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。
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.
发达国家的违约事件极其罕见，而新兴市场则相反。 这就让投资者难以估计信用违约掉期定价中的一项关键因素，即他们能从（发达国家中的）破产事件中回收多少钱。
Rich-country defaults are extremely rare (emerging markets, less so) which makes it difficult for investors to estimate how much they would recover in bankruptcy, a key determinant in CDS pricing.
标准的假设是回收率能达到40%，但从雷曼兄弟公司和冰岛的若干银行看来，一些投资者投入一美元还收不回10美分。
The standard assumption is that the recovery rate will be 40%, but with Lehman Brothers and Iceland's Banks it looks as if some investors will get back less than ten cents on the dollar.
应用推荐