EM corporates have racked up $4 trillion in FX debt since 2007, bringing total FX exposure to $7 trillion; More in store: current USD weakness—with no Fed rate hike seen pre-2025—sets the stage for continued buildup in FX debt; EM corporate eurobond issuance reached $380 billion in 2020, up 10% from 2019; a record 95% of that was in USD; Most of this issuance was driven by non-financial corporates ($220bn), especially in China ($68 billion)