Anybody wondering where all the money is going should look south. Mexico and Peru are safer than Portugal or Ireland, judging by 10-year bond yields, and Brazil is more favoured than Spain. With Europe’s creditworthiness sliding and the US economy drifting, emerging market economies look particularly inviting. The sentiment is not confined to sovereigns. Foreign currency-denominated emerging market corporate bond issuance is on target this year to outpace the record $153bn issued in 2007, according to JPMorgan.
如果想知道全球資金都流到哪里去了，你應該向南看。以10年期國債的收益率衡量，墨西哥和秘魯比葡萄牙或愛爾蘭更為安全，而巴西則比西班牙更受投資者青睞。當歐洲的信譽度不斷下滑，而美國經濟飄忽不定之時，新興市場經濟體看起來格外誘人。這種看法并不僅限于主權債券。摩根大通(JPMorgan)指出，以外幣計價的新興市場企業債券今年的發行量有望超過2007年創紀錄的1530億美元。
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