Despite Fed, Russia, emerging bond issuance booms

martes 30 de septiembre de 2014 08:05 GYT
 

* 2013 full-year total may already have been surpassed

* Volume remarkable especially in view of Russian absence

* European funds willing buyers due to euro zone yield falls

By Sujata Rao

LONDON, Sept 30 (Reuters) - Shrugging off fears over the Fed, Russia and a default in Argentina, emerging market borrowers are on track for record bond issuance volumes this year, and their 2013 level may have already been surpassed.

A total of $459 billion was raised in the first nine months of 2014, just above the $456 billion sold in the whole of last year, according to data from BNP Paribas. Emerging governments raised just over $100 billion of this, while the private sector accounted for $354 billion, BNP Paribas said.

Over the July-September quarter, $81.9 billion was raised, just under the same 2013 period.

These amounts are all the more remarkable because prolific Russian borrowers have been largely absent from bond markets due to Western sanctions over Moscow's role in Ukraine.

There have been other troubles too, with a U.S. court ruling pushing Argentina into default in July. Many fear now that Ukraine and Venezuela will be forced into restructuring debt.   Continuación...