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

　　But not all is sunny in the high-yield world.

　　但是，高利债券市场并非总是风平浪静。

　　Although the market has doubled or tripled in size since 2008, liquidity has diminished.

　　尽管自2008年后高利债券市场规模已经增至原来的两至三倍，债券的流动性却降低了。

　　Regulatory restrictions mean that banks no longer hold as much inventory in the form ofbonds; since 2002, there has been a decline of almost three-quarters.

　　监管限制让银行无法继续像以前那样持有太多债券形式的存货。自2002年来，银行所持债券已经减少了75%。

　　PIMCO, a huge bond-fund manager, said in a recent report, We see reduced liquidity as animportant secular trend. It is an unintended consequence of the deleveraging andre-regulation of banks globally. It will result in higher volatility in times of stress.

　　近期，太平洋投资管理公司发布的一篇报道称，我们认为流动性的降低将会是一个重要的长期趋势，这是全球银行重新平衡、管理的副作用。

　　In other words, if investors ever lose their current enthusiasm for high-yield bonds, theywill find it much harder, and probably costlier, to offload them.