英文原文是a lower yield spread in the issuance of a bond (i. e. ,higher pricing) predicts a higher probability of the underwriter 's being retained by the issuer for its future bond issuance. 我的理解是发型债券的的利差较低（即定价较高？）意味着承销商可能会被发行人为将来的债权发行保留的概率较高。