You know, last time we had a credit quality crisis.

你知道，上次我们遇到了信用质量危机。

It is in the nature of the bond markets that, when conditions are good, investors get more relaxed about credit quality.

自然，当债券市场运转良好的时候，投资者对信用更放心.

And we use the word junk because their credit quality is below investment grade.

我们使用垃圾这个词是因为他们的信用质量低于投资级别。

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。

The credit quality of the average borrower has improved in recent years, as tighter regulations introduced following the global financial crisis have made it more difficult for riskier borrowers to take out mortgages.

近年来，普通借款人的信用质量有所改善，由于全球金融危机后出台的更严格的监管使得风险较高的借款人更难获得抵押贷款。

I think I'm also be watching the discount levels because right now the discounts are not that big, which suggests that these are high-quality assets and people are not yet worried about credit quality.

。 我想我也在关注折扣水平， 因为目前折扣还没有那么大，这表明这些是优质资产， 人们尚未担心信贷质量。