Just like junk bonds, another once-misused financial instrument, many of the new derivatives will be back, for no better reason than that they are useful.

正如另一种曾被滥用的金融工具——垃圾债券一样，这些新衍生品中的很大一部分迟早会重回市场，因为它们的确有用。

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Leveraged loans, which are senior to junk bonds, now trade for an average of about 70 cents on the dollar and carry yield to maturities of 10% to 15%.

杠杆贷款，比垃圾债券评级要高，现在交易的平均价格约为70美分，到期收益率为10 %至15 %。

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Take junk bonds, whose use Michael Milken pioneered in the nineteen-eighties. They got a bad name when Milken went to prison for securities fraud.

如20世纪80年代米歇尔·米尔金(Michael Milken)率先使用的垃圾债券(junk bonds)，这些债券在米尔金因保险诈骗罪入狱后就遭到骂名。

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Many investors are wondering whether 2013 will be another stellar year for junk bonds, which were up 15% for 2012.

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The corporate financing window remains wide open even for junk bonds.

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"The recovery rate for senior bank loans is 70 to 80 cents on the dollar in a bankruptcy, " says Margolin, versus 25 cents for junk bonds.

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