Tidal wave of emerging market debt setting new records - Reuters:
What a difference a few weeks make. Developing countries were all but shut out of borrowing markets last month as global recession fears started to bite, but fast forward and September is challenging issuance records.
September tends to be a busy time of year anyway as borrowers look to lock in any funding they still need for the year, but this time a real tidal wave seems to have been unleashed.
On the sovereign side alone, Abu Dhabi has sold a $10 billion bond, Armenia a $500 million one, South Africa $5 billion, Ecuador $2 billion, Bahrain $2 billion, Uruguay $750 million, Kazakhstan 1.15 billion euros. Even troubled Lebanon says it has $2 billion in the works.
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