最近，出现了一点关于评级机构的丑闻，因为他们将一些次级证券评为AAA 级。
Recently, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities.
但它将适用于所有次级证券，并至少与普通股等值。
But it would apply to all subordinated securities and would be at least equivalent in value to the common equity.
但是，最近，出现了一点关于评级机构的丑闻，因为他们将一些次级证券评为aaa级。
Recently, however, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities.
因为借贷银行被压着提供越来越多“纸面”上的产品，使得次级证券的承销标准在2005年之后就荡然无存了。
Pressures on lenders to supply more "paper" collapsed subprime underwriting standards from 2005 forward.
当一个普通人听说“资产支持证券”这样的专业名词时，他很可能把它当作某种建立在次级债虚弱基础上的疯狂的结构产品。
When the average person hears the term "asset-backed securities" he may well think of some of the crazier structures built on the rickety base of subprime mortgages.
那就扩大了风险更高证券的需求，包括次级抵押贷款，也导致了房产泡沫。
That expanded the demand for riskier securities, including subprime mortgages, and pumped up the real-estate bubble.
当投资者开始把注意力转移到与不合格的次级按揭以及其他的风险贷款挂钩的证券上时，银行便不再为投资者提供资金。
When investors began to turn their nose up at securities linked to souring subprime mortgages and other risky loans, Banks ended up financing them.
首先，外界广泛报道，贝尔斯登旗下的对冲基金是在基于次级抵押贷款、评级较高的金融衍生证券上出现的亏损。
First, it has been widely reported that the Bear Stearns hedge funds lost money on highly rated derivative securities based on subprime mortgages.
交易员认定ABX(由次级抵押贷款支撑的证券指数)会下跌。
The traders bet that the ABX, a family of indexes made up of securities backed by subprime mortgages, would fall.
IKB可能仅仅是个案，但许多德国银行，尤其是批发银行，已被引流分化为信贷资产证券，哪怕他们否认存在太多的次级部分。
IKB may be a special case, but many German Banks, particularly the wholesale Landesbanks, have been tempted to diversify into CDOs, though they deny much subprime exposure.
早在美国证券交易委员会(S.E.C)起诉之前，大家就认为，高盛把赌注压在了次级贷款上，并鼓动自己的客户进行购买。
Even before the S.E.C. suit, it was widely believed that Goldman had placed bets against subprime-mortgage bonds while simultaneously hawking them to some of its clients.
SIV因为次级抵押贷款证券风险而处境艰难。
SIVs have been struggling because of exposure to risky subprime-mortgage debt.
美国国际集团指控美国银行向其兜售低风险不良抵押贷款证券，不良抵押贷款即次级抵押贷款【不知理解的对否】是指向信用程度较差和收入不高的借款人提供的贷款。
American International Group lodged a lawsuit against Bank of America, claiming BofA sold it low-risk securities backed by "defective" mortgages given to low-income borrowers.
CDO以次级抵押贷款债券、商业抵押贷款证券和其他资产作为担保。
These securities are collateralized debt obligations backed by subprime-mortgage bonds, commercial-mortgage loans and other assets.
由于仍对过去数次危机中高风险借贷上的损失心有余悸，拉美银行在此次危机中避开了问题次级抵押贷款证券。
Burned by risky lending in past crises, the Banks had shunned toxic subprime-mortgage securities.
次级抵押贷款证券就是暴露了这一问题。
换言之，这只基金不是在简单地跟踪次级抵押市场：它做的更好，想必是因为该基金购买的是评级较高的证券。
In other words, the fund was not simply tracking the subprime markets: it was doing better, presumably because it was buying highly rated securities.
没有人会主张将次级债证券推出市场，但令人关注的是所有新的或正在形成的产品将被停止推出。
No one would advocate that sub-prime types of securities be introduced in the markets, but the concern is that all new or emerging products will be stopped.
然而，并非只有高盛一家公司在用对冲基金炮制交易或制造不良次级抵押贷款证券。
Still, Goldman was not alone in cooking up deals with hedge funds, or in creating toxic subprime securities.
这些次级房贷抵押证券中，放款银行可能已经识别出某些证券基于可能无法收回的贷款并会有损失。
On these mortgages, the lending Banks might have recognised some losses depending on the likely recovery value of the ones that failed.
银行要么对其直接贷款，要么最终持有一大堆劣质证券(包括令人担忧的次级债在内)。
Either the Banks will have to lend money directly to them, or they will end up owning a ragbag of securities-including some dreaded mortgage-linked bonds.
对于美国次级债及其证券衍生品携带的风险，评级机构并未及时发出警告。
The ratings agencies failed to sound the alarm in time on the risks carried by U.S. subprime mortgages and the securitized and derivatives products based on them.
次级债是一种后偿债券，一旦企业破产，这种债券的索偿权排在其他证券之后。
Subordinated bonds are paid after other debt should a company fall into bankruptcy.
美国司法部（TheDepartmentofJustice）正在对该公司就其在次级抵押贷款证券崩盘前仍给予这些证券最高评级一事展开调查。
The Department of Justice is investigating the company for giving subprime mortgage securities top ratings just before they imploded.
然而，中国招商证券次级债并非是该行业的问题，这是人所共知的人太多。
However, China Merchants Securities Subordinated Debt is not the issue for the industry and which is known to too many people.
指在呈现违约时，在付出次序上优先于扫数其他无包管或次级债务的证券。
Securities that have priority ahead of all other unsecured or subordinated debt in ranking for payment in the event of default.
与此同时，由许多有价证券板块构成的次级债贷款，本来就是有调控作用的，现在也变得无法交易。
Meanwhile, collateralised-debt obligations (CDOs), made up of clumps of those securities and laced with leverage, have become almost impossible to trade.
与此同时，由许多有价证券板块构成的次级债贷款，本来就是有调控作用的，现在也变得无法交易。
Meanwhile, collateralised-debt obligations (CDOs), made up of clumps of those securities and laced with leverage, have become almost impossible to trade.
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