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

泛使用，发行者还能得到前所未有权力。

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

作为发行者，联邦政府永远不会没钱。

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

幸运是，至少有些发行机构似乎准备伸出援手。

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.

更糟糕是，大2/3或3/4市场中许多债券同看涨期权相挂钩，即债券达到了一定价格后，允许证券发放者偿还债务.

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地方债发行者，比该州债务更多只有加州和纽。

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

“有大量基本障碍和问题都得不到解决，许多发行方都会因此受到影响。”

There is a risk that credit will be extended to you in a situation where you're not likely to be able to repay and that's not good either for the issuer of the credit or for the consumer.

有一种风险是，在你不太可能偿还贷款情况下，贷款会被发放给你，这对信贷发行者和消费者都不是好事。

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

其中包括印有发行者名字金条。

" 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，因为违确实会发生。”

Wang Wenbin says the U. S. is the world's largest economy, and issuer of the major international currency, and its financial position and policy choices have important spillover effects on the world economy.

汪文斌表示，美国作为世界第一大经济体和主要国际发行国，财政状况和政策选择，对世界经济具有重要外溢效应。

These are securities that protect issuers, mostly insurers and governments, from severe losses in the event of a natural disaster by paying out when certain conditions are met.

巨灾债券是保护发行人（主要是保险公司和政府）在发生自然灾害时免受严重损失证券，当满足某些条件时（购买持有债券人）支付（利息或部分本金）。

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。

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

蒙塔兹发现，不仅发行者系统性地夸大了代前景，而且投资者也上当了。

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.

长期低成本融资，不太可能让债券发放者在短期被迫债务违.并且，债务违可能性降低，更能吸引投资者持股.

On top of this, investors are now demanding enormous returns in exchange for protecting issuers against losses from secondary perils.

除此之外，投资者现在要求获得巨额回报，作为保护发行人免受次级危险所造成损失交换条件。

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，企业遭遇困难期(高收益债权理论上来说也就风险更大)，债券价格会巨幅下降.

Issuers hope to cover themselves against low-probability outcomes with costs that could overwhelm them.

巨灾债券发行人希望为低概率事件给自己保险，这些事件带来损失可能是他们无法承受。

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)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公司有联系.

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看好势头，以较低利率重新发放贷款.

When you open up a credit card, the issuer is agreeing to lend you money.

当你开通一张信用卡时，发卡机构同意借给你钱。