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Emerging nations trimming US$5t debt

Borrowing binge may be reversing as economic growth slows

FLEETING PHENOMENON? In the US$1.4 trillion corporate debt market, new bond sales fell to a four-year low of US$35 billion in the last quarter.

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.