Macro Analysis /
GlobalEM sovereign bond issuance grinds to a halt in July
There was no EM hard currency sovereign bond issuance at all in July, the first nil month since December 2019
Nil months not unprecedented (with five others over the past decade) but they are typically associated with seasonality
Total issuance ytd is unchanged at US$58.4bn, while the run-rate has fallen, although EM bonds did have a better month
Stuart Culverhouse
Chief Economist & Head of Fixed Income Research @ Tellimer Research
1 August 2022
Published byTellimer Research
