The drawdown of US forces in the Persian Gulf in 2017 was dramatic. @TS_Lombard via @SoberLook https://t.co/uzMIbOkZ4a

The acute EM/frontier funding squeeze of March/April has eased. But cost of funding remains c. twice what it was at start of year and spread

Another reminder that whereas global funding for EM fx bond issuance has recovered, the same is not true for local currency issuance. @IMFNews GFSR imf.org/en/Publication…