Now, the CDS market offers a convenient way of shorting bonds, but the risk/reward asymmetry works in the opposite way. Shorting bonds by purchasing a CDS contract carries limited risk but almost unlimited profit potential, whereas selling a CDS contract offers limited profits but practically unlimited risks.
现在，CDS市场给了卖空债券打开方便之门。风险回报曲线的不对称就会返向逆转。购买CDS合同来卖空债券的风险有限，而收益却是无限的。然而，出售CDS合同的所得的利润有限，但风险是却是无限大。这自然鼓励了买空的投机行为，从而导致优先债券下行压力加大。