财富杂志 垃圾债券回归(1)（在线收听）

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 makeup 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 equity (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。

Corporate 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 tempting as high-yield debt might seem, especially given the paltry returns on safer investment vehicles like Treasuries,

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，

advisors 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。