The surge in emerging market bond issuance illustrates how Federal Reserve policies have opened wide the debt markets to those not having direct support. Per the data complied by Gramercy (thank you), the $327 billion in issuance YTD compares to $278 bn last year and $292 bn in 2018. The good news is that this massive bond issuance has allowed developing countries to avoid liquidity problems/other short-term problems turn into solvency/longer-term problems. Less good is the encouragement to cuspy (in terms of liquidity/solvency) borrowers to over-rely on debt financing. #markets #debt #em #emergingmarkets #fed #centralbanks #federalreserve #gramercy @gramercy …see more