财富杂志 垃圾债券回归(1)

Junk bonds are back, and packaged in a format¹ designed to appeal to today's investors² and get away from their seamy 1980s-era reputation.

垃圾债券回归，且其包装形式旨在吸引当今投资者，并摆脱上世纪80年代的不良名声。

While bond funds are nothing new, junk bond exchange-traded funds,

虽然债券基金并不是什么新鲜事，但旨在反映某一特定指数组成

which aim to mirror the makeup³ and performance of a particular index, are having a moment.

和表现的垃圾债券交易型开放式指数基金正受到大家的欢迎。

Low interest rates driven by Federal Reserve policy has encouraged companies to borrow — leading to a record $51.5 billion of junk bonds issued in June.

由美联储政策推动的低利率鼓励企业贷款——导致6月份发行了创纪录的515亿美元垃圾债券。

Investors, hungry for decent yields, seem unable to get enough.

渴望获得可观收益的投资者似乎无法得到足够的回报。

On average, junk bonds yield 4.77%, compared to less than 1.1% for bonds overall.

平均而言，垃圾债券的收益率为4.77%，而债券整体收益率不到1.1%。

The four largest high-yield ETFs, which collectively total $51.6 billion, saw net inflows of a combined $13.9 billion year to date through July 21.

四大高收益交易型开放式指数基金（ETFs）总共516亿美元美元，截至7月21日，其净流入资金总计139亿美元。

The Morningstar US High-Yield Bond Index rose 10.3% in the second quarter.

晨星美国高收益债券指数第二季度增长10.3%。

So What are junk bonds? Some quick background: Companies can raise money by issuing equity⁴ (stocks) or debt (bonds).

所以什么是垃圾债券？以下是简单的背景介绍： 公司可以通过发行股票或债券筹集资金。

Corporate⁵ bonds are rated for creditworthiness by the big ratings agencies.

大型评级机构对企业债券的信用可靠程度进行评级。

The ones that fall below BB class as ranked by S&P (or Baa using Moody's ranking system) are termed "high-yield," a.k.a. junk bonds,

被标准普尔评级为BB以下（或根据穆迪信用评级体系评估为Baa）的企业被称为“高收益债”，也称垃圾债券，

in contrast to lower-risk "investment grade" issuances.

与之相对的是低风险的“投资级”债券。

Bonds that fall into junk territory are deemed to pose at least some risk of being unable to meet their financial obligations in the long or short term,

被评为垃圾级的债券被认为至少会带来一些长期或短期内无法履行财务义务的风险，

with lower-rated bonds at a greater risk of near-term default.

评级较低的债券短期违约的风险更大。

As tempting⁶ as high-yield debt might seem, especially given the paltry⁷ returns on safer investment vehicles like Treasuries⁸,

虽然高收益债券看起来似乎很诱人，尤其是考虑到美国国债等更加安全的投资工具微不足道的回报率，

advisors⁹ say this isn't an asset class for the inexperienced. "When you move to the credit markets —

但顾问们表示，这类资产不适合没有经验的人。“当你来到信贷市场——

and the high-yield portion of the market — you really have to balance the yield opportunity with the risk of principal loss,"

以及该市场的高收益部分——你真的需要用本金损失风险平衡收益机会，”

says Bob Boyd, managing director at Pacific Asset Management.

太平洋资产管理公司董事总经理Bob Boyd说到。

1 format   

n.设计，版式；[计算机]格式，DOS命令:格式化(磁盘)，用于空盘或使用过的磁盘建立新空盘来存储数据；v.使格式化，设计，安排

参考例句：

• Please format this floppy disc.请将这张软盘格式化。
• The format of the figure is very tasteful.该图表的格式很雅致。

2 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

3 makeup   

n.组织；性格；化装品

参考例句：

• Those who failed the exam take a makeup exam.这次考试不及格的人必须参加补考。
• Do you think her beauty could makeup for her stupidity?你认为她的美丽能弥补她的愚蠢吗？

4 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

5 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

6 tempting   

a.诱人的, 吸引人的

参考例句：

• It is tempting to idealize the past. 人都爱把过去的日子说得那么美好。
• It was a tempting offer. 这是个诱人的提议。

7 paltry   

adj.无价值的，微不足道的

参考例句：

• The parents had little interest in paltry domestic concerns.那些家长对家里鸡毛蒜皮的小事没什么兴趣。
• I'm getting angry;and if you don't command that paltry spirit of yours.我要生气了，如果你不能振作你那点元气。

8 treasuries   

n.（政府的）财政部( treasury的名词复数 )；国库，金库

参考例句：

• Yields on Treasuries, Bunds and gilts can remain at historically low levels. 美国国债、德国国债和英国国债的收益率仍然可以维持在历史低位。 来自互联网
• Treasuries and gold rose in response but the dollar fell sharply. 接着，国债和黄金的价格上涨，而美元价格则猛跌。 来自互联网

9 advisors   

n.顾问，劝告者( advisor的名词复数 )；（指导大学新生学科问题等的）指导教授

参考例句：

• The governors felt that they were being strung along by their advisors. 地方长官感到他们一直在受顾问们的愚弄。 来自《现代汉英综合大词典》
• We will consult together with advisors about her education. 我们将一起和专家商议她的教育事宜。 来自互联网