A combination of sticky high interest rates and lackluster global growth could push a number of emerging economies that are facing soaring refinancing needs into debt difficulties next year.
Tapping international debt markets hasn’t been a problem across the board for emerging economies. Sovereign issuance has hit a record high so far this year, although that bond sale bonanza has been driven by higher rated sovereigns.“would need to find alternative sources of financing if the market doesn’t reopen for them,” said Thys Louw, portfolio manager for the emerging markets hard currency debt strategy at Ninety One, in London.
“The market expects more solutions to be delivered, either the IMF’s resilience and sustainability trust or $1-billion external issuance or syndication loan,” Paja told Reuters.
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