这比你在市政债券中的回报还要少。
一个巨大的市政债券违约浪潮。
这就是市政债券保险公司。
不过，上述研究的结论不仅涵盖了市政债券。
同样，市政债券的久期也从8.1上升到8.3。
Similarly, the duration on municipal bonds has risen to 8.3 from 8.1.
如果市政债券没有投保，很多投资者是不会去购买的。
Lot's of investors won't buy a municipal bond unless it's insured.
征用补偿是市政债券支付在原来的使用价值。
Compensation for expropriation is paid in municipal bonds at the original use value.
这样折算率就是国家的借款成本，也就是市政债券的收益率。
So one possible discount rate is the state's cost of borrowing, the yield on its municipal bonds.
有一周他都没有要写些关于市政债券的东西，也没有外出享受过清静。
He doesn't decide one week to blog about municipal bonds or how to enjoy a sober evening out.
州际套利的危害可能会扩大第二类市政债券(即收入债券)的违约规模。
The damage from state arbitrage could increase the scale of defaults in the second type of municipal securities: Revenue Bonds.
关于市政债券是否终于获得了公允评级，科尔纳贾称，现在判断还为时过早。
Cornaggia says it's too soon to tell if municipal bonds are finally receiving a fair shake.
因此我买进了一些市政债券基金，较之美国国债，其收益率仍处于不寻常的高位。
As a result, I've bought some municipal-bond funds, whose yields remain unusually high compared with U.S. Treasurys.
但大家可能不这样想，大家往往高度关注债券市场中的市政债券保险商。
You may think otherwise, given the markets' fevered concern over the “monoline”[2] bond insurers.
在9月和11月初之间30年期国债收益率超出市政债券收益率的4倍多。
Between September and early November 30-year Treasury yields had risen four times more than municipal yields.
但是，对美国各县市发行的市政债券提供单一险种的保险公司，已经被压得喘不过气来。
But "monoline" insurers, which insure municipal bonds issued by American cities and counties, are barely breathing.
惠特尼指出，福罗里达州已发行的市政债券90%是收入债券，很多与房地产相关。
Whitney points out that Florida has issued 90% of its municipal offerings in revenue bonds, many tied to real estate.
直到今年以前，市政债券的收益率几乎总是赶不上国债，因为市政债券有税收优惠。
Until this year, munis almost always yielded less than Treasuries because of their tax benefits.
在2010年的最后几个月，我们看到市政债券收益率上升到2009年年初以来的最高水平。
In the closing months of 2010, we saw yields on municipal bonds rise to their highest levels since early 2009.
美国国债不同于公司债或市政债券，无法从经济好转中获利；如果利率上调，国债将遭受打击。
Treasury bonds, unlike corporates or municipals, can't gain from an improving economy; if interest rates rise, Treasurys will get hammered.
评分者的决定去改变他们过去评级市政债券的规模的方式也不能帮助发行者减轻压力。
The decision by some raters to change the scale they use to rank munis has not helped.
这样一来，他们就能直接对零售投资商销售保险。 而这批人占了市政债券购买客户群的36%。
This would enable them to sell their wares directly to retail investors, who account for 36% of the buyer base for municipal bonds.
该机构还称，经验丰富的投资者理解市政债券的违约可能性要比评级相同的公司债券低。
The agency argued that sophisticated investors understood that municipal issues were less likely to default than similarly rated corporate issues.
也许更重要的是，企业/市政债券的绝对收益率相对通货膨胀来说较有吸引力，甚至比股票更具吸引力。
Perhaps more important, absolute yields on corporate and municipal debt look attractive relative to inflation, and even stocks.
市政债券的利息收入不用交纳联邦利息税，利息收入在所发行的州也不用交纳州和地方所得税。
Their interest income is except from federal income taxation. The interest income also is exempt from state and local taxation in the issuing state.
本周，最大的基金管理公司新兴市场债券基金，购买了15亿美国市政债券，其效益随着危机扩散而暴增。
This week PIMCO, a big fund manager, bought $1.5 billion of American municipal bonds, where yields have jumped as the crisis spread.
这一颇有争议的预测遭到了来自各方的批评，其中尤以华尔街为甚；市政债券是华尔街的一大利润来源。
That controversial call was widely condemned, especially on Wall Street, where the muni market is an enormous profit spinner.
这一颇有争议的预测遭到了来自各方的批评，其中尤以华尔街为甚；市政债券是华尔街的一大利润来源。
That controversial call was widely condemned, especially on Wall Street, where the muni market is an enormous profit spinner.
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