垃圾债券

在欧洲，高收益债券和银行贷款市场更为传统的领域非常关键。政策制定者并未寻求解决垃圾债券市场停滞的问题，有迹象表明，这令许多银行家和分析师感到受挫。

In Europe , high-yield and bank lending the more traditional arenas are critical , with many bankers and analysts showing signs of frustration that policymakers have not sought to address the problems of the dormant junk bond market .

法国巴黎投资（BNPParibasInvestmentPartners）全球信贷分析师马丁•福里得森认为，垃圾债券利差现在显示经济陷入衰退的几率为48%。

Junk bond spreads now signal a 48 % chance of a recession , according to Martin fridson , global credit strategist at BNP Paribas Investment Partners .

事实上人们对垃圾债券的称谓有误，所以产生了误解。

The truth is that junk bonds were misnamed , and therefore misunderstood .

此案的共同被告因向数千不明真相的存款人出售毫无价值的垃圾债券而被起诉。

The co-defendants are charged with selling worthless junk bonds to thousands of unsuspecting depositors .

标普将“最薄弱环节”定义为持有垃圾债券、评级在b-或b-以下、并有可能进一步降级的负债公司。

S & P defines weakest links as borrowers with junk bonds with ratings of B minus or lower and at risk of further downgrades .

信用评级在CCC或以下的债券为具有最高违约风险的垃圾债券。

Credit ratings of CCC or below are reserved for junk bonds with the highest risk of default .

估值也很困难，那顶17世纪的王室皇冠的流动性甚至还不如投资垃圾债券的交易所交易基金（ETF）。

Valuation is tough , too , with 17th century royal headwear even less liquid than junk bond ETFs .

自9月份以来，只有一只垃圾债券得以发行，即美高梅金殿梦幻（MGMMirage）发行的7.5亿美元债券。

Just one junk-bond issue has made it out since September , a $ 750 million issue for MGM Mirage .

具有最高违约风险的债券在垃圾债券（junkbond）市场中所占比例日益上升，令市场不禁担心：下一轮企业破产现象可能会比上一轮更严重。

The amount of debt carrying the highest risk of default is rising as a proportion of the junk bond market , prompting fears the next cycle of corporate failures could be more severe than the last .

然而信用违约互换（cds）显示，欧洲垃圾债券的跌幅并不比美国垃圾债券更大，而据瑞信（creditsuisse）估计，当前收益率意味着违约率将只有4%，并不是那么高。

Yet credit default swaps show European junk bonds fell little more than us junk , and Credit Suisse reckons current yields are in line with a default rate of just 4 per cent , not that high .

最新数据显示，本次金融危机期间，在金融业因严重信贷紧缩而步履维艰之际，银行用数十亿美元“垃圾债券”和其它低评级抵押品，向美联储（fed）换取了亟需的流动性。

Banks flooded the Federal Reserve with billions of dollars in " junk bonds " and other low-grade collateral in exchange for much-needed liquidity during the crisis , as the financial sector struggled under a crippling credit crunch , new data show .

美林证券（MerrillLynch）的一个相关指数显示，垃圾债券今年的回报率达到56%，轻松超过1991年39%的历史纪录。

Returns on junk bonds this year are running at 56 per cent , according to a Merrill Lynch index , easily beating the previous record of a 39 per cent return in 1991 .

在最近这次信贷泡沫中，想法就是把债务分开拆碎，然后分发到世界各地，垃圾债券能就这样奇迹般地转变为3A级投资对象。

And in the recent credit bubble , the idea was that by slicing and dicing debt , and distributing it widely around the world , junk debt could be miraculously converted into triple-A investments .

债券基金管理公司DoubleLineCapital的负责人杰弗里•岗德拉什非常担心，拖欠不可能持续走低，那些购买了垃圾债券、大宗商品以及银行贷款等风险较高的资产的投资者会被套牢。

Jeffrey gundlach , head of bond fund manager doubleline capital , worries that defaults are unlikely to remain low and that investors in riskier assets like junk bonds , commodities , and bank loans are in for nasty surprises .

国债价格确实上涨了，与国债价格反向运动的国债收益率跌至历史低位，但标普500股票指数（Standard&Poor's500-stockindex）今年至今也已上涨近14%，高收益“垃圾债券”的回报率接近10%。

Treasury prices did indeed rise , while their yields , which move in the opposite direction , fell to record lows . But the Standard & Poor 's 500-stock index has gained nearly 14 % so far this year , while high-yield ' junk ' bonds have returned nearly 10 % .

去年美国垃圾债券的总体收益率达到15%，致使太平洋投资管理公司（pimco）和贝莱德（blackrock）等大型债券投资机构发出警告，投资者所得的回报与他们所承担的风险不相称。

The total return for us junk bonds was 15 per cent last year , spurring such large bond managers as PIMCO and BlackRock to warn that investors were not being properly compensated for the risks they were taking .

债券专家W.BraddockHickman的研究资料表明，由于违约风险，垃圾债券只是在极少的情况下表现比绩优债券强。

The data from the maven of bond research , W.Braddock Hickman , shows that junk debt outperforms high quality only in rare situations , because of the default risk .

垃圾债券的这番表现，令众多分析师和决策者感到意外。

The rally has taken many analysts and policymakers by surprise .

没有哪个神智正常的人会购买这样的垃圾债券。

No one in their right mind would buy such junk bonds .

没错，企业垃圾债券今年已经上涨近10%；

Yes , corporate junk bonds have rallied nearly 10 % this year .

垃圾债券：一种有前景的商业冒险金融工具

Junk Bonds : A Financial Means With a Bright Future for Business Venturing

不过，企业垃圾债券的整体上扬也让寻找价值洼地变得相对困难。

The rally , though , has made it tougher to find value .

亿万富翁杰弗里·冈拉克相信，下一场危机会在垃圾债券市场爆发。

Billionaire Jeffrey Gundlach believes the next crisis will be in junk bonds .

一旦发现处于“垃圾债券”的关系中，立即出手。

And once you find you that are in a junk relationship , sell immediately .

如果垃圾债券市场枯竭，普通投资者会陷入价格挤压。

A lot of people could get squeezed if the junk bond market dries up .

另一件怪事是垃圾债券。

Another oddity is in junk bonds .

垃圾债券是过去五年里投资者的快餐。

Junk bonds have been investors ' snack of choice over the past five years .

作为一种新现象，在与兼并或收购活动的相关方面，垃圾债券受到广泛关注。

As a new phenomenon junk bonds are concerned with the relative aspects of merging .

垃圾债券也苦不堪言。

Junk bonds are also suffering .

依据矿产资源储量可信度的高低发行最优、次优和垃圾债券。

Issuing the optimal , superior and junk bonds depend on different credibility of mineral reserves .