印度因何成为国际资本新宠.docx

??印度因何成为国际资本新宠？New Delhi has happier tale to tell than some of its Asian neighbours In two weeks recently MukeshAmbani’s Reliance Industries raised a total of $1.75bn in the US dollar bond market. Both the first $1bn 10-year transaction and the second 30-year deal were priced at what the company said were the lowest interest rates for 近期，穆克什?安巴尼(MukeshAmbani)旗下的信实工业(Reliance Industries)在美元债券市场融资总计17.5亿美元。 an Asian corporate issuer — yields of 4.125 per cent and 4.875 per cent respectively. The costs were a fraction of what Reliance would pay in its home market of India if such long-term debt were available. 据该公司称，首笔10亿美元的10年期债券和第二笔30年期债券所定的利率，都是亚洲发债企业所能享受的最低水平——收益率分别为4.125%和4.875%。这样的融资成本应该远小于信实在印度国内市场发债融资的成本，当然，前提是印度国内市场上见得到这种长期债务。 For years — and at an accelerated pace since the financial crisis — Asian companies have sought to take advantage of the low cost of capital in the US thanks to the generosity 多年来，亚洲企业一直寻求利用美国资金成本较低（这得益于美联储(Fed)的“慷慨解囊”）的有利条件在美融资。金融危机以来，亚洲企业加快了这种努力。of the Federal Reserve. 但如今，信实和印度自身已成为少数几个在国际资本市场上受到热烈欢迎的亚洲客户。其原因是，与大多数新兴市场同侪相比，印度及其国内的部分（尽管可能只是小部分）企业表现更佳。 Today, however, Reliance and India itself are among the few Asian names to enjoy a warm reception in international capital markets. That is because India and some — though perhaps a minority — of its companies have a happier story to tell than most of their emerging market peers. 印度的国际收支正在改善，经常账户和财政赤字在减少，通胀率也在下降——很大程度上得益于石油价格下跌。还有哪个国家能像印度这样做到央行降息25个基点时，本币却出现升值？ The Indian balance of payments is improving, the current account and fiscal deficits are dropping, and inflation is coming down, much of this thanks to sliding oil prices. Where else could the central bank cut rates a quarter of a percentage point and see the currency strengthen, as has happened in India? 同时，在亚洲市场的其他任何一个角落，对企业债务负担沉重、经济呈现通缩迹象以及本币走软的担忧都在加剧。亚洲的债务增长已远超名义国内生产总值(GDP)的增长。 Meanwhile, everywhere else in Asian markets, concern is growin