因国库券的债务人是国家，其还款保证是国家财政收入，所以它几乎不存在信用违约风险，是金融市场风险最小的信用工具。
Due to the Treasury of the debtor is country, its repayment guarantee is the national fiscal revenue, so it is almost no credit default risk, financial market risk minimum credit instruments.
认为欧元区内国家几乎有着同等违约风险的投资者们现在都依赖于新兴市场柜面来分析他们所承担的信用风险。
Investors who had assumed an almost equal risk of default among euro-zone countries are now relying on emerging-markets desks to help them understand the credit risks they are taking.
然而，这些公布的金融工具的利润比如房屋滴呀债券和CDS(信用违约交换)的销售，没有反映出这些金融工具带有的长期风险。
However, the reported profits on instruments such as mortgage-backed securities and the sale of credit default swaps did not reflect the long-term risks of those instruments.
新投资者的出现，部分导致了信用价差(Credit spreads)（公司为补偿违约风险而付出的额外收益）强烈震荡 。
The advent of these new investors may have been responsible for some wild swings in credit spreads (the excess yields paid by companies to reflect the risk of default).
沃利森说明，信用违约交换单每交易一次，其“名义金额”都要增加，即使风险的数量并没有改变。
Wallison shows that each time a CDS is traded, the "notional amount" increases, even though the amount of risk is unchanged.
另一个观察信用风险的途径：比较伦敦同业拆借率较银行信用违约互换升水的情况，信用违约互换是衡量违约的工具。
Another way of looking at credit risk is by comparing the LIBOR spread with the premiums charged on Banks' credit-default swaps (CDSs), which measure the risk of default.
在信用违约掉期条款下，一方为了保护自己免受国债发行者债务违约的风险，支付一定年费（相当于保险费）给第三方，让第三方来承担相应的风险。
Under a CDS, one party seeks to protect itself against the default of a bond issuer by paying an annual sum—the equivalent of an insurance premium—to someone else who wants to take on the risk.
主权信用违约掉期通常用美元计价(美国债务的信用掉期除外，为欧元计价)。所以，外汇风险的加入会把情况搞得更加复杂。
Sovereign CDSs also tend be priced in dollars-except for swaps on America's debt, which are priced in euros-so currency risk blurs things too.
风险投资者(在那个例子中就是立法者)很少犯两次相同的错误，现在已经有完备的方案来清理房市的信用违约交换。
After a crisis investors (and for that matter regulators) seldom make exactly the same mistake twice. There are, for instance, already plans for clearing houses for CDSs.
如何构建违约概率模型等信用风险模型体系？
How to construct the credit risk model of default probability model?
此外，债务重组还可能产生数十亿美元信用衍生工具合约相关的支付，金融市场使用这些衍生工具来对冲希腊违约风险，或者围绕违约的可能性进行投机。
separately, the debt restructuring could also trigger payouts on billions of dollars of credit derivative contracts, used by financial markets to hedge against or speculate on a Greek default
最近几周，LIBOR指数(银行借入成本的指标)银行债权的CDS(信用违约互换)利差(为抵御破产风险所支付的成本)都有所上涨。
In recent weeks there has been a rise in both LIBOR (a gauge of Banks' borrowing costs) and the credit-default-swap spreads on bank bonds (the cost of insuring against default risk).
因此，信用违约互换可以在不影响与客户的关系的前提下降低风险的集中度，从而有效回避信用风险。
So credit default swap can reduce the concentration degree of credit risk in the prerequisite of not influencing the relationship with customers, therefore avoid the credit risks effectively.
他指出，信用违约交换，简单地讲，就是让贷款人卸下贷款的违约风险，转移给一个愿意以某种价格承担这项风险的人。
Credit default swaps, he points out, simply allow lenders to offload the risk of a default on a loan to someone else who, for a price, is willing to take on this risk.
降低风险：复杂的信用评分体系已降低了违约风险和丧失赎取权的风险，而同时可扩大自动保险系统的使用。
Reducing risk: Sophisticated credit scoring systems have reduced the risks of default and foreclosure while enabling the expanded use of automated underwriting systems.
对相关违约风险进行建模，在当前是风卷信用市场的一种新现象。
Modeling correlated default risk is a new phenomenon currently sweeping through the credit markets.
除了市场风险，高盛也评估业务相对方拖欠贷款或衍生合同违约所带来的信用风险，以及流动性风险。
Besides market risks, Goldman also assesses credit risks, based on whether a counterparty might default on a loan or fail to honour a derivative contract, and liquidity risk.
一度被视为控制风险的神奇工具的信用违约互换，现在则像是在扩大，而不是减小风险。
Once considered a marvellous tool of risk management, CDSs now look as though they will magnify, not mitigate, risk.
贷款组合信用风险度量的显著特征是缺少实际违约数据。
Loan portfolio credit risk measurement is significantly characterized by lack of empirical default data.
如何在贷款组合信用风险度量中充分准确的反映违约依赖性，是当前学术研究和实践应用中的重要问题之一。
How to fully accurate reflect default dependence in loan portfolio credit risk measurement, is the the focal point of current academic research and practical applications.
而信用风险管理的核心就是对违约债券的定价。
And credit risk management is the core of the pricing of the bonds default.
降低助学贷款金融风险，可通过建立个人信用体系，提高违约成本，修改还款方式、延长还款期限，以及加大政策支持力度四个途径来实现。
The risk can be reduced through four ways, namely establishing personal credit system, increasing default cost, revising repayment methods and strengthening policy support.
作为债务人可能违约的风险，信用风险已成为我国经济及金融系统中最主要的风险。
As debtor's default risk, credit risk has become the uppermost risk of the economic and financial system in our country.
本文评述了联合违约概率和信用风险证券定价的三种分析范式：结构范式、简约范式和信息不完备范式。
In this paper, we review the structural, reduced form and incomplete information approaches to estimating joint default probabilities and prices of credit sensitive securities.
本文主要介绍了一种信用风险管理模型——违约概率（PD）模型。
This paper presents a credit risk management models-probability of default (PD) model.
本文主要介绍了一种信用风险管理模型——违约概率（PD）模型。
This paper presents a credit risk management models-probability of default (PD) model.
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