But when the debt is secured against an asset, lenders and borrowers can both lose.

但是如果债务是由资产担保的那么债务人和债权人则都有可能遭受损失。

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The remaining 85% of senior unsecured debt would have been unaffected, as would the bank’s secured creditors and its customers and counterparties.

剩下的85%高级未担保债务本该不受影响，就像雷曼受担保的债权人和顾客以及其他合约方。

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The instrument is a form of senior debt that is paid back from the issuer's cash flows but is also secured against a ring-fenced pool of assets, such as mortgage loans, in the event of default.

这种证券是优先债务形式的一种，发行者需要用自己的现金流来偿还，并且要有一定隔离的资产池作为保障，比如说抵押贷款，以免发生不能履行责任的情况。

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While equity stock offerings were used frequently to build their businesses, the BDCs still had large amounts of debt secured by loans and equity investments in the very companies that are most susceptible to liquidity constraints during recessions.

FORBES: The ABCs of BDCs: High Yields Have Their Price

What is already clear, and makes worse scenarios more likely, is that growth in corporate profits is certain to slow this year, recession or not, due to sluggish growth in demand, rising interest costs (caused by refinancings of debt secured when long-term interest rates were lower than today) and accelerating depreciation costs.

ECONOMIST: To cut or not to cut

After all, many of these options are replacing unsecured debt with secured debt.

FORBES: Why You Might Be Paying More Interest Than You Need to Be