信用债券

According to the Bank for International Settlements, the proportion of net CDS positions to government debt is highest in Portugal, at just 5%.

根据国际清算银行的资料，净信用违约掉期头寸占政府债券的比例最高的是葡萄牙，仅为5％。

The United States sub-loan crisis led to the United States corporate bond credit rating of a series of questions.

美国次贷风波引发了美国企业债券信用评级的一系列问题。

Hence, constructing bond markets, building credit rating systems, and perfecting financing institutions are important to optimize financing structure and improve governance efficiency.

因此，加强债券市场建设、完善股市融资制度、建立良好的信用评级和信息披露制度是规范我国上市公司融资行为、改善其治理效率的重要手段。

Then, the thesis analyzes the dynamic reason of developing the enterprises bond financing that is to improve Chinese financing efficiency and keep the sustainable development of economy from four points including corporation, agent institutions, financial risk and compatibleness of credit institutions.

接着从微观、中观和宏观以及与信用制度兼容匹配方面阐述我国发展企业债券融资的经济动因——提高融资效率，维持经济持续稳定发展。

So this chapter will discuss the whole thinking of control of credit risks under development of enterprise market.

所以，本章接下来讨论了在发展企业债券市场的主题下信用风险的控制的整体思路。

As an investment instrument with high credit quality, Mortgage-Backed Securities have a huge potential demand in Chinese capital market.

住房抵押贷款债券作为一种具有较高信用等级的投资工具，在国内有着巨大的潜在需求。

Mortgage and other credit derivatives are already in capitulation phase; junk bonds have reached fear range.

抵押和其他信用衍生物都处于妥协期，后保债券已达到恐惧的境地。

The European Commission has said it will examine the case for banning "naked" sovereign CDSs, in which buyers of protection on government debt do not actually own any of the underlying bonds.

欧盟委员会已经表示将检查取缔"无保护"主权信用违约掉期情况，其中政府债务保护的买家实际上不拥有任何优先债券。

Conceived in the 1990s as a hedging tool, CDSs soon took off as a way to speculate on the likelihood of a firm going bust without having to trade its underlying bonds.

信用违约互换作为防止经济损失的工具，产生于90年代。不久，CDSs就成为对某公司破产的可能性进行投机而不必买卖该公司债券的一种手段。

The case against buyers of sovereign CDSs is that by driving up the price of insuring against default, they cause spreads on underlying cash bonds to widen, making borrowing more expensive and bringing default—and a big payout—closer.

反对主权信用违约互换购买者的理由是，抬高了对违约保险的价格，这引起优先现金债券的利差扩大，使贷款成本加大，使得违约风险更近——因为贷款成本加大而产生一大比支出。

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。