The total return of investors is dependent not just on the default rate, but on the recovery rate when companies collapse; in other words, how much investors get paid back.
原因在于投资者的总回报不仅取决于违约率，也取决于回收率，换句话说，也就是公司倒闭时投资者能获得的返还有多少。
On a more typical recovery rate (around 40 cents on the dollar), the markets were pricing in a 69% default rate.
如果假设更为典型的违约债券回收率(1美元约回收40美分)，公司债券市场定价反应69%的违约率预期。
On a more typical recovery rate (around 40 cents on the dollar), the markets were pricing in a 69% default rate.
如果假设更为典型的违约债券回收率(1美元约回收40美分)，公司债券市场定价反应69%的违约率预期。
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