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呼和浩特赛罕区自体脂肪填充多少钱赛罕区妇幼保健人民中医院打瘦腿针多少钱Finance and economics财经商业High-yield bonds高利债券An appetite for junk来点垃圾Companies have taken advantage of investorsgrowing willingness to buy speculative bonds公司很好的利用了投资者日益高涨的购买投机性债券的意愿WHEN cash deposits pay virtually zero, investors have an incentive to take risks in search of higher returns.当存款利率近乎于零,投资者便会冒险寻求更高收益。That has been good news for the high-yield, or junk, bond market, where companies with poor credit ratings turn for finance.而这对于高利债券、或垃圾债券市场来说,无疑是个好消息,那些信用评级差的公司通常通过这种方式融资。Many companies can now borrow at rates that governments would have been pleased to achieve two decades ago.现在,许多公司可以以各国政府二十年前喜闻乐见的利率获得投资。Indeed, so low have borrowing costs fallen that some wags have dubbed the market the asset class formerly known as high-yield.诚然,借贷成本降至如此之低,甚至有人将其戏称为前高利债券。Until the hiatus related to the budget crisis inAmerica, companies were rushing to take advantage of this financing opportunity.直到此次美债违约,各家公司纷纷借助这股东风融资。In the first nine months of the year global high-yield-bond issuance reached 378.2 billion, up by 27% on the same period in 2012, according to Dealogic, a financial-data firm. Sprint,据金融数据公司迪罗基称,今年前九个月发现的高利债券达到了3782亿美元,同比增长27%。an American telecoms company, raised 6.5 billion in two simultaneous bond issues, the largest-ever junk financing.美国电信公司Sprint通过同步发行债券筹集到了65亿美元,这也是迄今为止最大的垃圾融资。Low rates will not last forever, so companies are keen to take advantage of what might be an historic opportunity.低利率不会持续太久,公司自然不会错过这次千载难逢的机会。And investors have been happy to take the extra yields on offer, given the positive returns achieved since .鉴于年后获得正收益,投资者也乐意出资获取额外收益。In America, the modern high-yield-bond market dates back to the 1980s. Until then, high-yield bonds were usually fallen angels—companies which previously had an investment-grade credit rating but had seen their finances suffer.美国现代高利债券起源于上世纪八十年代。在那之前,高利率债券通常都是落难天使—此前已获得投资信用评级的公司都遭遇过财务危机。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,德瑞债券的迈克尔米尔肯为高利债券发行者发现了新的市场,而这通常和公司收购行动密不可分。The market is now huge.现在,这一市场前景广阔,A study by Russell, a consultancy, estimated its total size at 1.7 trillion.咨询公司Russell预计其总需求为1.7万亿。Almost half of all the corporate bonds rated by Standard amp; Poors are classed as speculative, a polite term for junk.标普公司发布的信用评级中超过半数公司债券均为投机性债券—垃圾债券的委婉说法。Part of this is down to fashion; companies have been urged to return spare cash to shareholders and to make their balance-sheets more efficient by taking advantage of the tax deductibility of interest payments.其中,部分债券已经流于形式,股东撤回公司闲钱,如此便可利用付息债券避税,从而使得资产负债表更加均衡。Another big boost to the market has been the broadening of its base beyondAmerica.高利债券膨胀的另一大原因是除美国市场之外,世界其他地区需求增加。According to Fraser Lundie, a high-yield-bond manager at Hermes,America comprised 89% of the market in 1998; now it forms just 57%.Europehas gone from 3% of the market to 27%.爱马仕高利债券经理弗雷泽伦迪表示,1998年美国国内发行的高利债券占全世界的89%,现在降至57%,而欧洲则由当初的3%增至27%。The rise of high-yield bonds has been handy for European companies in the wake of the financial crisis, as many banks have been seeking to shrink their balance-sheets, and have been less willing to offer loans.随着金融危机的爆发,高利债券发行量的增长对欧洲公司来说也极为便利,因为都减少贷款,平衡资产负债表。Historically, European companies have been much more dependent on bank finance than their American counterparts.从历史观点上说,相对于美国公司,欧洲公司对的依赖更强。They also used to be warier of seeing their bonds classed as junk.过去,欧洲公司甚至害怕其债券被评为垃圾级。Low rates have been good for the market in another way.从另一个层面来说,低利率对市场有利。They have enabled companies to refinance their debt cheaply, and so pushed back the nettlesome day when their finances will be squeezed by higher borrowing costs.