Since the global financial crisis, companies in emerging markets (EM) have increased the amount of dollars they borrow by issuing bonds, while reducing their reliance on bank loans. This may help them withstand a coronavirus-inspired recession, data from the Bank for International Settlements (BIS) suggests.
As of end-2019, debt securities accounted for 47% of all dollar credit extended to non-bank borrowers in EM countries, up from 31% in Q3 2008. Loans and deposits make up the remainder.
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