Falling borrowing costs have sparked deluge of debt issuance
Six emerging economies could each issue over 10 bln this year
Analysts hope some key countries can regain market access

LONDON, Jan 12 Reuters A 30 billion gush of debt issuance by developing countries since the start of the year is sparking hope that some of the more pressed emerging market nations might be able to regain market access in 2024.

Recent falls in global interest rates combined with a relatively lean couple of years for EM borrowers has seen the usual January parade of governments embarking on their funding rounds turn into something of a frenzy.

Oilrich Saudi Arabia has already issued 12 billion of dollardenominated bonds and the world39;s largest EM borrower, Mexico, scored its biggest ever debt sale at a punchy 7.5 billion.

Poland, Indonesia and Hungary have all been in the market too while companies have been busy flogging nearly 20 billion of their own debt, taking overall EM issuance past the 50 billion mark.

The eagerness to frontload issuance highlights uncertainty over how fast and furiously the Federal Reserve, European Central Bank and their peers will cut interest rates, and also sets the stage for some big yearend numbers.

Analysts at Morgan Stanley estimate almost 165 billion of EM sovereign debt will be issued this year, roughly 20 or 30 billion more than in 2023.

Apart from Saudi Arabia, at least five other countries are each expected to issue at least 10 billion, namely…