一些观察家认为，金融市场经过多年的头寸松之后，房贷泥潭可能会使投资者重新思考他们对其他信用风险形式的态度，比如高收益债券。
After years of loose money in financial markets, some observers think the mortgage morass could cause investors to rethink their attitude to other forms of credit risk, such as high-yield bonds.
据摩根大通（JPMorgan）透露，今年欧元区的债券净发行额度将会达到4.250亿欧元（合5.800亿美元；信贷违约掉期的净头寸（刨去平仓合约）只有640亿欧元。
JPMorgan says net euro-zone bond issuance this year will be 425 billion ($580 billion); net CDS positions (removing offsetting contracts) are just 64 billion.
CDS的发明不但增加了公司债市场的流动性，更重要的是，它让投资者能够建立债券的“空头”头寸（short position）。
The invention of the CDS increased the liquidity of the market and, crucially, allowed investors to take a “short” position on bonds.
CDS的发明不但增加了公司债市场的流动性，更重要的是，它让投资者能够建立债券的“空头”头寸（short position）。
The invention of the CDS increased the liquidity of the market and, crucially, allowed investors to take a “short” position on bonds.
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