由于我们低风险债券替换了到期和预付款债券，债券的投资收益还会继续下降。
Yields on securities will continue to decline as we replace maturities and prepayments with lower-risk securities.
用欧洲债券部分替换国家级别债务可能在债券发行的同时能够为面对偿付困境的国家减少债务偿付的边际成本。
The partial substitution of national debt with European bonds might reduce the marginal debt-service cost for distressed countries while they are being issued.
当然，如果债券被卖掉，即使是用有更好价值的类似债券替换，债券的损失也要立刻记入。
Of course, if they are sold even if they are replaced with similar bonds offering better relative value - the loss must be booked immediately.
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