美元波动催生替代选择 新兴市场掀起欧元发债潮

Core Viewpoint - Emerging market issuers are entering the euro bond market at the fastest pace in over a decade, driven by strong global demand for non-dollar assets and the need for financing diversification [1][4]. Group 1: Market Trends - As of July 18, emerging market corporations and governments have issued €89 billion in bonds, marking the highest amount for this period since at least 2014 [4]. - Eastern European countries, particularly Poland and Romania, are leading in euro bond issuance, with Poland and Romania together issuing €21 billion [4]. - The euro bond issuance is expected to remain high relative to dollar bonds, despite its smaller share in the total emerging market bond issuance [1][4]. Group 2: Investor Sentiment - Investors are increasingly seeking opportunities outside of dollar-denominated credit, with a preference for euro bonds due to more attractive spreads [5][8]. - Goldman Sachs strategists noted that euro bonds have outperformed their dollar counterparts shortly after issuance, indicating strong market absorption [5]. - The overall demand for emerging market bonds remains robust, driven by the yield advantage over other markets [8]. Group 3: Future Outlook - The trend of euro bond issuance is likely to continue, as investors reassess their strategies in light of potential economic slowdowns in the U.S. and a weakening dollar [5][8]. - Countries like Brazil and Colombia are considering re-entering the euro bond market, reflecting a shift towards euro-denominated financing [8]. - JPMorgan's Weiler emphasized that while the dollar remains the core financing currency for emerging markets, the euro offers significant market depth as an alternative [9].