But Michael Milken and his team at Drexel Burnham Lambert, an investment bank,discovered there was a market for high-yield debt from new issuers, often in connection withcompanies making takeover bids.
但是,德瑞债券的迈克尔米尔肯为高利债券发行者发现了新的市场,而这通常和公司收购行动密不可分。
The market is now huge.
现在,这一市场前景广阔,
A study by Russell, a consultancy, estimated its total size at 1.7 trillion.
咨询公司Russell预计其总需求为1.7万亿。
Almost half of all the corporate bonds rated by Standard Poor s are classed asspeculative, a polite term for junk.
标普公司发布的信用评级中超过半数公司债券均为投机性债券垃圾债券的委婉说法。
Part of this is down to fashion; companies have been urged to return spare cash toshareholders and to make their balance-sheets more efficient by taking advantage of thetax deductibility of interest payments.
其中,部分债券已经流于形式,股东撤回公司闲钱,如此便可利用付息债券避税,从而使得资产负债表更加均衡。
Another big boost to the market has been the broadening of its base beyondAmerica.
高利债券膨胀的另一大原因是除美国市场之外,世界其他地区需求增加。
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