Debt sales from the developing world have rebounded after a summer of turmoil and the US budget crisis stunted demand, leading analysts and bankers to predict the second record year of bond issuance in a row.
Emerging markets were this summer severely rattled by the US Federal Reserve’s plans to scale back its monetary stimulus programme, which has pumped $85bn a month into global bond markets.
The developing world has been one of the prime beneficiaries of the Fed’s quantitative easing, so discussions in May about ending the scheme sent currencies tumbling and borrowing costs higher this summer as investors rushed to dump emerging market securities.
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