The urbanization results in the birth of municipal bond.
城市化的进程催生了市政债券的诞生。
Lot's of investors won't buy a municipal bond unless it's insured.
如果市政债券没有投保，很多投资者是不会去购买的。
Then, the value of the subprime loans that the municipal bond insurers own starts to go down.
接着，市政债券保险公司，持有的次级贷款价值开始下跌。
The other thing that's happened now is that Warren Buffett said he wants to get into the municipal bond insuring business.
还有一件事，沃伦·巴菲特说，他希望介入市政债券保险这一领域。
Lately corporate and municipal bonds have rallied, with Merrill Lynch's junk-bond index gaining more than 6% in December, the strongest monthly increase since 1991.
最近，企业和市政债券价格有所反弹，去年12月美林证券公司的垃圾债券指数上涨超过6 %，是1991年以来最强烈的月度上涨。
The American International Group, Fannie Mae, Freddie Mac, General Electric and the municipal bond guarantors Ambac Financial and MBIA all had triple-A ratings.
美国国际集团、房丽美、房地美、通用电气、市立债券担保人——美国债券保险公司、MBIA都曾经拥有3A的评级。
That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.
那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。
We told you last year that very unusual conditions then existed in the corporate and municipal bond markets and that these securities were ridiculously cheap relative to u.
我们去年曾告诉你，公司和市政公债市场存在非常罕见的情况，这些证券与美国财政部的相比非常便宜，我们通过几项采购支持了这个观点。
By September, a nonprofit hospital in Philadelphia found it could not borrow money through a traditional bond offering because the municipal bond market had come to a virtual halt.
到9月份，费城某非营利性医院发现，由于市政债券市场已经近乎停业，不能通过传统的发行债券借钱。
Municipal-bond markets continued to rally, however, on the news that Wilbur Ross and Bill Gross, two big investors, were ploughing money into municipal bonds that are being sold-off cheaply.
尽管两大投资者Wilburross和BillGross分别把资金投入到市政债券(正被廉价出售)，市政债券市场的仍在持续反弹。
The housing sector in the United States, you might say, is completely different from municipal bond insurers; but when the housing sector starts going down, people start defaulting on their mortgages.
你可能会说，美国房地产，是与市政债券保险公司完全不同，但是当房地产行业开始衰退，人们就开始对抵押贷款违约。
Their ratings of corporate debt may have held up well, but they were way off in structured securities, not a lot better in sovereign debt, and now their municipal-bond ratings, too, are under fire.
他们对公司债券的评级倒还好说，但是对于结构性债券就不那么上道了，主权债券也好不到哪儿去，而最近他们对于市政债券的评级又被口诛笔伐。
Worse, two little-noticed but important bits of the market have imploded this month, and there are fears for a third, known as closed-end municipal-bond funds.
更为糟糕的是，在这个月，债券市场中两个很少引起关注但是很重要的部分崩溃了，并且人们担心下一个可能是封闭式市政债券基金。
As a result, I've bought some municipal-bond funds, whose yields remain unusually high compared with U.S. Treasurys.
因此我买进了一些市政债券基金，较之美国国债，其收益率仍处于不寻常的高位。
To make matters worse, bond insurers, which rate America's $2.5 trillion municipal-bond market, are also up to their necks in CDOs.
雪上加霜的是，债券保险人也在抵押债权凭证中泥足深陷，而它们还担当着为价值25000亿美元的美国市政债券市场进行评级的重任。
First, many industry experts and financial planners whom I've spoken with believe some of the best bond market opportunities are in the municipal markets.
首先，一些我接触的专家和财经人士都相信地方市场是最有机会的公债市场。
And in the municipal-bond market, the spread reaches 2%, according to a similar study published by the SEC in the summer.
据证券交易委员会今年夏天发表的一份类似的调查报告，市政证券市场进出差价达到2%。
You need to calculate the tax free yield on the municipal and then compare it to the 8% stated yield on the corporate bond.
你需要计算的税收市级和8%的人表示对企业债券的收益率比较自由产量。
You need to calculate the tax free yield on the municipal and then compare it to the 8% stated yield on the corporate bond.
你需要计算的税收市级和8%的人表示对企业债券的收益率比较自由产量。
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