因为这样公司可以以低成本获得再融资,当初借贷成本高不说,还很难获得通过,简直苦不堪言。A few years ago there was a worry that a lot of debt would need to be refinanced in 2012 and 2013; now the refinancing hump will not come until 2017 and 2018.几年前,人们担心过多债务会导致2012年、2013年时需要再融资;现在,在2017年、2018年之前再融资峰值是不会出现的。A long period of cheap finance makes it less likely that issuers will be forced to default in the short term, and the reduced likelihood of default makes it more attractive for investors to hold bonds.长期的低成本融资让债券发行方短期内违约的可能性大大降低,违约可能性的降低又会吸引更多投资者持有债券。In the wake of Lehmans collapse, the sp on junk bonds rose so far that it implied default on a scale not seen since the Great Depression.随着雷曼兄弟的破产,垃圾债券的差额大幅增长,这也就导致了大萧条后前所危机的违约浪潮。But after a brief spike to 13.7% in , the default rate on global high-yield bonds dropped steadily and was just 2.8% in September, according to Moodys, another ratings agency.但是,据评级公司穆迪称,年13.7%的违约高峰很快便平息;今年九月,全球高利率债券违约率仅为2.8%。But not all is sunny in the high-yield world.但是,高利债券市场并非总是风平浪静。Although the market has doubled or tripled in size since 2008, liquidity has diminished.尽管自2008年后高利债券市场规模已经增至原来的两至三倍,债券的流动性却降低了。Regulatory restrictions mean that banks no longer hold as much inventory in the form of bonds; since 2002, there has been a decline of almost three-quarters.监管限制让无法继续像以前那样持有太多债券形式的存货。自2002年来,所持债券已经减少了75%。PIMCO, a huge bond-fund manager, said in a recent report, We see reduced liquidity as an important secular trend. It is an unintended consequence of the deleveraging and re-regulation of banks globally. It will result in higher volatility in times of stress.近期,太平洋投资管理公司发布的一篇报道称,我们认为流动性的降低将会是一个重要的长期趋势,这是全球重新平衡、管理的副作用。In other words, if investors ever lose their current enthusiasm for high-yield bonds, they will find it much harder, and probably costlier, to offload them.换句话说,如果投资者对高利债券的热情降低,他们便会发现想要抛售这些债券将会更加困难、或许还会付出更高代价。Meanwhile, the growing enthusiasm for high-yield bonds is likely to diminish the returns they offer.与此同时,随着人们对高利债券愈发热衷,其回报率也会相应降低。In the past investors typically bought junk bonds at a discount to their face value; they hoped that the profits on bonds that were repaid at maturity would offset the losses on the few issuers that defaulted.过去,投资者都是以折扣价买入垃圾债券,他们希望债券到期的收益能够抵消部分违约发行者带来的损失。Yet in May this year the average price of a high-yield bond reached 6% above face value, according to Mr Lundie.然而,据伦迪数据显示今年五月高利债券的平均价格超过了其面值的6%。Holding a bond until maturity will thus result in a capital loss, although investors may still profit from interest.尽管投资者仍可从利息中获利,但持有高利债券直至到期将会造成一定资本损失。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.更糟糕的是许多债券—可能2/3或3/4的现行债券—都有看涨期权,如果债券达到一定价格,发行方可以偿还债务。That allows issuers to take advantage of growing optimism about their prospects to reissue bonds at lower interest.这也就使得发行方可以利用投资者不断高涨的乐观情绪,以更低的利率发行债券。Such call options skew the risk-reward trade-off.看涨期权让风险报酬交易失去了平衡。If a bond gets close to the callable price, it is unlikely to rise much further: who would bid 110 cents for a bond that can be redeemed at 104?如果某个债券接近可赎回价格,其价格也就不大可能会继续涨了:谁会愿意花110美分购买104美分就可以赎回的债券呢?On the other hand, if the company hits hard times, the bond could fall quite sharply in price. So investors face a limited upside and a big downside.另一方面,如果市场萧条,债券价格便会一落千丈。因此,对投资者来说此事弊大于利。That has tended to push investors towards ever riskier assets, such as CCC-rated bonds—the lowest category excluding those issuers that have aly defaulted.这回让投资者转向风险更大的债券,比如除违约债券以外的最低评级债券,CCC级债券。David Newman of Rogge Global Partners, a fund-management firm, reckons that such bonds are now probably overpriced, given the risks involved.来自资金管理公司Rogge Global Partners的大卫纽曼认为考虑到风险因素,这类债券目前可能定价过高。