The amount that developing-economy issuers borrow in the world’s biggest debt markets is expected to slow as interest rates rise and extraordinary pandemic spending is scaled back, dragging bond sellers back down to Earth after a COVID-fueled rocket ride.

Governments and companies in emerging markets raised $745 billion in dollar, euro and yen bonds as of Dec. 7, making 2021 the second-best year for issuance in Bloomberg-compiled data going back two decades. But even with a flood of new deals coming as borrowers race to refinance while interest rates are still low, it’s unlikely that this year’s volume will top 2020’s record of more than $771 billion.

From here, the trend line is stabilizing — or possibly pointing down.