Emerging economies have raised more than $83bn through the international bond market since the beginning of April, just weeks after a push by the G20 to offer many poorer nations debt relief.

Data collated by the Institute of International Finance, an industry association, show that developing economies are financing their coronavirus-driven deficits by accessing the global financial markets, rather than by attempting to restructure their existing borrowings.

This marks a turnround from the panic that gripped markets in March, when debt issuance froze and foreign investors withdrew a record $83bn from stock and bond markets in the 30 largest emerging economies, according to the IIF — outflows that dwarfed those experienced in the financial crisis of 2008-09.