So, for companies that could pay you back, but their bonds are trading below par, probably because they have a low coupon.

因此，公司也许可以支付你，但是它们的债券只能以低于票面价值交易，很可能是因为他们的票息很低。

耶鲁公开课 - 金融市场课程节选

Then, the value of the subprime loans that the municipal bond insurers own starts to go down.

接着,市政债券保险公司,持有的次级贷款价值开始下跌

耶鲁公开课 - 金融市场课程节选

We were interested in finding bonds trading below par where we thought there was a chance that companies would not file their financial statements on time.

我们对发现以低于票面价值进行交易的债券很感兴趣,我们认为在没有按时发布它们财务报表的公司,时机有可能发现。

耶鲁公开课 - 金融市场课程节选

Lots and lots of loans, the securities that people bought at par that were worth about somewhere between zero and $.15 or $.20 and now trade there.

市场上充斥着越来越多的贷款，人们按照面值购买的债券,真正的价值只有大概,0到0。15或者0。20美元0,而它们就这样进行交易。

耶鲁公开课 - 金融市场课程节选

Well, you could short in the stock market, you could short $.50 worth of stocks and buy $1.50 worth of bonds and that would put you down here.

你可做空股票，卖空价值0。5美元的股票,购买价值1。5美元的债券,这样就落在这一点上。

耶鲁公开课 - 金融市场课程节选

The value of the paper collapsed and the bank became insolvent.

结果债券价值大跌,导致银行破产

耶鲁公开课 - 金融市场课程节选