EM FX debt bonanza is over

Where did all the EM FX bonds go? According to Nomura’s Nordvig and team “the EM FX debt bonanza is over”. Which is nice if you thought it was a measure of building risk… After three years (2012-2014) of very strong net issuance in emerging markets (around $250bn per year), issuance has dropped to much lower levels during 2015. Chinese entities managed to issue around $50bn in debt, mostly in the early part of the year, but net issuance in other emerging markets has essentially ground to a halt. Now, as…