Emerging nations trimming US$5t debt
Borrowing binge may be reversing as economic growth slows
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New York
BORROWERS in emerging markets have started to address a US$5 trillion mountain of US dollar-denominated bonds and loans, reducing their obligations for the first time in seven years in a move that threatens to cut short a budding rally in currencies from Brazil to Malaysia.
Companies in developing nations paid back US$38 billion of dollar debt last quarter, US$3 billion more than they borrowed in the period and marking the first reduction in net issuance since 2008, according to data compiled by Bloomberg.
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