对发行者来说，有资产抵押证券的成本要比筹集无担保债务低的多，同时它的发行不依赖于证券市场的复苏。

For issuers, the costs of funding are lower than raising unsecured debt, and issuance does not depend on the revival of the securitisation markets.

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用欧洲债券部分替换国家级别债务可能在债券发行的同时能够为面对偿付困境的国家减少债务偿付的边际成本。

The partial substitution of national debt with European bonds might reduce the marginal debt-service cost for distressed countries while they are being issued.

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各家公司也纷纷通过市场发行公司债券——利用债券发行所得来偿还它们目前成本非常昂贵的银行债务。

Companies have also tapped the markets by offering bonds - using the proceeds to pay back their now very expensive bank debt.

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