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Report

LatAm high-yield corporate issuance sets $16.6 billion first-half record in 2021

Ba-rated and first-time issuers dominated second-quarter issuances as average coupons and tenors dropped to record lows alongside falling interest rates. Proceeds will continue to be directed to supporting companies’ liability management in 2021, but refinancing risk will increase in 2022.

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EM Issuance Monitor H1 2021

EM Eurobond issuance continued to grow, with hydrocarbon and real estate corporate issuances driving the uptick

Investment grade sovereign issuance dropped due to narrowing financing requirements but will remain elevated; high-yield sovereign issuance continued to grow capitalizing on improved market conditions.

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Infographic

Emerging markets have higher vulnerabilities to physical climate risk

Physical climate risk is broadly credit negative for sovereigns, particularly for emerging market countries with climate-dependent economic structures and low-quality infrastructure.

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Report

Strong bounce back in investment leads Brazil’s economic recovery

Investment in Brazil is growing at the fastest rate in decades, spurring the country’s economic growth, but consumption remains under pressure because of high unemployment and declining wages.

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Report

ESG credit impact in Latin America is marginally lower than in other emerging markets

In Latin America, social risks related to inequality and access to basic services drive ESG risks, while in the Caribbean weather-related environmental exposures are drivers.

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Report

Social risks will weigh on emerging market sub-sovereigns for years

Regional and local governments in emerging markets generally report weaker access to basic services and higher levels of poverty, inequality and informal employment than their advanced economy peers, which weigh on their growth and financial metrics.

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