信贷衍生工具价值的不断飙升，实物支付票据(用更多的债务来支付利息，而不是用现金)非常盛行。

Credit derivatives are soaring in value and payment-in-kind notes (which pay interest with more debt, rather than cash) are in vogue.

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公司的债务是指一笔借来的钱，不管债权人是银行还是股东，或债券所有人，或者商业票据所有人，这些都是固定收益。

The debt of a company is the amount of money it owes either to Banks, or to bond holders, or to note holders, or commercial paper holders; these are fixed incomes.

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雷曼是商业票据的主要做市商之一，还是这些短期债务的大型发行商。

Lehman was one of the main market-makers in commercial paper and a large issuer of these short-term obligations to boot.

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