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Strong inflows, but talk of “borrowing binge” overdone

Net portfolio inflows into EMs have been close to multi-year highs this month, and that appears to have come alongside an uptick in sovereign Eurobond issuance in recent weeks. Even so, debt issuance hasn’t been abnormally large. And it has been skewed towards higher-rated sovereigns, with many riskier EMs and frontier governments seemingly still facing prohibitively high external borrowing costs.

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