Emerging markets' eurobonds sizzle, on track to better last year's show

Emerging markets’ eurobond volumes are on track to surpass last year’s $590 billion amid unprecedented liquidity conditions for high-rated issuers.
 

High-grade issuers are benefitting from robust investor demand, although improvement in financing conditions is losing momentum. The picture is markedly different for issuers lower down the credit-quality spectrum, where market access remains challenging.

 

Emerging markets’ corporates’ eurobond issuances topped $205 billion in Q1-Q3 2020, equivalent to 64 per cent of overall emerging-market non-sovereign issuance over the same period.