债券违约

在某些方面，发行信用违约互换（CDS，对债券违约的保险）对于一家以对困难风险定价而自豪的公司而言，这是一个自然的业务延伸。

In some respects , writing credit default swaps – insurance against bond default – was a natural extension for a company that prided itself in pricing difficult risks .

CDS只是一份合同，买家支付保费，卖家在出现债券违约时向买家支付本息。

A CDs is just a contract between a buyer , who pays a premium , and a seller , who will make a payment to the buyer if a bond default occurs .

信用违约交换（CDS）市场预示，公司债券违约率将出现飞速上升。

The market for credit default swaps is pointing to a surge in defaults on corporate bonds .

由于持有CDS，银行因此宣称，它们不再有债券违约的风险。

Because they owned the swap , banks claimed they no longer had the risk of a default of the bond .

作为一种防范债券违约的保单，CDS被监管机构指责为加剧金融危机的元凶。

Credit default swaps , a kind of insurance policy against a bond defaulting , have been blamed by regulators for exacerbating the financial crisis .

举例说明，信用违约互换（CDS，当债券违约时向持有者支付款项的证券）发行的规模可以远远大于其基础债券的规模。

An example : credit default swaps ( securities that pay the holder when a bond defaults ) can be issued in amounts much larger than the value of the underlying bonds .

希腊要对欧洲金融稳定安排（efsf）提供的贷款以及欧洲央行（ecb）和许多国家央行持有的债券违约。

It would have to include the loans by the European financial stability facility and the bonds held by the European Central Bank and various national central banks .

在希腊、意大利、西班牙、葡萄牙和爱尔兰，信用违约互换（CDS）的价格均大幅上升。CDS是一类债券违约保险，也是衡量债务市场风险大小的最佳工具。

Prices of credit default swaps – a kind of insurance against bond defaults and the best gauge of risk in the debt markets – for Greece , Italy , Spain , Portugal and Ireland have all jumped .

由此造成了美国国债cds利差较高的局面：尽管投资者知道，美国政府出现债券违约的可能性非常小，但政治气候变幻莫测，以至于很难对政府的现金流做出预测。

Hence the high ( ISH ) level of CDS spreads for US Treasuries : Although investors know that America is highly unlikely to default on its bonds , the political climate is so volatile that it is hard to predict cash flows .

在欧洲，基准的itraxx欧洲（itraxxeurope）指数中125家投资级成份股公司的债券违约保险成本，上周五一度飙升至156个基点的新高，收盘报于146个基点。

In Europe , the cost of insuring the debt of the 125 investment-grade companies in the benchmark itraxx Europe Index surged to a new high of 156bp , before closing at 146bp on Friday .

众议院两个重要委员会的这项提案，将推动多数衍生品进入交易所或清算所，但没有解决是否取缔买方无需持有基础资产的无实体CDS的问题。CDS是一种规避债券违约的保险。

The proposal by key committees of the House of Representatives would push most derivatives on to an exchange or clearing house but leaves open the issue of whether to outlaw CDSs a type of insurance against bonds defaulting in which the buyer does not own the underlying asset .

CedarRidgePartners公司管理着六亿多美元的资产，其合伙人盖•本斯泰德（GuyBenstead）在谈到近期这些备受瞩目的债券违约时说，这是一些地方政府出现财政危机的具体体现，但不至于蔓延开来。

The recent bankruptcies ' are very specific instances of financial trouble , ' says Guy Benstead , a partner at Cedar Ridge Partners , which manages more than $ 600 million , speaking of the high-profile defaults . ' But contagion is just not there . '

公司债券违约率的结构化模型研究

A Study of the Structural Model of Corporate Bond 's Default Probability

债券违约风险的或有要求权分析

Contingent Claim Analysis on Bond Default Risk

希腊还可能要对部分甚至大部分剩余的私人部门债券违约。

Greece might also default on some or most of its remaining private sector bonds .

次年8月，中国医疗技术在债券违约后被迫进入强制破产程序。

China Medical Technologies was forced into involuntary bankruptcy the following August after defaulting on its bonds .

股价跌去一半，并出现了大量债券违约，但没有一家大型银行倒闭。

Share prices had halved and there had been massive bond defaults , but no big bank collapses .

他说，日本各银行所持的美国政府支持企业的债券违约风险极小。

The default risk of the GSE bonds that Japanese banks owned was extremely small , he said .

他警告称，至少有6家开发商面临严重的债券违约危险。

He warns that at least half a dozen developers are in serious danger of defaulting on their bonds .

外汇和利率的某些波动，加上相对温和的政府债券违约，可能会抹杀这些优势。

Certain moves in currencies and interest rates combined with relatively modest government bond defaults may negate these advantages .

确实，如果石油企业开始债券违约，其影响将波及整个金融体系。

True , if oil companies start defaulting on their bonds , the effects will ripple through the financial system .

这是第一家中国大型开发商海外债券违约的案例，致使市场开始担忧其他公司也会出现同样的问题。

It is the first major Chinese developer to default on its overseas bonds , raising concerns that other companies could follow .

似乎除了在中国以外，很少能看见投资者和经济学家共同为债券违约欢呼的情形。

It is rare to see investors and economists come together to cheer a bond default , except it seems in China .

这是一种非常危险的押注，因为预计未来6个月投机级债券违约率将翻倍，而（破产）融资挑战仍然存在。

This is a very dangerous bet as speculative-grade defaults are expected to double over the next six months and [ bankruptcy ] financing challenges remain .

那么风险就在于，如果一家中国或印度公司的债券违约，就可能带来更大规模的跟风潮，以及进一步的连锁反应。

The risk , then , is that an Indian or Chinese company defaulting on a bond could create a bigger stampede – and further chain reactions .

发达国家不断增长的债务水平，正促使越来越多的投资者通过衍生品市场，押注于富国政府债券违约的可能性。

The mounting level of debt in the industrialised world is prompting a growing number of investors to use the derivatives market to bet on the chance of rich governments defaulting on bonds .

继上周下跌11%后，花旗股价在（昨日）午盘交易中又下跌5%，至35.96美元，而针对其债券违约风险的担保成本升至创纪录水平。

Citi shares were off 5 per cent to $ 35.96 in midday trade after falling 11 per cent last week , while the cost of insuring its bonds against default rose to record levels .

从另一方面讲，全球可以将与巴西的资金往来切断两年，巴西仍不会对其主权债券违约，这就是巴西的外汇储备水平。

On the other hand , the world could cut Brazil off from capital for two years and it would still not default on its sovereign debt , such are the levels of its reserves .

本文系统地论述了度量公司债券违约风险的三类主要方法：信用评级法、数理模型法和保险思想法。

This article elaborated systematically three main approaches used in measuring the risk of breach of contract in corporate bonds , namely : the credit rating method , statistical modeling , and the insurance concept .

第一家发生债券违约的是光伏企业，这说明中国政府很想把市场约束机制引入到过度膨胀的光伏产业中。导致该产业过度臃肿的是那些由地方政府资助、不顾近年来的价格下跌持续生产光伏面板的公司。

That it was a solar company underscores Beijing 's desire to instill some market discipline in a bloated sector fueled by local government-funded companies who have kept making panels despite plummeting prices in recent years .