance now stands at an unprecedented $93 billion for 2009, according to David Spegel, ING's head of emerging market debt strategy. JPMorgan estimates a total of $71 billion for the year, the highest since 2001.
Estimates vary because analysts have different interpretations over what's included in the emerging markets universe and what constitutes a sovereign offer. ING's tally, for example, includes municipalities like the city of Warsaw, which issued bonds in April.
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