领先市场利率的养老金债券在不久前也是仅仅提供给65岁以上的人群。
Government bonds paying well above the market rate of interest have just been made available exclusively to those aged 65 and over.
实际上，养老金跟别的债务一样，因此应该用债券收益率来折现。
In effect, pensions are a debt like any other, and should be discounted with a bond yield.
在过去的一年里，清算机构在葡萄牙以及爱尔兰债券价格暴跌以后曾要求它们增加保证金。
Over the past year the clearing house asked for more margin on Portuguese and Irish bonds after their prices fell sharply.
同时，会计准则驱使公司退休金计划使用公司债券收益率来降低负债。
Meanwhile, accounting standards have forced company pension schemes to discount their liabilities using a corporate-bond yield.
通过银行和养老金体系，日本国民持有这个国家95%的公共事业债券。
Through Banks and pension schemes, the Japanese hold 95% of the country's huge public-sector debt.
据称，大部分秘鲁的32年期债券是由养老金基金会买下的。
Most of Peru's 32-year bonds were reportedly picked up by local pension funds.
但如果他们希望帮助银行筹集现金、满足新的准备金要求，则有可能放慢发行债券的步伐。
But if they want to help Banks cough up the cash needed to meet the new reserve requirement they could simply go slow on bond issuance.
他们喜欢使用的工具是上调存款准备金率并出售低息债券。
Their weapons of choice: increases in the reserve requirement ratio and sales of low yielding bonds.
而且即便欧元区购买的债券能取得收益，也不太可能取消增加保证金。
And the margin increase is unlikely to be reversed, even if ECB buying drives yields back.
随着银行盈利水平的上升，为了帮助中央汇金偿还债券利息而支付的股息所占比例也将下降。
As the Banks' earnings rise, the proportion that has to be paid out in dividends for Huijin to finance repayments drops.
救助基金，也就是欧洲金融稳定基金，预期将为债券购买者的部分损失提供赔付金。
The rescue fund, known as the European Financial Stability Facility, is expected to offer insurance against part of the losses on bond purchases.
购买海外债券的钱来自于商业银行必须存于央行的储备金。
The money to buy foreign bonds has come from the reserves required that commercial banks must deposit with the central bank.
我们应该怎样对冲定期债券借贷安排带来的储备金影响？
上周五，美国银行监管机构表示，不会因为债券降级，而要求商业银行建立更多的准备金。
U. S. banking regulators on Friday said they would not require commercial banks to build up more capital to compensate for the lower rating on the Treasury securities they now hold as a cushion.
英格兰银行（Bank of England）行长默文·金（Mervyn King）几天前谈到，在这个世界已经从“我的承诺就是我的债券”变成了“我的承诺就是我的双层担保债务凭证（CDO squared）”的时候，该如何重塑信心。
Mervyn King, the head of the Bank of England, talked a few days ago about how faith could be restored in a world where "my word is my bond" had been replaced by "my word is my CDO squared".
如20世纪80年代米歇尔·米尔金(MichaelMilken)率先使用的垃圾债券(junk bonds)，这些债券在米尔金因保险诈骗罪入狱后就遭到骂名。
Take junk bonds, whose use Michael Milken pioneered in the nineteen-eighties. They got a bad name when Milken went to prison for securities fraud.
就像购买低信誉高收益率公司的债券一样，养老金基金承担的风险越大，它的未来债务额就显得越小。
The more risk the pension fund takes (for example, by buying high-yielding bonds of companies with poor credit ratings), the lower its liabilities appear to be.
签发债券的实体承诺在将来一个指定的日期偿还向债券持有人所借的本金以及固定的息金。
The entity issuing the bond promises to pay the bondholder the amount borrowed (called principal) at a designated future date plus a fixed a mount of interest.
前此曾有人不大相信银行真的会购买汇金的债券，因为这使得整个过程完全成为自我循环。
Some have wondered whether the Banks themselves will buy Huijin's debt, a move that would make the process perfectly circular.
糟糕的资产市场意味着他们建立的养老金规模较小，债券收益较低意味着该规模的养老金保险收入更低。
Struggling asset markets mean they build up a smaller pension pot; low bond yields mean the annuity income from that pot is lower.
未来为了应对不断上调的存款准备金率，商业银行或将加大对资产的“摆布”，通过抛售所持债券资产来应对收紧的流动性。
The future in order to deal with continuously raise the deposit reserve ratio, commercial Banks or will intensify the asset "mercy", through selling holdings assets to cope with tightening liquidity.
英格兰银行认识到了养老金的问题，为他们购买的是与通胀关联的债券，从而让员工享受到与通胀挂钩的养老金。
The Bank of England recognises this issue. Its employees are guaranteed an inflation-linked pension so it meets that promise by buying inflation-linked bonds.
它们要求美国国际集团对债务抵押债券最可靠的部分进行投保。只有其它投资方耗尽保证金时，这部分才会亏损。
AIG was asked to insure the safest element of these CDOs that would lose money only if all other investors were wiped out.
2007年5月24日，中信建投证券主承销的北京金隅集团有限责任公司8亿元企业债券成功发行。
On May 24, 2007, the enterprise bond of Beijing Jinyu Group Co. , Ltd. of RMB 0.8 billion underwritten by CSC as lead underwriter was successfully issued.
在7月26日，班金特，一家刚刚勉强过关的中型西班牙商业银行支付了历史最高的240基点来发行一种房贷债券。
On July 26th Bankinter, a midsized Spanish commercial bank that just scraped through the tests, paid a record spread of 240 basis points to issue a mortgage-backed bond.
在7月26日，班金特，一家刚刚勉强过关的中型西班牙商业银行支付了历史最高的240基点来发行一种房贷债券。
On July 26th Bankinter, a midsized Spanish commercial bank that just scraped through the tests, paid a record spread of 240 basis points to issue a mortgage-backed bond.
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