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.
新興市場“掠食者”現在十分忙碌：股票與債券市場正提供著廉價資金。債券發行數量屢創新高；摩根大通新興市場債券指數(JPMorgan's Embi Index)對美國國債的息差，已收窄至2008年6月以來的最低水平——僅為2.57個百分點，遠低于2009年3月近7個百分點，與1998年近17個百分點的峰值水平相比更是低得驚人。眼下，大舉競標的都是一些國有“掠食者”——如印度石油天然氣公司(Oil and Natural Gas Corporation)和中國的中海油(CNOOC)，這些國家的政府試圖獲取能源資源，為自身不斷增長的經濟提供動力。