The issuance of sovereign bonds in emerging economies has set a record for the busiest start to the year, as governments rush to lock in funds before Donald Trump is sworn in as President of the USA. According to data compiled by Bloomberg, developing countries issued $26 billion in government bonds in the first seven trading days of 2025. Investors worry that Trump's inauguration later this month may usher in painful trade policies for emerging markets amid rising U.S. yields. 'Issuers are flocking in at the beginning of the year, but this year they are certainly considering January 20,' said Sergey Goncharov, a fund manager at Vontobel Asset Management in Miami. Trump is considering declaring a national economic emergency as a legal basis for universal tariffs.