MNI - EM 2025 Issuance and 2026-27 Redemptions

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Executive Summary: 

2025 was a record year for external debt issuance across the global emerging markets. Our data shows in the region of 640bn $-equivalent of hard-currency debt issuance, which is around 30% higher versus 2024. 

Issuers based in CEEMEA contributed 350bn $-equivalent of paper, over half the overall global supply, with € issuance out of the CEE and $ issuance out of the GCC the main drivers. 

LATAM remained a core component for primary markets, still highly concentrated in Mexico and Brazil, which between them accounted for 55% of total supply in the region.  

In ASIA, issuance was relatively stable, $-equivalent issuance was around 4% higher YoY at USD137bn, and only c. 21% of EM supply in 2025.