Companies are tapping investor demand for bonds in local currencies, reducing the cost of borrowing as well as the risk that foreign fund managers might pull out in times of turmoil. Corporate-bond issuance in local currencies is up 29% this year compared with the same period last year, and it has increased more than 300% compared with the same period three years ago. "These local-currency bond markets are more liquid than they were. As the local pension fund industries have grown, so has the ability of companies to raise money in the local debt markets," said Eduardo Suárez, senior emerging-market strategist at RBC Capital Markets.
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