The negative yield on inflation-linked bonds is just a corollary of the very low yields on conventional debt.
通胀保值债券的负收益不过是常规债务低收益的必然结果。
And buyers of index-linked bonds have protection against deflation, since they will always be redeemed at their face value or higher.
买入指数关联型债券可以防止缩水，因为总是能够以面值甚至更高值赎回。
Headline inflation is running at 3.6%, making real yields markedly negative. (The same is true for real yields on inflation-linked bonds.)
整体通胀率是3.6%，实际收益率明显为负(与通胀挂钩债券的实际收益率也是如此)。
Markets seem to view that as close to zero: interest rates on index-linked bonds in the France, Germany, the UK and US are about 1 per cent.
市场似乎将这种风险视为接近于零：法国、德国、英国和美国的指数挂钩债券利率大约为1%。
Either the Banks will have to lend money directly to them, or they will end up owning a ragbag of securities-including some dreaded mortgage-linked bonds.
银行要么对其直接贷款，要么最终持有一大堆劣质证券(包括令人担忧的次级债在内)。
Inflation linked bonds provide significantly better value than government paper for longer term investment.
对于长期投资来说，通胀相关债券提供了大大超越国债的价值。
That is why such debt is regarded as risk-free (or in Britain, gilt -edged), although only inflation-linked bonds may merit that description.
这也就是为什么这种债务被视为无风险的（在英国则视为镀金边的），虽然名副其实的可能只有通胀挂钩国债。
If five-year Treasury bonds are yielding 1.25%, as they were on November 2nd, then a negative 0.55% real yield on inflation-linked bonds implies an expected inflation rate of 1.8%.
如果在11月2日5年期国债收益率为1.25%，那么指数关联型债券实际收益率为- 0.55%就意味着，预期通胀率为1.8%。
If five-year Treasury bonds are yielding 1.25%, as they were on November 2nd, then a negative 0.55% real yield on inflation-linked bonds implies an expected inflation rate of 1.8%.
如果在11月2日5年期国债收益率为1.25%，那么指数关联型债券实际收益率为- 0.55%就意味着，预期通胀率为1.8%。
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