When lenders last year refused to refinance the short-term paper that funded the vehicles, Banks had to take the assets onto their balance sheets, straining their capital ratios.

去年，当贷方拒绝为支撑这些工具的短期票据再融资时，银行不得不把这些资产记入资产负债表，从而改变他们的资本比率。

youdao

The biggest Banks each have hundreds of billions of dollars of such debt, including overnight loans from other Banks, short-term paper sold to money-market funds and bonds held by pension funds.

多数巨型银行都有着数千亿美元的债务，包括：来自其他银行的隔夜贷款、出售给货币市场基金及债券(由退休基金持有)的短期票券。

youdao

Lehman was one of the main market-makers in commercial paper and a large issuer of these short-term obligations to boot.

雷曼是商业票据的主要做市商之一，还是这些短期债务的大型发行商。

youdao

Individual investors hold too much invested capital in bonds and short term paper.

FORBES: Let 'Em Beat Up On Banks

The rate cut may have been intended to help reduce the cost of this borrowing, and to ensure that less-healthy firms already squeezed out of markets for longer-term corporate debt were not shut out of short-term paper and, crucially, forced to turn to the banking sector.

ECONOMIST: The extraordinary edginess of crowds

The company was able to raise short-term paper at very low interest rates, which lowered its overall cost of borrowing.

ECONOMIST: ABB in trouble