The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Aiming bonds at Emu

Bonds are developing to suit the most sophisticated global investor. Sovereign debt issuance is increasing in emerging markets, European bond markets are diverging with the approach of monetary union, and the EIB's new further-issue clause could give debt-trading in euros huge liquidity. James Featherstone reports, starting with emerging markets

The choice of sovereign paper available to emerging market debt investors is getting larger. Starting with issues such as the Lebanon global bond issued two years ago, countries such as Estonia, Kazakhstan, Moldavia and Oman have issued debt on the international markets for the first time. And a debut £50 million floating-rate note issue is expected in the first half of this year from Sri Lanka.

Although the large-scale emerging market issues in the last few years have come from Mexico and Argentina ­ and have continued so far this year with large issues from both countries in January ­ new sovereign issuers have started a trend for accessing international capital markets. Some emerging market countries are engaged in a process of debt restructuring; two recent bond issues that fall into this category are those from Croatia and Panama issued on the Euromarkets in early February. Others are governments that have not been in a position to issue debt in such a way before.

"In the current environment the market is very receptive to new names with improving credit ratings and well-marketed stories," says Richard Luddington, head of emerging market debt syndicate at JP Morgan in London.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree