高收益债券通常为无抵押债务。
难怪高收益债券的收益率大幅下跌。
高收益债券比消费贷款的流动性大得多。
高收益债券并非总是提供今天所见的契约保护。
High Yield bonds did not always have the covenant protections seen today.
为填补亏空，乌克兰已经在国内发行了高收益债券。
To finance the hole, Ukraine has been issuing domestic high-yielding bonds.
商品期货，通货膨胀保值债券，高收益债券都很成功。
Commodities worked out, and so did TIPS [Treasury inflation-protected securities] and high-yield bonds.
高收益债券息差自227个基点跌至224个基点。
高收益债券通过契约保护投资者免遭提前还款的风险。
High Yield bonds typically have covenants that protect the investor from prepayment risk.
高收益债券息差由224个基点回落至204个基点。
高收益债券通常每半年支付一次利息，之后本金一次性付清。
High Yield bonds usually pay a semi-annual coupon followed by a lump sum of the principal at maturity.
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.
3月9日以来，标准普尔500指数已经涨了39%，高收益债券涨了31%。
The S&P 500 already is up 39% since March 9 and high-yield bonds are up 31%.
高收益债券发行方的资金用途，在某种程度上，受到受限制支付契约的限制。
To a certain extent, the use of proceeds by a High Yield issuer is restricted by the restricted Payment covenants.
高收益债券和美国国库券之间的利差只比危机期间的高点低了大约0.5个百分点。
The spread (excess interest rate) paid by high-yield borrowers is only around half a percentage point lower than it was at the height of the crunch.
因此，大公司只有从银行转向债券市场：三月份的高收益债券发行破了上个月的记录。
Big companies are turning away from the banks to the bond market as a result: high-yield bond issuance in March broke the previous monthly record.
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。
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.
如果利率降低，并且如果高收益债券发行方能以更低利率再融资，他们通常会选择提前赎回。
High Yield issuers will usually only call their bonds if rates have fallen and if they would be able refinance at a lower rate.
于较短期内我们并未对本基金作出显著调整，但如上所述，我们已开始用现金买入部分高收益债券。
While we have not made significant changes to the fund in the very short term, as stated we have begun to buy some high yield names out of cash.
美林公司上周说，现在五分之一多的高收益债券面临困境，这意味着它们比基准利率低了至少10多个百分点。
More than one in five high-yield bonds are now considered distressed, meaning they yield at least 10 percentage points more than benchmark rates, Merrill said last week.
而且，考虑到流动性，二级市场交易在高收益债券中非常盛行，而互联网消费贷款的二级市场仍处于起步阶段。
Also, with regard to liquidity, secondary trading is very prevalent among High Yield bonds. On the other hand, the secondary market for online consumer loans is still in its infancy stage.
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。
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.
根据标的资产组成，又可以细分为以高收益债券为主的抵押债券（CBO）及以银行贷款为主的贷款抵押债券（CLO）。
The composition according to bid assets, can subdivide Collateralized Bond Obligations, CBO and Collateralized loan Obligations, CLO .
汤姆逊金融公司的迈克•汤姆逊这样说道，自1991年，高收益债券和标普500指数之间的相关性就非常低，不到20%。
Mike Thompson of Thomson Financial says that, since 1991, the correlation between the performance of high-yield bonds and the S&P 500 index has been pretty low—less than 20%.
查尔斯·汉密尔伯格，高盛信贷策略分析师，预测今年将有14%的高收益债券无法偿付。2010年将有同样比例的债券完蛋。
Charles Himmelberg, a credit strategist at Goldman Sachs, forecasts that 14% of high-yield bonds will default this year, with the same proportion going phut in 2010.
一些观察家认为，金融市场经过多年的头寸松之后，房贷泥潭可能会使投资者重新思考他们对其他信用风险形式的态度，比如高收益债券。
After years of loose money in financial markets, some observers think the mortgage morass could cause investors to rethink their attitude to other forms of credit risk, such as high-yield bonds.
通常来说，由于互联网消费贷款不具备高收益债券提供的契约保护，且还处于起步阶段，投资者们并不熟悉这类产品，因而其收益更大。
Generally, online consumer loans offer greater returns, because they lack the covenant protections that High Yield bonds offer and because of their early stage and unfamiliarity among investors.
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。
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。
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.
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