Europe's corporate bond market is in a chill.

欧洲企业债券市场正处于寒冬之中。

Corporate bonds have pretty much slowed to a stop.

公司债券几乎已经放缓到了停止的程度。

Corporate bonds are rated for creditworthiness by the big ratings agencies.

大型评级机构对企业债券的信用可靠程度进行评级。

Who is affected most by these IPO slowdowns and these corporate bond slowdowns?

谁受这些首次公开发行放缓和公司债券放缓的影响最大呢？

They use Treasury funds to back the corporate bond and municipal debt markets, among other things.

他们利用国库资金支持公司债券和市政债券市场等。

By this I mean corporate bonds, so companies coming to the bond market and borrowing money.

我指的是公司债券，即公司来到债券市场借钱。

In other industries, for example, banks will provide credit lines or arrange corporate bonds or do other sorts of financings.

例如，在其他行业，银行将提供信贷额度或安排公司债券或进行其他类型的融资。

And maintain a rainy-day fund in safer places, such as TIPS, certificates of deposit or highly rated municipal or corporate bonds.

把以防万一的资金放在比较安全的投资上，比如通货膨胀 保值债券、定期存单，或评级较高的市政债券或公司债券。

You can buy government bonds or corporate bonds.

您可以购买政府债券或公司债券。

Yields on corporate bonds would spike as investors scrambled for cash.

随着投资者争夺现金，公司债券的收益率将飙升。

If you invest in real estate, commodities, municipal or corporate bonds, these risks matter to you.

如果您投资于房地产、商品、市政或公司债券，这些风险对您来说很重要。

The market for American investment-grade corporate bonds has tripled in size since 2009, to nearly $5trn.

自 2009 年以来， 美国投资级公司债券市场规模增长了两倍，达到近 5 兆美元。

Of the $5trn-worth of corporate bonds issued since the start of 2020 some 87% pay fixed coupons.

在 2020 年初以来发行的价值 5 万亿美元的公司债券中，约 87% 支付固定息票。

Investors feel more comfortable owning corporate bonds, because the Federal Reserve has, in effect, provided a liquidity backstop for the market since last March.

投资者更愿意持有公司债券，因为自去年3月以来，美联储实际上为市场提供了流动性支持。

So corporate bonds, the way that they change hands has been stuck in the dark ages for like, ever.

因此，公司债券及其转手方式一直处于黑暗时代。

Now, Citadel Securities run by Ken Griffin has started getting into this game and facilitating trades in corporate bonds.

现在，肯·格里芬 (Ken Griffin) 经营的 Citadel 证券已开始涉足这一领域， 并为公司债券交易提供便利。

The index, they find, correlates tightly with corporate-bond spreads (the difference between yields on corporate and government bonds, which usually widens as investors turn pessimistic).

他们发现，该指数与公司债券利差(公司债券和政府债券收益率之间的差距，通常随着投资者变得悲观而扩大)密切相关。

The spread, or additional yield, over Treasury bonds offered by American corporate bonds is close to its pre-pandemic low and not far from its all-time low.

美国公司债券与国库券之间的息差(或者说额外收益)已经接近大流行前的低点，距离历史低点也不远。

I mean, a few big companies so the first corporate bond was actually in Amsterdam, is a Dutch East India Company.

我的意思是， 有一些大公司， 所以第一张公司债券实际上是在阿姆斯特丹，是一家荷兰东印度公司。

Yields on riskier high-yield, or " junk" , corporate bonds have more than doubled in America and the euro area, to 9.4% and 7.8% respectively.

美国和欧元区风险较高的高收益或“垃圾”公司债券的收益率翻了一番多，分别达到 9.4% 和 7.8%。