Municipal Bond Market

By September, a nonprofit hospital in Philadelphia found it could not borrow money through a traditional bond offering because the municipal bond market had come to a virtual halt.

到9月份，费城某非营利性医院发现，由于市政债券市场已经近乎停业，不能通过传统的发行债券借钱。

Worse, two little-noticed but important bits of the market have imploded this month, and there are fears for a third, known as closed-end municipal-bond funds.

更为糟糕的是，在这个月，债券市场中两个很少引起关注但是很重要的部分崩溃了，并且人们担心下一个可能是封闭式市政债券基金。

To make matters worse, bond insurers, which rate America's $2.5 trillion municipal-bond market, are also up to their necks in CDOs.

雪上加霜的是，债券保险人也在抵押债权凭证中泥足深陷，而它们还担当着为价值25000亿美元的美国市政债券市场进行评级的重任。