20070815 Will Credit Risk Weigh Down Debt Markets?

【蜗牛爬行之速度大比拼】 ahu 小组

American markets are not the only ones in which banks are having trouble selling bonds.
美国市场并不是唯一的银行销售债券有问题的市场。
American private equity company Coober Cribers (Kohlberg Kravis) Roberts hoped to raise over 10 billion dollars in bonds.
美国私募公司 KKR 就希望通过债券发售来融资 100 亿美元。
This was a part of a deal to buy Alliance Boots, a European company that sells medicines.
它收购了欧洲一家卖药的 AB 公司，债券融资是交易的一部分。
But a group of banks had to postpone the sale because of a lack of buyers.
但是银行推迟债券销售则是因为买主不多。
Conditions for big deals by private equity companies appear to be cooling.
私募公司大宗买卖的情况看起来很冷清。
Private equity companies depend on liquid debt markets to lend them money.
私募公司依靠流动的借贷市场筹措资金。
And investors are less willing to put money into debt securities .
投资者越来越少向有价证券投资。
Part of this is the flight from risk involving investments based on self prime (subprime) home loans.
一部分原因是他们想远离 次优抵押房屋贷款的投资风险。
These loans carry lower than average credit quality, but also pay higher interest rates.
这些贷款比信用贷款的平均质量更低，但是付的利息也更高。
Credit rating agencies are now recognizing that investments based on subprime home loans are risker (riskier) than investors have thought.
信用评级机构正意识到 次优抵押房屋贷款的投资风险远大于投资者的想象。
Too many high risk loans were blamed for the failure of the nation (nation’s) second largest subprime lender.
全球第二大的 次优贷款者因为太多高风险贷款而失败（破产？）。
New Century thought (sought) Bank Cropcy (bankruptcy) protection from its creditors in April.
New Century 四月向它的债权人寻求破产保护。
Investor flight from risk means that debt market liquidity could dry up as interest rates rise.
投资者远离风险意味着债券市场流动性可能会因为利率升高而枯竭。
But it is too early to tell.
不过现在断言还为时过早。

词汇： securities ：有价证券
subprime loans ： 次优抵押贷款，相对于优质贷款，次优贷款是素质较差的贷款，金融机构在发放次优贷款时，不会按正常标准审核贷款者的信用记录或收入情况，因此获得次优抵押贷款的，主要是那些信用纪录不佳的贷款者。由此可知银行风险很高。
Credit rating agency ：信用评级机构
risky: 有风险的
seek, sought, sought
不敏感： flight from risk （远离风险）。
这两天做个鬼 VOA 累死人的，还要查大量金融背景。。看来当初自己不喜欢金融是有道理滴！有股票的筒子们要小心啊！美国股市栽了，大家手里的股票要估量估量了。。。不过或许中国不能用国际惯例来衡量？那。。还是自己看着办吧。。【大家伙已经掂着砖头对着 ahu 的脑门在估量估量了。。 ahu 这两天查资料给郁闷的。。闪。。】