油價戰衝擊夾殺
The value of bonds issued by heavily indebted oil and gas producers dropped sharply in response to the slump in oil prices.
由於油價暴跌，負債累累的石油和天然氣生產商所發行的債券價格大幅下跌。
issue(n.)問題;議題(v.)發行(股票、債券)indebted (adj.)負債的heavily indebted 債台高築in response to 因應，應對
Junk-rated bonds of U.S. shale oil and gas drillers plummeted as a surprise price war between Saudi Arabia and Russia delivered a severe blow to the energy sector.
垃圾等級的美國石油和天然氣公司的債券暴跌，因為沙烏地阿拉伯和俄羅斯的價格戰出人意料，對能源業造成沉重打擊。
junk-rated bond 垃圾等級的債券=junk bond 垃圾債plummet(v.)驟降;暴跌=tumble=plungedeliver a blow to~為…帶來打擊=deal a blow to~severe(adj.)嚴重的
These bonds suffered large losses on March 9, as oil prices fell about 20% during the trading session.
這些債券3月9日重挫，當天油價下跌約20％。
suffer a loss 蒙受損失
The session’s most actively traded speculative or “junk” bonds came from shale oil producer Oasis Petroleum Inc., which saw the average price of its bonds (which mature in 2022) plunge from $74 on March 6 to $31.70 by March 9.
例如，當天交易最活絡的投機債券，也就是垃圾債，是頁岩油生產商綠洲石油公司，該公司2022年到期的債券平均價格3月9日重挫到31.7美元，而在3月6日還有74美元。
speculative(adj.)投機買賣的、猜測的、推斷的mature(adj.)(v.)成熟、到期plunge(v.)重挫
Junk-rated energy companies are facing pressure due to two different market dynamics: Low oil prices make it difficult to cover interest and principal payments, and bonds being sold off raises the costs of refinancing debt once they mature.
垃圾等級的能源公司面臨兩種不同的市場動態所帶來的壓力：低油價使得公司難以支付利息和本金；債券賣壓增加債務到期後再融資的成本。
market dynamics市場動態principal payments償還本金sell-off拋售refinancing debt 債務再融資
Analysts at Deutsche Bank noted that about two-thirds of high-yield exploration and production companies were trading at distressed levels.
德意志銀行分析師強調，約有三分之二評等為垃圾債等級的原油探勘和生產商的債券價格低迷。
high-yield高受益(債信評等為垃圾債等級)exploration(n.)探測;勘查distressed(adj.)焦慮的;憂慮的;經濟困難的distressed asset 不良資產distressed bond不良債權
The sharp drop was not a complete surprise. Shale oil producers have been seen as a potential weak spot in the debt markets for some time, even as oil prices briefly shot above $60 a barrel earlier in the year.
債券價格大幅下跌一點也不令人意外，即使今年稍早，油價曾短暫突破每桶60美元之際，頁岩油生產商被認為是債券市場潛在薄弱的一環已有一段時間。
However, the fortunes of these junk bonds have become increasingly important to a broader base of debt investors, as energy companies currently represent the largest sector of the roughly $1.5 trillion U.S. junk-bond market.
不過，這些垃圾債券的命運對廣大的債券投資人越來越重要，因為美國大約1.5兆美元的垃圾債券市場中，能源公司目前佔最大的部分。
fortune(n.)財富、命運make a fortune賺大錢
The major sell-off in shale oil junk bonds could have a domino effect, affecting the rest of the market.
頁岩油開採公司債券面臨的賣壓可能會蔓延到市場的其他行業。
domino effect骨牌效應
The price war between oil giants Saudi Arabia and Russia, which has already left global equity markets awash in losses, is only in its nascent stage. It is expected to be particularly punishing to U.S. shale producers, whose business models have already been stretched thin by the tumbling prices in crude oil.
石油生產大國沙烏地阿拉伯和俄羅斯的價格戰方興未艾，全球股市損失慘重，預計會對美國頁岩油生產商造成特別嚴重的打擊。油價暴跌已經使得這些頁岩油生產商的商業模式捉襟見肘。
nascent(adj.)新生的、開始發展的awash(adj.)被水淹沒的、充斥的、泛濫的punishing (adj.)繁重費力的;艱難的punishing work 繁重的工作be stretched thin捉襟見肘，分身乏術，到了極限