Bond investors might still take fright if there is an unexpected rush of new borrowing-for a fresh bank bail-out, say.

但是当意想不到的新借贷出现时，比如进行新一轮的银行疏困，那么债券投资者也许还是会受到惊吓。

youdao

They have stampeded into the bond markets to take advantage of low borrowing costs and push out refinancing dates while they can.

他们已涌入证券市场，利用低价位买入，以便在再筹资时抛售。

youdao

It would be selling the bonds and buying the stocks because what's happened to the extent that you have bonds in your portfolio, interest rates are at rock bottom, which means that bond prices are up, the funds have done very, very well, so take some money out of the bond funds and put them into equity funds.

FORBES: Intelligent Investing Briefing Book

However, when individual investors decide to take their money out of a bond fund, the portfolio manager may be forced to sell bonds at less than desirable prices to give them back their money.

FORBES: Are Your Bonds Safe?

This should be enough to take Italy and Spain out of the bond market shooting gallery for a year.

BBC: How will the two speed Europe get into gear?