2015考研英语阅读Verizon的大手笔_大学英语阅读

2015考研英语阅读Verizon的大手笔

　　如果企业担心债券收益率上升，那么投资者为何这么热衷于购买呢?买入Verizon发行的债券需求很大，例如，据报道订单达到了1000亿美元。一个原因是企业债券相比国债提供一个差额，从历史上看，仍然具有吸引力。十年期投资级债券的平均收益率是3.5%，而相同期限的国债收益率只有2.95%。Verizon发行债券的规模如此之大，这要求其对投资者提供更高的收益，标准普尔对其作出的评级是BBB+，是投资级类别的最低等级。该公司十年期债券的收益率超过5%，比国债的收益率高了两个百分点。

　　Many central banks, which hold a large part of their reserves in dollars, remain enthusiasticbuyers of corporate debt. In addition, many investors in corporate debt are specialist fundmanagers who aim to beat the benchmark specific to their asset class, points out PaulYoung of Citigroup; they care more about whether they pick the right bonds, as they are ableto hedge the underlying interest-rate risk.

　　许多持有大量美元储蓄存款的中央银行仍然热衷于购买企业债券。此外，花旗集团的样子刚指出，许多企业债券的投资者是专业的基金经理，他们的目标是打破特定资产类别的基准，他们有能力抵消相关利率风险，所以他们更关心是否挑选了正确的债券。

　　The influx of money nonetheless causes some to worry. The corporate-bond market is alot less liquid than it used to be, thanks largely to the effect of regulations on thewillingness of banks to hold large inventories of corporate debt. This could cause aproblem should bond investors want to sell their holdings in a rush. For the moment,however, that does not seem likely. Corporate balance-sheets look strong and the defaultrate over the past 12 months, even on speculative debt, was just 2.9%, according toMoodys, another ratings agency.