EM sovereigns have issued a record amount of FX debt at the start of this year, capitalising on a window created by the decline in US Treasury yields since October. The issuance has been concentrated among highly rated sovereigns and borrowing does not look excessive. The return of Côte d’Ivoire and Kenya to the international market has made headlines – and eased external financing strains – but a large number of frontiers are likely to remain locked out of global capital markets this year.
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