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Bonds on the Run

机译：奔跑的债券

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Emerging-markets debt has reached worrying levels again, but the focus of anxiety is different than it was during the crises of the 1980s and '90s. Sovereign states have largely heeded the lessons learned from those debacles. Much unlike their developed-world peers, they've held debt steady since 2000, at about 40 percent of gross domestic product, according to the Institute of International Finance in Washington. Emerging-markets corporations, by contrast, have boosted leverage rapidly, bolstered by the improved ratings of their sovereigns and a torrent of global capital seekingyield in the low-interest post-2008 environment. Corporate bond issuance from developing countries has nearly doubledsincetheonsetoftheGreat Recession, to $6.8 trillion, the IIF reports in a June research note. Some $2.6 trillion of that total represents direct borrowing by nonfinancial corporations, which is considered riskier than borrowing by regulated banks. The proportion of debt denominated in U.S. dollars has also increased swiftly, to as much as 30 percent.
机译：新兴市场债务再次达到令人担忧的水平，但焦虑的焦点与1980年代和90年代危机期间的情况有所不同。主权国家在很大程度上听取了从这些崩溃中汲取的教训。根据华盛顿国际金融研究所的数据，与发达国家的同行不同，他们自2000年以来一直保持稳定的债务，约占国内生产总值（GDP）的40％。相比之下，新兴市场公司迅速提高了杠杆作用，这得益于其主权国家评级的提高以及在2008年后低利率环境中全球资本寻求收益的洪流。 IIF在6月份的研究报告中指出，发展中国家发行的公司债券几乎比大衰退时期的发行量翻了一番，达到6.8万亿美元。其中约有2.6万亿美元是非金融公司的直接借款，与受监管银行的借款相比，这被认为具有更高的风险。以美元计价的债务比例也迅速增加，高达30％。

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