一级市场，英文表达为Primary Market/ New Issue Market，是筹集资金的公司或政府机构将其新发行的股票和债券等证券销售给最初购买者的金融市场。一级市场主要是发行者和承销商的交易；

二级市场，英文表达为Secondary Market，即证券交易市场也称证券流通市场、次级市场，是指对已经发行的证券进行买卖，转让和流通的市场。二级市场主要是投资者之间的交易。

参考双语例句：

Coordination and hold-out problems are exacerbated by the presence of vulture creditors, who buy the debt at a deep discount on the secondary market with the intention of litigating, after the majority of creditors have reached a settlement with the defaulting country

协调和抵制的问题因趁火打劫的债权人的存在而进一步加剧，这种债权人在二级市场上以极大的折扣买下债务，目的是在大多数债权人与违约的国家达成解决办法之后，进行诉讼；(c)国家在债务重组过程中无法获得私人临时融资，因为这种融资的资历并

In addition, it may be necessary to consider whether a secondary market for sovereign debt is appropriate, while remaining aware of the importance of the secondary market for other types of debt.

此外，在认识到其他类型债务二级市场的重要性的同时，可能有必要考虑主权债务二级市场的存在是否合适。

Some sort of channels may of course be provided to link up the second market and the primary market, but speculative activities in the latter must not be allowed to spill over to the former, and there must be no speculation in the second market because speculative activities will in effect render the second market useless.

当然，也可以提供渠道让第二市场和第一市场互通，但却不是让第一市场的炒卖活动进入第二市场，令第二市场也出现炒卖活动，这样便等于没有第二市场。

If in the opinion of the Lead Manager there shall have been, since the date of the Subscription Agreement, any change, or any development involving a prospective change, in national or international monetary, financial, political or economic conditions (including any disruption to trading generally, or trading in any securities of the Issuer on any stock exchange or in any over-the-counter market) or currency exchange rates or foreign exchange controls such as 5 would in its view, be likely to prejudice materially the success of the Bond Issue and distribution of the Convertible Bonds or dealings in the Convertible Bonds in the secondary market; and

如果上述任何一项先决条在截止认购日或期权终止日（视属何情况而定）之前仍未达成或未获牵头经办人豁免；(iii)如果牵头经办人认为自认购协议立约之日起，在本国或国际性的货币、金融、政治或经济状况上，或在外汇汇率或外汇管制措施上，已出现牵头经办人认为可能会重大地有损债券发行及分销可换股债券的成功进行，或可换股债券在二级市场的买卖的任何转变或可能导致该等转变的事态发展（包括对普遍的证券买卖，或对发行人证券在任何交易所或场外交易市场的买卖造成的扰乱）；以及