垃圾債券
junk bond
垃圾債券又稱劣等債券，指信用評級甚低的企業所發行的債券。一般而言，BB級或以下的信用評級屬於低。信用評級低的企業所發行的債券的投資風險較高，因此，須以較高的息率吸引投資者認購。以標準普爾(Standard & Poors)的信用評級計，投資於BB級、B級、CCC級、CC級或C級的債項或發行人，具有一定的投機性，而在不穩定的情況下，即使發行人或公司為投資者提供了一些保障，有關保障的作用也會被抵銷。質素最低之債券，即標準普爾評級BBB及以下，或穆迪投資的BBB及以下，所獲評級一般較低及不能履行償還本金之風險較高。 在baA或BBB以下的債券，是屬於違約風險較高的投機級債券。
Also known as junk bonds inferior bonds, refers to bonds issued by credit rating companies is very low. Generally, BB or below grade credit ratings are low. Riskier bonds issued by companies with low credit ratings, therefore, to be at a higher interest rate to attract investors to subscribe. Standard & Poor's (Standard & Poors) credit rating terms, investment in BB grade, grade B, CCC level, CC or C grade or debt issuers, with some speculation, but in the case of instability, the even if the issuer or companies to provide investors with some protection, the role of the relevant safeguards will be eliminated. The lowest quality bonds that Standard & Poor's rating BBB and below, Moody's or BBB and below, the resulting ratings are generally lower and can not perform higher risk of repayment of principal. In baA bonds BBB or below, it belongs to the higher risk of default of speculative-grade bonds.