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%。
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。
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%。
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。
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%。
High Yield bonds are typically unsecured obligations.
高收益债券通常为无抵押债务。
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。
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。
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。
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。
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。
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。
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