Developing-nation governments and companies raised $30.6 billion of bonds in dollars or euros in April, a 48% decline from the same month a year ago, according to data compiled by Bloomberg. Issuance for the period dropped to its lowest level since 2012.
Faced with the impact on sentiment of the intensifying conflict in Ukraine and central banks turning more hawkish as they try to bring inflation to heel, developing-market borrowers have become more skittish. The average yield on dollar debt exceeded 6.3% on May 2 to hit the highest level in two years, making borrowing prohibitively expensive for junk-rated issuers from emerging markets. During the month, Istanbul’s municipal administration borrowed at a coupon rate of 10.
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