It consists of a promise to pay, usually denominated in currency, and there are both long-term and short-term debt instruments.

是一种付款承诺,通常是货币支付形式,有长期债券,以及短期债券

耶鲁公开课 - 金融市场课程节选

According to a time-honored tradition in finance, it says that it's a promise to pay $1, but it's not worth $1 today.

由于资金有时间价值,他说他承诺支付一美元,但在此时此刻它并不值一美元

耶鲁公开课 - 金融市场课程节选

The British Government will never promise to pay you 10% more each year because they can't do it.

英国政府永远都不会承诺给你们,每年支付你们高于10%的利息,因为他们根本就做不到

耶鲁公开课 - 金融市场课程节选

Suppose you are a naive investor and you say, okay I'm going to invest in companies' paper, which is their promise to pay --their IOU.

假如你是一个菜鸟投资者,想投资于这些公司的债券,债券就是他们的偿还凭证或者说欠条

耶鲁公开课 - 金融市场课程节选

You may say, what audacity for the British Government to promise to pay anything forever.

你会说,英国政府鲁莽地承诺,永远支付利息

耶鲁公开课 - 金融市场课程节选