The country issued almost 350 billion yuan of urban construction investment bonds in the five years to 2010.

到2010年为止的五年里，国家发行了将近3500亿元的城投债券。

From a longer time-span point of view, the new and old city investment bonds are still expected to differentiate.

从更长时间维度来看，预计新老城投估值仍将出现分化。

With less competition and volatile markets, the investment Banks that are still standing have been earning fat margins trading in currencies, commodities and bonds.

随着竞争减少，市场依然不稳定，仍然挺立的投资银行在货币、大宗商品和债券交易中赚取了丰厚的利润。

As Barclays Capital, a British investment bank, neatly puts it: "The entire asset class of bonds is characterised by symptoms of overvaluation and complacency."

一家英国投资银行，巴克莱资本公司巧妙地说：“债券这整个的资产种类都表现为价值高估和没有意识到风险的自满状态。”

Mr Hintz sees it as an encouraging sign that none of the investment banks issuing bonds in the second half of August pointed to new “material” risks, as required when a company raises debt.

Hintz先生认为在八月下半个月没有投资银行因为债务提高, 而发行债券以解决”缺钱”的问题.