收益率更高通常是违约风险更高的信号。
它们理应向债券持有人提供违约风险保险。
They are supposed to provide insurance against default to bondholders.
违约风险接近自30年代以来的最高水平。
甚至现在债权持有人还对违约风险持有明显的乐观态度。
Even now bondholders remain remarkably sanguine about the risk of default.
目前市场并不担心美国和德国会出现违约风险或高通货膨胀率。
When it comes to America and Germany the market is not too worried, for now, about default or very high inflation.
他宣称，没有数据，根本不能在抵押池中对违约风险做出精确评估。
Without that, he declared, no precise estimate could be made of the risks of default in a pool of mortgages.
除了违约风险，还有回收率的问题——破产之后，还能收回多少贷款。
Besides the risk of default, there is the question of recovery - how much will be left after bankruptcy.
AIG相信在其承险的众多有价证券中，违约风险是很低的。
AIG believed the risk of default was low on many securities it insured.
然而，让人无法理解的是，它们没有包括查明违约风险的个人贷款的信息。
Yet, inexplicably, they do not contain the information about individual loans that is needed to detect default risk.
对于胆大的投资者来说，如此大的息差是防止希腊债务违约风险的巨大保障。
For bold investors, such a gap is ample insurance against the risk that Greece may not able to pay back all it has promised.
这些手段允许投资者规避主权违约风险，而另一方赌的就是发生违约。
These instruments allow investors to hedge the risk that a country reneges on its debt and let others bet that such a default will happen.
他采取的措施有利于他让投资者确信他的国家不是一个有着潜在违约风险的国家。
The measures he took helped to convince investors that his country was not a potential default risk.
这种不确定性可能迫使银行调升利率，从而增大欧元区弱势国家的债务违约风险。
The uncertainty could force Banks to hike interest rates — raising the risk of debt defaults among weaker eurozone countries.
然而，和写的相反，假定债务上限提高，美国没有明确地长期联邦债务违约风险。
However, contrary to much that is written, the US is not in any long-run real danger of explicitly defaulting on the federal debt, assuming debt limits are raised.
信贷衍生工具，例如，允许投资者通过在其它风险中分割违约风险，正如利率运作。
Credit derivatives, for example, allow investors to separate the risk of default from other risks, such as interest-rate movements.
除了复苏经济以外，政府也想保护纳税人的钱，所以不愿意购买违约风险高的债券。
As well as reviving the economy, governments are concerned about protecting taxpayers' money, and so will not want to buy bonds at high risk of default.
如果国会在8月2日债务到期之前不提高公共债务上限，美国将面临债务违约风险。
The US risks default on its debt if Congress does not raise the borrowing limit before 2 August.
第三种是将借款人违约风险切除，即通过如美国国际集团之类的保险公司担保CDS。
And a third was to cut the risk of borrowers defaulting, using CDSs with insurers like American International Group.
因为这些原因，因此它鼓励银行应该更慎重的考虑它们的贷款的流动性，以及违约风险。
For these reasons Banks should be encouraged to consider more seriously the liquidity of their loans as well as their default risk.
理论上，这种交易长期来看是不可持续的，高收益只不过是为违约风险的投资者做补偿。
In theory this trade should not be sustainable in the longer term; the higher yields should merely compensate investors for the default risk.
顺便要说的是，英国的财政赤字和债务跟西班牙相当，但投资人并不认为存在违约风险。
By the way, so does Britain, whose deficits and debt are comparable to Spain's, but which investors don't see as a default risk.
假如投资者计划购买证券和长期持有的话，违约风险就是投资者应该真正最关心的问题。
Default risk is truly the largest concern a bond investor should have if they plan to buy a bond and hold it to maturity.
保险业巨头美国国际集团(aig)当时持有大量CDS空头头寸，违约风险迫在眉睫。
AIG, the insurance giant, was carrying a large short position in CDS and faced imminent default.
同时也应该关注房产和流动资产(不受违约风险影响的公司债券的利息)的价格。
And they should look at house prices and the price of liquidity (defined as the interest spread on corporate bonds that is not attributable to the risk of default) as well.
巴塞尔协议2的捍卫者指出评级公司遭受批评，但是它们的评价违约风险的纪录是非常好的。
Defenders of Basel 2 point out that the agencies are under the cosh now, but that their record in assessing the risk of default is pretty good.
金融衍生品将美国银行业暴露于欧洲违约风险的敞口之下，因此美国银行体系或许遭到破坏。
Derivatives expose US Banks to a European default, so the US banking system itself might unravel.
如果确实需要重组债务，要如何规划才能达到激励债权人对未来违约风险进行管控的最佳效果？
If a restructuring is to take place, how could it be best designed to incentivise bondholders to monitor default risk in the future?
可能性更大的是他们会因为担心而干脆卖掉美国公债，直到收益率升至足以抵偿更高的违约风险。
More likely, they could just back away from Treasury bonds until the yields rise enough to compensate them for the higher risk of default.
可能性更大的是他们会因为担心而干脆卖掉美国公债，直到收益率升至足以抵偿更高的违约风险。
More likely, they could just back away from Treasury bonds until the yields rise enough to compensate them for the higher risk of default.
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