About this work
Emerging market governments are issuing foreign currency bonds at a record pace despite the Iran war, higher global interest rates and a stronger dollar. Jonathan Fortun tells the Financial Times that investors increasingly see the asset class as safer. He distinguishes gross issuance from fresh financing, noting that only $72 billion of this year’s total will represent new money rather than refinancing. The reporting also examines the shift toward euro borrowing and efforts to rebuild foreign exchange reserves.