Instead of paying up, bondholders have reaped vast profits.

券持有有进行支付，反而获得了巨额利润。

Whereas the additional tier 1 bond holders have been wiped.

而额外 1 级券的持有已经被抹去。

Argentina defaulted on its debts on Wednesday after a last minute talks with the group of bond holders collapsed.

周三，与这些券持有进行的最后谈话破裂后，阿根廷再次违约。

Holders of " Alternative-Tier 1" bonds issued by Credit Suisse were written off altogether.

瑞士信贷发行的“额外一级”券的持有被全部注销。

America's Congress is unlikely to provide official loans to pay off private bondholders, as the Europeans did for Greece.

美国的国会也不大可能像欧洲对希腊那样提供官方贷款来支付私券持有。

Typically, bond holders take precedence over shareholders.

通常，券持有优先于股东。

To keep bondholders happy, therefore, the government needs room for manoeuvre.

因此，为了让券持有满意，政府需要留有回旋余地。

But pension funds are not the only bond holders that may face liquidity issues.

养老基金并不是唯一可能面临流动性问题的券持有。

And all of this is encoded in the covenant between him and the bond holders.

所有这一切都被编码在他和券持有之间的契约中。

Consider, by contrast, the plight of bondholders.

相比之下，我们来考虑一下券持有的困境。

It is hard to fault bondholders for their reluctance to offer reasonably priced protection against new and more unpredictable disasters.

券持有不愿意为新的、更不可预测的灾难提供价格合理的保护，这是无可指摘的。

To the bondholders or creditors, on the other hand, falling prices were clear gain.

——另一方面，对于券持有或权来说，价格下跌是明显的收益。

'Of course, our shareholders, bondholders and lenders all take a keen interest in our accounts!

“当然，我们的股东、券持有和贷方都对我们的账户常感兴趣！

Yet putting bondholders ahead of pensioners and soldiers would be unpalatable and may prove unsustainable.

然而，将券持有置于养老金领取者和士兵之前将是令不快的，而且可能被证明是不可持续的。

I think shareholders, analysts, bondholders, they want to see tangible results in the next six months.

我认为股东、分析师、券持有，他们希望在未来六个月内看到切实的成果。

Bondholders often take soakings after wars and crises, which usually create a surge in inflation.

战争和危机过后，券持有往往会遭受损失，而这通常会导致通货膨胀飙升。

They're allowed to charge the public for the use of their things in order to pay back the bond holders.

他们被允许向公众收取使用其物品的费用，以偿还券持有。

America's Treasury Department stopped American banks from facilitating repayment of Russian debt, in effect blocking Russia from reimbursing holders of its bonds.

美国财政部阻止了美国银行为偿还俄罗斯务提供便利，这实际上阻止了俄罗斯偿还其券持有。

The gulf between the devastation and the rude returns available to bondholders is a stark demonstration of the limits of the asset class.

灾难破坏和券持有可获得的微薄回报之间的鸿沟，鲜明地展示了这一资产类别的局限性。

That increased the risk of future defaults or delay in payments to bondholders—thereby reducing the present value of those bonds.

这增加了未来违约或延迟向券持有付款的风险，从而降低了这些券的现值。