Default is a failure to pay interest or principal when it is due. It can be a missed payment, a distressed exchange, or a formal bankruptcy filing. Lenders then recover only part of what they are owed.
违约是没能按期支付利息或本金。它可以是一次漏付、一次困境置换，或正式的破产申请。出借人随后只能收回欠款的一部分。
Default is where the risk premium stops being theoretical. A bond trading at 60 cents is the market saying recovery will be about 60%. Because defaults cluster — one borrower failing usually means its suppliers and customers are stressed too — the damage is never confined to the lender's own book. That clustering is what turns a credit problem into a recession.
违约是风险溢价从理论变成现实的地方。一只债券跌到 60 美分，就是市场在说：回收率大约 60%。
违约会成簇出现：一家借款人倒下，通常说明它的供应商和客户也在承压，所以损失从不只落在放款人自己的账上。这种成簇性，正是信用问题演变成衰退的路径。
Default means zero recovery
Recovery averages 40–60% for senior secured debt, less for subordinated.
Missed payment equals default
There is usually a grace period; a distressed exchange can also count.
Sovereign default is rare
It happens often enough that ratings and spreads price it in.
· default on its debt
· a technical default
· recovery rate
· distressed exchange
· cross-default clause
default on its debt 债务违约；a technical default 技术性违约；recovery rate 回收率；distressed exchange 困境置换；cross-default clause 交叉违约条款。
· default vs delinquency (missed payment vs sustained failure)
· default vs restructuring
default 是实质性违约，delinquency 是逾期；default 是没还上，restructuring 是重组后继续经营。
The issuer defaulted on $Xm of notes after a 30-day grace period expired.
违约句：发行人在 30 天宽限期结束后，对 X 百万美元票据违约——grace period 是判断「技术性」还是「实质性」的关键。