2015考研英语阅读高利债券_大学英语阅读

2015考研英语阅读高利债券

　　According to Fraser Lundie, a high-yield-bond manager at Hermes,America comprised 89%of the market in 1998; now it forms just 57%.Europehas gone from 3% of the market to27%.

　　爱马仕高利债券经理弗雷泽伦迪表示，1998年美国国内发行的高利债券占全世界的89%，现在降至57%，而欧洲则由当初的3%增至27%。

　　The rise of high-yield bonds has been handy for European companies in the wake of thefinancial crisis, as many banks have been seeking to shrink their balance-sheets, and havebeen less willing to offer loans.

　　随着金融危机的爆发，高利债券发行量的增长对欧洲公司来说也极为便利，因为银行都减少贷款，平衡资产负债表。

　　Historically, European companies have been much more dependent on bank finance thantheir American counterparts.

　　从历史观点上说，相对于美国公司，欧洲公司对银行的依赖更强。

　　They also used to be warier of seeing their bonds classed as junk.

　　过去，欧洲公司甚至害怕其债券被评为垃圾级。

　　Low rates have been good for the market in another way.

　　从另一个层面来说，低利率对市场有利。

　　They have enabled companies to refinance their debt cheaply, and so pushed back thenettlesome day when their finances will be squeezed by higher borrowing costs.