Under a CDS, one party seeks to protect itself against the default of a bond issuer by paying an annual sum—the equivalent of an insurance premium—to someone else who wants to take on the risk.
在信用违约掉期条款下，一方为了保护自己免受国债发行者债务违约的风险，支付一定年费（相当于保险费）给第三方，让第三方来承担相应的风险。
At any sign of that risk materializing, foreign investors could demand a risk premium on dollar assets-including pushing bond yields higher and with more volatility than current market expectations.
一旦出现任何已经存在这种风险的迹象，外国投资者就会要求对美元资产进行风险贴水——包括提高债券收益和市场预期出现比目前更大的波动。
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