EM bonds' $321 bn spree down to slow down

After a blockbuster six months, the sale of emerging-market bonds in hard currencies is set to slow down sharply in a second-half that's littered with political risk.

The amount of debt sold by government and corporate borrowers in developing markets has reached $321 billion in the busiest first-half since 2021, according to data compiled by Bloomberg.

Still, forecasts from JPMorgan Chase & Co. and Bank of America Corp. show issuance is poised to slow more than usual after borrowers rushed to meet their funding needs at the beginning of the year.

As governments from France to Bolivia face political upheaval, Thursday's US debate also brought the White House race into clearer view, with analysts warning of more global volatility that could keep EM issuers at bay. The fear of such turbulence has already partly pushed borrowers to load up on as much debt as they could, leaving less supply for the remainder of 2024.