美国国库券就以这种方式招标。
不过，这也恰恰是美国国库券的代表。
美国国库券收益率无疑是最重要的金融市场指标。
THE yield of Treasury bonds is arguably the single most important indicator in financial markets.
对美国国库券的投资者来说，3月份充满挑战。
March was a challenging month for investors in US Treasuries.
您是否持有股票、共有基金、债券或美国国库券？
吃过信贷紧缩苦头的很多人可能会选择购买美国国库券以作稳妥之计。
Having been burned by the credit crunch, many have opted for the safe haven of US Treasury bills.
另一个影响债券市场的就是国际投资者不愿意购买美国国库券。
Another influent sound (influence on) the bond market is the willing this (willingness) of foreign countries to buy US government debt.
他们知道如果他们继续累积外汇储备的话，他们将不得不买更多的美国国库券。
They know they have to buy lots more U.S. Treasuries if they continue accumulating foreign exchange reserves.
在这种情况下，持有收益率4%左右的美国国库券来规避经济大幅衰退仍然是值得的。
It may still be worth holding Treasury bonds yielding around 4% as a hedge against a sharp economic downturn.
美元隔夜同业拆借利率翻番，而三个月美国国库券利率则跌至50多年来的最低点。
Overnight dollar rates doubled in the interbank market while the rate paid by the American government for three-month money fell to its lowest in more than 50 years.
根据摩根大通公司的分析，信用评级的下降意味着美国国库券利率可能提高60至70个基点。
According to analysis from JP Morgan, the downgrading means interest rates for US Treasury bonds could increase by 60 to 70 basis points.
高收益债券和美国国库券之间的利差只比危机期间的高点低了大约0.5个百分点。
The spread (excess interest rate) paid by high-yield borrowers is only around half a percentage point lower than it was at the height of the crunch.
摩根·士丹利与美联储的口径相似，预计将出现债券狂跌，美国国库券的收益率骤升至5.5%。
Morgan Stanley expects bond carnage as this catches up with the Fed, predicting that yields on US Treasuries will rocket to 5.5pc.
考虑到美国国库券价格用作大多数其他信贷市场的价格参照，这么说一点都不令人奇怪。
That is hardly surprising, given that Treasury prices are used as the reference rate for most other credit markets.
3月份经济数据恶化前，10年期美国国库券收益率为3.58%。相形之下，现在收益率降至3.18%。
The 10-year Treasury recently yielded 3.18%, down from 3.58% in March before economic data turned sour.
在欧洲央行反通胀论调远比美联储坚定的情况下，10年期德国国债收益率超过美国国库券还有实际意义吗？
Indeed does it make sense for German ten-year bonds to yield more than Treasuries when the inflationary rhetoric of the European Central Bank looks much more hawkish?
第一种解释是“债券市场警戒员”睡着了。 “有时我们怀疑美国国库券投资者是不是喜欢赔钱。”
One possibility is that the “bond-market vigilantes” have been asleep.
结果被愚弄的投资者买入了美国国库券，而他们所期望获得的真实(去除通胀之后的)收益率根本是不现实的。
The result may be that investors have been fooled into buying Treasury bonds on unrealistic expectations of real (after-inflation) yields.
为了维持低汇率，中国和海湾石油出口国大量买入美国国库券，压低了美国国库券收益率，助长了房市繁荣。
As China and Gulf oil exporters purchased American Treasury bonds in order to hold down their currencies, this pushed down bond yields and helped to fuel the housing boom.
另外一种形式是荷兰式拍卖，它是十七世纪荷兰的郁金香商人以及今天竞拍美国国库券竞标人所熟悉的一种拍卖形式。
At the other extreme is the Dutch auction, familiar to 17th-century tulip-traders in the Netherlands as well as to bidders for American Treasury bonds.
假如这些国家不再把这些资产转换成美国国库券、抵押债券或是其他美国资产，加以时日美元的地位就一定会被削弱。
If they cease to rotate this wealth into us Treasuries, mortgage bonds, and other us assets, the dollar must weaken over time.
“事实表明只有两个市场真的是流动的：德国债券和美国国库券期货市场，”摩根斯坦利固收益入分析师ManojPradhan如是说。
“It turned out that only two markets were truly liquid: German-bond and US-Treasury futures,” says Manoj Pradhan, a fixed-income analyst at Morgan Stanley.
“事实表明只有两个市场真的是流动的：德国债券和美国国库券期货市场，”摩根斯坦利固收益入分析师ManojPradhan如是说。
“It turned out that only two markets were truly liquid: German-bond and US-Treasury futures, ” says Manoj Pradhan, a fixed-income analyst at Morgan Stanley.
年长的投资者可能会记起1962年的情形，当时美国国库券收益率还不到4%，其持有者在此后的5年、10年和20年内承受了负的实际回报率。
Veteran investors may recall 1962, when the Treasury-bond yield was less than 4%. Those who bought bonds then earned negative real returns over the succeeding five-, ten- and 20-year periods.
当美国的财政部,卖出国库券，票据，债券时,他们几乎是私下交易的,或者说首先与经纪自营商交易,而不是大众市场。
When the Treasury in the United States sells Treasury bills notes and bonds they deal almost exclusively or we say primarily--with broker-dealers not the general public.
如果中国突然不再购买美国的国库券，美国将陷入财政危机。
If China were suddenly to stop buying US Treasury bills, it would plunge America into a fiscal crisis.
美元、美国长期国债和美国短期国库券一直在世界货币体系中起关键作用。
The dollar and treasury bonds and bills play a central role in the world monetary system.
美元、美国长期国债和美国短期国库券一直在世界货币体系中起关键作用。
The dollar and treasury bonds and bills play a central role in the world monetary system.
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