Middle East to lift EM sovereign debt sales in 2019 -Morgan Stanley | Reuters:
Sales of hard currency debt issued by developing nations should bounce back this year after a torrid 2018 for emerging markets, driven by fresh supply from the Middle East, especially Saudi Arabia, Morgan Stanley predicted.
Sovereign hard currency gross issuance is expected to rise to $158 billion in 2019 - a 15 percent increase on 2018 - but will remain below the record $674 billion sold in 2017, Morgan Stanley strategist Simon Waever said in the bank’s EM sovereign credit outlook for 2019, published on Monday.
A grim combination of a strong dollar, Sino-U.S. trade tensions, central banks turning off the money taps, cooling growth around the globe and crisis in Turkey and Argentina have battered emerging markets in the past twelve month.
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