Debt: Waiting for the fall

Debt: Waiting for the fall

Bonds

A small number of deals took advantage of a more stable market and issued over the traditionally slow July and August period. Investment-grade issuance has dominated deal flow – some 75% of all emerging market issuance this year has come from high-grade issuers while 25% represents high yield. Latin American volumes reached $69 billion from 107 deals in the year to August 15, up from $64 billion and 108 deals over the same period in 2011, according to Dealogic. This year could be a record breaker in terms of issuance volumes. Many expect a busy September with a decent number of cross-border bond deals. “There are expectations of a seasonal pick up in issuance, and investor ap

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