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Junk bonds are back, and packaged in a format designed to appeal to today's investors and get away from their seamy 1980s-era reputation.
垃圾債券回歸，且其包裝形式旨在吸引當今投資者，并擺脫上世紀80年代的不良名聲。
While bond funds are nothing new, junk bond exchange-traded funds,
雖然債券基金并不是什么新鮮事，但旨在反映某一特定指數組成
which aim to mirror the makeup and performance of a particular index, are having a moment.
和表現的垃圾債券交易型開放式指數基金正受到大家的歡迎。
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.
由美聯儲政策推動的低利率鼓勵企業貸款——導致6月份發行了創紀錄的515億美元垃圾債券。
Investors, hungry for decent yields, seem unable to get enough.
渴望獲得可觀收益的投資者似乎無法得到足夠的回報。
On average, junk bonds yield 4.77%, compared to less than 1.1% for bonds overall.
平均而言，垃圾債券的收益率為4.77%，而債券整體收益率不到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.
四大高收益交易型開放式指數基金（ETFs）總共516億美元美元，截至7月21日，其凈流入資金總計139億美元。
The Morningstar US High-Yield Bond Index rose 10.3% in the second quarter.
晨星美國高收益債券指數第二季度增長10.3%。
So What are junk bonds? Some quick background: Companies can raise money by issuing equity (stocks) or debt (bonds).
所以什么是垃圾債券？以下是簡單的背景介紹： 公司可以通過發行股票或債券籌集資金。
Corporate bonds are rated for creditworthiness by the big ratings agencies.
大型評級機構對企業債券的信用可靠程度進行評級。
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,
被標準普爾評級為BB以下（或根據穆迪信用評級體系評估為Baa）的企業被稱為“高收益債”，也稱垃圾債券，
in contrast to lower-risk "investment grade" issuances.
與之相對的是低風險的“投資級”債券。
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,
被評為垃圾級的債券被認為至少會帶來一些長期或短期內無法履行財務義務的風險，
with lower-rated bonds at a greater risk of near-term default.
評級較低的債券短期違約的風險更大。
As tempting as high-yield debt might seem, especially given the paltry returns on safer investment vehicles like Treasuries,
雖然高收益債券看起來似乎很誘人，尤其是考慮到美國國債等更加安全的投資工具微不足道的回報率，
advisors say this isn't an asset class for the inexperienced. "When you move to the credit markets —
但顧問們表示，這類資產不適合沒有經驗的人?！爱斈銇淼叫刨J市場——
and the high-yield portion of the market — you really have to balance the yield opportunity with the risk of principal loss,"
以及該市場的高收益部分——你真的需要用本金損失風險平衡收益機會，”
says Bob Boyd, managing director at Pacific Asset Management.
太平洋資產管理公司董事總經理Bob Boyd說到。
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