a rally at the end of 2009 in junk bonds showed no signs of abating.

2009年底垃圾债券的反弹并无任何中止的迹象。

in the 1980s junk bonds opened up credit markets for lower profile firms.

80年代的垃圾债券为那些低调企业开启了信贷市场。

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。

investors have felt sufficiently flush with cash to buy high-risk assets, such as junk bonds or commodity futures.

投资者们热情十足，疯狂购买垃圾债券和商品期货等高风险资产。

over the year to the end of october, only 2.9% of american junk bonds had defaulted, according to standard &poor’s (s&p), a rating agency.

根据评级机构标準普尔（标普），到10月底截至的过去一年中，美国垃圾债券的违约率只有2.9％。

as for the returns on bonds, i know that my comment will come as a surprise to people who have been brainwashed into thinking that junk bonds are free money.

有些人对我关于债券收益的看法颇有微词，他们有一种执拗的想法，认为购买垃圾债券能得到更多意外之财，事实并非如此。

traditional distress funds have drifted reluctantly into risky, but still solvent, junk bonds and high-yield loans to keep business ticking along.

百般无奈之下，传统危机基金开始调整食谱，转向高风险但偿还能力尚可的垃圾债券和高收益的债务。

more junk bonds are being issued than ever before, more risky loans are being offered.

垃圾债券和高风险贷款越来越多。

by some estimates, the amount of junk bonds that need to be repaid jumps to almost $30 billion in 2009, from less than $15 billion in 2008.

据某些人预计，需要偿付的垃圾债券2009年可能会高达300亿美元，比2008年不到150亿翻了一番多。

they offer a lucid explanation of how the debt markets evolved from junk bonds to securitised loans, changing the types of deals that private-equity firms were able to finance.

这些篇章为读者明晰地解释了债务市场如何从垃圾债券发展为有价证券的贷款，由此改变了私募基金公司能够融资的交易类型。