It could also, if broadly adopted, vest unprecedented power in the hands of its issuer.

如果广泛使用，发行者还能前所未有的权力。

Fortunately, at least some issuers seem prepared to give a helping hand.

幸运的是，至少有些发行机构似乎准备伸出援手。

As the issuer of the currency, the federal government can never run out of money.

作为货币的发行者，联邦政府永没钱。

Credit-card issuers in turn use miles to lure customers with bonuses.

信用卡发卡机构反过来用里程来吸引顾客。

They include bars of gold stamped with the name of the issuer.

其中包括印有发行者名字的金条。

" There are hundreds upon hundreds of issuers. You spread that risk around, because defaults do happen."

“有成千上百为发行人，你分散了风险，因为违约确实发生。”

Mr Momtaz found that not only did issuers systematically overplay their tokens' prospects but that investors fell for it.

蒙塔兹发现，仅发行者系统性夸大了代币的前景，而且投资者也上当了。

That allows issuers to take advantage of growing optimism about their prospects to reissue bonds at lower interest.

这就允许债券发放者利用自身发展前景的看好势头，以较低利率重新发放贷款.

Your cash flow continues as long as the issuer doesn't go bankrupt.

只要发行人破产， 您的现金流就继续。

" There is a lot of basic blocking and tackling that can't get done, and that will impact a number of issuers."

“有大量基本的障碍和问题都解决，许多发行方都因此受影响。”

Puerto Rico is the third-largest issuer of state and local debt in the United States. Only California and New York have more debt.

波多黎各是美国第三大州级和方债发行者，比该州债务更多的只有加州和纽约。

On July 4th the bank said it would " tilt" its corporate-bond buying towards issuers " with better climate performance" .

7 月 4 日，该银行表示将向“气候表现更好”的发行人“倾斜”公司债券购买。

On the other hand, if the company hits hard times (and high-yield issuers are by definition more risky), the bond could fall quite sharply in price.

另一方面，如果企业遭遇困难期(高收益的债权理论上来说也就风险更大)，债券的价格巨幅下降.

Or is Starbucks is going to be - I don't know - the you big credit card issuer that happens to sell coffee?

或者星巴克将成为——我知道——碰巧销售咖啡的大型信用卡发卡机构？

It was already clear that the allegiances of rating agencies—beholden to both investors in and issuers of debt—had been stretched beyond a healthy limit.

很明显，评级机构对投资者和债务发行人的忠诚度已经超出了健康的限度。

Bausch Health, a health-care provider, gave up the ghost on September 30th, taking the default rate for high-yield issuers to its highest since June 2020.

医疗保健提供商 Bausch Health 在 9 月 30 日放弃了鬼魂，使高收益发行人的违约率达 2020 年 6 月以来的最高水平。

Worse, many bonds—perhaps two-thirds or three-quarters of the market—have a “call option” attached to them that allows the issuer to repay the debt if it reaches a certain price.

更糟糕的是，大约2/3或3/4的市场中许多债券同看涨期权相挂钩，即如果债券达了一定价格后，允许证券发放者偿还债务.

The fixed stream is quoted as a percentage of the amount insured, or " spread" , and implies a probability of default for the issuer of the underlying bond.

固定流被引用为保险金额或“差价”的百分比，并暗示基础债券发行人的违约概率。

The high-yield end of the market—the roughly $1.8trn owed by sub-investment-grade issuers, which tend to be smaller or heavily indebted companies—saw a wave of refinancing in 2020 and 2021.

市场的高收益端——次级投资级发行人所欠的大约 1. 8 万亿美元，这些发行人往往是规模较小或负债累累的公司——在 2020 年和 2021 年出现了一波再融资浪潮。

But Michael Milken and his team at Drexel Burnham Lambert, an investment bank, discovered there was a market for high-yield debt from new issuers, often in connection with companies making takeover bids.

但是米歇尔米尔肯同其在德崇公司(一家投行)的团队发现，新证券发放者那里存在着一个高收益债务市场，这些发放者通常都与进行收购行为的公司有联系.