The OTC market is a main market for bonds.

直接交易市场是债券的主要市场。

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Proponents of European bonds argue that they would create a much larger and more liquid market than those for national bonds.

欧洲债券的拥护者论称他们希望创造一个比那些国家债券市场规模更为巨大，流动性更强的市场。

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The price at which the EFSF would pay for the debt is controversial, but most see it paying the current market price for the bonds, which is below face value.

人们对于欧洲金融稳定机制赎回主权债务的价格还存在争议，但是大部分认为该价格会向当前已然低于面值的市场价看齐。

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The new normal, they believe, implies the end of the long bull market for bonds.

ECONOMIST: Finance after the crisis

There's not much that bond managers can do in a long bear market for bonds and still look smart.

FORBES: The Old Normal

In these circumstances a global bear market for bonds is probably already under way, and a bear market in equities may not be far behind.

ECONOMIST: Like all good things, bull markets eventually come to an end