信誉卓著的穷国?

华盛顿—过去五年来,一些低收入国家,如卢旺达和洪都拉斯,首次在伦敦和纽约向私人外国投资者发行了债券。在此以前,这几乎是不可想象的,因此这些新借款人的债券首发应该被视为投资者信心坚挺的信号。但这也拉响了熟悉的警报。

大约20笔“首发”筹集到大约120亿美元,平均利润只比五年或更长期限的美国国债高4.5个百分点。这只是全球金融大局的一个小变化;但是,考虑到这些借款人中有许多十年前曾经历过困难和违约,并且需要债务豁免,因此这应该被视为令人瞩目的大转折。

但低收入国家得以接触私人贷款人也带来了风险,这一风险从一开始——在它们演变为重大威胁之前——就应该得到高度重视。

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