And indeed over time the extra yield offered by these bonds more than compensated investors for the risk of default.
而且实际上很长时间里这些垃圾债券的额外收益,远高于违约的风险给投资者带来的损失。
AIG believed the risk of default was low on many securities it insured.
AIG相信在其承险的众多有价证券中,违约风险是很低的。
Besides the risk of default, there is the question of recovery - how much will be left after bankruptcy.
除了违约风险,还有回收率的问题——破产之后,还能收回多少贷款。
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