Ratings agencies are expected to declare Greece in selective default once the bond swaps occur.

评级机构被期望宣布，希腊一旦债券掉期发生，就选择沉默。

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Although stocks fell and credit-default swaps on American debt widened when the news broke, the bond market remained oddly unruffled: yields ended lower on the day.

尽管当这一消息爆出之后，美国的股市出现下跌，国债的信贷违约互换利差也有所拉大，但是债券市场表现却异常平静，当日收益率仍以低位收盘。

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Likewise, it was hard to gauge the exposures to "tail" risks built up by sellers of swaps on CDOs such as AIG and bond insurers.

同样，例如AIG和其他债券保险商所发行的CDO互换的“尾部”风险的暴露也很难估计。

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Spreads on both investment-grade credit-default swaps (insurance against bond default) and on high-yield indices have increased sharply.

ECONOMIST: Testing times

And as the bond and credit-default-swaps markets expand, the stakes will get higher.

ECONOMIST: Credit-rating agencies

Another reason demand for the long bond has been so voracious is that a lot of investment banks still use them to hedge their corporate-bond positions and interest-rate swaps (between fixed- and floating-rate obligations).

ECONOMIST: Bond bombshell