The lowest borrowing costs in four years are triggering a flurry of bond sales from junk-rated nations. SA said on Wednesday that its planned to issue dollar bonds, while Turkey completed a $1.75bn tap. Ukraine is said to be planning a return to international capital markets for the first time since it restructured debt in 2015, and Tajikistan, which has never sold Eurobonds, is also lining up an offering. Bahrain, the only Gulf Co-operation Council nation with three junk ratings, mandated banks for a sukuk issuance. The sales will follow the busiest mid-year on record for emerging-market bond offerings, with governments and companies raising more than $120bn between June and August. But those deals haven’t satiated investor demand for higher yields, as low interest rates across the developed world encourage traders to take on more risk. The average yield on emerging-market debt has dropped to 4.42% in September, the lowest level since May 2013, according to the Bloomberg Barclays e...

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