So junk loans are also known as leveraged loans.

所以垃圾贷款也被称为杠杆贷款。

This pile of debt consists of leveraged loans and borrowing from private debt markets.

这堆债务包括杠杆贷款和来自私人债务市场的借款。

By contrast, leveraged loans, a risky subset of syndicated loans, grew by around 50%.

相比之下，作为银团贷款风险子集的杠杆贷款增长了约 50%。

Leverage loans are loans issued by companies with weaker credit quality and usually large existing debt piles.

杠杆贷款是由信用质量较差且通常存在大量现有债务的公司发行的贷款。

You know, it's, in the US, that, the leveraged loan market or the junk loan market is more than $1tn.

你知道，在美国，杠杆贷款市场或垃圾贷款市场超过 1 万亿美元。

Firms where borrowing consisted only of leveraged loans saw their annual interest expense soar by 51% year-on-year.

借款仅由杠杆贷款组成的企业的年利息支出同比飙升51%。

The yield on the Morningstar lsta index of leveraged loans, which was 4.6% a year ago, has jumped to 9.4%.

晨星 lsta 杠杆贷款指数的收益率从一年前的 4.6% 跃升至 9.4%。

If private markets do indeed fare better than leveraged loans during the forthcoming turmoil, it would bolster their attempts to attract finance in future.

如果在即将到来的动荡期间， 私人市场确实比杠杆贷款表现更好，那么这将有利于他们未来吸引融资的努力。

UBS, a bank, estimates the value of outstanding American leveraged loans at around $1.4trn and the assets managed by private credit lenders at more than $1.5trn.

瑞银银行估计美国未偿杠杆贷款的价值约为 1.4 万亿美元，而私人信贷机构管理的资产则超过 1.5 万亿美元。

The availability of leveraged loans, critical for executing buy-out transactions, has collapsed; in June, loan issuance was down by 41% compared with the same month last year.

对执行收购交易至关重要的杠杆贷款的可用性已经崩溃； 6月份，贷款发放量同比下降41%。

Companies seldom hedge interest-rate risks, meaning that they now find themselves paying through the nose—the yield-to-maturity of one index of leveraged loans has leapt to almost 10% (see chart 1).

公司很少对冲利率风险，这意味着他们现在发现自己付出了高昂的代价——一项杠杆贷款指数的到期收益率已跃升至近 10%（见图 1）。

As yields on bonds fell across the developed world in the 2010s many underfunded plans moved into riskier investments, such as leveraged loans, private equity, venture investing and even cryptocurrencies.

随着 2010 年代发达国家债券收益率的下降，许多资金不足的计划转向了风险更高的投资，例如杠杆贷款、私募股权、风险投资甚至加密货币。

Traditional leveraged loans are arranged by banks before being sold (or " syndicated" ) to dozens of investors, whereas private lending involves just a handful of funds, which usually hold smaller loans to maturity, creating a less liquid and more opaque market.

传统的杠杆贷款由银行安排， 然后出售（或“银团” ）给数十名投资者，而民间借贷只涉及少数基金，这些基金通常持有较小的到期贷款，从而形成流动性较低且更加不透明的市场。