For emerging market predators, these are busy times: equity and debt markets are offering cheap capital. Bond issuance has set new records, while the yield spread on JPMorgan's EMBI+ index has narrowed to its tightest over US treasuries since June 2008, at just 2.57 percentage points, down from almost 7 percentage points in March 2009 and a fraction of the almost 17 percentage point peak in 1998. For the moment, it is state-controlled companies – such as India's Oil and Natural Gas Corporation and China's CNOOC – doing much of the bidding, as governments look to secure energy resources to fuel their growing economies.
新兴市场“掠食者”现在十分忙碌：股票与债券市场正提供着廉价资金。债券发行数量屡创新高；摩根大通新兴市场债券指数(JPMorgan's Embi Index)对美国国债的息差，已收窄至2008年6月以来的最低水平——仅为2.57个百分点，远低于2009年3月近7个百分点，与1998年近17个百分点的峰值水平相比更是低得惊人。眼下，大举竞标的都是一些国有“掠食者”——如印度石油天然气公司(Oil and Natural Gas Corporation)和manbetx3.0 的中海油(CNOOC)，这些国家的政府试图获取能源资源，为自身不断增长的manbetx20客户端下载 提供动力。