债务凭证

除了传统的金融期货、金融期权、金融互换和远期合约这些基础衍生金融工具外，伴随资产证券化产生的担保债务凭证、信用违约互换等创新衍生金融工具也在金融市场中占据了重要地位。

In addition to the traditional basic financial instruments , such as financial options , financial exchanges and forward contracts , Collateralized Debt Obligation , Credit Default Swap became popular in financial markets .

重要的教训是银行监管机构无法全面准确的进行预测，例如，次债是否会成为有毒资产，或某一笔特定的担保债务凭证是否违约，甚或某一金融体系是否会失灵。

The important lesson is that bank regulators cannot fully or accurately forecast whether , for example , subprime mortgages will turn toxic , or a particular tranche of a collateralised debt obligation will default , or even if the financial system will seize up .

比如，“将可疑贷款拆成担保债务凭证，以创造许多不会问题的，很安全的3A资产。”

E.g. ," Repackaging dubious loans into collateralized debt obligations creates a lot of perfectly safe , AAA assets that will never go bad . "

（虽然这些信用衍生打包产品之后被冠以其他名称，例如担保债务凭证（CDO），当时这些创新型结构被称为小酒馆（Bistro）交易，即BroadIndexSecuredTrustOffering的简称。

( Though these bundles of credit derivatives later went under other names , such as collateralised debt obligations [ CDOs ] , at that time these pioneering structures were known as Bistro deals , short for Broad Index Secured Trust Offering ) .

但在之后数周内，美国国际集团及普华永道（PwC）的审计师开始怀疑这家保险商为担保债务凭证估值的方法，这些方法继而决定美国国际集团提供的信用保护的价值。

But in the following weeks AIG and its auditors at PwC began to have doubts about the way the insurer was valuing CDOs , which in turn determined the value of the credit protection AIG had provided .

更为诱人的回报也伸手可及，只要投资于一批善于创造的银行家们所推销的奇异新产品：担保债务凭证（cdo）、结构性产品以及其它忽悠全球投资者的准债券产品。

Much more tantalising returns were within reach by investing in a new crop of exotic products being pushed by inventive bankers : the collateralised debt obligations , structured products and other quasi-bonds that hoodwinked investors the world over .

在他们看来，AIGFP因未能预见美国住房市场的快速崩溃和支撑担保债务凭证的抵押贷款价值随之垮台而毁灭。

In their view , AIGFP was undone by the failure to predict the rapid collapse of the US housing market and the subsequent meltdown in the value of mortgages underlying the CDOs .

地方债券是地方政府发行的按期还本付息的债务凭证。

The municipal bonds are the debt certificates issued by local governments .

美国国际集团假设，保险将比担保债务凭证价值更高。

AIG had assumed that the insurance would be valued more highly than the CDOs .

随着担保债务凭证的价格突然猛烈转向，不能再把这当成既定条件。

With wild swings in CDO prices , it could no longer take this as given .

央行票据是中央银行为调节商业银行超额准备金向金融机构发行的短期债权债务凭证，其实质是中央银行债券。

The central bank bill is a short-term debt instrument issued by central bank which purposes to regulate the commercial banks ' excess reserves .

由政府或公司发行的，保证到一将来明确的日期归还本金和利息的债务凭证。

A certificate of debt issued by a government or corporation guaranteeing payment of the original investment plus interest by a specified future date .

基金经理应该避开代表了信用泡沫的那些复杂产品（比如担保债务凭证）去选择易于理解的产品。

Fund managers should also steer clear of the complex products ( such as collateralised-debt obligations ) that marked the credit bubble and pick products that are easy to comprehend .

仅仅在沙利文被任命后的几个月，2005年年底，卡萨诺担心美国住房市场的状况，决定停止对有次贷敞口的担保债务凭证提供信用保护。

Just a few months after Mr Sullivan 's appointment , at the end of 2005 , Mr Cassano decided to stop offering credit protection on CDOs with subprime mortgage exposure , amid fears over the state of the US housing market .

这种黑匣子投资方法受到了金融界不断增加的复杂性和不透明性的鼓励，大量资产流进了影子银行体系，孵化出诸如担保债务凭证这样的结构化产品，要么就进入了监管较少的对冲基金。

This black box approach to investing has been encouraged by the increasing complexity and opacity of a financial world where many assets have migrated to a shadow banking system that spawned structured products such as collateralised debt obligations , or to less regulated hedge funds .

投资银行还将触角伸到了复杂金融证券的承销和销售领域，如债务抵押凭证（cdo）。

Investment banks also expanded into the underwriting and selling of complex financial securities , such as collateralised debt obligations .

早在上世纪90年代中期，他就曾警告我要提防证券化风险，正是证券化带来了次级债、债务担保凭证（CDO）和其他很多最终引发金融危机的“创新”。

Back in the mid-1990s , he warned me about the dangers of securitization , the process that created subprime mortgage bonds and CDOs and many of the other " innovations " that led to the financial crisis .

次级债务担保凭证的风险特征研究&基于企业债券的视角

Study on the Risk Features of Sub-Prime Collateralized Debt Obligations & Based On the Comparison with Corporation Bonds