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在美、欧、日利率趋升的背景下,2006年仍是新兴市场主权债券表现亮丽的一年。虽然以美元计回报率继续回落,且利差收窄速度较2005年明显放缓,但JP摩根主权债券指数显示,新兴市场债券较美国公债的利差在2006年末处于纪录低位,重要的投资对象国如俄罗斯、墨西哥、阿根廷等主权债券利差大多收窄至历史低位,显示这个市场对投资者仍颇具吸引力。
In the context of rising interest rates in the United States, Europe and Japan, 2006 is still a year of bright performance in emerging market sovereign bonds. Although the rate of return continued to decline in US dollars and the spread narrowed significantly from 2005, the JP Morgan sovereign bond index showed that the spread of emerging market bonds to US public debt was at a record low at the end of 2006, with important investors Spreads on sovereign bonds, such as Russia, Mexico and Argentina, narrowed to record lows, suggesting that the market is still attractive to investors.