总之，担保债券的时代已经来临。
至于有担保债券，投资者在法律上有权取得债券的抵押资产。
For secured bonds, investors have the legal right to the asset that has backed the bonds.
从七月上旬开始，这片区域里的银行就已经卖不出任何一款长期无担保债券了。
Banks across the region have been unable to sell any long-term unsecured bonds since early July.
至于英国，其担保债券占未偿付总量的4%，但是这一数字仍在上升。
As for the UK, it holds about 4% of outstanding covered bonds, but rising.
可疑房贷占房贷担保债券市场的份额越来越大，因此，麻烦可能会越来越多。
Dubious mortgages are now a growing share of the mortgage-backed market, so there is scope for more trouble.
与此相反，担保债券的付款是由银行担保的，无论打包的贷款表现有多糟。
In contrast, covered bonds have payments that are bank-guaranteed regardless of how poorly the packaged loans perform.
在当前的环境下，推销一种新抵押担保债券工具的优点并不是最容易实现的买卖。
Promoting the merits of a new mortgage-backed debt instrument is not the easiest sell at the moment.
鉴于担保债券具有如此高的安全性，很难指望其回报十分丰厚，事实也确实如此。
Given the high level of security, you could hardly expect a covered bond to offer a munificent return and they don't.
诸如担保债券等筹资工具将会在危机时提供给投资者银行资产负债表和抵押贷款本身的有关信息。
Funding instruments like covered bonds would give investors recourse to Banks' balance-sheets as well as the mortgages themselves in times of crisis.
同时，欧洲央行还将在本月开始购买总值为600亿欧元的资产担保债券，以刺激借贷。
It will also start buying 60 billion euros of covered bonds this month to encourage lending.
此外，花旗截止6月底为所有长期债券支付的利率总计为3.31%，其无担保债券的利率比这一利率高出2.19个百分点。
What is more, Citi's nonguaranteed bond cost 2.19 percentage points more than the 3.31% aggregate interest rate it was paying on all its long-term debt at the end of June.
意大利的公共债务占到了GDP的120%，随着国家债务到期日的日益接近，大约有1万亿欧元的意大利债券将转入偿还基金，并由共同担保债券取而代之。
With public debt at 120% of GDP, Italy would transfer almost 1 trillion Euro into the fund as existing national debt came due and was replaced by the issuance of joint bonds.
查理·莱德利(Charlie Ledley)和杰米•麦(Jamie Mai)两人都是对定价偏差的股票很感兴趣的投资者，他们认为建立在抵押担保债券之上的信用违约掉期是便宜的不可错过的好买卖。
Charlie Ledley and Jamie Mai, two investors with a penchant for finding mispriced options, reckoned that credit-default swaps on mortgage-backed bonds were just too cheap a trade to pass up.
美银与“两房”还有许多方面需要讨价还价的。“两方”，房利美和房地美，处理是呆账担保和个人债券保险业务的房地产金融机构。
BofA still has lots of haggling to do with Fannie Mae and Freddie Mac, the housing-finance agencies that guaranteed piles of duff loans, and with private bond insurers.
这种债券由欧盟作为整体提供担保，可以为问题的国家提供一条防止陷入信心下降、借贷成本上升恶性循环的一条途径。
Since these bonds would be guaranteed by the European Union as a whole, they would offer a way for troubled economies to avoid vicious circles of falling confidence and rising borrowing costs.
作为应对之方，欧元区国家同意提供“信用增级”---如担保之类的措施--，以使欧洲央行能继续接受希腊债券。
To counteract that, the euro-zone countries committed to providing "credit enhancement"?guarantees or other measures?that would allow the ECB to continue to accept Greek debt.
如果危机变得太过严重，欧盟有可能被迫发行由全体成员国担保的欧洲债券，来清偿到期债务。
It's possible that the crisis will become so severe that the eu will be forced to issue euro bonds, guaranteed by all the member nations, to cover the debt.
作为应对之方，欧元区国家同意提供“信用增级”- - -如担保之类的措施——，以使欧洲央行能继续接受希腊债券。
To counteract that, the euro-zone countries committed to providing "credit enhancement" -guarantees or other measures-that would allow the ECB to continue to accept Greek debt.
这些债券将由所有欧元区国家共同担保，因此自然由信用等级最高的国家承担违约责任。
These would be jointly guaranteed by all euro-area countries and thus underwritten in particular by the most creditworthy of them.
美国国债收益率和房利美担保的抵押贷款债券收益率之间的利率已经缩小了大约0.7个百分点。
The difference in yields on Treasury debt and mortgage bonds guaranteed by Fannie has narrowed roughly 0.7 percentage points.
此次救援采取的方式可能是对再融资债券进行担保，或者由救援国直接购买这些债券。
Help may take the form of a guarantee on refinancing bonds or an outright purchase of those bonds by Greece’s rescuers.
一些德高望重的观察家，如《金融时报》的马丁.沃尔夫指出，可以通过对其所有成员国债券提供整体担保的方式结束危机。
Esteemed observers such as the Financial Times’s Martin Wolf have argued that blanket guarantees of all members’ bonds would end the crisis.
首批发行的债券有主权担保的，大约是全部的6,85 %，已经被超额认购了。
The first tranches of bonds, offering 6.85% and a sovereign guarantee, were oversubscribed.
在无担保债权人中，高级债券持有者在银行清算时能于第一顺位受偿，因而没有那么多的担心。
Senior debtholders, who rank first in the hierarchy of unsecured creditors if a bank is liquidated, have less to worry about.
如果实行了这项制度，EFSF不担保全部现有的意大利和西班牙债券(也没有资金全部担保)。
If the scheme goes ahead and the EFSF does not insure all existing Italian and Spanish debt (it doesn't have the money to do so), some bonds will have a guarantee and some won't.
比起借贷成本的增加，更多的担忧集中在欧洲央行不接受希腊债券作为附属担保品的可能性上。
More worrying for Greece even than the rising cost of borrowing is that it may soon find its bonds are not accepted as collateral by the European Central Bank (ECB).
比起借贷成本的增加，更多的担忧集中在欧洲央行不接受希腊债券作为附属担保品的可能性上。
More worrying for Greece even than the rising cost of borrowing is that it may soon find its bonds are not accepted as collateral by the European Central Bank (ECB).
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