At the Brics summit in Johannesburg this week, a key item on the agenda was reducing dollar dependence across emerging markets. In bond sales, it’s already happening. Only $1.4 billion has been raised in emerging debt this month, compared with $4.5 billion in August 2022 and average monthly sales of $15.4 billion this year.
“Less supply would be positive from a technical standpoint, especially if the issuers are going to the loan market,” said Uday Patnaik, London-based head of emerging-market fixed income at Legal & General Investment Management. “The problem would be if the issuer could not find alternative funding sources.” Conservation capital One area for which capital is more readily available is environmental protection.
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