We firstly use the non-arbitrage methods on CDO pricing.
本文首先探讨了无套利定价方法；
MBS and CDO are called "derivatives" because they are derived from mortgage.
资产抵押债券和债券抵押证券是抵押贷款的衍生物。
So whole forests of asset-backed securities were put together into a single CDO.
那么就将许多证券进行捆绑来构成一个单独的CDO。
One of the center managers, now I lead all the centers in the CDO, they gave me couch.
有一个研究中心的经理，现在我领导CDO里的所有中心，但当时他们送给了我沙发。
This individual proceeded to tell me how and why the Subprime Mezzanine CDO business existed.
这个人接着告诉我次级债的夹层CDO业务如何存在以及为什么存在。
The cash flowing from mortgage payments into a single CDO had to filter up through several layers.
现金经由按揭偿付进入单一CDO需要经过多层过滤。
'Other CDO investors admit they didn't read or overlooked certain risk disclosures spelled out in the prospectuses.
其他CDO投资者承认，他们没有阅读或忽略了说明书中的某些风险信息。
So in a synthetic CDO, those who owned the riskiest tranches got more of the premium but lost out when defaults occurred.
因此，在一整份合成CDO中，风险最高的部分收费最高，但在违约发生时就变成一张废纸。
Chapter iv we numerically realize the prices of CDO tranches, and analysis the sensitivity based on result obtained.
第四章通过数值计算实现CDO分券模拟价格，并对最终的结果进行了敏感性分析。
The CDO had three investors: Paulson, securities firm ACA Capital Ltd. and German bank IKB Deutsche Industriebank AG.
该CDO有三家投资者：鲍尔森、证券公司和德国银行。
As the Banks offloaded the junior CDO tranches and kept the safer ones, the risks they were exposed to became less obvious.
银行出售次等抵押债权凭证而持有顶级抵押债权凭证，因此其风险敞口并不明显。
However, many market participants were equally reassuring about the health of the CDO market in early 2007-and look how that turned out.
然而，在2007年早些时候，许多市场参与者也对CDO市场的健康状况信誓旦旦，其结局早已有目共睹。
Financial eggheads used them as building blocks in "synthetic" CDO-type structures, which are based on CDSs rather than actual bonds.
金融精英们以它们作为积木，“合成”CDO - type大厦，基础却是CDSs而非真实的债权。
Many Banks got rid of the riskier and more junior CDO tranches, because their own risk-management systems designated them as too dangerous.
许多银行不愿意持有风险较大、品级较次的抵押债权凭证，因为其自有的风险管理系统认为它们太过危险。
Finally, the book supports some suggestion and tactics for CDO exchange which will be used to make the application in Chinese financial market.
最后，本文提出了中国引进CDO交易所需要采取的建议和策略，从而对CDO在中国金融市场的应用做了详细的探讨。
This central scenario would then be “stress-tested” to show that the CDO was robust—though oddly the tests did not include a 20% fall in house prices.
接着，便是对这些中心假设进行“压力测试”，以显示该CDO足够牢靠——尽管奇怪的是，此类测试并未考虑一个高达20%的房价下跌。
The overheated pursuit of Wall Street of the collateralized debt obligation(CDO) and housing mortgage loan bond(MBS) has gradually pushed the Assets equity ratio higher.
华尔街在对担保债务权证（CDO）和住房抵押贷款债券（MBS）的追逐中，逐渐形成更高的资产权益比率。
Paulson &Co has not been charged; the firm issued a statement saying that ACA, as the third-party collateral manager, had sole authority over the selection of securities in the CDO.
保尔森对冲基金公司并未受到指控。高盛发表声明声称作为第三方担保人，ACA对于CDO所构成证券的选择上享有唯一的权利。
Each source of a CDO had interminable pages of its own documentation and conditions, and a typical CDO might receive income from several hundred sources. It was a lawyer's paradise.
每个CDO来源的相关文本与条件均长篇累牍，令人厌烦；而一个典型CDO的现金流源头可能有几百个之多——那简直就是律师们的天堂。
Paulson & Co has not been charged; the firm issued a statement saying that ACA, as the third-party collateral manager, had sole authority over the selection of securities in the CDO.
保尔森公司并没有收到指控，但其发出声明称，ACA作为第三方抵押品管理者，在CDO证券的选择上有唯一的授权。
Each CDO would be sold on the basis of its own scenario, using central assumptions about the future of interest rates and defaults to "demonstrate" the payouts over, say, the next 30 years.
每个CDO的销售均以其自身的推测为基础——而此处将用到一些对未来30年中利率以及反映偿付情况的违约率的中心假设。
Mervyn King, the head of the Bank of England, talked a few days ago about how faith could be restored in a world where "my word is my bond" had been replaced by "my word is my CDO squared".
英格兰银行（Bank of England）行长默文·金（Mervyn King）几天前谈到，在这个世界已经从“我的承诺就是我的债券”变成了“我的承诺就是我的双层担保债务凭证（CDO squared）”的时候，该如何重塑信心。
That piece had alow rating. But the piece at the top, which would take the last losses, wasrated AAA—a reflection of how unlikely it was that allthe loans in the CDO would default at once.
但最后承担损失的那部分CDO的评级却很高，因为CDO包内所有债务人同时违约概率极低。
That piece had alow rating. But the piece at the top, which would take the last losses, wasrated AAA—a reflection of how unlikely it was that allthe loans in the CDO would default at once.
但最后承担损失的那部分CDO的评级却很高，因为CDO包内所有债务人同时违约概率极低。
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