Appetite is expected to remain, with most worries having to do with external shocks. Optimism was widespread, even as several issuers lined up in December to print before year-end.

"We still have good inflows and there’s still a lot of interest in the market," says Cathy Elmore, who manages $550 million in EM debt at Blackfriars Asset Management. "As long as treasury yields are low, I think a lot of the new issuers will still be able to come to the market with ease."

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