International bond sales in emerging markets are up 21 percent,to US$55 billion this month, the busiest start to a year sinceBloomberg began tracking the data in 1999. Poland is marketing $2billion of 2024 bonds today after the European Union's largesteastern economy raised 2 billion euros ($2.7 billion) last week.Petroleo Brasileiro SA, Latin America's largest oil producer, hassold the most debt among 108 issuers, with a $5.14 billion offeringof euro- and pound-denominated securities.

Companies and governments in developing countries are seeking topre-empt any rise in borrowing costs that could result from thenext round of tapering by the Fed, which decided in December to trim monthly bond purchases by $10billion to $75 billion. U.S. policy makers next meet January 28 to29.

“Issuers want to tap the market now, as they fear that Fedtapering and a rise in U.S. Treasury yields will lift their ownfunding costs,” Regis Chatellier, a London-based director ofemerging-markets credit strategy at Societe Generale SA, said bye-mail yesterday. “They simply don't want to take that risk. So Iexpect new issuance to remain strong, for now.”