When America bailed out Fannie Mae and Freddie Mac, the country's two big mortgage agencies, its CDS spreads widened sharply.

当美国对国内最大的两家房屋抵押贷款机构房利美和房地美实行救市计划时，其信用违约掉期的利差迅速扩大。

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Not only have credit spreads widened, most commercial-backed securities are no longer being securitized because demand has vanished.

在信贷利差扩大的同时，由于需求的消失，大部分商业抵押担保证券已经不再采取证券化的形式了。

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Nevertheless, the 2027 global bond yield has increased 270 BPS to 13.5% since late July and 5-year CDS spreads widened 557 BPS to 1494 BPS (Chart 5.1).

尽管如此，今年7月以来2027年到期的全球债券收益率已经上升了270个基点，达到13.5%，而5年期信用违约掉期(CDS)利差扩大了557个基点，达到1494个基点(参见图标5.1)。

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Back then, spreads widened to 2, 000, and buying junk bonds was a no-brainer.

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Italian and Spanish bond yields jumped by 12 basis points as spreads widened and the dull toothache of the sovereign debt crisis wore on.

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Yield spreads have widened again to over 500 basis points, comparable with junk bonds.

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