EM Corporate Supply Technicals: Primary market slowing into the summer to $27bn in July

Research evidence excerpt

EM Corporate Supply Technicals: Primary market slowing into the summer to $27bn in July

J P M O R G A N Global Credit Research

04 August 2026

EM Corporate Supply Technicals

Primary market slowing into the summer to $27bn in

July

• EM corporate primary market activity in July slowed down to $27bn from Emerging Markets Corporate

the elevated pace in June, ending the month in line with July 2025 which Strategy

is also close to the past five-year average. A fair bit of new issue activity had Yang-Myung Hong AC

been front loaded into May ($52bn, a record for the month) and June ($71bn (1-212) 834-4274

only behind $79bn in 2021), so a moderation was to be expected considering ym.hong@jpmorgan.com

the seasonally slower summer period. J.P. Morgan Securities LLC

Alisa Meyers

• YTD issuance of $327bn translates into 71% of our full-year forecast, (1-212) 834-9151

which is slightly ahead of the 67% contribution to full-year totals typically alisa.meyers@jpmorgan.com

seen at this point of the year. Excluding China, the YTD total continues to be J.P. Morgan Securities LLC

on a robust trajectory with $298bn issued so far, exceeding the pace seen in all Dhawal U Mehta

previous years. Meanwhile, issuance from China remains near its slowest pace (91-22) 6157 3779

in the past decade at $28bn, running ahead only of the 2023 pace. dhawal.mehta@jpmchase.com

J.P. Morgan India Private Limited

• The regional composition was typical, with activity in Asia ($14bn) led by

Korea ($6bn) followed by China ($3bn) and India ($2bn). ME&A issuance

held up in July despite the resumption of hostilities between the US and Iran,

ending the month at $8bn. Latin America ($2bn) saw moderate issuance, while

steady issuance from financial names continued in EM Europe ($2bn).