在债券互换交易中，你可在一个市场上购买一种债券，同时又在另一个市场上卖出，这叫套利。
In a bond swap, you buy one bond on one market and sell it at the same time on another. This is called arbitrage.
协议为债权人提供了债券互换或者展期等四种选择，其中三种选择将把希腊债务还款期延长30年，第四种则延长15年。
Three of the four options offered to lenders to swap or relend existing debts would extend Greece's repayment terms by 30 years, while the fourth would do so by 15 years.
但他们也设法让其他方付出了代价：希腊的私营部门债权人接受一项债券互换计划，在这项计划中他们最终得到的将比原来承诺给他们的要少。
But they extracted a price: Greece's private-sector creditors will accept a bond exchange that gives them less than originally promised.
俄罗斯政坛人士周二再次提出了如下可能性：金砖四国购买彼此的债券并互换货币，以降低对美元的依赖。
On Tuesday, Russian politicians once again raised the possibility of BRIC countries buying each other's bonds and swapping currency to reduce dependence on the dollar.
持有公司债券的银行在互换市场中对冲企业违约的风险。
Banks that own corporate bonds may use the swaps market to hedge against a company defaulting.
经济危机太复杂了所以无法跟大多数的读者解释清楚，抵押债券和信用违约互换（这些经济名词）并不叫座。
The economic crisis is too complicated to explain to most readers. Collateralised debt obligations and credit default swaps don’t sell papers.
尽管当这一消息爆出之后，美国的股市出现下跌，国债的信贷违约互换利差也有所拉大，但是债券市场表现却异常平静，当日收益率仍以低位收盘。
Although stocks fell and credit-default swaps on American debt widened when the news broke, the bond market remained oddly unruffled: yields ended lower on the day.
抵押债券和信用违约互换并不卖座。
Collateralised debt obligations and credit default swaps don't sell papers.
拍卖将包含“现金结算”而非优先债券的实物交易。他因互换价值远超过这些债券的账面价值而存在。
The auctions will involve "cash settlement", rather than a physical exchange of the underlying bonds, which is needed because the value of swaps far exceeds the face value of those bonds.
导致AIG衰落的原因是其过度扩张的从事金融衍生品的单位：aig金融产品部。该部门不顾潜在的危险，大肆出售大量信用违约互换(译者注：信用违约互换是国外债券市场中最常见的信用衍生产品)。
The cause of its downfall was an overly-exuberant derivatives arm, AIG Financial Products, which sold piles of credit default swaps with nary a thought for their hidden risks.
ABX指数，衡量的是那些互换对象为与高风险抵押贷款证券紧密相联的债券的金融互换，在今年的前三个月跌去了超过四分之一。 （译者注：这句子翻译的哦。。。
The ABX index, whichrepresents a basket of credit swaps on bonds tied to high-risk mortgages, fellmore than a quarter in the first three months of the year.
同样，例如AIG和其他债券保险商所发行的CDO互换的“尾部”风险的暴露也很难估计。
Likewise, it was hard to gauge the exposures to "tail" risks built up by sellers of swaps on CDOs such as AIG and bond insurers.
委员会成员获悉，因互换安排而产生的外汇基金票据及债券可由现有支持组合提供的缓冲作为支持。
Members noted that the amount of Exchange Fund paper so created could be backed by the cushion in the existing Backing Portfolio.
在2001.11，当铁路公司破产，野村试图通过铁路公司提供的可转换债券对信用违约互换进行交割。
In 2001.11, when Railtrack became insolvent, Nomura attempted to settle the CDS through delivery of Railtrack convertible bonds.
有争议的是，1999年的定义下，可转换债券是否构成“交割的债务”，野村证券购买了第一波士顿的铁路公司的信用违约互换的保护。
The disputed matter was whether convertible bonds constitute "deliverable obligations" under the 1999 Definitions, Nomura had purchased protection under a CDS from CSFB on Railtrack.
有争议的是，1999年的定义下，可转换债券是否构成“交割的债务”，野村证券购买了第一波士顿的铁路公司的信用违约互换的保护。
The disputed matter was whether convertible bonds constitute "deliverable obligations" under the 1999 Definitions, Nomura had purchased protection under a CDS from CSFB on Railtrack.
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