We expect oil & gas and metals & mining companies to continue driving the increase in issuance. That?s because they have a natural hedge against exchange-rate risk and do not need to swap their foreign currency borrowings into local currency.? In addition, Moody's expects bond issuance from the pharmaceutical, information technology (IT) and business process outsourcing (BPO) companies because they derive a large part of their revenues from exports, which are typically denominated in US dollars. This gives them a natural hedge against currency fluctuations for their US dollar-denominated debt. Moody's said that the credit spreads on foreign cuurency bonds tightened between January and July, more so that the spreads on foreign currency bonds across Asia. ? The tighter spreads allow more Indian companies to issue foreign currency bonds that comply with Reserve Bank of India regulations,? Moody's s added.