A US$20bil week marks reopening of market for EM borrowers

NEW YORK: Emerging-market (EM) borrowers are piling back into global bond markets, selling about US$20bil in dollar notes in just a few days, all too aware that the window of opportunity may snap shut as suddenly as it opened.

Countries from Colombia to Indonesia and developing-nation companies rushed to lock in lower borrowing costs, taking advantage of a respite in conditions amid signals the Federal Reserve (Fed) may be close to winding up its aggressive interest rate hikes.