但是在不到十年以前，债务互换市场还未存在。
But less than a decade ago, the credit-swaps market barely existed.
菲律宾正在寻求大量债务互换，买回较短期的债务，从而发行较长期的债务。
The Philippines is pursuing a number of debt swaps, offering to buy back shorter-dated debt in return for longer-dated issues.
协议为债权人提供了债券互换或者展期等四种选择，其中三种选择将把希腊债务还款期延长30年，第四种则延长15年。
Three of the four options offered to lenders to swap or relend existing debts would extend Greece's repayment terms by 30 years, while the fourth would do so by 15 years.
西班牙债务的投保代价也没那么高了；西班牙的信用违约互换下降了10.5个基点。
Insuring Spanish debt became less costly too; Spain's credit-default swaps fell by 10.5 basis points.
在目前席卷欧洲的主权债务危机中，投机者，尤其是信用违约互换正遭受又一场攻击。
In the current sovereign-debt crisis that is rolling over Europe, speculators, and especially credit-default swaps, are suffering another assault.
亨德利想到了一个我们所熟知的大规模杀伤性武器：信用违约互换(CDS)合约——对手方出售的实际上是企业债务的违约保险。
Hendry has lit upon a familiar weapon of mass destruction: credit default swaps (CDS) - in which a counterparty sells what is, in effect, bankruptcy insurance on underlying corporate debt.
现在信用违约互换领域有超过62万亿美元的债务，在10年前1440亿美元的基础上增长起来。
There are now credit-default swaps on more than $62 trillion in debt, up from about $144 billion a decade ago.
信用违约互换是投资者对冲或押注无法偿还债务企业的金融衍生品。
Credit default swaps are derivatives that investors use to protect against, or bet on, an entity being unable to repay its debts.
如果债务持有人在优先股分红的项目上遭受损失，将会引发一系列“信用事件”，出售掉这些“信用违约互换项目”，银行将面临更巨大的支出。
If the debt's holders suffer losses in a bail-out, triggering a "credit event", Banks that had sold the swaps would face huge payouts.
一开始，随着投资者寻求避险，信用违约互换(CDS)——一种规避企业债务违约的保险形式——价格暴涨。
For a start, the price of credit default swaps, a form of insurance against companies defaulting on debt, went through the roof as investors took cover.
信用违约互换(credit - default swap，简称CDS，又译为信用违约掉期)可看成是一种保险，投资者购买CDS以弥补一旦某特定债务人发生债务违约而可能给自己造成的损失。
A credit-default swap may be described as an insurance that investors buy to compensate for a loss if a particular debtor defaults on its obligation.
工程师设计出金融衍生物并把资产证券化，从简单的利率期权到错综复杂的信用违约互换和担保债务凭证。
The engineers designed derivatives and securitisations, from simple interest-rate options to ever more intricate credit-default swaps and collateralised debt obligations.
国际金融协会确定的目标是，希望希腊债权人的参与率达到这样一个程度，使互换计划涵盖该国90%的民间债务。
The IIF is targeting a participation rate among Greece's creditors that would affect 90% of the country's privately held debt.
银行可以购买上市公司的债务在60 %的票面价值和交付解决信用违约互换。
The bank could then purchase the publicly traded debt of the firm at 60% of face value and deliver it to settle the credit default swap.
有争议的是，1999年的定义下，可转换债券是否构成“交割的债务”，野村证券购买了第一波士顿的铁路公司的信用违约互换的保护。
The disputed matter was whether convertible bonds constitute "deliverable obligations" under the 1999 Definitions, Nomura had purchased protection under a CDS from CSFB on Railtrack.
有争议的是，1999年的定义下，可转换债券是否构成“交割的债务”，野村证券购买了第一波士顿的铁路公司的信用违约互换的保护。
The disputed matter was whether convertible bonds constitute "deliverable obligations" under the 1999 Definitions, Nomura had purchased protection under a CDS from CSFB on Railtrack.
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