Figures compiled by Citi Research show that emerging markets (EMs) issued $498bn in external sovereign and corporate bonds in 2018, down by 22.3% from $641bn in 2017. Gross debt issuance in Asia excluding Japan reached $253bn or 50.8% of the total, followed by the Middle East & Africa (ME&A) with $113bn (22.7%), Latin America with $71bn (14.3%) and Emerging Europe with $60bn (12%). Further, EM corporates issued $354bn in bonds last year, equivalent to 71.1% of total sovereign and corporate bond issuance. Asia ex-Japan issued $236bn, or 66.7% of total corporate issuance, followed by the ME&A region with $50bn (14.1%), Latin America with $41bn (11.6%) and Emerging Europe with $27bn (7.6%). Also, EM sovereigns issued $144bn in bonds, or 29% of new sovereign and corporate bonds in 2018. The ME&A region issued $63bn, or 43.8% of total new sovereign bonds, followed by Emerging Europe with $33bn (22.9%), Latin America with $30bn (20.8%) and Asia ex-Japan with $17bn (11.8%). Further, Citi projected upcoming EM's sovereign external debt service payments at $20.3bn in the first quarter of 2019, of which $6.8bn, or 33.5% of the total, is from Emerging Europe, $6bn (29.6%) from Latin America, $5.3bn (26.1%) from Asia ex-Japan, and $2.1bn (10.3%) from the ME&A region. It also expected upcoming EM corporate external debt service payments at $22.5bn in the first quarter of 2019, of which $12.8bn, or 57% of the total, is from Asia ex-Japan, $4.7bn (21%) from Latin America, $2.6bn (11.6%) from the ME&A region, and $2.4bn (10.7%) from Emerging Europe. 
Source: Citi Research, Byblos Research