EM Placements in April: divergent trends amid global volatility

Sovereign bond issuance in April 2025 exhibited mixed trends across emerging markets, with notable regional variations, with Latin America leading growth, Asia moderating, and Africa facing a pronounced slowdown. Overall, the total issuance reached USD 210.19 billion, marking a slight decline of 2.5% compared to the previous month but a robust year-on-year increase of 14.1%.

Latin America saw a significant monthly surge of 43.5%, driven by strong performances in Brazil and Colombia. Brazil’s issuance soared by 49.4% month-on-month (m/m) and an astonishing 352.2% year-on-year (y/y). Colombia also posted remarkable growth, with a 366.0% m/m and 355.9% y/y increase. However, Argentina’s activity remained subdued despite a 153.9% m/m rise, as volumes stayed low compared to historical levels.

In Asia, issuance declined by 8.4% m/m but grew by 7.2% y/y. China, the region’s largest issuer, experienced a 15.5% m/m contraction, though its y/y growth remained positive at 5.9%. India return to the market after the financial year closure, while Pakistan’s issuance dropped sharply by 76.7% m/m after its record performance in March.

Africa recorded a steep 48.1% m/m decline (-23.4% y/y), with total issuance falling to USD 5.73 billion. Egypt was a rare bright spot, maintaining growth on y/y basis.

The Middle East showed minimal m/m change (0.05%) but achieved a 10.6% y/y increase. Saudi Arabia’s continued absence from the international bond market was notable. Turkey and Jordan expanded their issuance volumes y/y.

Eurobond issuance activity was limited, with Latin America and the Middle East accounting for all of the USD 5.55 billion placed. Colombia stood out with 82.5% of its issuance in Eurobonds.

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