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发帖数: 8227 | 1 Emerging-market sovereign and corporate borrowers are taking advantage of
the debt crises in the euro zone and the U.S. to deliver a stream of new
bonds into the hands of investors.
Interest is high as investors see few places to hide out in current
turbulent markets. In Italy, a lackluster government bond auction on
Thursday highlighted worries about Western Europe's debt markets. Meanwhile,
the U.S. risks losing its triple-A credit rating as government leaders
continue to bicker over deficit reduction only days before an Aug. 2
deadline to raise the debt ceiling.
"Where would you rather have your money?" asked Edwin Gutierrez, portfolio
manager at Aberdeen Asset Management. "Do you really want to be in the lion'
s den, or the bear's lair of Europe?"
In July alone, emerging Asian countries and corporations issued $40 billion
in new debt via investment bank syndicates, bringing the year-to-date total
to about $413 billion, compared to $341 billion the same period last year,
according to data provider Dealogic. Latin America issued about $9 billion
in new debt so far this month, bringing the year-to-date total to $82.2
billion, compared to $68.2 billion for the same period last year.
The steady flow of new bond offerings over the past month and the strong
investor interest that spawned it suggest that financial flows into emerging
markets are continuing, putting even more upward pressure on their
ascending currencies.
The strong issuance is expected to persist as investors are hungry for more.
Last week, tiny Sri Lanka's newly issued $1 billion 10-year global bond was
7.5 times oversubscribed. The Dominican Republic's reopening of its 2021
bond was also heavily oversubscribed and priced at a yield of 6.95%, the
lowest yield for an international bond from the Dominican Republic. Demand
for these bonds is so high that large investors are often unable to buy as
much of the offering as hoped.
Aberdeen’s Mr. Gutierrez said his firm was allocated a significantly
smaller portion of the Sri Lankan and the Dominican Republican deals than it
had requested. Broker-dealer MF Global's allocation for the Dominican
Republic deal was scaled back by nearly 90% of its requested amount, said
Michael Roche, a strategist with the firm. |
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