EM ccy denomimated bonds (such as MXN, TRY) are often priced using cross currency swap rate (MXN-USD, etc).
I guess this is because their fundings are in USD.
My question is who are the participants in these EM Ccy fixed vs USD Sofr float swaps other than bond issuers and banks taking care of such issuances.
Also I would like to know what are the key drivers of these swap rates. Especially how USD rates affect these Xccy swaps.