The truth is that junk bonds were misnamed, and therefore misunderstood.
事实上，“垃圾债券”被叫错了名字，因此也被误解了。
More junk bonds are being issued than ever before, more risky loans are being offered.
垃圾债券和高风险贷款越来越多。
Yet, with a 20% average yield, junk bonds could provide nice returns, even in that scenario.
然而，即使在这种情况下，凭着20 %的平均收益率，垃圾债券可以提供不错的回报。
Almost every asset has increased in price, including art, emerging-market shares, junk bonds and property.
艺术品，新兴市场股票，垃圾债券和不动产等几乎所有资产的价格都升高了。
Investors have felt sufficiently flush with cash to buy high-risk assets, such as junk bonds or commodity futures.
投资者们热情十足，疯狂购买垃圾债券和商品期货等高风险资产。
Investors increasing their current yield by taking credit risk in junk bonds have recently learned a similar lesson.
那些为提高当前收益而承担垃圾债券信用风险的投资者最近也得到了类似的教训。
On August 16th the Fed reported that Banks had eased lending standards for small businesses; sales of junk bonds are rocketing.
8月16日美联储在报告中说，银行放松了对小公司的借贷标准，风险债券的销售在飞速上涨。
Over the year to the end of October, only 2.9% of American junk bonds had defaulted, according to Standard &Poor’s (S&P), a rating agency.
根据评级机构标准普尔（标普），到10月底截至的过去一年中，美国垃圾债券的违约率只有2.9％。
Traditional distress funds have drifted reluctantly into risky, but still solvent, junk bonds and high-yield loans to keep business ticking along.
百般无奈之下，传统危机基金开始调整食谱，转向高风险但偿还能力尚可的垃圾债券和高收益的债务。
Leveraged loans, which are senior to junk bonds, now trade for an average of about 70 cents on the dollar and carry yield to maturities of 10% to 15%.
杠杆贷款，比垃圾债券评级要高，现在交易的平均价格约为70美分，到期收益率为10 %至15 %。
Just like junk bonds, another once-misused financial instrument, many of the new derivatives will be back, for no better reason than that they are useful.
正如另一种曾被滥用的金融工具——垃圾债券一样，这些新衍生品中的很大一部分迟早会重回市场，因为它们的确有用。
In recent weeks, money has again poured into us funds focused on buying junk bonds - debt issued by risky companies with relatively high levels of debt and lower credit ratings.
近几周来，资金再度源源流入专事购买垃圾债券的美国基金。所谓垃圾债券，是指负债相对较重、信用评级较低的高风险公司所发行的债券。
Credit spreads on junk bonds, which are an indication of future default rates, rose from 260 basis points over Treasury notes in early 2007 to 1,200 basis points in late 2008 (see chart).
垃圾债券的信贷息差，作为未来拖欠债务率的指标，从2007年初高于国库券的260基点涨到了2008年末的1200基点(如图)。
Junk bonds, once despised, are now mainstream.
曾经人们嗤之以鼻的垃圾债券如今成为主流趋势。
Junk bonds, once despised, are now mainstream.
曾经人们嗤之以鼻的垃圾债券如今成为主流趋势。
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