Our first category of derivatives consists of a number of contracts, written in 2004-2008, that required payments by us if there were bond defaults by companies included in certain high-yield indices.

我们的第一类衍生品合约由若干合约组成，包括各种高收益率公司债券。它们于2004至2008年签订，要求在债券违约的情况下由我们来偿付。

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GM's uncapped weight in the high-yield indices (6.4% in America and 20.3% in Europe).

ECONOMIST: Credit markets

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

ECONOMIST: Testing times

Furthermore, the Bank of America Merrill Lynch high-yield indices in the U.S. and in Europe confirm this pattern: the total return in the year to date stands at 9.28% in the U.S., versus 12.76% in Europe.

FORBES: European High-Yield Bond Market: Performance, Though Volatility