📝Dollar-Bond Issuance For Emerging Markets to Rise to $85 Bln In 2023: Goldman Sachs

Dollar-bond issuance from EM sovereigns at $85 billion in 2023, compared to $77 billion in 2022, this is still a subdued figure relative to its history.

While Mexico’s $4 billion bond sale on Wednesday pointed to “some improvement” in appetite for EM debt, it doesn’t indicate issuance will be strong this year. Premium paid by Mexico for new issuance compared to secondary market is at about 20bps.

Issuance from Eastern Europe probably be high as it reflects higher funding needs following the ToT shock from the Ukraine war. - Goldman Sachs