It is in the nature of the bond markets that, when conditions are good, investors get more relaxed about credit quality.债券市场的特性是当市场环境良好,投资者便会对信用质量更加放心。Some observers think that the risks of high-yield bonds are being systematically underestimated.部分观察人士认为,高利债券的风险被普遍低估。The sps paid by high-yield issuers are low relative to the historical average, although they are more than sufficient to compensate investors given the low level of defaults.尽管,考虑到低违约率,债券发行方更加确信可以让投资者收到回报;但是,同历史平均水平相比,现在高利债券发行方所付的利率更低。If central banks start raising interest rates to deal with a resurgence of inflation, or if the global economy slips back into recession, junk-bond investors may suffer a nasty shock. But for the moment they are enjoying the ride.如果央行为了规避通胀而开始提高利率,或者全球经济再度陷入萧条,垃圾债券投资者或许会损失惨重。但是,现在他们正享。 /201310/261375呼和浩特市第一医院激光去掉雀斑多少钱 呼和浩特胎记去除

土默特左旗妇幼保健人民中医院激光去斑手术多少钱内蒙古解放军第253医院打瘦腿针多少钱 South African cities南非城市现状Still worlds apart离破碎Urban communities remain divided along racial lines. Can that be changed?城市社区依然按照种族划分。这种状况是否有所转变?DRIVING throughSouth Africacan be like taking a disheartening trip back in time. Twenty years after introducing full democracy, the racist geography of the apartheid era is stubbornly unchanged.在南非境内驾车,犹如一场时空倒退的旅行。二十年前,南非就倡导完全民主,二十年后,南非的种族歧视和种族隔离并未得到一丝一毫改变。Most towns start with a collection of shacks, or perhaps rows of tiny matchbox houses, inevitably inhabited by blacks. A swathe of wasteland follows and then, further along, comes the town proper. Between the two, black people walk through fields or along roads—there are no proper pavements—or sometimes pile in and out of dilapidated minibus taxis en route from home to work. The effects of the Group Areas Act, which physically pushed non-whites to the margins of towns in 1950—at a distance, yet close enough to provide cheap labour—are still evident.多数城镇郊区都是成片破旧的、极其狭窄的房屋,这无疑是黑人的住所。周围是一大片荒地,再远处就是城区了。市区和郊区间并没有人行道,出门工作时,黑人们只能穿过田地或者道路,有时候还要挤破烂不堪的面包车。1950年族群住区法将非白种人驱赶至城市边缘地带—有一定距离,但这距离也足够提供廉价劳动力—这种状况如今并无任何转变。In sprawlingJohannesburg, the biggest city inSouth Africaand its economic heartland, government officials are trying to break down this “spatial apartheid”. City planners have embarked on an ambitious project to “restitch”Johannesburg, aiming to narrow the great distances between the black majoritys homes and their places of work. Getting communities to live side by side with each other will be no easy task. Income inequality and fear of violent crime have the effect of keeping races apart. Government efforts to provide electricity, water and housing to the poor have had the unintended consequence of strengthening apartheid geography by encouraging people to stay put. But the scheme can still make a big difference to peoples lives.约翰尼斯堡被分割的七零八碎,却是南非最大的城市和经济中心,政府官员们正在努力打破这种“种族隔离”状态。城市规划者们已经着手实施一项伟大工程—“重新使约翰尼斯堡成为一个整体”,缩短黑人住所和工作地点的距离。但是,让人们挨着彼此近距离生活、挨着彼此并不容易。收入不均和对犯罪的担忧也对种族隔离造成影响。政府努力给穷人们供应电力、水源和住房,鼓励人们待在原地不动,这也造成了种族隔离的意外结果。但是这种体制也大大改变了人们的生活。The flagship project inJohannesburgis a stylish pedestrian bridge that will link Alexandra township, where Nelson Mandela once lived and where the slum-like conditions havent changed much since, with Sandton, the citys wealthiest suburb, where a statue of Mr Mandela is dwarfed by upscale shopping malls. These two areas are close as the crow flies, but cut off from each other by the countrys busiest highway. The bridge should have great practical benefits. According to a traffic study, at least 10,000 people walk between Alexandra and Sandton every day. Construction is expected to start next month.约翰尼斯堡大张旗鼓的工程就像个时尚的人行天桥,链接着曼德拉曾住过的亚历山大小镇,那儿的贫民窟什么的至今并未得到改变,该城镇最富有的郊区桑顿屹立着曼德拉的雕像,但却因一座座拔地而起的购物商场而显的矮小。