Frontiers turn to international bond markets
An increasing number of frontier markets are turning to the international bond markets as they look to paper over the cracks in their finances. Argentina got the ball rolling earlier this year when it sold US$16.5bn of dollar bonds, the largest amount ever issued by an emerging market sovereign. This may soon be usurped by Saudi Arabia. Meanwhile, Ghana recently sold US$750mn and Nigeria is also planning an international bond sale in the coming months.