The first half of January saw 11 countries launch more than 20 dollar- and euro-denominated bond issues. The scale of borrowing dwarfs the previous record of $26 billion raised in the same period in 2018, data from Morgan Stanley shows.
High-yield countries have also joined the issuance frenzy. Turkey sold a $2.75 billion Eurobond at a 9.75% yield on Thursday while Mongolia is also set to tap markets. Morgan Stanley predicts total 2023 sovereign debt gross sales to hit $143 billion, driven by sales from the Middle East and North Africa and investment-grade countries in Asia. That is well above last year's multi-year low of $95 billion, but well short of 2020's record $233 billion.Madhur Agarwal, head of Debt Capital Markets Origination Asia ex.
"It doesn't mean this is a short window of opportunity. It may be a long one, but the countries just don't know and we don't know either," de Sousa added, stressing that only two months ago investors "were still very much on the defensive" and sitting on a pile of cash.
I have been watching the prequel movie to Breaking Bad. Better Call Saul. The cartel rolls their money and band it on the show.
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