(Bloomberg) -- Developing-nation governments are jumping into the bond market Tuesday in what’s poised to be one of the busiest days for sales of such debt this year, as issuers take advantage of lower yields.

The Dominican Republic expects to price a multi-tranche US dollar bond deal, while the United Arab Emirates is selling $1.5 billion of bonds in its first debt transaction since September. Indonesia and South Korea are marketing dollar-denominated notes, adding to a flurry of activity across Asia. It would be the first time in 2024 that at least four governments tap the hard-currency debt market on the same day, according to data compiled by Bloomberg. 

There has been a deluge of debt sales this month, with sovereign borrowers including Brazil and Trinidad and Tobago as well as corporate issuers based in emerging markets looking to lock in lower rates. The 10-year Treasury yield has declined more than 10 basis points so far in June on bets that cooling inflation will leave room for the Federal Reserve to cut borrowing costs sooner.

“This is an opportunistic time,” said Oren Barack, managing director of fixed income at New York-based Alliance Global Partners, pointing out to recent soft US data that could pave the path for rate cuts. “Now is the calm before further external factors come in to play.”

More issuance is set to come. Lithuania hired banks for an euro-denominated bond sale and Peru seeks to refinance outstanding debt. 

So far in 2024, emerging-market government and corporate issuers have priced more than $300 billion of hard-currency notes, an increase of around 30% from the same period last year, according to data compiled by Bloomberg.

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