你看，我所说的那种高收益的债券市场和你以前在欧洲做的银行业务没什么关系。
Look, all I am saying is that the high yield bond market is not the sort of relationship banking that you are used to in Europe.
这和“搜寻收益”，也就是投资者蜂拥进入其他的高收益资产，例如公司债券和新兴市场债，如出一辙。
This is really all part of the same "search for yield" that has seen investors pile into other high-income assets, such as corporate bonds and emerging-market debt.
高的债券收益率还有另一或许并不十分受人欢迎的后果。
Higher bond yields have other consequences that might not be quite so welcome.
这也就是说，离美国房价的再次暴涨，或者说，在再次看到今年初高收益公司债券利差降到低点的情况之前，还有很长一段时间。
That suggests it will take a long time before American house prices surge again, or before spreads on high-yield corporate debt get down to the lows seen earlier this year.
意大利债券不可持续的高收益率无疑是在告诉罗马和布鲁塞尔：市场还是不相信你们。
This unsustainably high yield for Italian debt is the market's way of telling Rome and Brussels: We still don't believe you.
推高债券价格就会降低它们的收益率，结果即是降低利率。
Driving up the price of bonds reduces their yield, and in effect the interest rate.
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.
然而，由于金融危机，那种情况已经改变：市政的(债券)收益更接近或在某些情况下比国债的高(见图)。
Thanks to the financial crisis, however, that position has changed: municipal yields are much closer to and, in some cases, above those on Treasuries (see chart).
在公司债券与市政免税债券中可以寻求高收益，只是要额外承担不同程度的风险。
You can seek higher yields among corporate bonds and tax-free municipals, which involve varying degrees of extra risk.
债券具有提供稳定收益的优点，目前的债券收益率非常高；债券和股票相比，其价格波动小；而且对公司资产具有更高的法律索偿权。
Bonds have the merit of providing steady income, at rates that are now very high; they tend to be less volatile than stocks; and they have a higher legal claim on a company's assets.
一个有趣的现象是，欧洲人追求有高收益率的“私人品牌”的抵押债券，即便其比亚洲人热捧的有机构支持的债券以及主权债务安全性差。
In an intriguing twist, Europeans in search of higher yields bought "private-label" mortgage bonds that proved less safe than the agency-backed and sovereign debt that Asian investors plumped for.
查尔斯·汉密尔伯格，高盛信贷策略分析师，预测今年将有14%的高收益债券无法偿付。2010年将有同样比例的债券完蛋。
Charles Himmelberg, a credit strategist at Goldman Sachs, forecasts that 14% of high-yield bonds will default this year, with the same proportion going phut in 2010.
如果他们看到公司业务有放缓的迹象，就会要求更高的回报，进而推高债券收益率。
If they see signs business is slowing, they demand higher returns, and thus higher bond yields.
百般无奈之下，传统危机基金开始调整食谱，转向高风险但偿还能力尚可的垃圾债券和高收益的债务。
Traditional distress funds have drifted reluctantly into risky, but still solvent, junk bonds and high-yield loans to keep business ticking along.
汤姆逊金融公司的迈克•汤姆逊这样说道，自1991年，高收益债券和标普500指数之间的相关性就非常低，不到20%。
Mike Thompson of Thomson Financial says that, since 1991, the correlation between the performance of high-yield bonds and the S&P 500 index has been pretty low—less than 20%.
这种不信任导致希腊债券收益率的推高。
因此，大公司只有从银行转向债券市场：三月份的高收益债券发行破了上个月的记录。
Big companies are turning away from the banks to the bond market as a result: high-yield bond issuance in March broke the previous monthly record.
债券的高收益率可能是源于对经济增长预期的增强，或是对财政或高通胀的担忧。
Higher bond yields can result from stronger economic-growth expectations, fiscal worries or higher inflation.
高收益公司债券的超额收益率从2009年初的16%点多下跌到不到6点。
The spread (excess interest rate) on high-yield corporate bonds has fallen from more than 16 percentage points at the start of 2009 to less than six points.
其二，美联储已经在交易低风险，低回报的国债和购买高收益的私人债券-例如银行贴现贷款，商业票据，和抵押担保证券。
Second, it has been trading in low-risk, low-return Treasury debt and buying higher-yielding private debt—discount loans to banks, commercial paper, and mortgage-backed securities, for example.
不过，Fed对贷款收取的这个利率水平比正常时期高，也高于强劲行业公司发行的类似债券的收益率水平。
These Fed-backed rates, however, would be considered high in normal times and also exceed current yields on similar debt issued by strong industrial corporations.
欧洲中央银行(ecb)早前购买债券并没有将较小的国家从极度高收益国债中解救出来。美联储较早的干预并没有激起经济强劲恢复。
The ECB's earlier bond-buying hasn't saved smaller countries from punitively high government-bond yields; the Fed's previous interventions haven't spurred a robust recovery.
但即使是假设有30%至35%的股票，还需要约1,000亿美元高收益债券和杠杆贷款来支持500亿美元的股票。
But even assuming 30% to 35% equity, about $100 billion in high-yield debt and leveraged loans is needed to support $50 billion of equity.
相比之下，中期国库券的回报率为95.3%，高收益率的美国债券回报率为102.2%。
By contrast medium-dated Treasury bonds returned 95.3% and high-yield American bonds 102.2%.
高收益债券和美国国库券之间的利差只比危机期间的高点低了大约0.5个百分点。
The spread (excess interest rate) paid by high-yield borrowers is only around half a percentage point lower than it was at the height of the crunch.
丹麦丹斯克银行分析师表示，“西班牙定于今天举行的5年期债券拍卖会有高收益率，预计出售金额达到35亿欧元。”
"Spain is likely to face higher yields at its five year bond auction today, at which it is expected to sell as much as 3.5 billion euros," the Dankse Bank strategists said.
丹麦丹斯克银行分析师表示，“西班牙定于今天举行的5年期债券拍卖会有高收益率，预计出售金额达到35亿欧元。”
"Spain is likely to face higher yields at its five year bond auction today, at which it is expected to sell as much as 3.5 billion euros," the Dankse Bank strategists said.
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