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.
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.
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