Emerging markets are entering the 2022 Fed rate cycle with much higher debt: government debt is up over 20% since 2019; Of concern: heightened political and social pressures could hinder efforts to bring down budget deficits, expected to remain above pre-pandemic levels in 2022/23. Looming elections in Brazil, Colombia, and Philippines could add to the pressure; Watch the high-yield space: while investment grade Eurobond issuance has been strong, high-yield has faltered this year; Among major EMs, Turkey, China, Indonesia, and Saudi Arabia have the largest borrowing needs in Eurobond markets.