Like a swap, issuers of CPDOs get premium income upfront but have to pay out if a company in the index defaults.

和掉期一样，CPDO的发行人最初收入权利金，但是如果指数中的一家企业出现违约，它必须付出赔偿。

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Overnight Index swap an interest rate swap involving the overnight rate being exchanged for some fixed interest rate.

隔夜指数掉期指将隔夜利率交换成为若干固定利率的利率掉期。

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It may be too costly or impractical to replicate the targeted index completely. To synthesise it, the ETF provider usually enters into a transaction known as a total return swap with a bank.

完全复制目标指数也许太昂贵了或是不切实际的，为了达到混合的目的，ETF的供应商往往和银行进行一个被称为总收益互换的交易。

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The recent action was to extend their maturity (to February 1, 2013) and lower the rate from the U.S. dollar OIS (overnight index swap) rate plus one percent to plus one-half percent.

FORBES: The Fed's Recent Action on Swaps