With debt piled up, they're locked out of loan markets, unable to finish infrastructure projects.

随着债务堆积， 他们被拒之门外， 无法完成基础设施项目。

So despite the way the name sounds, the junk loan market in the US is quite important.

因此，尽管名字听起来如此，但美国的垃圾贷款市场非常重要。

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。

So what's the reason for the hold-up in the junk loan market?

那么垃圾贷款市场套牢的原因是什么？

And when we reported on this, I think back in February, roughly three-quarters of the junk loan market was still linked to Libor.

当我们报道此事时， 我记得在 2 月份，大约四分之三的垃圾贷款市场仍与 Libor 挂钩。

It's a sign that the UK's home loan market is stabilising after the disastrous rollout of the previous government's " mini" Budget.

这是一个迹象， 表明在上届政府推出灾难性的“迷你” 预算后，英国的住房贷款市场正在企稳。

So Libor will end for good on June 30th, 2023. But there has been sluggish progress in the lead-up to this deadline within the so-called US junk loan market.

因此，Libor 将在 2023 年 6 月 30 日永远结束。但在所谓的美国垃圾贷款市场中， 在这个截止日期之前进展缓慢。

So part of what seems to be standing in the way are companies who are the borrowers in the loan markets and investors, the people lending to them have been scrapping over the fine print of documentation.

因此，阻碍的部分原因似乎是作为贷款市场借款人和投资者的公司，贷款给他们的人一直在废除文件的细则。