资产支持商业票据

7月中旬，资产支持商业票据投资者拒绝对其中一些票据进行再投资。

In mid-July , ABCP investors refused to roll over some of these notes .

这个市场中的一切，都取决于资产支持商业票据市场中的投资者对这些工具和它们持有的资产保持信念。

Everything in this market depends on investors in the ABCP market maintaining their faith in the programmes and the assets they hold .

由于美国银行（bankofamerica）收益锐减，又有诸多迹象表明投资者对资产支持商业票据日益担心，更加剧了市场的焦虑情绪。

Anxiety in the markets was exacerbated by a plunge in earnings at Bank of America and signs of mounting unease in asset-backed commercial paper .

综合起来，这种所谓的“资产支持商业票据”（asset-backedcommercialpaper）在需要偿还前，可持续几天到几个月不等。

Collectively this so-called " asset-backed commercial paper " or ABCP lasts for anything between a few days and a few months before needing to be refunded .

此外，fed上个月采取措施支撑被称为资产支持商业票据的短期债券；这导致投资者纷纷撤离短期债券市场的另一半领域，因为这些债券主要是由企业和欧洲银行发行的，没有政府担保。

Also , last month , the Fed moved to backstop short-term debt called asset-backed commercial paper , which led investors to pull away from the other half of the short-term debt market because it had no government guarantee . This debt was issued largely by corporations and European banks .

资产支持商业票据：中小企业融资新渠道

Asset - Backed Commercial Notes : Another Financing Alternative for SMEs

资产支持商业票据的理论与实务初探

Theoretical and Applied Studies of Asset - backed Commercial Paper program

9月19日：美联储贴现窗打开资金购买资产支持商业票据从货币市场共同基金。

Sept.19 : Fed opens discount window to fund purchases of asset-backed commercial paper from money market mutual funds .

正是由于短期债券的突然撤出才导致了资产支持商业票据的失灵。

It was their sudden withdrawal that caused the market in asset backed commercial paper ( ABCP ) to seize up .

结果，到7月中旬，一些投资者决定停止购买涉嫌参与次级抵押贷款的结构性投资工具的资产支持商业票据。

As a result , by mid-July some investors decided to stop buying ABCP paper from SIVs suspected of subprime exposure .

一位大型资产支持商业票据发行人表示：一些人希望会出现逢低买入者，帮助市场进行自我修正。

What some people are hoping is that the bottom fishers will appear and help the market self-correct , says one big ABCP issuer .

央行的下一步行动存在很大的不确定性，这使得资产支持商业票据参与者更不愿意再次开始发行和交易。

There is deep uncertainty about what the central banks will do next making ABCP players even more reluctant to start issuing and trading again .

美联储表示，在截至本周三的一周里，经过季节性调整后，已发行的资产支持商业票据总量下降110亿美元，至8880亿美元。

The Fed said the amount of outstanding asset-backed commercial paper fell a seasonally adjusted $ 11bn to $ 888bn in the week ending on Wednesday .

对于资产支持商业票据这种工具的恐慌，使得一些欧洲银行难以筹措到短期资金，从而推高了货币市场隔夜拆借利率。

That panic about ABCP vehicles has consequently made it hard for some European banks to raise short-term money , pushing up overnight money market rates .

近年来，这些筹资额度鲜有减少，因为就像金融世界几乎所有其它领域一样，资产支持商业票据市场的流动性也一直比较丰沛。

These funding lines have rarely been drawn in recent years , because liquidity has been abundant in the ABCP market as almost everywhere else in the financial world .

到8月初，资产支持商业票据市场的问题已变得非常严重，一些欧洲银行开始准备进一步呼吁为结构性投资工具提供信贷额度。

By early August , the problems in the ABCP market had become so serious that some European banks were preparing for additional calls on credit lines to SIVs .

这个问题可能在本周就必须要面对了，将有数十亿美元的资产支持商业票据到期，能否实现再融资存在很大的不确定性。

The problem could be thrown into relief when billions of dollars of ABCP mature today and on Wednesday , with great uncertainty as to whether this can be refinanced .

美国次级抵押贷款问题恶化而且传染到更广泛结构性产品的现象，在今年夏季开始变得明显，为此，资产支持商业票据市场中的一些投资者开始担心，结构性投资工具是否也在遭受损失。

As it became apparent this summer that the US subprime problems were worsening and infecting a broader range of structured products , some investors in the ABCP market started to worry about whether SIVs were also sitting on losses .

已发行由资产支持的商业票据数量上周基本持平，8月份曾缩水20%。

The amount of outstanding asset-backed commerical paper was broadly unchanged last week having shrunk by 20 per cent in August .