Emerging markets face record debt bills

Singapore

DEVELOPING nations are facing their biggest debt bills yet from international bond markets that funded them in boom times. It's happening just as the cost to refinance overseas creeps higher, with money manager Pioneer Investments seeing no relief in sight.

Companies and governments in developing nations must repay an unprecedented US$262 billion of notes in all currencies outside domestic markets in 2016, more than half the US$444 billion they sold this year, data compiled by Bloomberg shows. The bond tab will rise further in 2017 to US$352 billion. The borrowers missed payment on US$5.6 billion of the debt this year, the most since 2002.