信用债券

As an illustration, suppose a Baa company is planning to issue $50 million of 2-year bonds in three months.

假设一家信用级别为Baa的公司想在3个月内发行总值5000万美元的2年期债券。

On reflection, perhaps the fault with Greece's parlous public finances lay not just with its budgetary profligacy but also elsewhere: in the absence of a central euro-zone authority for helping out cash-strapped countries; or with the credit-rating agencies that had unhelpfully downgraded Greek government bonds; or with the amoral speculators who had bet against those bonds and helped drive up borrowing costs.

原譯： 经过考虑，也许希腊危险的公共财政过失不仅在于预算的浪费，还在于其他方面：欧元区没有一个权威的机构使资金短缺的国家摆脱困境；信用评级机构无助地对希腊政府债券降级；无道德的投机者做空这些债券，对借贷成本的抬升起了推波助澜作用。

On reflection, perhaps the fault with Greece's parlous public finances lay not just with its budgetary profligacy but also elsewhere: in the absence of a central euro-zone authority for helping out cash-strapped countries; or with the credit-rating agencies that had unhelpfully downgraded Greek government bonds; or with the amoral speculators who had bet against those bonds and helped drive up borrowing costs.

经过考虑，也许希腊危险的公共财政过失不仅在于预算的浪费，还在于其他方面：欧元区没有一个权威的机构使资金短缺的国家摆脱困境；信用评级机构无助地对希腊政府债券降级；无道德的投机者做空这些债券，对借贷成本的抬升起了推波助澜作用。

On reflection, perhaps the fault with Greece's parlous public finances lay not just with its budgetary profligacy but also elsewhere: in the absence of a central euro-zone authority for helping out cash-strapped countries; or with the credit-rating agencies that had unhelpfully downgraded Greek government bonds; or with the amoral speculators who had bet against those bonds and helped drive up borrowing costs.

经过考虑，也许造成希腊公共财政危险的不仅在于预算的浪费，还在于其他方面：欧元区没有一个权威的机构使资金短缺的国家摆脱困境；信用评级机构无助地对希腊政府债券降级；无道德的投机者做空这些债券，对借贷成本的抬升起了推波助澜作用。

The latter intrusts its bonds to credit rating organizations to evaluate the risks for investors to understand the credit risks of the issued bonds.

而为便于投资人了解所发行债券之信用风险程度，发行机构会将证券交由信评公司评定其信用风险程度。

In this paper study the pricing of Credit Default Swap, and its reference bond has the structure of credit ranks.

研究了参考债券具有信用等级结构的信用违约互换的定价。

Meanwhile, Boston Scientific's credit standing with ratings agencies this month fell into junk bond territory.

同时，波士顿科技公司的债券信用评级在这个月降为&垃圾债券&的状态。

Junk Bond A bond that is rated by a ratings agency as being below investment grade and investment in the bond is high risk.

垃圾债券被信用级别评定机构评定为低于投资级别的投资风险高的债券。

In Chapter V,the writer put a model forward concretely for bond pricing under time-lag credit risk.

第五章&时滞信用风险下可违约债券的定价&中，笔者给出了具体的债券定价模型，其方法属于简化式方法。

At some point, a decline in bond prices can even become self-reinforcing, as the subsequent disinvestment weakens the borrower's credit and leads to further bond price declines, until the company is eventually forced into bankruptcy.

在某个时刻，当随即而来的投资减少使借款人的信用下降、并导致债券价格继续下降时，债券价格的下跌甚至可能变得自我恶化，最终迫使公司破产。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。