International bond issuance by emerging market
corporates slowed significantly, particularly in the
oil and gas sector. This has partially reversed the
post-crisis doubling of bond issuance by
developing country corporates, especially in
commodities-related sectors. Since 2010, bonds
have been issued more often to refinance debt
than for investment purposes (Rodrigues Bastos,
Kamil, and Sutton 2015). In consequence, some
commodity firms have become highly leveraged,
and are now vulnerable to a combination of rising
borrowing costs and declining commodity prices.