微软此次发债也是大型公司把握当前信贷市场解冻良机的最新举动，采取类似行动的还包括一些拥有充裕现金储备而一度回避债券市场的成熟科技公司。

The offering is the latest sign of big companies taking advantage of thawing credit markets, including maturing technology companies with ample cash reserves that once shunned debt.

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一场真正的信贷危机隐约来临，欧洲银行正在抛售信誉度最低的债券和其他资产，试图储备资金，提高现金流量。

European Banks are dumping the bonds of the least creditworthy, and other assets, in an attempt to conserve capital and improve cashflow as a full-blown funding crisis looms.

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