Emerging-market firms are still operating in high-growth economies. To take advantage of that, their strategies continue to be aggressively expansionary. Furthermore, an unusually large amount of emerging market short-term debt is reaching maturity.
Refinancing is therefore much in demand, whether from collapsed banks in Kazakhstan, or real estate companies in Hong Kong keen to grow while market conditions are still propitious.
Fund managers, on the other hand, are beginning to demand higher yields for emerging market corporate debt, especially in central and eastern Europe.
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