高收益公司债券的超额收益率从2009年初的16%点多下跌到不到6点。

The spread (excess interest rate) on high-yield corporate bonds has fallen from more than 16 percentage points at the start of 2009 to less than six points.

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这也就是说，离美国房价的再次暴涨，或者说，在再次看到今年初高收益公司债券利差降到低点的情况之前，还有很长一段时间。

That suggests it will take a long time before American house prices surge again, or before spreads on high-yield corporate debt get down to the lows seen earlier this year.

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在1995年的日本，公司债券收益率高出公债利率不过16个基点；而在美国，该利差在上个月已高达350个基点。

In 1995 Japanese corporate-bond yields were just 16 basis points higher than government-bond yields; the spread in America last month was 350 basis points.

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