Corporate Local Currency Debt Seen Developing Slowly: Investors

Corporate Local Currency Debt Seen Developing Slowly: Investors

Bonds Funds

The BRL500m ($252m) 2018 tranche added to Cosan's recent international bond sale has reminded the markets that EM corporate local currency debt issuance is an exciting prospect, but it may be set for a long gestation, according to investors. Ignacio Sosa, emerging markets portfolio manager at Pimco, says while he expects emerging market sovereigns to continue issuing in local currency, corporates will stick to dollars. "Will the local currency corporate asset class develop? I think its day is no

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