Second, investors in high-yield debt will suffer.
其次，高收益债务投资者也将遭受损失。
Some are saying that if there's a poster child for a bubble it's the high-yield debt market.
有些人说，如果泡沫也有典范的话，那就是高收益债务市场。
But even assuming 30% to 35% equity, about $100 billion in high-yield debt and leveraged loans is needed to support $50 billion of equity.
但即使是假设有30%至35%的股票，还需要约1,000亿美元高收益债券和杠杆贷款来支持500亿美元的股票。
One recent estimate expects default rates on high-yield debt to quintuple from 0.9% in 2007 to 4.8% this year. If the downturn endures, even that could prove optimistic.
一份最近的评估报告预计高产债的违约率，从2007年的0.9%上升到今年4.8%，翻了4倍。若衰退持续，上述情况还算是乐观估计。
This unsustainably high yield for Italian debt is the market's way of telling Rome and Brussels: We still don't believe you.
意大利债券不可持续的高收益率无疑是在告诉罗马和布鲁塞尔：市场还是不相信你们。
That suggests it will take a long time before American house prices surge again, or before spreads on high-yield corporate debt get down to the lows seen earlier this year.
这也就是说，离美国房价的再次暴涨，或者说，在再次看到今年初高收益公司债券利差降到低点的情况之前，还有很长一段时间。
Since 2003, the after-tax cost of raising debt has been much lower than the cost of issuing shares, even in the more expensive high-yield market.
自2003年以来，举债的税后成本已经比发行股票，甚至是在更昂贵的高收益市场上发行股票的成本要低很多。
This is really all part of the same "search for yield" that has seen investors pile into other high-income assets, such as corporate bonds and emerging-market debt.
这和“搜寻收益”，也就是投资者蜂拥进入其他的高收益资产，例如公司债券和新兴市场债，如出一辙。
High Yield issuers are typically restricted by covenants on the amount and the type of debt that they can incur once they have issued bonds.
高收益债券发行方一旦发行债券，在其所能发生债务的金额与类型上便会受到契约限制。
Stock and high yield debt markets have mounted strong advances around the world, especially in emerging markets, including those in East Asia.
世界各地区的股市和高收益债市涨势可观，尤其是包括东亚在内的新兴市场。
Covenants are also used to ensure that High Yield issues do not issue excessive secured debt.
契约还用于确保高收益债券发行方的发行量不超过抵押债务量。
Covenants are also used to ensure that High Yield issues do not issue excessive secured debt.
契约还用于确保高收益债券发行方的发行量不超过抵押债务量。
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