World Cup Stokes an Emerging Market Bond Sale Frenzy (Independent Online)
South Africa’s Independent Online has picked up an apparent Bloomberg storyline saying that emerging market borrowers from Brazil to the United Arab Emirates are rushing to sell bonds before the World Cup kick-off takes some of the momentum away from the best quarter of issuance in a year. According to Michael Ganske of Rogge Global Partners, the World Cup is:
“…a global event for weeks and will attract attention and time from market participants. It’s an additional factor impairing liquidity over the coming weeks. Issuers probably want to use the period before to tap the market as after the games, the summer lull kicks in.”
Emerging nation bond sales reached $29 billion this week and soccer is the favorite sport across many of them where fans will devote their free time in the next five weeks to watching the tournament. Moreover, 20 of the 32 national teams competing are from developing countries.
To read the whole article, World Cup stokes emerging market bond sale frenzy, go to the website of the Independent Online.