这两个地方像两条平行线,距离非常近,但却被中间繁忙的高速公路隔离开来。该工程应该有些实际利益。根据一项交通调查,每天至少有10000人步行在亚历山大和桑顿之间。预计下个月开始着手建设。Johannesburgs “Corridors of Freedom” plan also includes a major expansion of the citys bus network and dedicated walking and cycling paths, linking areas slated for “mixed-use”development. Low-income workers typically spend many hours and big chunks of their salaries on transport.约翰尼斯堡的“自由走廊”计划也包括扩宽城市的公交网,建设人行道和自行车道,发展“共用空间”。尤其是工作时间长的低收入人群,交通费用较大。The mayor, Parks Tau, speaks of “a comprehensive transformation of our spatial destiny and a break from our apartheid past.” The citys promotional material has a more pragmatic promise: “Gone will be the days of being forced to rise at dawn to catch a train, bus or taxi to a place of work.” Some residents in neighbourhoods along the planned corridors have complained of a lack of consultation from the city, and are fearful that crime may worsen as the masses pass by. But these changes are long overdue. A more efficient, people-friendlyJohannesburgwill be a far better city.市长帕克斯在谈到“我们的生存空间将会全方位转型,摆脱过去的种族隔离状态。”该城市的宣传资料中有这么个务实的承诺:“压迫的日子将一去不复返了,早起赶火车、公交、出租车去工作的日子也不再有了。” “自由走廊”附近的居民都抱怨与城区缺乏沟通,每天有大量人群路过怕不安全,加大犯罪率。但其实这些担忧都是没必要的,约翰尼斯堡的人们将会过上美好的生活。 /201408/321637呼和浩特激光去除妊娠纹

内蒙古自治区第二附属医院做祛眼袋手术多少钱 This is still our big season premiere week.And ... so were back to work and kids are back at school.Do any of you have kids? Kids?And kids who just started college?Andbody?今天仍是我们首映周 我们都上班了 孩子也上学了 你们谁有孩子呢 有没有谁的孩子上大学呢Yeah. Youre the happy ones,huh?Theyre gone. They are gone.I just an article about kids who started college this year.最开心的是你们吧 他们终于走了 走了 我刚看到篇关于新生入学的文章They are the class of 2017,which by the way is insance.The class of 2017.i graduated high school in 1976. And...thank you.他们是2017届 太让人难以接受了 2017届啊 我高中毕业的时候还是1976年呢 谢谢啊I graduated college in the...I didnt.But thats not the point.Doesnt matter.我大学毕业的时候也才 好像没毕业过 但不是重点啦 可以忽略Sometimes I dont think we realize how different our perspectives are from younger generations.These kids were born in 1995.有时候我们都意识不到 这些熊孩子们的三观和我们有多不同 他们1995年出生And theyre part of generation why.As in why you take so many pictures of yourselves.A question I have.他们是“为啥”的一代 为啥一天到晚都在自拍 这是个我不能解的迷Their world is so different than the world that I grew up in. You know, the news crawl, at the bottom of most of the news networks.They have never watched TV without that being there.他们的世界和我成长的世界如此不同 就比如说在新闻台下面的新闻滚条 打从他们看电视 这玩意儿就一直在To put that in perspective, when I was growing up,the only thing that crawled along my TV was a dust bunny,I named Kyle and referred to as my soul mate.相比而言 我小的时候 能滚过我家电视屏幕的唯有灰尘因子 灰尘因子凯尔 我的灵魂伴侣Kids...I was lonely.Kids starting college have always had internet and email.And theyve always had GPS.而现在的孩子们 我当年还真是寂寞啊 孩子们上大学都有网络和邮箱SAnd theyve always had GPS.Can you imagine that? Theyve always had GPS.So theyve never had to pull into a gas station to ask for directions.How crazy is that?而且他们入手一个定位系统 你敢想么 人手一只定位器 于是他们从不用去加油站问路 多疯狂啊I mean, if I never had to do that,I never would have met my first slim jim.Not the food.He was a drifter I met in Texaco.It was my first one.Means there were many.真的 如果我也这样的话 我就不会遇到我的第一只大麻 不是吃的啦 是我在加油站遇到的一个流浪哥 好吧 是我的第一 说明以后有很多And I just realized,if they were born in 1995.That means basically for their entire lives Ive been gay.Thats what I realize.So...its crazy.我突然意识到 如果他们是在95年出生 那打从他们记事起我就已经出轨了 我刚刚意识到呢 所以 多无厘头啊They...they text, they tweet, they twerk,they have names like Twitch,who is my guest DJ today.So,I say it to you, Twitch,make me twerk.他们发短信 推特 跳抖臀舞 还有诸如Twitch这样神奇的名字 他是我今天的代班DJ 那么 Twitch 让我扭起来吧注:EllenShow中英字幕来源于:艾伦秀字幕组 /201310/260911呼和浩特京美整形美容医院治疗黄褐斑清水河县自体脂肪填充多少钱



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