Guest post: Vulgaristan prepares debut bond issue | beyondbrics

New issues are finally coming out of the woodwork and pricing very, very aggressively. It’s set to be a feeding frenzy across EM, and any EM issuer worth its salt, or its rating, is likely to want to get some cash (as much as possible) in the bank.

I am tempted to say that almost any issuer, whatever the name and fundamentals, with a bit of carry could tap this overbaked and pretty ridiculous market.

It reminds me of a year or so back when I came very close on April 1 to adding a new country, Vulgaristan, to my regular sovereign weekly. It would no doubt have been AAAA-rated. In the end I chickened out, mindful that the FSA might have taken a somewhat dim view of an analyst (then) in a state-owned bank actually having a sense of humour.
Guest post: Vulgaristan prepares debut bond issue | beyondbrics