EM sov issuance rose in September but annual rate heads for lowest since 2015

  • Sovereign issuance doubled, albeit from a low base, to US$6bn in September, although overall activity is still subdued

  • Total EM hard currency sovereign bond issuance stands at US$68bn ytd, less than half the amount seen a year ago

  • EM bonds had their worst month since the pandemic (-6.5% TR, -24% YTD) as the global rate shock continues to reverberate
Subscribe to read this report

You can read this report by subscribing to a Starter or Pro plan today.

Already have an account? Log in


This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

Research ratings explanation and full Tellimer disclaimers