Driving up the price of bonds reduces their yield, and in effect the interest rate.

推高债券价格就会降低它们的收益率，结果即是降低利率。

youdao

Charles Himmelberg, a credit strategist at Goldman Sachs, forecasts that 14% of high-yield bonds will default this year, with the same proportion going phut in 2010.

查尔斯·汉密尔伯格，高盛信贷策略分析师，预测今年将有14%的高收益债券无法偿付。2010年将有同样比例的债券完蛋。

youdao

So one possible discount rate is the state's cost of borrowing, the yield on its municipal bonds.

这样折算率就是国家的借款成本，也就是市政债券的收益率。

youdao

Here is a chart which shows the credit spread of high yield bonds vs. the default rate of high yield bonds since 1997.

FORBES: Connect

The ugly junk bonds of old have now become the more palatable high yield bonds of today.

FORBES: Junk Bonds Not So Junky Anymore

Regarding Nominal GDP Growth, the yield of the bonds will likely be greater than that too and will more than likely be greater that the 4% assumption quoted in the article.

FORBES: Irish Deal Calculations: Alternative Bond Sale Scenario