Analysis: Investors snap up record $39 bln emerging market sovereign bond splurge – Reuters

Analysis: Investors snap up record $39 bln emerging market sovereign bond splurge – Reuters

LONDON, Jan 13 (Reuters) - Developing countries have sold a huge $39 billion of international bonds since the start of the year, with investors happy to pile into riskier debt as they bet global interest rates are nearing a peak.

The first half of January saw 11 countries launch more than 20 dollar- and euro-denominated bond issues. The scale of borrowing dwarfs the previous record of $26 billion raised in the same period in 2018, data from Morgan Stanley shows.

All the sales were at least three times oversubscribed, a sign that appetite for emerging market debt is back after a year in which many countries were effectively locked out from markets as global interest rates surged.