信用息差

主权信用息差将受孤注一掷的收尾政策左右，股票和企业债券的风险息差也将步其后尘，尽管当前企业处于上升趋势，总体状况良好。

Sovereign credit spreads will be subject to rather desperate policy endgames and equity and corporate bond risk spreads will follow in line , despite the overall health of the corporate sector in the current upturn .

美国圣地亚哥大学（sandiegouniversity）法学教授弗兰克帕特洛伊（frankpartnoy）辩称，评价投资风险的另一种市场机制是信用违约互换息差（事实证明，这比评级更准确地预测了即将来临的违约）。

Frank Partnoy , a law professor at San Diego University , argues that there is an alternative market mechanism for judging risky investments in credit default swap spreads ( which have proved better predictors of forthcoming defaults than ratings ) .

债券市场甚至走强，英国主权债务的信用违约互换息差收窄了7个基点。

Bond markets even rose , while credit default swaps on UK sovereign debt tightened 7 basis points .

如果这真是一场典型的新兴市场危机，本应是债券大幅下挫，信用违约互换息差急剧扩大，汇率暴跌。

If this was a classic emerging market crisis , bonds would have dived , credit default swap spreads exploded , and the currency collapsed .