Emerging markets

credit of the month

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Germany’s securitization of €5 billion of its Paris Club obligations from Russia had emerging market investors on edge this summer, as news of the impending transaction gave rise to fears of oversupply in the asset class. For one, deal size in emerging markets is rarely bigger than $1.5 billion, so a deal of this size would be hard for the market to digest. More importantly, the potential for other countries to follow suit with their Paris Club obligations threatened to flood the market with new

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