反映为公司借款人相比美国国债多付利率的公司债券风险溢价正在回落。 市场对花旗集团20亿美元的优先证券需求强劲。
Companies are aggressively borrowing in the debt markets once again-a sign of renewed confidence in the world economy following recent fears that struggling European countries could have difficulty financing their budget deficits.
公司又在债券市场大举借款。这种迹象说明，在欧洲困难国家可能无法为其预 算赤字融资的问题近期引起担忧之后，人们对世界经济恢复了信心。
In the U.S., bond sales by companies such as Bank of America Corp. and GMAC Financial Services are on pace to conclude their busiest week since the beginning of the year. In Europe, borrowing by companies so far in March is already more than 60% of February's totals.
在美国，美国银 行(Bank of America Corp.)和通用汽车金融服务公司(GMAC Financial Services)等公司正在经历年初以来发债最繁忙的一周。在欧洲，各公司3月份至今的借款规模已经超过2月份总额的60%。
'It tells us that financial liquidity is very much on the rise,' said John Lonski, chief economist at Moody's Investors Service. 'No longer do corporations suffer from a dearth of liquidity. This puts them in a better position to take advantage of opportunities that arise.'
穆迪投资者服务公司(Moody's Investors Service)首席经济学家朗斯基(John Lonski)说：“这说明，金融市场流动性正在快速上升。公司不再面临流动性枯竭的问题，这使它们能够更好地利用各种越来越多的机会。”
So far in 2010, U.S. corporations have issued $195.2 billion of debt, excluding government-guaranteed bonds, according to data provider Dealogic, up from $166.8 billion during the same period in 2009.
数据 提供商Dealogic的数据显示，2010年年初以来，不包括政府担保的债券，美国企业已经发债1,952亿美元，高于2009年同期的1,668亿美 元。
The resurgence of the corporate debt markets comes after a shaky February, when several companies were forced to delay their bond sales as worries about Greece's debt problems sent investors fleeing to safer assets such as U.S. Treasurys. In recent days, those concerns have subsided and money is again flowing into corporate bond funds, giving managers cash to invest.
公司债券市场的复兴发生在坎坷的2月份之后。当时因希腊债务问题引起的担忧迫使投资者逃往 美国国债等安全资产，多家公司被迫推迟债券发售。近几天，这种担忧情绪减弱，资金向公司债券类基金回流，让基金经理们有了用于投资的现金。
Risk premiums, the extra interest corporate borrowers pay over U.S. Treasurys, are falling again for corporate bonds. This allows companies to seize the opportunity to borrow cheaply. The raft of sales point to an increase in economic activity as companies can use the money on new business spending, hiring and mergers. That's good news for companies eager to reduce their cost of borrowing and extend the life of their debt.
反映为公司借款人相比美国国债多付利率的公司债券风险溢价正在回落。这使公司能够抓住机会以低成本借款。公司债券的大量发行预示着 经济活动的上升，因为企业可以把借来的资金用于新业务支出、招聘和并购。这对于那些急需降低借款成本并延展债务期限的公司来说是一个好消息。
While the sales are a boon for larger companies, data shows that their smaller counterparts are still struggling to find funding. Small businesses typically rely on banks for financing. While evidence is growing that loans to small business have become easier to obtain in recent months, a February survey by the National Federation of Independent Businesses showed a net 12% of respondents said loans were harder to come by than in January.
虽然大公司享受到了发行债券的实惠，但数据显示，小公司仍旧难于获得 融资。小企业通常依赖银行筹资。虽然越来越多的证据表明，近几个月提供给小企业的贷款已经更容易获得，但全美独立企业联盟(National Federation of Independent Businesses)2月份的一项调查显示，净比例为12%的受访者表示获得贷款的难度较1月份有所增加。
Some 34% reported regular borrowing in February, a slight increase from the previous month, but still low by historical standards.
反映2 月份借款和往常一样的约有34%，较前一月略有上升，但从历史标准来看仍然较低。
The general optimism that prompted gains in the corporate bond market also helped debt sold directly by governments. The cost to insure against default declined for countries including Greece, according to CMA Datavision.
推动公司债券市场活跃起来的普遍乐观情绪，也提振了各国国债的直接发行。数据提供商CMA Datavision的数据显示，包括希腊在内，各国的违约担保成本已经下降。
An improving economy and a rebound in corporate profits have made it more likely that companies will pay back their debts, making their bonds more attractive to investors.
经济向好、公司利润反弹，使企业还债的可能性增加，所以它们的债券 对投资者更有吸引力。
At the same time, doubts about the strength of the economic recovery still linger.
与此同时，对经济复苏力度的疑虑依旧存在。
As a result, the Federal Reserve is keeping short-term interest rates at historic lows, making it unattractive for investors to stay in cash.
为此，美联储(Federal Reserve)将短期利率维持在历史性的低水平。这样，囤积现金对投资者来说并不划算。
Investors are also leery of fully investing in stocks, given the uncertainties and two snarling bear markets in the past decade.
投资者 也不敢全力投资股市，因为股市前景不明朗，而且过去10年就经历了两轮大熊市。
So they are chasing higher returns in the bond market, where many solvent companies are still paying relatively high interest rates on their new debt.
于是他们就在债券市场追逐更高的回报，在这个市场，很多有偿付能力的公司发行的新债利率仍然相对较高。
The rebound in the corporate bond market is gaining attention because the rally is more aggressive than that seen in the stock or commodities markets-areas that typically benefit when investors' tolerance for risk increases. Credit markets are often seen as leaders in market trends, most notably during the financial crisis, when bond investors acted far more quickly than stock investors.
公司债券市场的反弹吸引了 人们的关注，因为它比股市或大宗商品市场已经经历的反弹力度更大，而投资者风险偏好上升时，后面两个市场一般都会获益。信贷市场常常被视为市场趋势的先行 者，这在金融危机期间反映得更为明显，危机期间，债市投资者的行动比股市投资者远更迅速。