local government bond
地方政府债券(local government bonds)
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地方政府置换债券 local government debt-converting bonds
Now, the problem is that if you invest in bonds from some state or local government, they might not pay you back; they can just go bankrupt.
现在的问题是如果你投资了,州或者地方政府发行的债券,他们可能无法支付,他们可能会破产
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We refer to the bonds that they issue as municipal bonds.
地方政府发行的债券称为市政债券
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