So, for companies that could pay you back, but their bonds are trading below par, probably because they have a low coupon.

因此，公司也许可以支付你，但是它们的债券只能以低于票面价值交易，很可能是因为他们的票息很低。

耶鲁公开课 - 金融市场课程节选

we tried to anticipate what companies might not be able to file and buy their bonds in advance.

我们试图去预测,什么样的公司可能没有能力发布,然后提前购买它们的债券。

耶鲁公开课 - 金融市场课程节选

Well, for one thing, the rating companies who rate these bonds.

嗯，一方面来说，评级公司,为债券评级。

斯坦福公开课 - 经济学课程节选

Then, the value of the subprime loans that the municipal bond insurers own starts to go down.

接着,市政债券保险公司,持有的次级贷款价值开始下跌

耶鲁公开课 - 金融市场课程节选

Suppose you are a naive investor and you say, okay I'm going to invest in companies' paper, which is their promise to pay --their IOU.

假如你是一个菜鸟投资者,想投资于这些公司的债券,债券就是他们的偿还凭证或者说欠条

耶鲁公开课 - 金融市场课程节选

Once they're investigated, their stock prices and their bond prices are going to fall.

一旦这些公司被调查,他们的股票价格和他们的债券价格就会下跌

耶鲁公开课 - 金融市场课程节选

The housing sector in the United States, you might say, is completely different from municipal bond insurers; but when the housing sector starts going down, people start defaulting on their mortgages.

你可能会说,美国房地产,是与市政债券保险公司完全不同,但是当房地产行业开始衰退,人们就开始对抵押贷款违约

耶鲁公开课 - 金融市场课程节选

So, there will be new municipal bond insurers appearing that will take up slack and we'll be all right but the problem is that we may have a crisis for a while.

新的市政债券保险公司将会出现,那样我们暂时可以松口气,但是问题是,次贷危机将会延续相当长的时间

耶鲁公开课 - 金融市场课程节选

These are municipal bond insurers.

这就是市政债券保险公司

耶鲁公开课 - 金融市场课程节选

So, Andrew Redleaf bought General Motors bonds, which were selling at a discount because people worry that General Motors wouldn't be able to pay on them, and then he asked to speak to the General Motors management.

安德鲁·莱德利夫买了通用汽车的债券,这个债券是以折扣价购买的,因为人们担心,通用汽无法偿付债券,莱德利夫接着要求,与通用汽车公司的管理层会面

耶鲁公开课 - 金融市场课程节选

But, I think there will be great opportunities ahead for you and the ability for Wall Street to again securitize and buy a lot of these companies If you have capital, you'll be able to buy these bonds.

但是，我认为在你们未来的道路上将会有很多的机会,华尔街也将会有能力再次保障,或购买很多这样的公司的,如果你有资金的话，你就可以买这些债券。

耶鲁公开课 - 金融市场课程节选

Well after that, the bond price went up because people saw that as a sign that the company was tightening its belt and doing things right to have money to pay off the bondholders; so it was self-interested, I suppose--maybe you can ask him about this.

在这之后,债券的价格升高了,因为人们认为降低红利是一个信号,说明公司开始紧缩开支走向正轨,并且去偿付债券持有人,莱德利夫通过这种做法达到利己的目的,我想你们可以就此事向莱德利夫提问

耶鲁公开课 - 金融市场课程节选