FINANCE - Emerging debt sales hit surprise record in 2013:
"Emerging market dollar bond sales hit record highs of $450 billion this year, surprising industry players who had predicted issuance to suffer from the threat of U.S. monetary stimulus withdrawal.
Worries about the squeezing of the U.S. lifeline that had fuelled demand for risky assets drove money from emerging market debt funds and hit returns in 2013, after several years of inflows and double-digit gains.
But low interest rates in historical terms and an absence of the expected tapering of U.S. stimulus kept borrowers coming, with only a relatively brief market freeze.
“The market was only really closed in June and July, that’s generally a very quiet part of the year,” said Marc Balston, emerging debt analyst at Deutsche Bank. “We probably only missed a month or six weeks. We saw a catch-up in September.”"
'via Blog this'
No comments:
Post a Comment