EM Corporate Supply Technicals: Active summer supply in June

Research evidence excerpt

EM Corporate Supply Technicals: Active summer supply in June

J P M O R G A N Global Credit Research

02 July 2026

EM Corporate Supply Technicals

Active summer supply in June

• EM corporate new issuance accelerated in June to $70bn from $48bn in Emerging Markets Corporate

May, marking the second highest for the month after June 2021 ($79bn). Strategy

Monthly issuance was well ahead of the past five-year average of $40bn, with Yang-Myung Hong AC

robust activity recorded across all regions except Latin America, which was the (1-212) 834-4274

only market where the total for the month ended below average. Net financing ym.hong@jpmorgan.com

for the month of June ended decisively positive at +$22bn following the robust J.P. Morgan Securities LLC

gross issuance, more than offsetting the elevated scheduled cash flows ($35bn) Alisa Meyers

and $13bn in unscheduled redemptions. (1-212) 834-9151

alisa.meyers@jpmorgan.com

• EUR-denominated issuance rose to the highest levels since the GFC at J.P. Morgan Securities LLC

16% of total EM corporate supply. The mix of issuance by rating tilted Dhawal U Mehta

toward IG in June at 77% of the monthly volume versus the 70% YTD (91-22) 6157 3779

trend. dhawal.mehta@jpmchase.com

J.P. Morgan India Private Limited

• On a quarterly basis, the $157bn in 2Q 2026 was the highest quarter since

2Q21. Ex-China issuance was still a new quarterly record with $144bn priced.

All regions ended well above their respective past five-year 2Q averages, with

EM Europe in particular posting its strongest quarter ever at $34bn, while

ME&A ($36bn) ended up close to its previous 2Q record of $41bn seen in 2021.

Gross issuance more than offset $100bn in scheduled cash flows and $33bn in

LME activity, resulting in +$23bn in positive net financing for the quarter.