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Alternative Market Briefing

Emerging market debt trading volumes fall in Q3

Tuesday, December 22, 2020

Laxman Pai, Opalesque Asia:

Emerging market debt trading volumes fell in the third quarter of 2020 both on a year-on-year basis and on a sequential basis, said a study.

According to EMTA, the trade association for the Emerging Markets trading and investment industry, the volume of debt changing hands in the July, August, and September period reached $1.13 trillion, down 20% from the $1.416 trillion traded during the same period in 2019. Volumes also fell 14% from the second quarter of 2020.

Local market debt volume of $672 billion was down 16% from the same period a year ago, and off 13% from the second quarter. Nearly two-thirds of all debt trading, 59% of overall volume, was done in local currency debt during the third quarter.

Mexican instruments were the most frequently traded local markets debt in the third quarter of 2020, at $117 billion. Other frequently-traded local instruments were those from Brazil ($115 billion), India ($74 billion), China ($71 billion), and South Africa ($35 billion).

Mexican instruments were the most frequently traded instruments overall, according to Survey participants, with $156 billion in turnover. This compared to $301 billion reported in the third quarter of 2019 (down 48%), and a 32% decline from vs. $229 billion reported in the second quarter. Mexican volumes represented 14% of overall volumes.

Brazilian instruments were the second most frequently traded instruments in the EMTA report, at $147 billion, according ......................

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