High Yield bonds are typically unsecured obligations.
高收益债券通常为无抵押债务。
No wonder the yields on high-yield bonds have collapsed.
难怪高收益债券的收益率大幅下跌。
High Yield bonds are much more liquid than consumer loans.
高收益债券比消费贷款的流动性大得多。
High Yield bonds are more susceptible to interest rate risk.
高收益债券更易受利率风险影响。
High Yield bonds did not always have the covenant protections seen today.
高收益债券并非总是提供今天所见的契约保护。
The S&P 500 already is up 39% since March 9 and high-yield bonds are up 31%.
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%。
High Yield bonds typically have covenants that protect the investor from prepayment risk.
高收益债券通过契约保护投资者免遭提前还款的风险。
Commodities worked out, and so did TIPS [Treasury inflation-protected securities] and high-yield bonds.
商品期货，通货膨胀保值债券，高收益债券都很成功。
High Yield bonds usually pay a semi-annual coupon followed by a lump sum of the principal at maturity.
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。
In such an environment, equity interests in the form of stocks, real estate or even high yield bonds become re-rated.
在此环境下，股票、房地产以至高收益债券的价值都遭到重新评估。
Even if profits had been terrible, owners of high-yield bonds would have suffered too because of a likely jump in corporate defaults.
但即使获利状况不良，高回报债券持也很可能因为公司违约而受到冲击。
In America the issuance of leveraged loans is growing much faster than high-yield bonds, though the overall amounts are still smaller.
在美国发行杠杆贷款的的速度已经比高收益的债券快的多，尽管总体的数量依然比较小。
The current default rate on American high-yield bonds is less than 4%.barclays Capital is predicting a rate of 14.3% by the second half of 2009.
美国高风险债券的坏账率目前小于4%，而巴克莱银行预测明年下半年这个数字会变为14.3%。
The current default rate on American high-yield bonds is less than 4%. Barclays Capital is predicting a rate of 14.3% by the second half of 2009.
美国高风险债券的坏账率目前小于4%，而巴克莱银行预测明年下半年这个数字会变为14.3%。
Such is the staying power of the market that CreditSights, a consultancy, wondered this summer whether it was fair to call high-yield bonds "junk" after all.
这种使市场延续的力量使得一家咨询机构CreditSights在思索这个夏天如果仍然称那些高回报的债券为垃圾债券是否合适。
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.
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。
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.
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。
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%.
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%。
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.
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。
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.
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。
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.
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。
However, while all bonds have a yield, only those stocks that pay dividends have yields.
然而，尽管所有债券都有收益，只有股票不仅可付股息同时也可产生收益。
Bonds offered too low a yield to produce exciting long-term returns.
债券的收益率太低，而不能提供令人兴奋的长期收益。
And indeed over time the extra yield offered by these bonds more than compensated investors for the risk of default.
而且实际上很长时间里这些垃圾债券的额外收益，远高于违约的风险给投资者带来的损失。
Driving up the price of bonds reduces their yield, and in effect the interest rate.
推高债券价格就会降低它们的收益率，结果即是降低利率。
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。
If you compare the yield on conventional bonds with the yield on the index-linked Treasury bond that matures in 2028, the result is an implied inflation rate of 2.4%.
如果比较一下传统债券和2028年到期的指数关联型国债的收益，结果是隐性通胀率为2.4%。
During 2005 and 2006, investors were chasing yield by buying bonds and structured products linked to the commercial - and residential-property markets.
2005与2006年期间，投资者购买债券以及与商业地产和住宅地产市场相关的结构金融产品。
During 2005 and 2006, investors were chasing yield by buying bonds and structured products linked to the commercial - and residential-property markets.
2005与2006年期间，投资者购买债券以及与商业地产和住宅地产市场相关的结构金融产品。
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