Emerging Markets Face $111 Billion Refinancing Backlog, FT Says

By Haris Anwar
Sept. 22 (Bloomberg) -- Banks and companies in emerging markets may struggle to refinance $111 billion of bonds maturing over the next year because of the credit crisis, the Financial Times reported, citing ING Wholesale Banking.
``Many corporates and banks in the emerging markets are highly levered without cash to fall back on,'' said David Spegel, global head of emerging markets strategy at ING, according to the report. ``These will struggle should they need to raise money in the markets.''