Although the gold price fell and bond yields rose in October, the underlying contradiction didn't disappear.

尽管十月份金价下跌，国债收益率上涨，潜在的矛盾丝毫不散。

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When a Danish mortgage bank grants a mortgage it is obliged to sell an equivalent bond with a maturity and cashflow that matches those of the underlying loan almost perfectly.

当丹麦银行批准一笔抵押贷款时，它必须同时出售等额的同期限的债券，以此来完全匹配该笔借款。

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CDS spreads indicate the insurance premium and the confidence in the underlying bond.

CDS的价差相当于保险费，其大小表明市场对其标的债券的信心。

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But not all CDS demanded delivery of the underlying bond, says Das.

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Markets for government bonds are increasingly populated by nonmarket players, notably central banks of the United States, Europe and many of the largest emerging markets, calling into question what the information content of bond prices are relatively to their underlying risk profile.

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Just because the ECB is prepared to intervene forcefully in Italian and Spanish bond markets does not mean that the underlying problems of the eurozone's third and fourth-largest economies respectively are being addressed.

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